We develop a dynamic general equilibrium model of capital accumulation where credit is intermediated by banks operating in a Cournot oligopoly. The number of banks affects capital accumulation through two channels. First, it affects the quantity of credit available to entrepreneurs. Second, it affects banks’ decisions to collect costly information about entrepreneurs, and thus determines the ef...

Based on a dynamic open-economy macroeconomic model, this paper aims at understanding the contribution of domestic financial under-development to foreign reserve accumulation in some emerging market economies, especially in China. It is argued that foreign reserve accumulation is a consequence of a growth strategy induced by strong capital investment in a financially constrained economy. It is ...

The shipping industry is going through a period of technology transition that aims to increase the use carbon-neutral fuels. There significant trend vessels being ordered with alternative fuel propulsion. Shipping’s future market will be more diverse, reliant on multiple energy sources. One very promising means meet decarbonisation requirements operate ships sustainable electrical by integratin...

We construct a simple model of monetary exchange where, as in Lagos and Wright (2003), trades take place in both centralized and decentralized markets. However, in constrast to Lagos and Wright, we allow for general preferences and introduce nonconvexities (indivisiblities) and sunspots. In the centralized market, agents can trade statecontingent commodities. We show that nonconvexities and sun...

This paper explores the effect of banking market structure on the market structure of industrial sectors. It asks whether concentration in the banking market promotes the formation of industries constituted by a few, large firms, or rather, whether it facilitates the continuous entry of new firms, thus maintaining unconcentrated market structures across industries. Theoretical arguments could b...

This paper presents an algorithm for optimal resilient allocation of Mobile Energy Storage Systems (MESSs) active distribution system considering the microgrids coordinated bidding process. The main contribution this is that impacts biddings on MESSs in day-ahead and real-time markets are investigated. proposed optimization framework another decomposes process into multiple procedures horizons....

A novel market mechanism is proposed to charge the uncertainty and credit the generation reserve in the Day-ahead market within a Robust Security-Constrained Unit Commitment (RSCUC) optimization framework. The increasing penetration of renewable energy in recent years has led to more uncertainties in power systems. These uncertainties have to be accommodated by flexible resources (i.e. upward a...

The growth in the importance of interruptible sources of energy is increasing the concerns of many electricity market regulators with respect to the reliability and stability of electricity supply. Decisions such as that to increase the number of reserve markets, their reserve requirements, or the role of reserve prices in the final electricity price have meant that generation plants are curren...

This paper presents a novel solution method for joint energy and Spinning Reserve (SR) dispatch problem. In systems in which the Lost Opportunity Cost (LOC) should be paid to generators, if the LOC is not considered in the dispatch problem, the results may differ from the truly optimum solution. Since the LOC is a non-differentiable function, including it in the formulation makes the problem so...