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In the increasingly globalized economy these days, the major crude oil markets worldwide are seeing higher level of integration, which results in higher level of dependency and transmission of risks among different markets. Thus the risk of the typical multi-asset crude oil portfolio is influenced by dynamic correlation among different assets, which has both normal and transient behaviors. This paper proposes a novel multivariate wavelet denoising based approach for estimating Portfolio Value at Risk (PVaR). The multivariate wavelet analysis is introduced to analyze the multi-scale behaviors of the correlation among different markets and the portfolio volatility behavior in the higher dimensional time scale domain. The heterogeneous data and noise behavior are addressed in the proposed multi-scale denoising based PVaR estimation algorithm, which also incorporates the mainstream time series to address other well known data features such as autocorrelation and volatility clustering. Empirical studies suggest that the proposed algorithm outperforms the benchmark Exponential Weighted Moving Average (EWMA) and DCC-GARCH model, in terms of conventional performance evaluation criteria for the model reliability.

Can environmental regulation be used to promote directed technical change and economic growth simultaneously? We construct an endogenous economic growth model that includes environmental regulation, the extent of environmental pollution, and economic performance in a general equilibrium framework. We show that in the absence of government intervention, environmental pollution will not automatically disappear as economic growth increases. Furthermore, “threshold constraints” result from “path dependence” in the type of innovation; only when the rate of carbon tax and carbon reduction subsidy reaches a certain extent will individuals (or producers) redirect technical change toward “clean” energy production technologies innovation and away from “dirty” energy production technologies. Our article also discloses the intrinsic principle and micromechanism of environmental regulation to promote economic growth and finds that strict environmental regulation will both significantly promote the evolving labor division in clean energy production technologies innovation and achieve the benefits of improved average labor productivity in the production sector and the market size of goods, so that the benefit exceeds the switching cost.

Green agriculture can improve biodiversity, increase farmers' income, reduce agricultural non-point source pollution, solve food safety issues, and will be an important way to promote sustainable development in China. At present, the green transformation of China's agriculture has encountered a bottleneck in the development of a green agricultural product market. How to develop a green agricultural product market has become an issue worthy of in-depth study in the academia. Previous studies have already given persuasive explanations for the inability to form a green agricultural product market, but few have explored its development path from the angle of cooperation. By employing the method of a Transferable Utilities (TU) cooperative game, and based on theoretical analyses and hypothetical data, this thesis aims to prove the effectiveness of the multilateral coalition to develop the green agricultural product market in China. The results show the effectiveness of the developed model of the green agricultural product market in which producers, consumers, food safety inspection departments, and e-commerce platforms cooperate with each other. This model meets the objective needs of the times and that of the market economy. According to the marginal contribution value of participants in different coalition orders, this thesis finds 6 kinds of coalition orders. When producers and consumers of green agricultural products enter the coalition in the last place, the marginal contribution value is maximized, which reflects the importance of the supply side and demand side of green agricultural products. In other words, the development of the green agricultural product market is a dynamic process-determined by consumers and promoted by producers-in which both sides promote and restrict each other. Finally, this article presents two policy recommendations: at the national level, to clearly proposes a strategy to build a green agricultural product e-commerce platform in China and to launch a pilot application for the specialized e-commerce platform for green agricultural products in the Guizhou province.