We propose a flow-based criterion (intensity of use) and a stock-based criterion (stability of value) for choosing an anchor currency. This conceptual framework is applied to analyzing the RCEP region. According to the estimated TVP-VAR model, the influence of the US dollar in the region was...

The COVID pandemic reveals the fragility of the global financial market during rare disasters. Conventional safe-haven assets like gold can be used to hedge against ordinary risks, but tail dependence can substantially reduce the hedging effectiveness. In contrast, green bonds focus on...

Dynamic system optimum (DSO) is a special case of the general dynamic traffic assignment (DTA). It predicts the optimal traffic states of a network under time-dependent traffic conditions from the perspective of the entire system. An optimal control framework is proposed in this paper for the...

Dynamic traffic assignment (DTA) has been a topic of substantial research during the past decade. While DTA is gradually maturing, many aspects of DTA still need improvements, especially regarding its formulation and solution capabilities under the transportation environment impacted by the...

The transportation system has changed how it operates due to COVID-19. As the risks of the pandemic decrease and travel restrictions (e.g., staying at or working from home) are lifted, most people are ready to travel and return to onsite work. As such, travel demands have been changing fast from...