The demand for petroleum has risen rapidly due to increasing industrialization and modernization of the world. The limited reserve of the fossil fuels is also dwindling alongside escalation in the prices. The threats from these and food insecurity are, however, drawing the attention of...

There has been a marked growth in recent years in outward direct investment (ODI) by developing countries, and in particular, by China. Previous studies have examined the impact on developing countries productivity of foreign direct investment (FDI) from developed countries. This paper looks at...

An experimental rig of a combined refrigeration/power generation system was built and investigated. This rig uses an ammonia–water binary working fluid, is driven by low-grade heat, and can function under the absorption refrigeration model and absorption power generation model. When the system...

A Hjek-Rnyi-type inequality for associated random variables was obtained by Prakasa Rao [Prakasa Rao, B.L.S., 2002. Hjek-Rnyi-type inequality for associated sequences. Statist. Probab. Lett. 57, 139-143]. Recently, Sung [Sung, H.S., 2008. A note on the Hjek-Rnyi inequality for associated random...

Modeling portfolio credit risk involves the default dependencies between the individual securities in a portfolio. The copula is a common approach to construct it. It parameterizes the joint distribution of individual defaults independently of their marginal distributions. The current market...

This paper summarizes the risk management strategy of the current payment systems. By constructing an independent payment services agency, the paper discusses the cost of default that the payment services agency may bear when supplying credit facilities. By simulating and calculating the unit...

The interbank fund transfer systems are not only one of the effective measures for Central Bank to perform payment service functions, but also an infrastructure for central bank to carry out monetary policy. This paper makes the empirical analysis for the payment data of the 15 banks in the...

This paper empirically analyses the interbank payment flows of real-time gross settlement systems (RTGS) of China using BoF-PSS2 simulator which is developed by Bank of Finland, and studies the relationship between required reserve ratio and liquidity requirement of payment systems, as well as...

The paper explores the relationship between interbank payment flows in Chinese payment systems and the interbank offered rates in Chinese interbank markets. The empirical analysis shows that the changes of interbank payment flows have significant influences on both conditional means and...