We use the gravity model to examine the causal link between economic policy uncertainty (EPU) and inbound tourism (ITM) in the United Kingdom. The results for the full sample demonstrate that EPU Granger causes ITM. This finding shows that association is misappropriated due to structural changes. We apply the time-varying rolling window technique to revisit the dynamic association between EPU and ITM. The findings for the subsamples indicate that EPU has a negative effect on ITM. In contrast, ITM has a positive effect on EPU in the subsamples. These results support the gravity model, which states that as EPU increases, the level of ITM decreases. The results have noteworthy implications for policymakers in the form of consistency in policies and short-term shock forecasting that is capable of greater shock-absorbing capacity to lessen the revocation of tourist programs. A stable exchange rate regime in the destination country will make tourism cheaper and more attractive to tourists. Decision-makers should consider time-varying attributes to establish tourism activities for effective and accurate predictions.
This paper investigates the ability of gold to hedge worldwide risks from the perspective of global economic policy uncertainty (GEPU). By applying the full- and sub-sample rolling-window bootstrap causality tests to analyze the dynamic interaction between GEPU and gold price (GP). It can be observed that gold can effectively hedge risks of GEPU during the Asian financial crisis, dot-com bubble and global economic crisis, but this result does not hold in non-crisis period. GEPU manifests two-way impacts on the GP in a few periods, this relationship between GEPU and GP being consistent with the hypothesis in the general equilibrium model, which states that changes in GEPU lead to the fluctuations of GP. In turn, GP has both positive and negative impacts on GEPU. In the current complex economic situation, governments and investors can consider gold to hedge risks of GEPU, especially during the economic crises.
Herein,
we propose a novel design of photo-assisted battery desalination,
which provides the tri-function within a single device including the
photo-assisted charge (electrical energy saving), energy storage,
and desalination (salt removal). The photoelectrode (N719/TiO2) is directly integrated into the zinc-iodide (Zn-I) battery
with the desalination stream in the middle portion of the device.
This architecture can provide a reduced energy consumption up to 50%,
an energy output of 42 W h mol–1
NaCl,
and a desalination rate of 13 μg/cm2 min–1. This work is significant for the inter-discipline study of the
redox flow energy storage and energy-saving desalination.
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