11,779 research outputs found
Testing for intrinsic multifractality in the global grain spot market indices: A multifractal detrended fluctuation analysis
Grains account for more than 50% of the calories consumed by people
worldwide, and military conflicts, pandemics, climate change, and soaring grain
prices all have vital impacts on food security. However, the complex price
behavior of the global grain spot markets has not been well understood. A
recent study performed multifractal moving average analysis (MF-DMA) of the
Grains & Oilseeds Index (GOI) and its sub-indices of wheat, maize, soyabeans,
rice, and barley and found that only the maize and barley sub-indices exhibit
an intrinsic multifractal nature with convincing evidence. Here, we utilize
multifractal fluctuation analysis (MF-DFA) to investigate the same problem.
Extensive statistical tests confirm the presence of intrinsic multifractality
in the maize and barley sub-indices and the absence of intrinsic
multifractality in the wheat and rice sub-indices. Different from the MF-DMA
results, the MF-DFA results suggest that there is also intrinsic
multifractality in the GOI and soyabeans sub-indices. Our comparative analysis
does not provide conclusive information about the GOI and soyabeans and
highlights the high complexity of the global grain spot markets.Comment: 23 pages including 14 figure
Impact of carbon markets on industrial competitiveness: An analysis of selected industries in Beijing
Although the booming carbon markets provide additional incentives to reduce greenhouse gases, their impacts on the society and economy have attracted increasing attention. Based on 2014–2016 daily carbon market trading price data, this study estimates the direct and indirect carbon emissions cost incurred by Beijing carbon market and explores its impact on industrial competitiveness via an evaluation model. Our results show that the impact of the carbon emissions cost is negligible, and the proportion of the three most affected industries’ added values to Beijing’s gross domestic product is only 10%, indicating that the economic impact is limited. However, the impact on the production and supply of power, gas and water industry could reach as high as 3.02% in three years. Compared with the European carbon market, the trading price of Beijing’s carbon market is relatively low, and the price cap could possibly increase to 100 Yuan per ton. However, each 10-Yuan increment in the carbon price will increase the impact on industry competitiveness by 1.68%. This study provides a scientific basis for exploring the impact of China’s carbon market on industry competitiveness and will be of significant value to policy makers
Price bubbles in Beijing carbon market and environmental policy announcement
This paper examines price bubbles in the relatively new carbon emission trading scheme of Beijing carbon market by employing a recently proposed econometric test which can stamp the occurrence and burst of financial bubbles. We find multiple bubbles in Beijing carbon market over the sample period between January 2014 to April 2018, and that the occurrences of carbon price bubbles are closely related to the announcements of environmental policies by the Chinese government. Comparing our results to the EU ETS, we find that the volatility of carbon price in Beijing market is higher than EU, and interestingly, the bubbles in Beijing market occur when the price volatility is relatively low, while in EU market the bubbles correspond to the peaks of volatility. Our empirical results provide insightful policy implications in the context of the actual China’s carbon market reform. To achieve effective stabilization of carbon price, policymakers should publicize alert notifications of the price fluctuations, and strengthen the carbon markets supervision and promote its improvement
FedCLIP: Fast Generalization and Personalization for CLIP in Federated Learning
Federated learning (FL) has emerged as a new paradigm for privacy-preserving
computation in recent years. Unfortunately, FL faces two critical challenges
that hinder its actual performance: data distribution heterogeneity and high
resource costs brought by large foundation models. Specifically, the non-IID
data in different clients make existing FL algorithms hard to converge while
the high resource costs, including computational and communication costs that
increase the deployment difficulty in real-world scenarios. In this paper, we
propose an effective yet simple method, named FedCLIP, to achieve fast
generalization and personalization for CLIP in federated learning. Concretely,
we design an attention-based adapter for the large model, CLIP, and the rest
operations merely depend on adapters. Lightweight adapters can make the most
use of pretrained model information and ensure models be adaptive for clients
in specific tasks. Simultaneously, small-scale operations can mitigate the
computational burden and communication burden caused by large models. Extensive
experiments are conducted on three datasets with distribution shifts.
Qualitative and quantitative results demonstrate that FedCLIP significantly
outperforms other baselines (9% overall improvements on PACS) and effectively
reduces computational and communication costs (283x faster than FedAVG). Our
code will be available at: https://github.com/microsoft/PersonalizedFL.Comment: Accepted by IEEE Data Engineering Bulletin; code is at:
https://github.com/microsoft/PersonalizedF
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