Stable coins can bring stability in volatile crypto markets and during uncertain times. To examine their well-functioning, we assess the degree to which they fulfill the three main functions of a currency: means of payment, unit of account, and store of value. The true benefits of digital money will only materialize when living up to the key principles of peer-to-peer, trustless, and cryptographically secured electronic cash, as proposed in the original bitcoin whitepaper. We conclude that tokenized real-world assets, such as gold, can form an attractive reserve for stable coins. By combining the convenience, portability, and security enabled by blockchain technology with the proven reserve value of gold, it brings the best of both worlds.
Forecasting natural gas is an important link to maintain the balance between supply and demand of the natural gas industry and plan energy strategy. From the three main dimensions of economy, population and development, this paper selects six influencing factors: GDP, per capita GDP, per capita disposable income of urban residents, the proportion of secondary industry added value in GDP, the number of urban permanent residents and urbanization rate to analyze the prospects of natural gas energy. After pre-processing to improve the added value of the data, a grey forecasting model, a polynomial regression model and a partial least square method were used for modelling, and the three models were coupled to construct a comprehensive forecasting model. The model results show that: 1. The combined forecasting model has outstanding advantages. Under the premise of considering multiple influencing factors, the advantages of the three models are complementary, and the fitting error is 2.42%. 2. The forecast results show that natural gas consumption in Jiangsu Province will exceed 50 billion cubic meters in 2028, and reach 58.748 billion cubic meters in 2031, which is 187% of 2021, with an annual growth rate of more than 2 billion cubic meters.
We conduct an international study on the effect of climate policy uncertainty on bank systemic risk vulnerability using a sample of 616 banks from G20 countries. We find that climate policy uncertainty decreases bank systemic risk. This negative effect is stronger when climate policy is actively supported and in countries with higher innovation, greater climate readiness capacity, and more bank dominance in the lending market. Consistent with creative destruction theory, banks’ ESG investments, climate-related information disclosure, and prudent risk-taking are important channels of the climate policy uncertainty effect. The evidence helps alleviate concerns about financial instability stemming from transition risk.
By using cointegration technology, this paper indicates that the substitution of technology progress for labor factor is a shortterm fluctuation, and there is no stable substitute relationship between this two. Then it finds out that we can take wage as a tool to control factor price level to develop labor endowment advantage under the condition of technology progress.
Shadow price estimation of pollutants is an important problem for firm in making decisions, maximising desirable outputs, controlling product costs, and buying or selling pollutant permits in the secondary emissions trading market. In this paper we construct a pricing framework based on the directional output distance function, the fruit fly optimisation approach, and the simulated annealing algorithm to solve this pricing problem, and then test the framework using six coal mining firms with differing operating scales. Examples show that this new framework successfully determined the optimal shadow prices of the pollutants, with each firm having significantly different shadow prices for its pollutants because of their differing production frontiers.
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