Suchergebnisse

AbstractFloating photovoltaics (FPVs) are appearing as a promising and an alternative renewable energy opinion in which PV panels are mounted on floating platforms in order to produce electricity from renewable energy on water such as seas, dams, rivers, oceans, canals, fish farms, and reservoirs. So far, such studies related to the body knowledge on financial, technical, and environmental aspects of installation of FPV have not been performed in Turkey while expanding steadily in other countries. In this study, suitable site selection for installation of FPV power plants on three lakes in Turkey was studied by performing geographic information system (GIS) and the fuzzy analytic hierarchy process (FAHP) as multi-criteria decision-making (MCDM) method. This detailed study revealed that the criterion of global horizontal irradiance (GHI) was determined as the most crucial criterion for the installation of FPV on Beysehir Lake, Lake of Tuz, and Van Lake. Additionally, it was clearly seen that the Beysehir Lake had the highest value approximately 52% among other lakes for installation, that is why Beysehir Lake is selected as the best option for installation of an FPV system with this multi-criteria approach.

Electric generation using the photovoltaic (PV) effect is considered ideal in South Sumatra as a response to the government policy to increase the utilization of renewable energy to support the depletion of conventional energy. PV panels can be installed in a fishing village in the Sungsang Estuary. This paper examined the eligibility analysis for the installation of PV panels on brackish water. In this research, two Panels are installed, the first one is floating over a water body, and the second is ground mounted as a comparison of electricity produced and efficiency. The Jsc floating and ground mounting differ in 0.4435 A. The measured Jload in floating PV panels is 0.3900 A higher than the ground mounting. The measured Voc at the floating PV panels is 0.2935 V higher, and the Vload of the floating PV panel is 3.0742 V higher than the ground mount. The differences are due to the floating PV panel surface temperature being lower than ground mounting. Electricity generated by floating PV panels is averagely 11.89 Watt higher, and the efficiency is 4% higher than that of ground installation. This experiment also shows that PV panels can be installed over brackish water in the fishing village of Sungsang Estuary.

My writing is influenced by the concept of Montage. It has bits of readings, thoughts, memories. Everything is carefully picked and curated to inform the viewer of the ideas behind the work. This book is aiming to explain the context of the time and space I was born and raised. The nineties in Russia were an extremely dynamic space. The flow of information, ideas, cultural events were enormous. Everything coexisted. the real democracy and freedom, as now it would be described. It was a dark time, full of hope and expectations. Unfortunately for the reader, this text is not that sophisticated as Virginia Woolf's writings and not as sharp as Victor Pelevin.

After the experience with the currency crises of the 1990s, a broad consensus has emerged among economists that such shocks can only be avoided if countries that decided to maintain unrestricted capital mobility adopt either independently floating exchange rates or very hard pegs (currency boards, dollarisation). As a consequence of this view which has been enshrined in the so-called impossible trinity all intermediate currency regimes are regarded as inherently unstable. As far as the economic theory is concerned, this view has the attractive feature that it not only fits with the logic of traditional open economy macro models, but also that for both corner solutions (independently floating exchange rates with a domestically oriented interest rate policy; hard pegs with a completely exchange rate oriented monetary policy) solid theoretical frameworks have been developed. Above all the IMF statistics seem to confirm that intermediate regimes are indeed less and less fashionable by both industrial countries and emerging market economies. However, in the last few years an anomaly has been detected which seriously challenges this paradigm on exchange rate regimes. In their influential cross-country study, Calvo and Reinhart (2000) have shown that many of those countries which had declared themselves as 'independent floaters' in the IMF statistics were charaterised by a pronounced 'fear of floating' and were actually heavily reacting to exchange rate movements, either in the form of an interest rate response, or by intervening in foreign exchange markets. The present analysis can be understood as an approach to develop a theoretical framework for this managed floating behaviour that – even though it is widely used in practice – has not attracted very much attention in monetary economics. In particular we would like to fill the gap that has recently been criticised by one of the few 'middle-ground' economists, John Williamson, who argued that "managed floating is not a regime with well-defined rules" (Williamson, 2000, p. 47). Our approach is based on a standard open economy macro model typically employed for the analysis of monetary policy strategies. The consequences of independently floating and market determined exchange rates are evaluated in terms of a social welfare function, or, to be more precise, in terms of an intertemporal loss function containing a central bank's final targets output and inflation. We explicitly model the source of the observable fear of floating by questioning the basic assumption underlying most open economy macro models that the foreign exchange market is an efficient asset market with rational agents. We will show that both policy reactions to the fear of floating (an interest rate response to exchange rate movements which we call indirect managed floating, and sterilised interventions in the foreign exchange markets which we call direct managed floating) can be rationalised if we allow for deviations from the assumption of perfectly functioning foreign exchange markets and if we assume a central bank that takes these deviations into account and behaves so as to reach its final targets. In such a scenario with a high degree of uncertainty about the true model determining the exchange rate, the rationale for indirect managed floating is the monetary policy maker's quest for a robust interest rate policy rule that performs comparatively well across a range of alternative exchange rate models. We will show, however, that the strategy of indirect managed floating still bears the risk that the central bank's final targets might be negatively affected by the unpredictability of the true exchange rate behaviour. This is where the second policy measure comes into play. The use of sterilised foreign exchange market interventions to counter movements of market determined exchange rates can be rationalised by a central bank's effort to lower the risk of missing its final targets if it only has a single instrument at its disposal. We provide a theoretical model-based foundation of a strategy of direct managed floating in which the central bank targets, in addition to a short-term interest rate, the nominal exchange rate. In particular, we develop a rule for the instrument of intervening in the foreign exchange market that is based on the failure of foreign exchange market to guarantee a reliable relationship between the exchange rate and other fundamental variables. ; Auf modelltheoretischer Ebene wird die Diskussion geld- und währungspolitischer Strategien von den beiden Randlösungen absolut fester Wechselkurse und frei-flexibler Wechselkurse geprägt. In der Realität allerdings stellen diese beiden Strategien eher die Ausnahme als die Regel dar. Während die traditionelle einseitige Wechselkursanbindung zunehmend an Bedeutung verliert, entscheidet sich eine wachsende Anzahl von Ländern, insbesondere kleine und offene Emerging Market Volkswirtschaften, für eine zunehmende Flexibilisierung ihres Wechselkursregimes. Allerdings ist die Bereitschaft, den Wechselkurs vollkommen den freien Kräften des Marktes zu überlassen, sehr eingeschränkt. Dafür sprechen insbesondere zwei stilisierte Fakten: Zum einen greifen Notenbanken direkt am Devisenmarkt mit sterilisierte Käufen und Verkäufen von Fremdwährung ein. Zum anderen versuchen Notenbanken indirekt mit ihrem Zinsinstrument Einfluss auf den Verlauf des Wechselkurses zu nehmen, indem sie auf seine Veränderungen mit Anpassungen der Zinsen reagieren. Während die Literatur in beiden Fällen von einem System des Managed Floatings spricht, wurde im Rahmen der vorliegenden Arbeit Ersteres als direktes Managed Floating, und Letzteres als indirektes Managed Floating bezeichnet. Gemeinsames Merkmal beider Formen des Managed Floatings ist, dass für sie im Rahmen makroökonomischer Modelle offener Volkswirtschaften keine Rechfertigung abzuleiten ist. Insbesondere Neukeynesianische bzw. Neokeynesianische Modelle, auf deren Grundlage moderne Geldpolitik diskutiert wird, kommen zu dem Ergebnis, dass eine geeignete Zinspolitik auf Basis frei-flexibler Wechselkurse (also ohne direkte Devisenmarktinterventionen und ohne indirekte Beeinflussung durch Zinsen) zu einer bestmöglichen Stabilisierung der Volkswirtschaft beiträgt. Die entscheidende Annahme, die diesem Ergebnis zugrunde liegt, ist, dass sich der Wechselkurs auf effizienten Devisenmärkten und gemäß eines klar definierten Wechselkursmodells bildet. Normalerweise wird daher in den meisten Modellen die Gültigkeit der ungedeckten Zinsparität unterstellt. Empirische Untersuchungen kommen allerdings regelmäßig und mit überraschender Eindeutigkeit zu dem Befund, dass der Zusammenhang zwischen Zinsen und Wechselkurs entsprechend der ungedeckten Zinsparität bei flexiblen Wechselkursen statistisch nicht nachweisbar ist, und sprechen daher gar von einer Anomalie des Devisenmarktes. Berücksichtigt man diese Anomalie bei der Modellierung geldpolitischer Entscheidungen, kehrt sich die Überlegenheit frei-flexibler Wechselkurse gegenüber den beiden Formen des Managed Floatings ins Gegenteil um. Dieses zentrale Ergebnis, das eine ökonomische Ratio für das beobachtete Verhalten vieler Notenbanken in kleinen und offenen Volkswirtschaften liefert, wird in zwei Schritten hergeleitet. Zum einen lässt sich durch die Berücksichtigung von Wechselkursunsicherheit die Strategie des indirekten Managed Floatings begründen. Wechselkursunsicherheit wird definiert als die (nicht quantifizierte) Wahrscheinlichkeit, dass anstelle der ungedeckten Zinsparität ein anderes Wechselkursmodell das tatsächliche Zusammenspiel zwischen den beiden Finanzmarktgrößen Zins und Wechselkurs bestimmt. In der vorliegenden Arbeit wird gezeigt, dass sich Zinsregeln, die neben der Inflationsrate und der Outputlücke (wie unter frei-flexiblen Wechselkursen) auch auf den zeitgleichen und den zeitverzögerten realen Wechselkurs reagieren, als äußerst robust gegenüber einem hohen Maß an Wechselkursunsicherheit erweisen. Zum anderen lassen sich durch Abweichungen von der ungedeckten Zinsparität direkte sterilisierte Devisenmarktinterventionen begründen. Neben dem Geldmarktzins können Notenbanken somit gleichzeitig und unabhängig vom Geldmarktzins den Wechselkurs steuern. Allerdings muss für die Wechselkurssteuerung – ebenso wie für die Zinssteuerung – ein geeignetes Steuerungssystem (Strategie) entworfen werden, dass der Notenbank klare Handlungsweisungen liefert. In der vorliegenden Arbeit werden zunächst die Wirkungskanäle sterilisierter Interventionen diskutiert. Anschließend wird eine geldpolitische Regel auf der Basis eines aus Geldmarktzins and Wechselkurs zusammengesetzten Operating Targets, des sog. Monetary Conditions Indexes, entworfen. Es zeigt sich, dass eine Strategie des direkten Managed Floatings bei entsprechendem Einsatz der beiden Notenbankinstrumente zu denselben Ergebnissen (gemessen am Stabilisierungsziel der Notenbank) führt, wie sie sich auch unter frei-flexiblen Wechselkursen bei Gültigkeit der ungedeckten Zinsparität ergeben würden. Sterilisierte Devisenmarktinterventionen stellen somit ein zusätzliches Instrument der Geldpolitik dar, dass die aus der Wechselkursunsicherheit resultierenden negativen Auswirkungen auf die geldpolitischen Endziele kompensiert.

China's photovoltaic (PV) manufacturing industry has grown significantly since 2000, from being almost nonexistent to providing over 50% of the market share of solar panels in 2012. However, due to the high tariff resulting from an anti-dumping investigation by the US and a shrinking export market, Chinese PV manufacturers are faced with a large amount of challenges. This paper investigated 1) the general issues influencing the success of this industry; 2) the current market channels and the advertising methods; 3) the comparison of supports from government and utility between desired and perceived; 4) the attitude of manufacturers towards external opportunity and threats; 5) the operational issues. Based on the surveys distributed to PV manufacturers at the 2014 SNEC PV Expo in China, the results suggest potential strategies manufacturers, government, and utility companies