Experiments probing the influence of air exchange rates on secondary organic aerosols derived from indoor chemistry

DEFF Research Database (Denmark)

Weschler, Charles J.; Shields, H.C.

2003-01-01

Reactions between ozone and terpenes have been shown to increase the concentrations of submicron particles in indoor settings. The present study was designed to examine the influence of air exchange rates on the concentrations of these secondary organic aerosols as well as on the evolution of the...

Study on flow rate measurement and visualization of helium-air exchange flow through a small opening

International Nuclear Information System (INIS)

Fumizawa, Motoo

1992-01-01

This paper deals with an experimental investigation on buoyancy-driven exchange flows through horizontal and inclined openings. The method of the mass increment was developed to measure the flow rate in helium-air system and a displacement fringe technique was adopted in Mach-Zehnder interferometer to visualize the flow. As the result, the followings were obtained: Flow visualization results indicate that the upward and downward plumes of helium and air break through the opening intermittently, and they swing in the lateral direction through the horizontal opening. It is clearly visualized that the exchange flows through the inclined openings take place smoothly and stably in the separated passages. The inclination angle for the maximum Froude number decreases with increasing length-to-diameter ratio in the helium-air system, on the contrary to Mercer's experimental results in the water-brine system indicating that the angle remains almost constant. (author)

Influence of inlet velocity of air and solid particle feed rate on holdup mass and heat transfer characteristics in cyclone heat exchanger

International Nuclear Information System (INIS)

Mothilal, T.; Pitchandi, K.

2015-01-01

Present work elaborates the effect of inlet velocity of air and solid particle feed rate on holdup mass and heat transfer characteristics in a cyclone heat exchanger. The RNG k-ε turbulence model was adopted for modeling high turbulence flow and Discrete phase model (DPM) to track solid particles in a cyclone heat exchanger by ANSYS FLUENT software. The effect of inlet air velocity (5 to 25 m/s) and inlet solid particle feed rate of (0.2 to 2.5 g/s) at different particle diameter (300 to 500 μm) on holdup mass and heat transfer rate in cyclone heat exchanger was studied at air inlet temperature of 473 K. Results show that holdup mass and heat transfer rate increase with increase in inlet air velocity and inlet solid particle feed rate. Influence of solid particle feed rate on holdup mass has more significance. Experimental setup was built for high efficiency cyclone. Good agreement was found between experimental and simulation pressure drop. Empirical correlation was derived for dimensionless holdup mass and Nusselt number based on CFD data by regression technique. Correlation predicts dimensional holdup mass with +5% to -8% errors of experimental data and Nusselt number with +9% to -3%

Influence of inlet velocity of air and solid particle feed rate on holdup mass and heat transfer characteristics in cyclone heat exchanger

Energy Technology Data Exchange (ETDEWEB)

Mothilal, T. [T. J. S. Engineering College, Gummidipoond (India); Pitchandi, K. [Sri Venkateswara College of Engineering, Sriperumbudur (India)

2015-10-15

Present work elaborates the effect of inlet velocity of air and solid particle feed rate on holdup mass and heat transfer characteristics in a cyclone heat exchanger. The RNG k-ε turbulence model was adopted for modeling high turbulence flow and Discrete phase model (DPM) to track solid particles in a cyclone heat exchanger by ANSYS FLUENT software. The effect of inlet air velocity (5 to 25 m/s) and inlet solid particle feed rate of (0.2 to 2.5 g/s) at different particle diameter (300 to 500 μm) on holdup mass and heat transfer rate in cyclone heat exchanger was studied at air inlet temperature of 473 K. Results show that holdup mass and heat transfer rate increase with increase in inlet air velocity and inlet solid particle feed rate. Influence of solid particle feed rate on holdup mass has more significance. Experimental setup was built for high efficiency cyclone. Good agreement was found between experimental and simulation pressure drop. Empirical correlation was derived for dimensionless holdup mass and Nusselt number based on CFD data by regression technique. Correlation predicts dimensional holdup mass with +5% to -8% errors of experimental data and Nusselt number with +9% to -3%.

Numerical study of a PCM-air heat exchanger's thermal performance

Science.gov (United States)

Herbinger, F.; Bhouri, M.; Groulx, D.

2016-09-01

In this paper, the use of PCMs in HVAC applications is investigated by studying numerically the thermal performance of a PCM-air heat exchanger. The PCM used in this study is dodecanoic acid. A symmetric 3D model, incorporating conductive and convective heat transfer (air only) as well as laminar flow, was created in COMSOL Multiphysics 5.0. Simulations examined the dependence of the heat transfer rate on the temperature and velocity of the incoming air as well as the size of the channels in the heat exchanger. Results indicated that small channels size lead to a higher heat transfer rates. A similar trend was also obtained for high incoming air temperature, whereas the heat transfer rate was less sensitive to the incoming air velocity.

Attempt to determine radon entry rate and air exchange rate variable in time from the time course of indoor radon concentration

Energy Technology Data Exchange (ETDEWEB)

Thomas, J [State Office for Nuclear Protection, Prague (Czech Republic)

1996-12-31

For radon diagnosis in houses the `ventilation experiment` was used as a standard method. After removal of indoor radon by draught the build-up of radon concentration a(t) [Bq/m{sup 3}] was measured continuously and from the time course the constant radon entry rate A [Bq/h] and the exchange rate k [h{sup -1}] was calculated by regression analysis using model relation a(t) A(1-e{sup -kt})/kV with V [m{sup 3}] for volume of the room. The conditions have to be stable for several hours so that the assumption of constant A and k was justified. During the day both quantities were independently (?) changing, therefore a method to determine variable entry rate A(t) and exchange rate k(t) is needed for a better understanding of the variability of the indoor radon concentration. Two approaches are given for the determination of variable in time radon entry rates and air exchange rates from continuously measured indoor radon concentration - numerical solution of the equivalent difference equations in deterministic or statistic form. The approaches are not always successful. Failures giving a right ration for the searched rates but not of the rates them self could not be explained.

Helium-air exchange flows through partitioned opening and two-opening

International Nuclear Information System (INIS)

Kang, T. I.

1997-01-01

This paper describes experimental investigations of helium-air exchange flows through partitioned opening and two-opening. Such exchange flows may occur following rupture accident of stand pipe in high temperature engineering test reactor. A test vessel with the two types of small opening on top of test cylinder is used for experiments. An estimation method of mass increment is developed to measure the exchange flow rate. Upward flow of the helium and downward flow of the air in partitioned opening system interact out of entrance and exit of the opening. Therefore, an experiment with two-opening system is made to investigate effect of the fluids interaction of partitioned opening system. As a result of comparison of the exchange flow rates between two types of the opening system, it is demonstrated that the exchange flow rate of the two-opening system is larger than that of the partitioned opening system because of absence of the effect of fluids interaction. (author)

Heat pipe heat exchanger for heat recovery in air conditioning

Energy Technology Data Exchange (ETDEWEB)

Abd El-Baky, Mostafa A.; Mohamed, Mousa M. [Mechanical Power Engineering Department, Faculty of Engineering, Minufiya University, Shebin El-Kom (Egypt)

2007-03-15

The heat pipe heat exchangers are used in heat recovery applications to cool the incoming fresh air in air conditioning applications. Two streams of fresh and return air have been connected with heat pipe heat exchanger to investigate the thermal performance and effectiveness of heat recovery system. Ratios of mass flow rate between return and fresh air of 1, 1.5 and 2.3 have been adapted to validate the heat transfer and the temperature change of fresh air. Fresh air inlet temperature of 32-40{sup o}C has been controlled, while the inlet return air temperature is kept constant at about 26{sup o}C. The results showed that the temperature changes of fresh and return air are increased with the increase of inlet temperature of fresh air. The effectiveness and heat transfer for both evaporator and condenser sections are also increased to about 48%, when the inlet fresh air temperature is increased to 40{sup o}C. The effect of mass flow rate ratio on effectiveness is positive for evaporator side and negative for condenser side. The enthalpy ratio between the heat recovery and conventional air mixing is increased to about 85% with increasing fresh air inlet temperature. The optimum effectiveness of heat pipe heat exchanger is estimated and compared with the present experimental data. The results showed that the effectiveness is close to the optimum effectiveness at fresh air inlet temperature near the fluid operating temperature of heat pipes. (author)

Impact of ambient air temperature and heat load variation on the performance of air-cooled heat exchangers in propane cycles in LNG plants – Analytical approach

International Nuclear Information System (INIS)

Fahmy, M.F.M.; Nabih, H.I.

2016-01-01

Highlights: • An analytical method regulated the air flow rate in an air-cooled heat exchanger. • Performance of an ACHE in a propane cycle in an LNG plant was evaluated. • Summer inlet air temperature had higher impact on ACHE air flow rate requirement. - Abstract: An analytical method is presented to evaluate the air flow rate required in an air-cooled heat exchanger used in a propane pre-cooling cycle operating in an LNG (liquefied natural gas) plant. With variable ambient air inlet temperature, the air flow rate is to be increased or decreased so as to assure and maintain good performance of the operating air-cooled heat exchanger at the designed parameters and specifications. This analytical approach accounts for the variations in both heat load and ambient air inlet temperature. The ambient air inlet temperature is modeled analytically by simplified periodic relations. Thus, a complete analytical method is described so as to manage the problem of determining and accordingly regulate, either manually or automatically, the flow rate of air across the finned tubes of the air-cooled heat exchanger and thus, controls the process fluid outlet temperature required for the air-cooled heat exchangers for both cases of constant and varying heat loads and ambient air inlet temperatures. Numerical results are obtained showing the performance of the air-cooled heat exchanger of a propane cycle which cools both NG (natural gas) and MR (mixed refrigerant) streams in the LNG plant located at Damietta, Egypt. The inlet air temperature variation in the summer time has a considerable effect on the required air mass flow rate, while its influence becomes relatively less pronounced in winter.

Identifying Housing and Meteorological Conditions Influencing Residential Air Exchange Rates in the DEARS and RIOPA Studies: Development of Distributions for Human Exposure Modeling

Science.gov (United States)

Appropriate prediction of residential air exchange rate (AER) is important for estimating human exposures in the residential microenvironment, as AER drives the infiltration of outdoor-generated air pollutants indoors. AER differences among homes may result from a number of fact...

Exchange rate policy

Directory of Open Access Journals (Sweden)

Plačkov Slađana

2013-01-01

Full Text Available Small oscillations of exchange rate certainly affect the loss of confidence in the currency (Serbian dinar, CSD and because of the shallow market even the smallest change in the supply and demand leads to a shift in exchange rate and brings uncertainty. Some economists suggest that the course should be linked to inflation and thus ensure predictable and stable exchange rates. Real exchange rate or slightly depressed exchange rate will encourage the competitiveness of exporters and perhaps ensure the development of new production lines which, in terms of overvalued exchange rate, had no economic justification. Fixed exchange rate will bring lower interest rates, lower risk and lower business uncertainty (uncertainty avoidance, but Serbia will also reduce foreign exchange reserves by following this trend. On the other hand, a completely free exchange rate, would lead to a (real fall of Serbian currency, which in a certain period would lead to a significant increase in exports, but the consequences for businessmen and citizens with loans pegged to the euro exchange rate, would be disastrous. We will pay special attention to the depreciation of the exchange rate, as it is generally favorable to the export competitiveness of Serbia and, on the other hand, it leads to an increase in debt servicing costs of the government as well as of the private sector. Oscillations of the dinar exchange rate, appreciation and depreciation, sometimes have disastrous consequences on the economy, investors, imports and exports. In subsequent work, we will observe the movement of the dinar exchange rate in Serbia, in the time interval 2009-2012, in order to strike a balance and maintain economic equilibrium. A movement of foreign currencies against the local currency is controlled in the foreign exchange market, so in case economic interests require, The National Bank of Serbia (NBS, on the basis of arbitrary criteria, can intervene in the market.

Heat Recovery Ventilation for Housing: Air-to-Air Heat Exchangers.

Science.gov (United States)

Corbett, Robert J.; Miller, Barbara

The air-to-air heat exchanger (a fan powered ventilation device that recovers heat from stale outgoing air) is explained in this six-part publication. Topic areas addressed are: (1) the nature of air-to-air heat exchangers and how they work; (2) choosing and sizing the system; (3) installation, control, and maintenance of the system; (4) heat…

Air exchange rates and migration of VOCs in basements and residences.

Science.gov (United States)

Du, L; Batterman, S; Godwin, C; Rowe, Z; Chin, J-Y

2015-12-01

Basements can influence indoor air quality by affecting air exchange rates (AERs) and by the presence of emission sources of volatile organic compounds (VOCs) and other pollutants. We characterized VOC levels, AERs, and interzonal flows between basements and occupied spaces in 74 residences in Detroit, Michigan. Flows were measured using a steady-state multitracer system, and 7-day VOC measurements were collected using passive samplers in both living areas and basements. A walk-through survey/inspection was conducted in each residence. AERs in residences and basements averaged 0.51 and 1.52/h, respectively, and had strong and opposite seasonal trends, for example, AERs were highest in residences during the summer, and highest in basements during the winter. Airflows from basements to occupied spaces also varied seasonally. VOC concentration distributions were right-skewed, for example, 90th percentile benzene, toluene, naphthalene, and limonene concentrations were 4.0, 19.1, 20.3, and 51.0 μg/m(3), respectively; maximum concentrations were 54, 888, 1117, and 134 μg/m(3). Identified VOC sources in basements included solvents, household cleaners, air fresheners, smoking, and gasoline-powered equipment. The number and type of potential VOC sources found in basements are significant and problematic, and may warrant advisories regarding the storage and use of potentially strong VOCs sources in basements. Few IAQ studies have examined basements. A sizable volume of air can flow between the basement and living area, and AERs in these two zones can differ considerably. In many residences, the basement contains significant emission sources and contributes a large fraction of VOC concentrations found in the living area. Exposures can be lowered by removing VOC sources from the basement; other exposure management options, such as local ventilation or isolation, are unlikely to be practical. © 2014 John Wiley & Sons A/S. Published by John Wiley & Sons Ltd.

Tritium isotopic exchange in air detritiation dryers

International Nuclear Information System (INIS)

Everatt, A.E.; Johnson, R.E.; Senohrabek, J.A.; Shultz, C.M.

1989-02-01

Isotopic exchange between tritiated and non-tritiated water species in a molecular sieve bed has been demonstrated. At high humidities (+6 degrees Celsius dew point) the rate of tritium isotopic exchange in a 2.4 L molecular sieve bed has been demonstrated to be at least 50% of published exchange rates. In an industrial-sized air detritiation dryer, utilizing the pretreatment technique of H 2 O steam washing to elute the residual tritium, a DF of 12 600 has been demonstrated when operating at an inlet vapor tritium concentration of 14 Ci/kg and at inlet and outlet dew points of 4.8 and -54 degrees Celsius, respectively. In the NPD dryer bed studied, which was not optimally designed for full benefit from isotopic exchange, at least one order of magnitude in additional detritiation is attributed to isotopic exchange in the unsaturated zone. The technique of eluting the residual tritium from an industrial sized bed by H 2 O washing at high temperature, high humidity and low bed loading has been demonstrated to be a fast and effective way of removing tritium from a molecular sieve bed during regeneration. The isotopic exchange model accurately predicted the exchange between tritiated and non-tritiated water species in a molecular sieve bed where there is no net adsorption or desorption. The model's prediction of the tritium breakthrough trend observed in the NPD tests was poor; however, a forced fit can be achieved if the exchange rates in the MTZ and the unsaturated zone are manipulated. More experiments are needed to determine the relative rates of tritium exchange in the saturated, mass transfer, and unsaturated zones of a dryer bed

Spatiotemporally resolved air exchange rate as a modifier of acute air pollution-related morbidity in Atlanta.

Science.gov (United States)

Sarnat, Jeremy A; Sarnat, Stefanie Ebelt; Flanders, W Dana; Chang, Howard H; Mulholland, James; Baxter, Lisa; Isakov, Vlad; Özkaynak, Halûk

2013-01-01

Epidemiological studies frequently use central site concentrations as surrogates of exposure to air pollutants. Variability in air pollutant infiltration due to differential air exchange rates (AERs) is potentially a major factor affecting the relationship between central site concentrations and actual exposure, and may thus influence observed health risk estimates. In this analysis, we examined AER as an effect modifier of associations between several urban air pollutants and corresponding emergency department (ED) visits for asthma and wheeze during a 4-year study period (January 1999-December 2002) for a 186 ZIP code area in metro Atlanta. We found positive associations for the interaction between AER and pollution on asthma ED visits for both carbon monoxide (CO) and nitrogen oxides (NO(x)), indicating significant or near-significant effect modification by AER on the pollutant risk-ratio estimates. In contrast, the interaction term between particulate matter (PM)(2.5) and AER on asthma ED visits was negative and significant. However, alternative distributional tertile analyses showed PM(2.5) and AER epidemiological model results to be similar to those found for NOx and CO (namely, increasing risk ratios (RRs) with increasing AERs when ambient PM(2.5) concentrations were below the highest tertile of their distribution). Despite the fact that ozone (O(3)) was a strong independent predictor of asthma ED visits in our main analysis, we found no O(3)-AER effect modification. To our knowledge, our findings for CO, NOx, and PM(2.5) are the first to provide an indication of short-term (i.e., daily) effect modification of multiple air pollution-related risk associations with daily changes in AER. Although limited to one outcome category in a single large urban locale, the findings suggest that the use of relatively simple and easy-to-derive AER surrogates may reflect intraurban differences in short-term exposures to pollutants of ambient origin.

Interest Rate Rules, Exchange Market Pressure, and Successful Exchange Rate Management

NARCIS (Netherlands)

Klaassen, F.; Mavromatis, K.

2016-01-01

Central banks with an exchange rate objective set the interest rate in response to what they call ''pressure.'' Instead, existing interest rate rules rely on the exchange rate minus its target. To stay closer to actual policy, we introduce a rule that uses exchange market pressure (EMP), the

Diurnal and seasonal variation in air exchange rates and interzonal flows measured by active tracer gas in five Danish homes

DEFF Research Database (Denmark)

Clausen, Geo; Bekö, Gabriel; Toftum, Jørn

2016-01-01

We measured the air exchange rates (AER) in up to six rooms in five naturally ventilated dwellings across four seasons using active tracer gas. Night time AER was also estimated in all bedrooms based on occupant-generated CO2. Additionally, we studied the pollutant distribution across the dwellin...

Continuous measurement of air-water gas exchange by underwater eddy covariance

Science.gov (United States)

Berg, Peter; Pace, Michael L.

2017-12-01

Exchange of gases, such as O2, CO2, and CH4, over the air-water interface is an important component in aquatic ecosystem studies, but exchange rates are typically measured or estimated with substantial uncertainties. This diminishes the precision of common ecosystem assessments associated with gas exchanges such as primary production, respiration, and greenhouse gas emission. Here, we used the aquatic eddy covariance technique - originally developed for benthic O2 flux measurements - right below the air-water interface (˜ 4 cm) to determine gas exchange rates and coefficients. Using an acoustic Doppler velocimeter and a fast-responding dual O2-temperature sensor mounted on a floating platform the 3-D water velocity, O2 concentration, and temperature were measured at high-speed (64 Hz). By combining these data, concurrent vertical fluxes of O2 and heat across the air-water interface were derived, and gas exchange coefficients were calculated from the former. Proof-of-concept deployments at different river sites gave standard gas exchange coefficients (k600) in the range of published values. A 40 h long deployment revealed a distinct diurnal pattern in air-water exchange of O2 that was controlled largely by physical processes (e.g., diurnal variations in air temperature and associated air-water heat fluxes) and not by biological activity (primary production and respiration). This physical control of gas exchange can be prevalent in lotic systems and adds uncertainty to assessments of biological activity that are based on measured water column O2 concentration changes. For example, in the 40 h deployment, there was near-constant river flow and insignificant winds - two main drivers of lotic gas exchange - but we found gas exchange coefficients that varied by several fold. This was presumably caused by the formation and erosion of vertical temperature-density gradients in the surface water driven by the heat flux into or out of the river that affected the turbulent

Air Circulation and Heat Exchange under Reduced Pressures

Science.gov (United States)

Rygalov, Vadim; Wheeler, Raymond; Dixon, Mike; Hillhouse, Len; Fowler, Philip

Low pressure atmospheres were suggested for Space Greenhouses (SG) design to minimize sys-tem construction and re-supply materials, as well as system manufacturing and deployment costs. But rarified atmospheres modify heat exchange mechanisms what finally leads to alter-ations in thermal control for low pressure closed environments. Under low atmospheric pressures (e.g., lower than 25 kPa compare to 101.3 kPa for normal Earth atmosphere), convection is becoming replaced by diffusion and rate of heat exchange reduces significantly. During a period from 2001 to 2009, a series of hypobaric experiments were conducted at Space Life Sciences Lab (SLSLab) NASA's Kennedy Space Center and the Department of Space Studies, University of North Dakota. Findings from these experiments showed: -air circulation rate decreases non-linearly with lowering of total atmospheric pressure; -heat exchange slows down with pressure decrease creating risk of thermal stress (elevated leaf tem-peratures) for plants in closed environments; -low pressure-induced thermal stress could be reduced by either lowering system temperature set point or increasing forced convection rates (circulation fan power) within certain limits; Air circulation is an important constituent of controlled environments and plays crucial role in material and heat exchange. Theoretical schematics and mathematical models are developed from a series of observations. These models can be used to establish optimal control algorithms for low pressure environments, such as a space greenhouse, as well as assist in fundamental design concept developments for these or similar habitable structures.

A fundamentally new approach to air-cooled heat exchangers.

Energy Technology Data Exchange (ETDEWEB)

Koplow, Jeffrey P.

2010-01-01

We describe breakthrough results obtained in a feasibility study of a fundamentally new architecture for air-cooled heat exchangers. A longstanding but largely unrealized opportunity in energy efficiency concerns the performance of air-cooled heat exchangers used in air conditioners, heat pumps, and refrigeration equipment. In the case of residential air conditioners, for example, the typical performance of the air cooled heat exchangers used for condensers and evaporators is at best marginal from the standpoint the of achieving maximum the possible coefficient of performance (COP). If by some means it were possible to reduce the thermal resistance of these heat exchangers to a negligible level, a typical energy savings of order 30% could be immediately realized. It has long been known that a several-fold increase in heat exchanger size, in conjunction with the use of much higher volumetric flow rates, provides a straight-forward path to this goal but is not practical from the standpoint of real world applications. The tension in the market place between the need for energy efficiency and logistical considerations such as equipment size, cost and operating noise has resulted in a compromise that is far from ideal. This is the reason that a typical residential air conditioner exhibits significant sensitivity to reductions in fan speed and/or fouling of the heat exchanger surface. The prevailing wisdom is that little can be done to improve this situation; the 'fan-plus-finned-heat-sink' heat exchanger architecture used throughout the energy sector represents an extremely mature technology for which there is little opportunity for further optimization. But the fact remains that conventional fan-plus-finned-heat-sink technology simply doesn't work that well. Their primary physical limitation to performance (i.e. low thermal resistance) is the boundary layer of motionless air that adheres to and envelops all surfaces of the heat exchanger. Within this

Investigation of heat transfer inside a PCM-air heat exchanger: a numerical parametric study

Science.gov (United States)

Herbinger, Florent; Bhouri, Maha; Groulx, Dominic

2017-07-01

In this paper, the use of PCMs for thermal storage of energy in HVAC applications was investigated by studying numerically the thermal performance of a PCM-air heat exchanger. The PCM used in this study was dodecanoic acid. A symmetric 3D model, incorporating conductive and convective heat transfer (air only) as well as laminar flow, was created in COMSOL Multiphysics 5.0. Simulations examined the dependence of the heat transfer rate on the temperature and velocity of the incoming air as well as the size of the channels in the heat exchanger. Results indicated that small channels size lead to a higher heat transfer rates. A similar trend was also obtained for high incoming air temperature, whereas the heat transfer rate was less sensitive to the incoming air velocity.

Dry/wet performance of a plate-fin air-cooled heat exchanger with continuous corrugated fins

International Nuclear Information System (INIS)

Hauser, S.G.; Kreid, D.K.; Johnson, B.M.

1981-01-01

The performance and operating characteristics of a plate-fin heat exchanger in dry/wet or deluge operations was experimentally determined. Development of the deluge heat/mass transfer model continued. The experiments were conducted in a specially-designed wind tunnel at the PNL. Air that was first heated and humidified to specified conditions was circulated at a controlled rate through a 2 ft x 6 ft heat exchanger module. The heat exchanger used in the tests was a wavy surface, plate fin on tube configuration. Hot water was circulated through the tubes at high flow rates to maintain an essentially isothermal condition on the tube side. Deionized water sprayed on the top of the vertically oriented plate fins was collected at the bottom of the core and recirculated. Instrumentation was provided for measurement of flow rates and thermodynamic conditions in the air, in the core circulation water, and in the deluge water. Measurements of the air side pressure drop and heat rejection rate were made as a function of air flow rate, air inlet temperature and humidity, deluge water flow rate, and the core inclination from the vertical. An overall heat transfer coefficient and an effective deluge film convective coefficient was determined. The deluge model, for predicting heat transfer from a wet finned heat exchanger was further developed and refined, and a major extension of the model was formulated that permits simultaneous calculation of both the heat transfer and evaporation rates from the wetted surface. The experiments showed an increase in the heat rejection rate due to wetting, accompanied by a proportional increase in the air side pressure drop. For operation at the same air side pressure drop, the enhancement ratio Q/sub w//Q/sub d/ varied between 2 and 5 for the conditions tested. Thus, the potential enhancement of heat transfer due to wetting can be substantial

Measurement of air exchange rates in different indoor environments using continuous CO2 sensors

Institute of Scientific and Technical Information of China (English)

Yan YOU; Can Niu; Jian Zhou; Yating Liu; Zhipeng Bai; Jiefeng Zhang; Fei He; Nan Zhang

2012-01-01

A new air exchange rate (AER) monitoring method using continuous CO2 sensors was developed and validated through both laboratory experiments and field studies.Controlled laboratory simulation tests were conducted in a 1-m3 environmental chamber at different AERs (0.1-10.0 hr-1).AERs were determined using the decay method based on box model assumptions.Field tests were conducted in classrooms,dormitories,meeting rooms and apartments during 2-5 weekdays using CO2 sensors coupled with data loggers.Indoor temperature,relative humidity (RH),and CO2 concentrations were continuously monitored while outdoor parameters combined with on-site climate conditions were recorded.Statistical results indicated that good laboratory performance was achieved:duplicate precision was within 10％,and the measured AERs were 90％-120％ of the real AERs.Average AERs were 1.22,1.37,1.10,1.91 and 0.73 hr-1 in dormitories,air-conditioned classrooms,classrooms with an air circulation cooling system,reading rooms,and meeting rooms,respectively.In an elderly particulate matter exposure study,all the homes had AER values ranging from 0.29 to 3.46 hr-1 in fall,and 0.12 to 1.39 hr-1 in winter with a median AER of 1.15.

Measurement of air exchange rates in different indoor environments using continuous CO2 sensors.

Science.gov (United States)

You, Yan; Niu, Can; Zhou, Jian; Liu, Yating; Bai, Zhipeng; Zhang, Jiefeng; He, Fei; Zhang, Nan

2012-01-01

A new air exchange rate (AER) monitoring method using continuous CO2 sensors was developed and validated through both laboratory experiments and field studies. Controlled laboratory simulation tests were conducted in a 1-m3 environmental chamber at different AERs (0.1-10.0 hr(-1)). AERs were determined using the decay method based on box model assumptions. Field tests were conducted in classrooms, dormitories, meeting rooms and apartments during 2-5 weekdays using CO2 sensors coupled with data loggers. Indoor temperature, relative humidity (RH), and CO2 concentrations were continuously monitored while outdoor parameters combined with on-site climate conditions were recorded. Statistical results indicated that good laboratory performance was achieved: duplicate precision was within 10%, and the measured AERs were 90%-120% of the real AERs. Average AERs were 1.22, 1.37, 1.10, 1.91 and 0.73 hr(-1) in dormitories, air-conditioned classrooms, classrooms with an air circulation cooling system, reading rooms, and meeting rooms, respectively. In an elderly particulate matter exposure study, all the homes had AER values ranging from 0.29 to 3.46 hr(-1) in fall, and 0.12 to 1.39 hr(-1) in winter with a median AER of 1.15.

Exchange rate rebounds after foreign exchange market interventions

Science.gov (United States)

Hoshikawa, Takeshi

2017-03-01

This study examined the rebounds in the exchange rate after foreign exchange intervention. When intervention is strongly effective, the exchange rate rebounds at next day. The effect of intervention is reduced slightly by the rebound after the intervention. The exchange rate might have been 67.12-77.47 yen to a US dollar without yen-selling/dollar-purchasing intervention of 74,691,100 million yen implemented by the Japanese government since 1991, in comparison to the actual exchange rate was 103.19 yen to the US dollar at the end of March 2014.

Bretton Woods Fixed Exchange Rate System versus Floating Exchange Rate System

OpenAIRE

Geza, Paula; Giurca Vasilescu, Laura

2011-01-01

One of the most important issues of monetary policy is to find out whether the state should intervene among the exchange rates, taking into account the fact that changes in the exchange rates represent a significant transmission channel of the effects generated by the monetary policy. Taking into consideration the failure of fixed exchange rate regimes and the recent improvement of financial markets, the return in the near future to such a regime – as for example the Bretton Woods system –...

Automated exchange transfusion and exchange rate.

Science.gov (United States)

Funato, M; Shimada, S; Tamai, H; Taki, H; Yoshioka, Y

1989-10-01

An automated blood exchange transfusion (BET) with a two-site technique has been devised by Goldmann et al and by us, using an infusion pump. With this method, we successfully performed exchange transfusions 189 times in the past four years on 110 infants with birth weights ranging from 530 g to 4,000 g. The exchange rate by the automated method was compared with the rate by Diamond's method. Serum bilirubin (SB) levels before and after BET and the maximal SB rebound within 24 hours after BET were: 21.6 +/- 2.4, 11.5 +/- 2.2, and 15.0 +/- 1.5 mg/dl in the automated method, and 22.0 +/- 2.9, 11.2 +/- 2.5, and 17.7 +/- 3.2 mg/dl in Diamond's method, respectively. The result showed that the maximal rebound of the SB level within 24 hours after BET was significantly lower in the automated method than in Diamond's method (p less than 0.01), though SB levels before and after BET were not significantly different between the two methods. The exchange rate was also measured by means of staining the fetal red cells (F cells) both in the automated method and in Diamond's method, and comparing them. The exchange rate of F cells in Diamond's method went down along the theoretical exchange curve proposed by Diamond, while the rate in the automated method was significantly better than in Diamond's, especially in the early stage of BET (p less than 0.01). We believe that the use of this automated method may give better results than Diamond's method in the rate of exchange, because this method is performed with a two-site technique using a peripheral artery and vein.

Experimental evaluation of sodium to air heat exchanger performance

International Nuclear Information System (INIS)

Vinod, V.; Pathak, S.P.; Paunikar, V.D.; Suresh Kumar, V.A.; Noushad, I.B.; Rajan, K.K.

2013-01-01

Highlights: ► Sodium to air heat exchangers are used to remove the decay heat produced in fast breeder reactor after shutdown. ► Finned tube sodium to air heat exchanger with sodium on tube side was tested for its heat transfer performance. ► A one dimensional computer code was validated by the experimental data obtained. ► Non uniform sodium and air flow distribution was present in the heat exchanger. - Abstract: Sodium to air heat exchangers (AHXs) is used in Prototype Fast Breeder Reactor (PFBR) circuits to reject the decay heat produced by the radioactive decay of the fission products after reactor shutdown, to the atmospheric air. The heat removal through sodium to air heat exchanger maintains the temperature of reactor components in the pool within safe limits in case of non availability of normal heat transport path. The performance of sodium to air heat exchanger is very critical to ensure high reliability of the decay heat removal systems in sodium cooled fast breeder reactors. Hence experimental evaluation of the adequacy of the heat transfer capability gives confidence to the designers. A finned tube cross flow sodium to air heat exchanger of 2 MW heat transfer capacity with sodium on tube side and air on shell side was tested in the Steam Generator Test Facility at Indira Gandhi Center for Atomic Research, India. Heat transfer experiments were carried out with forced circulation of sodium and air, which confirmed the adequacy of heat removal capacity of the heat exchanger. The testing showed that 2.34 MW of heat power is transferred from sodium to air at nominal flow and temperature conditions. A one dimensional computer code developed for design and analysis of the sodium to air heat exchanger was validated by the experimental data obtained. An equivalent Nusselt number, Nu eq is derived by approximating that the resistance of heat transfer from sodium to air is contributed only by the film resistance of air. The variation of Nu eq with respect

Predicting residential air exchange rates from questionnaires and meteorology: model evaluation in central North Carolina.

Science.gov (United States)

Breen, Michael S; Breen, Miyuki; Williams, Ronald W; Schultz, Bradley D

2010-12-15

A critical aspect of air pollution exposure models is the estimation of the air exchange rate (AER) of individual homes, where people spend most of their time. The AER, which is the airflow into and out of a building, is a primary mechanism for entry of outdoor air pollutants and removal of indoor source emissions. The mechanistic Lawrence Berkeley Laboratory (LBL) AER model was linked to a leakage area model to predict AER from questionnaires and meteorology. The LBL model was also extended to include natural ventilation (LBLX). Using literature-reported parameter values, AER predictions from LBL and LBLX models were compared to data from 642 daily AER measurements across 31 detached homes in central North Carolina, with corresponding questionnaires and meteorological observations. Data was collected on seven consecutive days during each of four consecutive seasons. For the individual model-predicted and measured AER, the median absolute difference was 43% (0.17 h(-1)) and 40% (0.17 h(-1)) for the LBL and LBLX models, respectively. Additionally, a literature-reported empirical scale factor (SF) AER model was evaluated, which showed a median absolute difference of 50% (0.25 h(-1)). The capability of the LBL, LBLX, and SF models could help reduce the AER uncertainty in air pollution exposure models used to develop exposure metrics for health studies.

Indoor air quality, air exchange rates, and radioactivity in new built temporary houses following the Great East Japan Earthquake in Minamisoma, Fukushima.

Science.gov (United States)

Shinohara, N; Tokumura, M; Kazama, M; Yoshino, H; Ochiai, S; Mizukoshi, A

2013-08-01

This study measured air exchange rates, indoor concentrations of aldehydes and volatile organic compounds (VOCs), and radioactivity levels at 19 temporary houses in different temporary housing estate constructed in Minamisoma City following the Great East Japan Earthquake. The 19 surveyed houses represented all of the companies assigned to construct temporary houses in that Minamisoma City. Data were collected shortly after construction and before occupation, from August 2011 to January 2012. Mean air exchange rates in the temporary houses were 0.28/h, with no variation according to housing types and construction date. Mean indoor concentrations of formaldehyde, acetaldehyde, toluene, ethylbenzene, m/p-xylene, o-xylene, styrene, p-dichlorobenzene, tetradecane, and total VOCs (TVOCs) were 29.2, 72.7, 14.6, 6.35, 3.05, 1.81, 7.29, 14.3, 8.32, and 901 μg/m(3), respectively. The levels of acetaldehyde and TVOCs exceeded the indoor guideline (48 μg/m(3)) and interim target (400 μg/m(3)) in more than half of the 31 rooms tested. In addition to guideline chemicals, terpenes (α-pinene and d-limonene) and acetic esters (butyl acetate and ethyl acetate) were often detected in these houses. The indoor radiation levels measured by a Geiger-Müller tube (Mean: 0.22 μSv/h) were lower than those recorded outdoors (Mean: 0.42 μSv/h), although the shielding effect of the houses was less than for other types of buildings. © 2013 John Wiley & Sons A/S. Published by John Wiley & Sons Ltd.

Is a more stable exchange rate associated with reduced exchange rate pass-through?

OpenAIRE

Mark J. Holmes

2007-01-01

Pass-through from the nominal effective exchange rate to import prices is modelled within a regime-switching environment. Evidence suggests that exchange rate pass through can be characterised as regime-specific where the probability of switching between regimes is influenced by the extent of exchange rate volatility.

Air to air fixed plate enthalpy heat exchanger, performance variation and energy analysis

Energy Technology Data Exchange (ETDEWEB)

Nasif, Mohammad Shakir [Universiti Teknologi Petronas, Bandar Seri Iskandar (Malaysia); Alwaked, Rafat [Prince Mohammad Bin Fahd University, Al Khobar (Saudi Arabia); Behnia, Masud [University of Sydney, Sydney (Australia); Morrison, Graham [The University of New South Wales, Sydney (Australia)

2013-11-15

The thermal performance of a Z shape enthalpy heat exchanger utilising 70 gsm Kraft paper as the heat and moisture transfer surface has been investigated. Effects of different inlet air humidity ratio conditions on the heat exchanger effectiveness and on the energy recovered by the heat exchanger have been the main focus of this investigation. A typical air conditioning cooling coil which incorporates an enthalpy heat exchanger has been modelled for tropical climate. Under test conditions, results have shown that latent effectiveness and the moisture resistance coefficient have strong dependency on the inlet air humidity ratio. Moreover, the latent effectiveness has been found to be strongly dependent on the moisture resistance coefficient rather than the convective mass transfer coefficient. Finally, annual energy analysis for Singapore weather conditions have also shown that energy recovered under variable inlet air conditions is 15% less than that recovered under constant inlet air conditions for the same heat exchanger.

Choice of exchange rate regimes for African countries: Fixed or Flexible Exchange rate regimes?

OpenAIRE

Simwaka, Kisu

2010-01-01

The choice of an appropriate exchange rate regime has been a subject of ongoing debate in international economics. The majority of African countries are small open economies and thus where the choice of the exchange rate regime is an important policy issue. Aside from factors such as interest rates and inflation, the exchange rate is one of the most important determinants of a country’s relative level of economic health. For this reason, exchange rates are among the most watched analyzed and ...

An experimental study of the air-side particulate fouling in finned-tube heat exchangers of air conditioners through accelerated tests

International Nuclear Information System (INIS)

Ahn, Young Chull; Cho, Jae Min; Lee, Jae Keun; Lee, Hyun Uk; Ahn, Seung Phyo; Youn, Deok Hyun; Kang, Tae Wook; Ock, Ju Jo

2003-01-01

The air-side particulate fouling in the heat exchangers of HVAC applications degrades the performance of cooling capacity, pressure drop across a heat exchanger, and indoor air quality. Indoor and outdoor air contaminants foul heat exchangers. The purpose of this study is to investigate the fouling characteristics trough accelerated tests. The fouling characteristics are analyzed as functions of a dust concentration (1.28 and 3.84 g/m 3 ), a face velocity (0.5, 1.0, and 1.5 m/s), and a surface condition. The cooling capacity in the slitted finned-tube heat exchangers at the face velocity of 1 m/s decreases about 2% and the pressure drop increases up to 57%. The rate of build-up of fouling is observed to be 3 times slower for this three-fold reduction of dust concentration whilst still approaching the same asymptotic level

Diurnal and seasonal variation in air exchange rates and interzonal airflows measured by active and passive tracer gas in homes

DEFF Research Database (Denmark)

Bekö, Gabriel; Gustavsen, Sine; Frederiksen, Marie

2016-01-01

Outdoor air delivery to buildings is an important parameter in the assessment of pollutant exposure indoors. Detailed and well controlled measurements of air exchange rates (AER) and interzonal airflows in residential environment are scarce. We measured the outdoor AERs in up to six rooms in five...... rooms. Window opening behavior had a strong influence on AERs, which were highest during occupied daytime periods, lowest in the night; highest in the summer, lowest in the winter. Significant differences were found between AERs measured by the different techniques. The median nighttime AER in all...... studied the pollutant distribution from one room (source room) and interzonal airflows across the dwellings. The air within a given floor was well mixed, with the average tracer gas concentration in the non-source rooms reaching approximately 70% of the source room concentration. There was less air...

Experimental study of heat transfer and pressure drop characteristics of air/water and air-steam/water heat exchange in a polymer compact heat exchanger

NARCIS (Netherlands)

Cheng, L.; Geld, van der C.W.M.

2005-01-01

Experiments of heat transfer and pressure drop in a polymer compact heat exchanger made of PolyVinyliDene-Fluoride were conducted under various conditions for air/water heat exchange and air-steam/water heat exchange, respectively. The overall heat transfer coefficients of air-steam/water heat

Application of ground-to-air heat exchanger for preheating of supply air

Science.gov (United States)

Sorokins, Juris; Borodinecs, Anatolijs; Zemitis, Jurgis

2017-10-01

This study focuses on assessing the contribution of the passive ground-coupled air heat exchanger system to decreasing the energy consumption of air conditioning and ventilation systems for office buildings in the Latvian climate conditions. The theoretical part of the thesis deals with methods of office building ventilation, supply air preheating and heat recovery as well as particularities of using ground-coupled air heat exchangers, their design parameters and their joint impact on the thermal performance. The engineering project part includes a ventilation system for an office building with an integrated ground-coupled air heat exchanger. By simulating energy consumption of the ventilation system for a duration of one year, the thesis analyzes the contribution of the heat exchanger to the overall energy consumption, which totals 9.53 MWh and 4.02 MWh a year, according to the desired parameters of the indoor climate. The possible alternative heat recovery solutions are investigated to reach by European Regional Development Fund project Nr.1.1.1.1/16/A/048 “NEARLY ZERO ENERGY SOLUTIONS FOR UNCLASSIFIED BUILDINGS”.

An Empirical Investigation into Exchange Rate Regime Choice and Exchange Rate Volatility

OpenAIRE

Helge Berger; Jan-Egbert Sturm; Jakob de Haan

2000-01-01

We test a simple model of exchange rate regime choice with data for 65 non-OECD countries covering the period 1980-94. We find that the variance of output at home and in potential target c ountries as well as the correlation between home and foreign real activity are powerful and robust predictors of exchange rate regime choice. Surprisingly, a more volatile foreign economy can be an argument in favor of a fixed exchange rate regime once similarities in the business cycle are taken into accou...

Influence of source type and air exchange on variations of indoor radon concentration

International Nuclear Information System (INIS)

Arvela, H.; Winqvist, K.

1986-04-01

The model relates radon concentration to source strength and its variations, air exchange rate and meteorological factors. Two types of sources have been studied. The pressure difference dependent source is made up of radon transported with soil pore air and driven by pressure difference due to the stack effect. The constant source is made up of radon transported by diffusion from building materials or from soil. The air exchange rate depends exponentially on indoor-outdoor temperature difference and linearly on wind speed. These two inputs have been summed in quadrature. In a house with a constant source radon concentration decreases when the air exchange rate increases due to the increasing temperature difference, whereas the pressure difference dependent source causes an increasing concentration. This is due to the fact that the effect of the source strength increase is stronger than the decreasing effect of air exchange on concentration. The winter-summer concentration ratio depends on the combination of the two types of source. A pure pressure dependent source leads to the winter-summer ratio of 2-3.5 (winter -5 deg C, summer +15 deg C, wind speed 3 m/s). A strong contribution of a constant source is needed to cause a summer concentration higher than the winter concentration. The model is in agreement with the winter-summer concentration ratios measured. This ratio increases with the increasing winter concentration. The measured ratio was near 1.0 for houses with winter concentration of 200 Bq m''3 or less and near 2.0 with concentration of 1000 Bq m''3. In a house with a constant source, the diurnal maximum occurs in the afternoon, while in houses with a pressure difference dependent source the time of maximum is early in the morning

Air-sea exchange of carbon dioxide

Energy Technology Data Exchange (ETDEWEB)

Bakker, D C.E.; De Baar, H J.W.; De Jong, E; Koning, F A [Netherlands Institute for Sea Research NIOZ, Den Burg Texel (Netherlands)

1996-12-31

The greenhouse gas carbon dioxide is emitted by anthropogenic activities. The oceans presumably serve as a net sink for 17 to 39% of these emissions. The objective of this project is to quantify more accurately the locality, seasonality and magnitude of the net air-sea flux of CO2 with emphasis on the South Atlantic Ocean. In situ measurements of the fugacity of CO2 in surface water and marine air, of total dissolved inorganic carbon, alkalinity and of air-sea exchange of CO2 have been made at four Atlantic crossings, in the Southern Ocean, in a Norwegian fjord and in the Dutch coastal zone. Skin temperature was detected during several of the cruises. The data collected in the course of the project support and refine previous findings. Variability of dissolved CO2 in surface water is related in a complex way to biological and physical factors. The carbonate equilibria cause dissolved gaseous CO2 to react in an intricate manner to disturbances. Dissolved gaseous CO2 hardly ever attains equilibrium with the atmospheric CO2 content by means of air-sea exchange, before a new disturbance occurs. Surface water fCO2 changes could be separated in those caused by seasonal warming and those by biological uptake in a Southern Ocean spring. Incorporation of a thermal skin effect and a change of the wind speed interval strongly increased the small net oceanic uptake for the area. The Atlantic crossings point to a relationship between water mass history and surface water CO2 characteristics. In particular, current flow and related heat fluxes leave their imprint on the concentration dissolved gaseous CO2 and on air-sea exchange. In the Dutch coastal zone hydrography and inorganic carbon characteristics of the water were heterogeneous, which yielded variable air-sea exchange of CO2. figs., tabs., refs.

Exchange rate regulation, the behavior of exchange rates, and macroeconomic stability in Brazil

Directory of Open Access Journals (Sweden)

Francisco Eduardo Pires de Souza

2011-12-01

Full Text Available In the last two decades an entirely new set of rules governing the foreign exchange transactions was established in Brazil, substituting for the framework inherited from the 1930s. Foreign exchange controls were dismantled and a floating exchange rate regime replaced different forms of peg. In this paper we argue that although successful by comparison to previous experiences, the current arrangement has important flaws that should be addressed. We discuss how it first led to high volatility and extremely high interest rates, which, when overcome, gave way to a long lasting appreciation of the real exchange rate with adverse consequences to industry.

Thermo-hydraulic design of earth-air heat exchangers

Energy Technology Data Exchange (ETDEWEB)

Paepe, M. de [Ghent University (Belgium). Department of Flow, Heat and Combustion Mechanics; Janssens, A. [Ghent University (Belgium). Department of Architecture and Urbanism

2003-05-01

Earth-air heat exchangers, also called ground tube heat exchangers, are an interesting technique to reduce energy consumption in a building. They can cool or heat the ventilation air, using cold or heat accumulated in the soil. Several papers have been published in which a design method is described. Most of them are based on a discretisation of the one-dimensional heat transfer problem in the tube. Three-dimensional complex models, solving conduction and moisture transport in the soil are also found. These methods are of high complexity and often not ready for use by designers. In this paper, a one-dimensional analytical method is used to analyse the influence of the design parameters of the heat exchanger on the thermo-hydraulic performance. A relation is derived for the specific pressure drop, linking thermal effectiveness with pressure drop of the air inside the tube. The relation is used to formulate a design method which can be used to determine the characteristic dimensions of the earth-air heat exchanger in such a way that optimal thermal effectiveness is reached with acceptable pressure loss. The choice of the characteristic dimensions, becomes thus independent of the soil and climatological conditions. This allows designers to choose the earth-air heat exchanger configuration with the best performance. (author)

Thermo-hydraulic design of earth-air heat exchangers

Energy Technology Data Exchange (ETDEWEB)

De Paepe, M. [Department of Flow, Heat and Combustion Mechanics, Ghent University, Ghent (Belgium); Janssens, A. [Department of Architecture and Urbanism, Ghent University, Ghent (Belgium)

2003-07-01

Earth-air heat exchangers, also called ground tube heat exchangers, are an interesting technique to reduce energy consumption in a building. They can cool or heat the ventilation air, using cold or heat accumulated in the soil. Several papers have been published in which a design method is described. Most of them are based on a discretisation of the one-dimensional heat transfer problem in the tube. Three-dimensional complex models, solving conduction and moisture transport in the soil are also found. These methods are of high complexity and often not ready for use by designers. In this paper, a one-dimensional analytical method is used to analyse the influence of the design parameters of the heat exchanger on the thermo-hydraulic performance. A relation is derived for the specific pressure drop, linking thermal effectiveness with pressure drop of the air inside the tube. The relation is used to formulate a design method which can be used to determine the characteristic dimensions of the earth-air heat exchanger in such a way that optimal thermal effectiveness is reached with acceptable pressure loss. The choice of the characteristic dimensions, becomes thus independent of the soil and climatological conditions. This allows designers to choose the earth-air heat exchanger configuration with the best performance. (author)

Effective Exchange Rate Classifications and Growth

OpenAIRE

Justin M. Dubas; Byung-Joo Lee; Nelson C. Mark

2005-01-01

We propose an econometric procedure for obtaining de facto exchange rate regime classifications which we apply to study the relationship between exchange rate regimes and economic growth. Our classification method models the de jure regimes as outcomes of a multinomial logit choice problem conditional on the volatility of a country's effective exchange rate, a bilateral exchange rate and international reserves. An `effective' de facto exchange rate regime classification is then obtained by as...

Exchange rate smoothing in Hungary

OpenAIRE

Karádi, Péter

2005-01-01

The paper proposes a structural empirical model capable of examining exchange rate smoothing in the small, open economy of Hungary. The framework assumes the existence of an unobserved and changing implicit exchange rate target. The central bank is assumed to use interest rate policy to obtain this preferred rate in the medium term, while market participants are assumed to form rational expectations about this target and influence exchange rates accordingly. The paper applies unobserved varia...

Exchange Rate Policy in Philippine Development

OpenAIRE

Bautista, Romeo M.

2003-01-01

This paper examines the conduct of exchange rate policy in the Philippines since the early 1980s, paying particular attention to the influence of exchange rate adjustments on relative production incentives. While primary interest is in the exchange rate regime and its incentive effects, the role of trade policy has to be simultaneously analyzed in view of its influence on the conduct of exchange rate policy as well as its direct effect on the real exchange rate. Moreover, there are analytical...

CFD simulation of air to air enthalpy heat exchanger

International Nuclear Information System (INIS)

Al-Waked, Rafat; Nasif, Mohammad Shakir; Morrison, Graham; Behnia, Masud

2013-01-01

Highlights: • A CFD model capable of modelling conjugate heat and mass transfer processes. • A mesh independence studies and a CFD model validation have been conducted. • Effects of flow direction on the effectiveness have been examined. • Performance parameters were sensible and latent effectiveness and pressure drop. - Abstract: A CFD model which supports conjugate heat and mass transfer problem representation across the membrane of air-to-air energy recovery heat exchangers has been developed. The model consists of one flow passage for the hot stream and another for the adjacent cold stream. Only half of each flow passage volume has been modelled on each side of the membrane surface. Three dimensional, steady state and laminar flow studies have been conducted using a commercial CFD package. The volumetric species transport model has been adopted to describe the H 2 O and air gas mixtures. Mesh dependency has been examined and followed by validation of the CFD model against published data. Furthermore, effects of flow direction at the inlet of the heat exchanger on its thermal effectiveness have been investigated. Simulation results are presented and analysed in terms of sensible effectiveness, latent effectiveness and pressure drop across the membrane heat exchanger. Results have shown that counter-flow configuration has greater sensitivity to the mesh centre perpendicular distance from the membrane when compared to the other two flow configurations (cross-/parallel-flow). However, the lateral mesh element length has shown minimal effect on the thermal effectiveness of the enthalpy heat exchanger. For the quasi-flow heat exchanger, a perpendicular flow direction to the inlets has been found to produce a higher performance in contrast to the non-perpendicular flow

Quasi-steady-state model of a counter flow air-to-air heat exchanger with phase change

DEFF Research Database (Denmark)

Rose, Jørgen; Nielsen, Toke Rammer; Kragh, Jesper

2008-01-01

-exchanger. Developing highly efficient heat-exchangers and strategies to avoid/remove frost formation implies the use of detailed models to predict and evaluate different heat-exchanger designs and strategies. This paper presents a quasi-steady-state model of a counter-flow air-to-air heat-exchanger that takes...

Safety technology for air-cooled heat exchangers

International Nuclear Information System (INIS)

Kawai, Masafumi; Miyamoto, Hitoshi

2011-01-01

The air-cooled heat exchanger is a device that enables a large amount of heat exchange (cooling) by utilizing the atmosphere as a stable and infinite heat sink. It is widely used in general industrial plants, and nowadays it is also utilized in nuclear facilities. This type of exchanger is advantageous in that it can be constructed in any location without having to be near the sea or rivers. It can be operated safely if a natural disaster, such as a tsunami or flood, occurs, thus contributing to the safety of the mother facility. IHI's air-cooled heat exchangers are designed to ensure safe operation and withstand a large earthquake or severe atmospheric conditions. This report describes the technologies used to establish these safety features and their performance. (author)

Determining the ventilation and aerosol deposition rates from routine indoor-air measurements.

Science.gov (United States)

Halios, Christos H; Helmis, Costas G; Deligianni, Katerina; Vratolis, Sterios; Eleftheriadis, Konstantinos

2014-01-01

Measurement of air exchange rate provides critical information in energy and indoor-air quality studies. Continuous measurement of ventilation rates is a rather costly exercise and requires specific instrumentation. In this work, an alternative methodology is proposed and tested, where the air exchange rate is calculated by utilizing indoor and outdoor routine measurements of a common pollutant such as SO2, whereas the uncertainties induced in the calculations are analytically determined. The application of this methodology is demonstrated, for three residential microenvironments in Athens, Greece, and the results are also compared against ventilation rates calculated from differential pressure measurements. The calculated time resolved ventilation rates were applied to the mass balance equation to estimate the particle loss rate which was found to agree with literature values at an average of 0.50 h(-1). The proposed method was further evaluated by applying a mass balance numerical model for the calculation of the indoor aerosol number concentrations, using the previously calculated ventilation rate, the outdoor measured number concentrations and the particle loss rates as input values. The model results for the indoors' concentrations were found to be compared well with the experimentally measured values.

Theory and design of heat exchanger : air cooled plate, spiral heat exchanger

International Nuclear Information System (INIS)

Min, Ui Dong

1960-02-01

This book deals with air cooled heat exchanger, which introduces heat rejection system, wet surface cooler in new from, explanation of structure and design, materials, basic design like plenums chambers and fan ring, finned tube fouling factor, airflow in forced draft and fan design. It also tells of plate heat exchanger and spiral heat exchanger giving descriptions of summary, selection, basic design, device and safety function, maintenance, structure of plate heat exchanger, frames and connector plate and, basic things of spiral tube heat exchanger.

Tracers of air-sea gas exchange

International Nuclear Information System (INIS)

Liss, P.S.

1988-01-01

The flux of gas across the air-sea interface is determined by the product of the interfacial concentration difference driving the exchange and a rate constant, often termed the transfer velocity. The concentration-difference term is generally obtained by direct measurement, whereas more indirect approaches are required to estimate the transfer velocity and its variation as a function of controlling parameters such as wind and sea state. Radioactive tracers have proved particularly useful in the estimation of air-sea transfer velocities and, recently, stable purposeful tracers have also started to be used. In this paper the use of the following tracers to determine transfer velocities at the sea surface is discussed: natural and bomb-produced 14 C, dissolved oxygen, 222 Rn and sulphur hexafluoride. Other topics covered include the relation between transfer velocity and wind speed as deduced from tracer and wind-tunnel studies, and the discrepancy between transfer velocities determined by using tracers and from eddy correlation measurements in the atmosphere. (author)

Can Exchange Rates Be Predicted?

OpenAIRE

Siriwutiset, Trin

2007-01-01

Foreign exchange rates produce significant impacts on both the macroeconomic and microeconomic scale. Countries� government and multinational companies have been seeking ways to stabilize the exchange rates for a few decades. However, there is no perfect consensus on methods to control and stabilize the exchange rates. In fact, there are several occasions in history where turbulence movements caused crisis in the economies. There are several factors that are identified by economis...

Exchange Rate Determinants in Russia; 1992-1993

OpenAIRE

Vincent Koen; Eric Meyermans

1994-01-01

This paper examines the evolution of the exchange rate of the ruble vis-à-vis the U.S. dollar from exchange rate unification, in July 1992, to the end of 1993. The expected and actual paths of the exchange rate are related to the exchange and trade regime and to the stance of financial and exchange rate policies. An econometric analysis based on weekly data is offered, which suggests that monetary factors have a significant impact on the short run behavior of the exchange rate.

An experimental investigation on air-side performances of finned tube heat exchangers for indirect air-cooling tower

Directory of Open Access Journals (Sweden)

Du Xueping

2014-01-01

Full Text Available A tremendous quantity of water can be saved if the air cooling system is used, comparing with the ordinary water-cooling technology. In this study, two kinds of finned tube heat exchangers in an indirect air-cooling tower are experimentally studied, which are a plain finned oval-tube heat exchanger and a wavy-finned flat-tube heat exchanger in a cross flow of air. Four different air inlet angles (90°, 60 °, 45°, and 30° are tested separately to obtain the heat transfer and resistance performance. Then the air-side experimental correlations of the Nusselt number and friction factor are acquired. The comprehensive heat transfer performances for two finned tube heat exchangers under four air inlet angles are compared. For the plain finned oval-tube heat exchanger, the vertical angle (90° has the worst performance while 45° and 30° has the best performance at small ReDc and at large ReDc, respectively. For the wavy-finned flat-tube heat exchanger, the worst performance occurred at 60°, while the best performance occurred at 45° and 90° at small ReDc and at large ReDc, respectively. From the comparative results, it can be found that the air inlet angle has completely different effects on the comprehensive heat transfer performance for the heat exchangers with different structures.

Exchange Rate Pass-Through in Turkey

OpenAIRE

Marco Rossi; Daniel Leigh

2002-01-01

In light of the strong correlation between exchange rate movements and domestic prices in Turkey, it is important to assess the impact of the exchange rate on domestic prices, in particular as Turkey moves to an inflation targeting regime. This paper uses a recursive vector autoregression model to investigate the impact of exchange rate movements on prices in Turkey. We find that (i) the impact of the exchange rate on prices is over after about a year, but is mostly felt in the first four mon...

The foreign exchange rate rate exposure of nations

OpenAIRE

Entorf, Horst; Moebert, Jochen; Sonderhof, Katja

2007-01-01

Following the well-known approach by Adler and Dumas (1984) we evaluate the foreign exchange rate exposure of nations. Results based on data from 27 countries show that national foreign exchange rate exposures are significantly related to the current trade balance variables of corresponding economies.

Global changes and the air-sea exchange of chemicals

International Nuclear Information System (INIS)

1991-01-01

Present and potential future changes to the global environment have important implications for marine pollution and for the air-sea exchange of both anthropogenic and natural substances. This report addresses three issues related to the potential impact of global change on the air-sea exchange of chemicals: Global change and the air-sea transfer of the nutrients nitrogen and iron. Global change and the air-sea exchange of gases. Oceanic responses to radiative and oxidative changes in the atmosphere. The deposition of atmospheric anthropogenic nitrogen has probably increased biological productivity in coastal regions along many continental margins. Atmospheric deposition of new nitrogen may also have increased productivity somewhat in mid-ocean regions. The projected future increases of nitrogen oxide emissions from Asia, Africa and South America will provide significant increases in the rate of deposition of oxidized nitrogen to the central North Pacific, the equatorial Atlantic, and the equatorial and central South Indian Oceans. Atmospheric iron may be an important nutrient in certain open regions. Future changes will likely occur if there are changing patterns of aridity and wind speed as a result of climate change. The most important future effects on surface ocean p CO2 will likely be caused by changes in ocean circulation. The pH of the ocean would decrease by ∼0.3 units for a doubling of p CO2 , reducing the capacity of the ocean to take up CO 2 . There is increasing evidence that dimethyl sulfide from the ocean is a source of cloud condensation nuclei and thus a factor controlling cloud albedo. By 2060 in the southern hemisphere reduction in total column stratospheric ozone from recent levels could reach 2 to 5% in the tropics, 10% at mid latitudes, and over 20% at 60 deg C. S. In this same time frame increases in ground-level effective UV-B radiation could reach 5%, 26% and 66%, at low, mid, and high latitudes in the southern hemisphere. Changes in

Real exchange rate misalignments

OpenAIRE

Terra, Maria Cristina T.; Valladares, Frederico Estrella Carneiro

2003-01-01

This paper characterizes episodes of real appreciations and depreciations for a sample of 85 countries, approximately from 1960 to 1998. First, the equilibrium real exchange rate series are constructed for each country using Goldfajn and Valdes (1999) methodology (cointegration with fundamentals). Then, departures from equilibrium real exchange rate (misalignments) are obtained, and a Markov Switching Model is used to characterize the misalignments series as stochastic autor...

Exchange-rate forecasts and asymmetric loss: empirical evidence for the yen/dollar exchange rate

DEFF Research Database (Denmark)

Stadtmann, Georg; Pierdzioch; Rülke

2012-01-01

We used the yen/dollar exchange-rate forecasts of the Wall Street Journal (WSJ) poll to analyse whether exchange-rate forecasters have an asymmetric loss function. To this end, we applied an approach recently developed by Elliott et al. (2005). We found that only few forecasters seem to form...

Thermal characterisation of compact heat exchangers for air heating and cooling in electric vehicles

International Nuclear Information System (INIS)

Torregrosa-Jaime, B.; Corberán, J.M.; Payá, J.; Delamarche, J.L.

2017-01-01

The use of air conditioning in all-electric cars reduces their driving range by 33% in average. With the purpose of reducing the energy consumption of the vehicle and optimising the performance of the batteries, the mobile air-conditioning can be integrated with the temperature control system of the powertrain by means of a coolant loop. In such layouts, the air-to-coolant heat exchangers must operate efficiently in both air heating and cooling modes. Dynamic simulation tools comprising the entire thermal system are essential to assess its performance. In this context, fast but accurate models of the system components are required. This paper presents the thermal characterisation of a commercial compact louvered-fin flat-tube heat exchanger (heater core) for this novel application, based on an experimental campaign comprising 279 working points that reflect real air-conditioning (heating and cooling) working conditions. A general methodology to fit a single correlation of the global heat transfer coefficient for both dry and wet working conditions is explained. The semiempirical correlation developed is employed in a single-node model of the heat exchanger that requires minimal computation time. The present model predicts the heat transfer rate with an average deviation of 3.5% in the cases with dehumidification and 1.9% in the cases when the heat exchanger remains dry.

The determinants of exchange rate in Croatia

Directory of Open Access Journals (Sweden)

Manuel BENAZIC

2016-06-01

Full Text Available The dilemma for every country with an independent monetary policy is which kind of exchange rate arrangement should be applied. Through the exchange rate policy, countries can influence their economies, i.e. price stability and export competiveness. Croatia is a new EU member state, it has its own monetary policy and currency but it is on the way to euro introduction. Regarding the experiences from the beginning of the 1990s when Croatia was faced with serious monetary instabilities and hyperinflation, the goal of Croatian National Bank (CNB is to ensure price stability and one way to do so is through exchange rate policy. Croatia, as a small and open economy, has applied a managed floating exchange rate regime. The exchange rate is determined primarily by the foreign exchange supply and demand on the foreign exchange market, with occasional market interventions by the CNB. Therefore, in order to maintain exchange rate stability, policymakers must be able to recognize how changes in these factors affect changes in the exchange rate. This research aims to find a relationship among the main sources of foreign currency inflow and outflow and the level of exchange rate in Croatia. The analysis is carried out by using the bounds testing (ARDL approach for co-integration. The results indicate the existence of a stable co-integration relationship between the observed variables, whereby an increase in the majority of variables leads to an exchange rate appreciation.

Interest Rates and Exchange Rate Relationship in BRIC-T Countries

OpenAIRE

Selim KAYHAN; Tayfur BAYAT; Ahmet UGUR

2013-01-01

This study examines the dynamic relationships between the real exchange rate and the real interest rate in the BRIC-T (Brazil, Russia, India, China and Turkey) countries by employing monthly data from the beginning of flexible exchange rate regime to July 2011. For this aim, non-linear causality test and frequency domain causality test approaches are used. According to frequency domain causality test results, interest rate affects exchange rate in only China and this effect exist only in the ...

Exchange rate regimes and monetary arrangements

Directory of Open Access Journals (Sweden)

Ivan Ribnikar

2005-06-01

Full Text Available There is a close relationship between a country’s exchange rate regime and monetary arrangement and if we are to examine monetary arrangements then exchange rate regimes must first be analysed. Within the conventional and most widely used classification of exchange rate regimes into rigid and flexible or into polar regimes (hard peg and float on one side, and intermediate regimes on the other there, is a much greater variety among intermediate regimes. A more precise and, as will be seen, more useful classification of exchange rate regimes is the first topic of the paper. The second topic is how exchange rate regimes influence or determine monetary arrangements and monetary policy or monetary policy regimes: monetary autonomy versus monetary nonautonomy and discretion in monetary policy versus commitment in monetary policy. Both topics are important for countries on their path to the EU and the euro area

Helium-air exchange flow through an opening with a partition

International Nuclear Information System (INIS)

Kang, Tae-il; Okamoto, Koji; Madarame, Haruki; Fumizawa, Motoo.

1993-01-01

The helium-air exchange flow through a small vertical opening with a partition was experimentally investigated. The vertical partition was aligned with the center line of the small opening to evaluate the effects of the multiple openings. The dimensionless exchange flow rates, i.e., Froude numbers, were experimentally obtained with several opening ratios (H 1 /D f ), i.e., the ratio of the height to the effective diameter of the opening. In the case of low opening ratios (H 1 /D f 1 /D f ≥ 0.75), the measured Froude numbers for the multiple openings were larger than those for the single opening, because the upward and downward flows were separated by the vertical partition. Based on the balance between the pressure losses in the openings and the driving force due to density difference, the exchange flow rate was calculated, and found to agree qualitatively with the measured Froude numbers. The effect of the upward and downward flow interaction at the exit of the opening was found to play an important role in the prediction of the Froude number. (author)

Aqueous turbulence structure immediately adjacent to the air - water interface and interfacial gas exchange

Science.gov (United States)

Wang, Binbin

Air-sea interaction and the interfacial exchange of gas across the air-water interface are of great importance in coupled atmospheric-oceanic environmental systems. Aqueous turbulence structure immediately adjacent to the air-water interface is the combined result of wind, surface waves, currents and other environmental forces and plays a key role in energy budgets, gas fluxes and hence the global climate system. However, the quantification of turbulence structure sufficiently close to the air-water interface is extremely difficult. The physical relationship between interfacial gas exchange and near surface turbulence remains insufficiently investigated. This dissertation aims to measure turbulence in situ in a complex environmental forcing system on Lake Michigan and to reveal the relationship between turbulent statistics and the CO2 flux across the air-water interface. The major objective of this dissertation is to investigate the physical control of the interfacial gas exchange and to provide a universal parameterization of gas transfer velocity from environmental factors, as well as to propose a mechanistic model for the global CO2 flux that can be applied in three dimensional climate-ocean models. Firstly, this dissertation presents an advanced measurement instrument, an in situ free floating Particle Image Velocimetry (FPIV) system, designed and developed to investigate the small scale turbulence structure immediately below the air-water interface. Description of hardware components, design of the system, measurement theory, data analysis procedure and estimation of measurement error were provided. Secondly, with the FPIV system, statistics of small scale turbulence immediately below the air-water interface were investigated under a variety of environmental conditions. One dimensional wave-number spectrum and structure function sufficiently close to the water surface were examined. The vertical profiles of turbulent dissipation rate were intensively studied

The effects of real exchange rate misalignment and real exchange volatility on exports

OpenAIRE

Diallo, Ibrahima Amadou

2011-01-01

This paper uses panel data cointegration techniques to study the impacts of real exchange rate misalignment and real exchange rate volatility on total exports for a panel of 42 developing countries from 1975 to 2004. The results show that both real exchange rate misalignment and real exchange rate volatility affect negatively exports. The results also illustrate that real exchange rate volatility is more harmful to exports than misalignment. These outcomes are corroborated by estimations on s...

A Case for Intermediate Exchange-Rate Regimes

OpenAIRE

Agnès Bénassy-Quéré; Véronique Salins

2010-01-01

Despite increasing capital mobility and the subsequent difficulty in controlling exchange rates, intermediate exchange-rate regimes have remained widespread, especially in emerging and developing economies. This piece of evidence hardly fits the "impossible Trinity" theory arguing that it becomes difficult to control the exchange rate without a "hard" device when capital flows are freed. Calvo and Reinhart (2000) have suggested several explanations for such "fear of floating": exchange rate p...

Floating Exchange Rate Regime

OpenAIRE

Quader, Syed Manzur

2004-01-01

In recent years, many developing countries having a history of high inflation, unfavorable balance of payment situation and a high level of foreign currencies denominated debt, have switched or are in the process of switching to a more flexible exchange rate regime. Therefore, the stability of the exchange rate and the dynamics of its volatility are more crucial than before to prevent financial crises and macroeconomic disturbances. This paper is designed to find out the reasons behind Bangla...

Water vapor mass balance method for determining air infiltration rates in houses

Science.gov (United States)

David R. DeWalle; Gordon M. Heisler

1980-01-01

A water vapor mass balance technique that includes the use of common humidity-control equipment can be used to determine average air infiltration rates in buildings. Only measurements of the humidity inside and outside the home, the mass of vapor exchanged by a humidifier/dehumidifier, and the volume of interior air space are needed. This method gives results that...

Inflation Targeting and Exchange Rate Management in Korea

Directory of Open Access Journals (Sweden)

Won-Am Park

2008-06-01

Full Text Available This paper investigates the experience of inflation targeting in Korea with an emphasis on exchange rate management. The Korean call rate responded to not only expected inflation, but also to output gap and changes in the real effective exchange rate of the Korean won, when we estimated the call rate reaction function over the period of 1999-2007. It was found that the call rate responded to changes in real effective exchange rate more than it did to expected inflation. We also examined whether Korean inflation targeting was actually centered on the exchange rate by estimating the Singaporean style of exchange rate reaction function. It was found that Korean monetary policy was not exchange-rate- centered, since the nominal effective exchange rate of the Korean won responded modestly to inflation and output gap, far less than did the Singaporean dollar.

Determination of air exchange rates of rooms and deposition factors for fine particles by means of photoelectric aerosol sensors

International Nuclear Information System (INIS)

Skillas, G.; Siegmann, H.C.; Hueglin, Ch.

1999-01-01

Indoor and outdoor concentrations or airborne fine particles from internal combustion engines have been measured over periods of 24 h with a time resolution of 10 s. With this time series, the ventilation air exchange rate of different rooms has been computed using a novel approach to the solution of the mass balance equation. A 'mixing time' parameter has been introduced in order to account for the initial non-homogeneous distribution of the pollutants in the rooms. It is demonstrated that this method can be used to determine the impact of health relevant outdoor particles on the indoor particle concentration. This yields information on the protection a building offers against pollutants entering from outdoors. (author)

Measuring the costs of exchange rate volatility

OpenAIRE

Paul R. Bergin

2004-01-01

Many countries go to great lengths to manage their exchange rates. Probably the most prominent recent example is the European Monetary Union, where all the members abandoned their national currencies and adopted the euro. A number of developing countries maintain other kinds of regimes of managed exchange rates, even though they face potent market pressures to let their exchange rates float. One of the main motives for these arrangements stems from the extreme volatility of exchange rates. Th...

Where Would the EUR/CHF Exchange Rate be Without the SNB's Minimum Exchange Rate Policy?

DEFF Research Database (Denmark)

Hanke, Michael; Poulsen, Rolf; Weissensteiner, Alex

2015-01-01

Since its announcement made on September 6, 2011, the Swiss National Bank (SNB) has been pursuing the goal of a minimum EUR/CHF exchange rate of 1.20, promising to intervene on currency markets to prevent the exchange rate from falling below this level.We use a compound option pricing approach...

Empirical Studies of Exchange Rates: Price Behavior, Rate Determinationand Market Efficiency

OpenAIRE

Richard M. Levich

1983-01-01

Theoretical and empirical research completed over the last decade has dramatically increased our understanding of exchange rate behavior. The major insight to come from this decade of research is that foreign exchange is a financial asset. In an asset pricing framework, current exchange rates reflect the expected values of future exogenous variables. The purpose of this paper is to survay the empirical evidence on exchange rate behavior, market efficiency and related topics. Section 2 present...

Role of Exchange Rate Volatility in Exchange Rate Pass-Through to Import Prices: Some Evidence from Japan

OpenAIRE

Guneratne Banda Wickremasinghe; Param Silvapulle

2004-01-01

This paper investigates the effect of exchange rate volatility on the degree of exchange rate pass-through in Japan for the period January 1975 to June 1997. Although several studies put forward theoretical arguments for the volatility-domestic import price relationship, only a very few studies produced empirical evidence. The volatility of contractual currency based exchange rate index returns was modelled using GARCH-type processes with skewed student t-distribution, capturing the typical n...

Search for a new exchange-rate regime.

Science.gov (United States)

Williamson, J

1987-07-31

The regime of unmanaged floating exchange rates was implicitly judged a failure when, with the Plaza Agreement, attempts at cooperative exchange-rate management were reintroduced primarily because of concern at the size of misalignments. Any satisfactory successor regime will need to limit misalignments while retaining the genuine social benefits of exchange-rate flexibility. It is argued that a system of target zones for exchange rates, ideally embedded in a more comprehensive set of guidelines for international economic policy coordination, could best reconcile these needs.

On equilibrium real exchange rates in euro area: Special focus on behavioral equilibrium exchange rates in Ireland and Greece

Directory of Open Access Journals (Sweden)

Klára Plecitá

2012-01-01

Full Text Available This paper focuses on the intra-euro-area imbalances. Therefore the first aim of this paper is to identify euro-area countries exhibiting macroeconomic imbalances. The subsequent aim is to estimate equilibrium real exchange rates for these countries and to compute their degrees of real exchange rate misalignment. The intra-area balance is assessed using the Cluster Analysis and the Principle Component Analysis; on this basis Greece and Ireland are selected as the two euro-area countries with largest imbalances in 2010. Further the medium-run equilibrium exchange rates for Greece and Ireland are estimated applying the Behavioral Equilibrium Exchange Rate (BEER approach popularised by Clark and MacDonald (1998. In addition, the long-run equilibrium exchange rates are estimated using the Permanent Equilibrium Exchange Rate (PEER model. Employing the BEER and PEER approaches on quarterly time series of real effective exchange rates (REER from 1997: Q1 to 2010: Q4 we identify an undervaluation of the Greek and Irish REER around their entrance to the euro area. For the rest of the period analysed their REER is broadly in line with estimated BEER and PEER levels.

An Econometric Diffusion Model of Exchange Rate Movements within a Band - Implications for Interest Rate Differential and Credibility of Exchange Rate Policy

OpenAIRE

Rantala, Olavi

1992-01-01

The paper presents a model ofexchange rate movements within a specified exchange rate band enforced by central bank interventions. The model is based on the empirical observation that the exchange rate has usually been strictly inside the band, at least in Finland. In this model the distribution of the exchange rate is truncated lognormal from the edges towards the center of the band and hence quite different from the bimodal distribution of the standard target zone model. The model is estima...

Searching for an Appropriate Exchange Rate Regime

Directory of Open Access Journals (Sweden)

Yunjong Wang

2001-06-01

Full Text Available This paper attempts to survey current debates on the choice of exchange rate regime in emerging market economies. The issue of choosing an appropriate exchange rate regime is being actively discussed since the recent Asian crisis. As a lesson from the recent crises, one widely shared conclusion is that soft peg exchange rate regimes are extremely vulnerable in a world of volatile capital movements. Consequently, new orthodoxy based on the impossible trinity hypothesis favours two corner solutions ― greater flexibility or credible institutional assurance, like a currency board system or dollarization. Nevertheless, questions whether such corner solutions are adequate for developing countries are rising of late. "Fear of floating" is still conspicuous in many developing countries having adopted nominally a free-floating exchange rate regime. Developing countries are sensitive to exchange rate fluctuations because the cost of exchange rate volatility is greater than the benefit when compared to developed countries. Monitoring bands is a compromise solution, but it still needs further enhancement of estimation techniques for fundamental equilibrium exchange rates in order to make those estimation results more workable in practice. Other alternatives include the creation of soft peg of the G-3 currencies. Despite counterarguments, the stability of G-3 currencies could prove to be beneficial to emerging market economies.

Spume Drops: Their Potential Role in Air-Sea Gas Exchange

Science.gov (United States)

Monahan, Edward C.; Staniec, Allison; Vlahos, Penny

2017-12-01

After summarizing the time scales defining the change of the physical properties of spume and other droplets cast up from the sea surface, the time scales governing drop-atmosphere gas exchange are compared. Following a broad review of the spume drop production functions described in the literature, a subset of these functions is selected via objective criteria, to represent typical, upper bound, and lower bound production functions. Three complementary mechanisms driving spume-atmosphere gas exchange are described, and one is then used to estimate the relative importance, over a broad range of wind speeds, of this spume drop mechanism compared to the conventional, diffusional, sea surface mechanism in air-sea gas exchange. While remaining uncertainties in the wind dependence of the spume drop production flux, and in the immediate sea surface gas flux, preclude a definitive conclusion, the findings of this study strongly suggest that, at high wind speeds (>20 m s-1 for dimethyl sulfide and >30 m s-1 for gases such a carbon dioxide), spume drops do make a significant contribution to air-sea gas exchange.Plain Language SummaryThis paper evaluates the existing spume drop generation functions available to date and selects a reasonable upper, lower and mid range function that are reasonable for use in air sea exchange models. Based on these the contribution of spume drops to overall air sea gas exchange at different wind speeds is then evaluated to determine the % contribution of spume. Generally below 20ms-1 spume drops contribute <1% of gas exchange but may account for a significant amount of gas exchange at higher wind speeds.

The Deceptive Resilience of Fixed Exchange Rates

OpenAIRE

Mushin, Jerry

2004-01-01

This paper is an examination of the experience of exchange-rate systems since 1978. Despite the accelerating trend in favour of floating exchange rates, a substantial minority of IMF members have continued to fix the value of their currencies. The recent incidence of each of the principal types of exchange-rate peg is described.

Production of giant gourami Osphronemus goramy Lac. juvenile with different rate of water exchange

Directory of Open Access Journals (Sweden)

Tatag Budiardi

2015-03-01

performance of giant gourami juvenile cultured at a density of 20 fish/L. For production purpose, rearing giant gourami fish 2 cm in size at a density of 20 fish/L was found as the optimum condition through 125%/day water exchange.Keywords: water exchange, survival rate, growth, gourami fishABSTRAKIkan gurami Osphronemus goramy Lac. merupakan salah satu komoditas penting ikan air tawar dengan produksi yang cenderung meningkat dari tahun ke tahun. Pengelolaan kualitas air dengan penggantian air yang tepat secara kualitas dan kuantitas dapat menjadi salah satu jawaban dalam meningkatkan produktivitas budidaya ikan gurami. Benih ikan yang digunakan dalam penelitian berukuran panjang rata-rata 0,84±0,011 cm dan bobot tubuh rata-rata 0,017±0,001. Wadah yang digunakan berupa akuarium berukuran 60×29×33 cm3 sebanyak sembilan unit, dengan kepadatan 20 ekor/L. Pakan yang diberikan berupa cacing sutra secara at satiation. Perlakuan berupa pergantian air yaitu: 75% (50% pagi dan 25% sore, 100% (50% pagi dan 50% sore dan 125% (75% pagi dan 50% sore dari total volume air pemeliharaan. Setiap perlakuan diulang tiga kali. Hasil penelitian menunjukkan bahwa pergantian air berpengaruh nyata (p<0,05 terhadap laju pertumbuhan bobot dan panjang, serta efisiensi pakan, sedangkan kelangsungan hidup dan koefisien keragaman panjang tidak berbeda nyata antar perlakuan (p>0,05. Laju pertumbuhan dan efisiensi pakan tertinggi (p<0,05 diperoleh pada perlakuan pergantian air 125%, yaitu laju pertumbuhan bobot 9,97±0,18%, pertumbuhan panjang mutlak 1,55±0,01 cm, dan efisiensi pakan 19,67±0,54%. Kelangsungan hidup benih ikan gurami berkisar antara 91,89‒94,11. Pemeliharaan benih ikan gurami dengan mengganti air 125%/hari juga memberikan keuntungan tertinggi, yakni Rp464.715,-. Dengan demikian, pendederan benih ikan gurami sebaiknya dilakukan dengan pergantian air 125%/hari.Kata kunci: pergantian air, kelangsungan hidup, pertumbuhan, ikan gurami

Management of exchange rate regimes in emerging Asia

Directory of Open Access Journals (Sweden)

Ramkishen S. Rajan

2012-04-01

Full Text Available This paper revisits the issue of exchange rate regimes in emerging Asia over the decade 1999–2009. It finds that while Asia is home to a wide array of exchange rate regimes, there are signs of gradual movement toward somewhat greater exchange rate flexibility in many of the regional countries. There appears to be evidence of an apparent “fear of appreciation” which is manifested in asymmetric exchange rate intervention—i.e., a willingness to allow depreciations but reluctance to allow appreciations. This policy of effective exchange rate undervaluation is rather unorthodox from a neoclassical sense, but is consistent with a development policy centered on suppressing the price of non-tradable goods relative to tradables (i.e., real exchange rate undervaluation.

Performance Analysis of Window Type Air Conditioning with Addition of Heat Exchanger Equipment

Directory of Open Access Journals (Sweden)

I Ketut Gede Wirawan

2012-11-01

Full Text Available One manner to be used to increase refregration effect is by flowing hot refrigerant out from condensor, it is then touched with the refrigerant out from evaporator on a heat exchanger of counterflow type. Experiment was done by taking samples of pressure at suction (p1 and discharge (p2 of compressor and box temperature (Tr1, Tr2, Tr3, Tr4. By knowing of pressure at suction (p1, the enthalpy into compressor is known. By assuming the process is isentropic (compressor, isobar (condenser and evaporator, and isenthalpy (expansion valve, the enthalpy into condensor, expansion valve and evaporator were known. In 60 minutes, compression work of air conditioning with heat exchanger is 31,588 kJ/kg, and without heat exchanger is 33,796 kJ/kg. Effect refrigeration average with modification is 155,55 kJ/kg and without modification was 153,40 kJ/kg so that coefficient of performance with modification more than without modification. Air conditioning with modification had initial refrigration rate was 67,193 J/s and 0,043 J/s at the end minute, meanwhile, refrigeration without modification had cooling rate at start 66,538 J/s and 0,935 J/s at the end.

Modeling Real Exchange Rate Persistence in Chile

Directory of Open Access Journals (Sweden)

Leonardo Salazar

2017-07-01

Full Text Available The long and persistent swings in the real exchange rate have for a long time puzzled economists. Recent models built on imperfect knowledge economics seem to provide a theoretical explanation for this persistence. Empirical results, based on a cointegrated vector autoregressive (CVAR model, provide evidence of error-increasing behavior in prices and interest rates, which is consistent with the persistence observed in the data. The movements in the real exchange rate are compensated by movements in the interest rate spread, which restores the equilibrium in the product market when the real exchange rate moves away from its long-run benchmark value. Fluctuations in the copper price also explain the deviations of the real exchange rate from its long-run equilibrium value.

Interdependence and Exchange Rate Regimes in East Asia: Intra-regional Transmissions of Exchange Rate Policies after the Crisis (in Japanese)

OpenAIRE

OHNO Sanae; FUKUDA Shin-ichi

2003-01-01

Since the onset of the Asian crisis, what characterizes the East Asian exchange rates has been a topic of considerable discussion. In the pre-crisis period, the de facto pegs to the U.S. dollar sometimes destabilized the real "effective" exchange rates of these currencies. Several economists have, thus, proposed the desirability of intermediate exchange rate regimes in East Asia that might stabilize their effective exchange rates. The post-crisis experience in East Asia, however, taught us th...

Particle loading rates for HVAC filters, heat exchangers, and ducts.

Science.gov (United States)

Waring, M S; Siegel, J A

2008-06-01

The rate at which airborne particulate matter deposits onto heating, ventilation, and air-conditioning (HVAC) components is important from both indoor air quality (IAQ) and energy perspectives. This modeling study predicts size-resolved particle mass loading rates for residential and commercial filters, heat exchangers (i.e. coils), and supply and return ducts. A parametric analysis evaluated the impact of different outdoor particle distributions, indoor emission sources, HVAC airflows, filtration efficiencies, coils, and duct system complexities. The median predicted residential and commercial loading rates were 2.97 and 130 g/m(2) month for the filter loading rates, 0.756 and 4.35 g/m(2) month for the coil loading rates, 0.0051 and 1.00 g/month for the supply duct loading rates, and 0.262 g/month for the commercial return duct loading rates. Loading rates are more dependent on outdoor particle distributions, indoor sources, HVAC operation strategy, and filtration than other considered parameters. The results presented herein, once validated, can be used to estimate filter changing and coil cleaning schedules, energy implications of filter and coil loading, and IAQ impacts associated with deposited particles. The results in this paper suggest important factors that lead to particle deposition on HVAC components in residential and commercial buildings. This knowledge informs the development and comparison of control strategies to limit particle deposition. The predicted mass loading rates allow for the assessment of pressure drop and indoor air quality consequences that result from particle mass loading onto HVAC system components.

On exchange rate misalignments in the Eurozone's peripheral countries

Science.gov (United States)

Grochová, Ladislava; Plecitá, Klára

2013-10-01

In this paper we model equilibrium exchange rates for the Eurozone's countries on the basis of the Behavioural Equilibrium Exchange Rate approach, which assumes, that equilibrium exchange rates are in the long run affected by economic fundamentals. To assess the degree of exchange rate misalignment for the Eurozone's peripheral countries - Portugal, Ireland, Greece and Spain - the gap between the actual and the modelled equilibrium exchange rate value is calculated. Our results show that Spain, Portugal and Ireland had their real exchange rates in equilibrium when they joined the Eurozone; however their real exchange rates have been persistently overvalued since the beginning of the 2000s. Greece, on the other hand, has experienced diminishing undervaluation at the beginning of its membership in the Eurozone and since 2009 has exhibited an overvalued real exchange rate.

A new assessment of floating exchange rates

OpenAIRE

Waimann, D. R.

1981-01-01

The switch to floating exchange rates during the 1970s has given economists the first comprehensive opportunity to assess the arguments for and against floating. Much new work has been done on various aspects of floating exchange rate behaviour. This article attempts a limited survey of the evidence concerning two important issues—whether floating exchange rates are inherently unstable and whether they harm international trade.

Research on Heat Exchange Process in Aircraft Air Conditioning System

Science.gov (United States)

Chichindaev, A. V.

2017-11-01

Using of heat-exchanger-condenser in the air conditioning system of the airplane Tu-204 (Boeing, Airbus, Superjet 100, MS-21, etc.) for cooling the compressed air by the cold air with negative temperature exiting the turbine results in a number of operational problems. Mainly it’s frosting of the heat exchange surface, which is the cause of live-section channels frosting, resistance increasing and airflow in the system decreasing. The purpose of this work is to analyse the known freeze-up-fighting methods for heat-exchanger-condenser, description of the features of anti-icing protection and offering solutions to this problem. For the problem of optimizing the design of heat exchangers in this work used generalized criterion that describes the ratio of thermal resistances of cold and hot sections, which include: the ratio of the initial values of heat transfer agents flow state; heat exchange surface finning coefficients; factors which describes the ratio of operating parameters and finning area. By controlling the ratio of the thermal resistances can be obtained the desired temperature of the heat exchange surface, which would prevent freezing. The work presents the results of a numerical study of the effect of different combinations of regime and geometrical factors changes on reduction of the heat-exchanger-condenser freezing surface area, including using of variable ratio of thermal resistances.

Model Uncertainty and Exchange Rate Forecasting

NARCIS (Netherlands)

Kouwenberg, R.; Markiewicz, A.; Verhoeks, R.; Zwinkels, R.C.J.

2017-01-01

Exchange rate models with uncertain and incomplete information predict that investors focus on a small set of fundamentals that changes frequently over time. We design a model selection rule that captures the current set of fundamentals that best predicts the exchange rate. Out-of-sample tests show

Model Uncertainty and Exchange Rate Forecasting

NARCIS (Netherlands)

R.R.P. Kouwenberg (Roy); A. Markiewicz (Agnieszka); R. Verhoeks (Ralph); R.C.J. Zwinkels (Remco)

2013-01-01

textabstractWe propose a theoretical framework of exchange rate behavior where investors focus on a subset of economic fundamentals. We find that any adjustment in the set of predictors used by investors leads to changes in the relation between the exchange rate and fundamentals. We test the

On factors influencing air-water gas exchange in emergent wetlands

Science.gov (United States)

Ho, David T.; Engel, Victor C.; Ferron, Sara; Hickman, Benjamin; Choi, Jay; Harvey, Judson W.

2018-01-01

Knowledge of gas exchange in wetlands is important in order to determine fluxes of climatically and biogeochemically important trace gases and to conduct mass balances for metabolism studies. Very few studies have been conducted to quantify gas transfer velocities in wetlands, and many wind speed/gas exchange parameterizations used in oceanographic or limnological settings are inappropriate under conditions found in wetlands. Here six measurements of gas transfer velocities are made with SF6 tracer release experiments in three different years in the Everglades, a subtropical peatland with surface water flowing through emergent vegetation. The experiments were conducted under different flow conditions and with different amounts of emergent vegetation to determine the influence of wind, rain, water flow, waterside thermal convection, and vegetation on air-water gas exchange in wetlands. Measured gas transfer velocities under the different conditions ranged from 1.1 cm h−1 during baseline conditions to 3.2 cm h−1 when rain and water flow rates were high. Commonly used wind speed/gas exchange relationships would overestimate the gas transfer velocity by a factor of 1.2 to 6.8. Gas exchange due to thermal convection was relatively constant and accounted for 14 to 51% of the total measured gas exchange. Differences in rain and water flow among the different years were responsible for the variability in gas exchange, with flow accounting for 37 to 77% of the gas exchange, and rain responsible for up to 40%.

Flow rate measurement of buoyancy-driven exchange flow by laser Doppler velocimeter

International Nuclear Information System (INIS)

Fumizawa, Motoo

1993-01-01

An experimental investigation was carried out for the buoyancy-driven exchange flow in a narrow vented cylinder concerning the air ingress process during a standing pipe rupture in a high-temperature gas-cooled reactor. In the present study, the evaluation method of exchange flow was developed by measuring the velocity distribution in the cylinder using a laser Doppler velocimeter. The experiments were performed under atmospheric pressure with nitrogen as a working fluid. Rayleigh numbers ranged from 2.0x10 4 to 2.1x10 5 . The exchange flow fluctuated irregularly with time and space in the cylinder. It was found that the exchange velocity distribution along the horizontal axis changed from one-hump to two-hump distribution with increasing Rayleigh number. In the case that the hemisphere wall was cooler than the heated disk, the volumetric exchange flow rate was smaller than that in the case where the hemisphere wall and the heated disk were at the same temperature. (author)

The feasibility of a fixed exchange rate regime for new EU-members: evidence from real exchange rates

NARCIS (Netherlands)

Candelon, B.; Kool, C.J.M.; Raabe, K.; van Veen, T.

2005-01-01

In this paper, we estimate fundamental bilateral real exchange rates for a group of eight accession countries using a panel-cointegration approach for the period 1993-2003. We document a significant positive link between productivity levels and the corresponding real exchange rate levels. Future

The feasibility of a fixed exchange rate regime for new EU-members : Evidence from real exchange rates

NARCIS (Netherlands)

Candelon, B.; Kool, C.J.M.; Raabe, K.; Veen, van A.P. (Tom)

2005-01-01

In this paper, we estimate fundamental bilateral real exchange rates for a group of eight accession countries using a panel-cointegration approach for the period 1993-2003. We document a significant positive link between productivity levels and the corresponding real exchange rate levels. Future

Air/surface exchange processes of mercury and their linkage to atmospheric pools

International Nuclear Information System (INIS)

Bahlmann, Enno; Ebinghaus, Ralf

2001-01-01

The atmospheric mercury cycle is strongly linked to the terrestrial, aquatic and biologic cycle of mercury via air/surface exchange processes. In order to quantify mercury fluxes from and to the atmosphere to predict local and regional source contributions the methods for flux measurements as well as the physicochemical factors controlling air/surface exchange processes must be assessed. We will describe methods for the determination of mercury and mercury species in ambient air which are basic for investigation of air/surface exchange processes. Further on we will describe approaches for studying the physicochemical factors controlling this processes by using a new laboratory flux measurement system. (author)

A re-examination of the exchange rate overshooting hypothesis ...

African Journals Online (AJOL)

Southern African Business Review ... This finding is inconsistent with the monetary model of exchange rate determination, which asserts that there is a long-run relationship between the exchange rate ... Key words: Exchange rates, monetary model, autoregressive distributed lag, cointegration, exchange rate overshooting ...

Exchange Rate Regime in Russia, Evaluation and Recommendations

OpenAIRE

Olga, Vasilevskaya

2009-01-01

This paper studies exchange rate choice in Russia with respect to social, economic and political determinants. The study deliberately narrowed the scope of the discussion to two extreme cases, i.e. fixed and floating exchange rate. Today Russia applies managed floating exchange rate arrangement and it is important to determine the direction of the further monetary policy development either towards fixed or floating exchange rate. The paper argues that the logical extension of the historical t...

KRW/USD Exchange Rate Volatility and Efficient Risk Management

Directory of Open Access Journals (Sweden)

Sang-Yong Joo

1999-03-01

Full Text Available This thesis analyzes the relationship between the exchange rate of Korean Won and US dollar and the amount of foreign exchange, and studies the direction of the amendment of the risk control of foreign exchange. The GARCH (Generalized Auto Regressive Conditional Heteroscedasticity model which visually embodies the auto-regress of the wave of exchange rate shows that the amount of trade will enhance the fluidity of the exchange rate, that is, the various expects of the participators of the market affect the amount of trade and the fluidity, so in the process of trading, the trader who is in the dry tree of information bears more trading expenditure. It is predicted that the liberalization of foreign exchange rate and fluctuated exchange rate system will jointly bring the enhancement of the fluidity of the exchange rate and the amount of exchange trade. The change of this system will bring the rise of participators in foreign exchange market; meanwhile, it will also initiate superfluous fluidity of foreign exchange market. In order to overcome this problem, the government needs to implement the development strategy of the understructure of the foreign exchange market and the enterprises need to carry through systemic exchange rate risk control.

Heat Exchange with Air and Temperature Profile of a Moving Oversize Tire

Science.gov (United States)

Grinchuk, P. S.; Fisenko, S. P.

2016-11-01

A one-dimensional mathematical model of heat transfer in a tire with account for the deformation energy dissipation and heat exchange of a moving tire with air has been developed. The mean temperature profiles are calculated and transition to a stationary thermal regime is considered. The influence of the rate of energy dissipation and of effective thermal conductivity of rubber on the temperature field is investigated quantitatively.

Modeling inflation rates and exchange rates in Ghana: application of multivariate GARCH models.

Science.gov (United States)

Nortey, Ezekiel Nn; Ngoh, Delali D; Doku-Amponsah, Kwabena; Ofori-Boateng, Kenneth

2015-01-01

This paper was aimed at investigating the volatility and conditional relationship among inflation rates, exchange rates and interest rates as well as to construct a model using multivariate GARCH DCC and BEKK models using Ghana data from January 1990 to December 2013. The study revealed that the cumulative depreciation of the cedi to the US dollar from 1990 to 2013 is 7,010.2% and the yearly weighted depreciation of the cedi to the US dollar for the period is 20.4%. There was evidence that, the fact that inflation rate was stable, does not mean that exchange rates and interest rates are expected to be stable. Rather, when the cedi performs well on the forex, inflation rates and interest rates react positively and become stable in the long run. The BEKK model is robust to modelling and forecasting volatility of inflation rates, exchange rates and interest rates. The DCC model is robust to model the conditional and unconditional correlation among inflation rates, exchange rates and interest rates. The BEKK model, which forecasted high exchange rate volatility for the year 2014, is very robust for modelling the exchange rates in Ghana. The mean equation of the DCC model is also robust to forecast inflation rates in Ghana.

Essays on exchange rate policy in developing countries

OpenAIRE

Khamfula, Y.A.

1999-01-01

The breakdown of the Bretton Woods system of pegged exchange rates has since 1971 given developing countries a wider range of choice with regard to their exchange rate regimes than had previously existed. With the emergence of a variety of exchange rate regimes, increasing attention has been given to the rationale for choosing one type of regime over another and how the variations in the nominal or real exchange rate affect the economies of these countries. This Ph.D. thesis is a combination ...

Exchange Rate Volatility, Inflation Uncertainty and Foreign Direct ...

African Journals Online (AJOL)

This article examines the effect of exchange rate volatility and inflation uncertainty on foreign direct investment in Nigeria. The investigation covers the period between 1970 and 2005. Exchange rate volatility and inflation uncertainty were estimated using the GARCH model. Estimation results indicated that exchange rate ...

Fiscal Policy and Welfare under Different Exchange Rate Regimes

DEFF Research Database (Denmark)

Østrup, Finn

a representativeindividual's utility, it is demonstrated that there are differences betweenexchange rate regimes with respect to the level of government spending. Thesedifferences arise first because a rise in government spending affects macroeconomicvariables differently under different exchange rate regimes......, and secondbecause the government's inclination to expand government spending is affectedby inflation which depends on the exchange rate regime. At low rates of inflation,the government is inclined to set a higher level of government spending under afixed exchange rate regime than under a floating exchange rate...... regime in whichthe monetary authority optimises preferences which include an employment targetand an inflation target. As government spending affects the representativeindividual's utility, the choice of exchange rate regime has an impact on welfare.Keywords: exchange rate regimes; fiscal policy...

EFECT OF FOREIGN EXCHANGE RATE FLUCTUATIONS ON NIGERIAN ECONOMY

Directory of Open Access Journals (Sweden)

Lawrence Olisaemeka UFOEZE

2018-03-01

Full Text Available This study investigated the effect of exchange rate fluctuations on Nigerian economy. The fixed and floating exchange eras were compared to know the exchange rate system in which the economy has fairly better. The time period covered was 1970 to 2012. The study employed the ordinary least square (OLS multiple regression technique for the analysis. The coefficient of determination (R2, F-test, t-test, beta and Durbin-Watson were used in the interpretation of the results. The resulted revealed that about 85% of the changes in macroeconomic indicators are explained in the fixed exchange era. In the floating exchange era, 99% was explained while the whole periods has 73% explanatory power, hence the floating exchange era (1986 to date is more effective in explaining economic trend in Nigeria. Also, exchange rate has significant positive effect on GDP during the fixed exchange rate era and negative effect the eras floating and all-time; inflation has insignificant negative effect on GDP during the fixed exchange era; significant effect in floating era and significant negative effect in the all-time period; money supply has insignificant negative effect GDP in fixed exchange era; and significant positive effect during the floating and all-time period; and oil revenue has significant positive effect on the GDP in all the exchange rate regimes (floating, fixed and all-time in Nigeria.  The study thus conclude that exchange rate movement is a good indicator for monitoring Nigerian economic growth. So far exchange rate has always been a key economic indicator for Nigeria. The floating exchange period has outperformed the fixed exchange rate in terms of contribution inflation, money supply and oil revenue to economic growth. This indicate that the floating exchange rate has been a better economic regime for sustainable economic growth in Nigeria. From the findings, it is evident that oil revenue has positive effect in Nigeria and has remained the mainstay

China; Sources of Real Exchange Rate Fluctuations

OpenAIRE

Tao Wang

2004-01-01

This paper reviews the evolution of China's real effective exchange rate between 1980 and 2002, and uses a structural vector autoregression model to study the relative importance of different types of macroeconomic shocks for fluctuations in the real exchange rate. The structural decomposition shows that relative real demand and supply shocks account for most of the variations in real exchange rate changes during the estimation period. The paper also finds that supply shocks are as important ...

Essays on exchange rate policy in developing countries

NARCIS (Netherlands)

Khamfula, Y.A.

1999-01-01

The breakdown of the Bretton Woods system of pegged exchange rates has since 1971 given developing countries a wider range of choice with regard to their exchange rate regimes than had previously existed. With the emergence of a variety of exchange rate regimes, increasing attention has been given

Impulse Response of the Exchange Rate Volatility to a Foreign Exchange Intervention Shock

OpenAIRE

Hoshikawa, Takeshi

2009-01-01

This paper uses Lin's technique (1997) to report on the impulse response function analysis that traces the dynamics of exchange rate volatility from innovations in Japanese foreign exchange intervention. Using a multivariate GARCH model, we employed a volatility impulse response function based on Lin (1997) to detect the impulse response of exchange rate volatility on a one-unit foreign exchange intervention shock. The main findings of t his paper are as follows: (1) a foreign exchange inter...

Increasing Stability in the Mix of Exchange-rate Policies.

OpenAIRE

Mushin, Jerry

2008-01-01

This paper is an examination of the experience of exchange-rate policy systems since 1996 and a comparison with the experience of 1978 to 1995. Exchange-rate policy has become more stable than it was in the earlier period. In addition, it has become polarized, with almost all countries choosing either a fixed exchange-rate regime (especially in low-GDP countries) or a floating exchange-rate regime (especially in high-GDP countries). Limited-flexibility exchange-rate systems have become unimpo...

Real Exchange Rates in Advanced Transition Economies

Directory of Open Access Journals (Sweden)

Sanja Grubacic

2015-10-01

Full Text Available The recent evidence from Eastern Europe suggests that one of the major obstacles towards the adoption of euro may lie in the impact that the recession of 2008 exerted on the trajectory of real exchange rates in new member countries (European Commission, 2015.  This paper aims to establish and explain the relationship between the external shocks derived from the global financial crisis and recession of 2008 and equilibrium real exchange rate in advanced transition economies of Eastern Europe. The interplay between the external and internal balances is explained by developing an inter-temporal optimizing model of the real exchange rate determination in a small open economy with structural distortions. The results of our model suggest that, in the aftermath of recession, if the Eastern European economies attempt to restore and maintain the balance between the consumption, saving, and investment, the equilibrium real exchange rate will tend to reverse its trajectory from appreciation to depreciation over time in order to encourage a greater production in the future. The equilibrium real exchange rate depreciation in the future may obtain either as a result of an increase in the direct subsidies on investment or as a result of reduced subsidies on the "net-of-investment" income.  The deprecation of countries’ real exchange rate, however, may continue to act as an effective constraint against the adoption of euro.

Technology Candidates for Air-to-Air and Air-to-Ground Data Exchange

Science.gov (United States)

Haynes, Brian D.

2015-01-01

Technology Candidates for Air-to-Air and Air-to-Ground Data Exchange is a two-year research effort to visualize the U. S. aviation industry at a point 50 years in the future, and to define potential communication solutions to meet those future data exchange needs. The research team, led by XCELAR, was tasked with identifying future National Airspace System (NAS) scenarios, determining requirements and functions (including gaps), investigating technical and business issues for air, ground, & air-to-ground interactions, and reporting on the results. The project was conducted under technical direction from NASA and in collaboration with XCELAR's partner, National Institute of Aerospace, and NASA technical representatives. Parallel efforts were initiated to define the information exchange functional needs of the future NAS, and specific communication link technologies to potentially serve those needs. Those efforts converged with the mapping of each identified future NAS function to potential enabling communication solutions; those solutions were then compared with, and ranked relative to, each other on a technical basis in a structured analysis process. The technical solutions emerging from that process were then assessed from a business case perspective to determine their viability from a real-world adoption and deployment standpoint. The results of that analysis produced a proposed set of future solutions and most promising candidate technologies. Gap analyses were conducted at two points in the process, the first examining technical factors, and the second as part of the business case analysis. In each case, no gaps or unmet needs were identified in applying the solutions evaluated to the requirements identified. The future communication solutions identified in the research comprise both specific link technologies and two enabling technologies that apply to most or all specific links. As a result, the research resulted in a new analysis approach, viewing the

The influence of interest rates on the exchange rate and exchange rate volatility

OpenAIRE

Florin MAVRIS; Dumitru-Cristian OANEA

2014-01-01

The dynamic of interest rates has been the subject of attention by both traders and researchers. We see in what manner different factors that depend on the actions of central banks that influence them by using a GARCH type model and we compare its performance with other models to see what approach explains and predicts the movement of the exchange rate. To better understand the type of model that is applicable the data is tested for heteroskedasticity, and only after that the model is impleme...

Exchange rate policy under sovereign default risk

OpenAIRE

Schabert, Andreas

2011-01-01

We examine monetary policy options for a small open economy where sovereign default might occur due to intertemporal insolvency. Under interest rate policy and floating exchange rates the equilibrium is indetermined. Under a fixed exchange rate the equilibrium is uniquely determined and independent of sovereign default.

Experimental investigation of air side heat transfer and fluid flow performances of multi-port serpentine cross-flow mesochannel heat exchanger

International Nuclear Information System (INIS)

Siddiqui, Faisal A.; Dasgupta, Engr Sarbadaman; Fartaj, Amir

2012-01-01

Highlights: ► Air side heat transfer and flow characteristics of mesochannel cross-flow heat exchanger are studied experimentally. ► Hot ethylene glycol–water mixture (50:50) at constant mass flow rate is used against varying air flow. ► Air side heat transfer and fluid flow key parameters such as Nusselt number, Colburn factor, friction factor are obtained. ► General correlations are proposed for air side heat transfer and fluid flow parameters. - Abstract: Air side force convective heat transfer and flow characteristics of cross-flow mesochannel heat exchanger are investigated experimentally. A series of experiments representing 36 different operating conditions have been conducted on a finned mesochannel heat exchanger through the fully automated dynamic single-phase experimental facility which is capable of handling a wide variety of working fluids in air-to-liquid cross-flow orientation. The mesochannel heat exchanger is made of 15 aluminum slabs with arrays of wavy fins between slabs; 68 one millimeter circular diameter port located at each slab, and the air side frontal area of 304-mm × 304-mm. The ethylene glycol–water mixture as the working fluid in the liquid side was forced to flow through mesochannels maintaining constant inlet temperature and flow rate at 74 °C and 0.0345 kg/s respectively whereas the inlet flowing air into the arrays of wavy fins was changed at four different temperature levels from 28 °C to 43 °C. Frontal air velocity was altered in nine steps from 3 m/s to 11 m/s at each temperature level corresponding range of Reynolds number 752 a a ) and Colburn factor (j a ) were found higher in comparison with other studies.

Sparseness and Roughness of Foreign Exchange Rates

Science.gov (United States)

Vandewalle, N.; Ausloos, M.

An accurate multiaffine analysis of 23 foreign currency exchange rates has been performed. The roughness exponent H1 which characterizes the excursion of the exchange rate has been numerically measured. The degree of intermittency C1 has been also estimated. In the (H1,C1) phase diagram, the currency exchange rates are dispersed in a wide region around the Brownian motion value (H1=0.5,C1=0) and have a significantly intermittent component (C1≠0).

The determinants of exchange rates and the movements of EUR/RON exchange rate via non-linear stochastic processes

Directory of Open Access Journals (Sweden)

Petrică Andreea-Cristina

2017-07-01

Full Text Available Modeling exchange rate volatility became an important topic for research debate starting with 1973, when many countries switched to floating exchange rate system. In this paper, we focus on the EUR/RON exchange rate both as an economic measure and present the implied economic links, and also as a financial investment and analyze its movements and fluctuations through two volatility stochastic processes: the Standard Generalized Autoregressive Conditionally Heteroscedastic Model (GARCH and the Exponential Generalized Autoregressive Conditionally Heteroscedastic Model (EGARCH. The objective of the conditional variance processes is to capture dependency in the return series of the EUR/RON exchange rate. On this account, analyzing exchange rates could be seen as the input for economic decisions regarding Romanian macroeconomics - the exchange rates being influenced by many factors such as: interest rates, inflation, trading relationships with other countries (imports and exports, or investments - portfolio optimization, risk management, asset pricing. Therefore, we talk about political stability and economic performance of a country that represents a link between the two types of inputs mentioned above and influences both the macroeconomics and the investments. Based on time-varying volatility, we examine implied volatility of daily returns of EUR/RON exchange rate using the standard GARCH model and the asymmetric EGARCH model, whose parameters are estimated through the maximum likelihood method and the error terms follow two distributions (Normal and Student’s t. The empirical results show EGARCH(2,1 with Asymmetric order 2 and Student’s t error terms distribution performs better than all the estimated standard GARCH models (GARCH(1,1, GARCH(1,2, GARCH(2,1 and GARCH(2,2. This conclusion is supported by the major advantage of the EGARCH model compared to the GARCH model which consists in allowing good and bad news having different impact on the

Measuring real exchange rate misalignment in Croatia: cointegration approach

Directory of Open Access Journals (Sweden)

Irena Palić

2014-12-01

Full Text Available The purpose of the paper is to analyze misalignment of the real exchange rate in Croatia. The misalignment analysis is conducted using the permanent equilibrium exchange rate approach. The equilibrium real exchange rate is computed using the cointegration approach whereby the real exchange rate and its fundamentals, namely terms of trade, net foreign assets and the ratio of prices of tradables to non-tradables are included in cointegration analysis. The Hodrick and Prescott filter is used to obtain permanent values of the equilibrium real exchange rate. The real exchange rate misalignment is computed as the deviation of the RER from its permanent equilibrium level. Four overvaluation periods and three undervaluation periods are recorded in Croatia in the observed period. Overvaluation periods are more often and of longer duration than undervaluation periods. However, the real exchange rate does not deviate largely from its estimated equilibrium value in the observed period, and it is neither overvalued nor undervalued constantly, but the periods alternate. Considering the results of the analysis, together with the empirical characteristics of Croatian economy, namely the high foreign currency indebtedness, highly euroized economy and underdeveloped export oriented sector, the depreciation of the real exchange rate is not recommended to economic policy makers and the current Croatian exchange rate policy is appropriate.

Heat exchanger design for hot air ericsson-brayton piston engine

Directory of Open Access Journals (Sweden)

Ďurčanský P.

2014-03-01

Full Text Available One of the solutions without negative consequences for the increasing energy consumption in the world may be use of alternative energy sources in micro-cogeneration. Currently it is looking for different solutions and there are many possible ways. Cogeneration is known for long time and is widely used. But the installations are often large and the installed output is more suitable for cities or industry companies. When we will speak about decentralization, the small machines have to be used. The article deals with the principle of hot-air engines, their use in combined heat and electricity production from biomass and with heat exchangers as primary energy transforming element. In the article is hot air engine presented as a heat engine that allows the conversion of heat into mechanical energy while heat supply can be external. In the contribution are compared cycles of hot-air engine. Then are compared suitable heat exchangers for use with hot air Ericsson-Brayton engine. In the final part is proposal of heat exchanger for use in closed Ericsson-Brayton cycle.

Heat exchanger design for hot air ericsson-brayton piston engine

Science.gov (United States)

Ďurčanský, P.; Lenhard, R.; Jandačka, J.

2014-03-01

One of the solutions without negative consequences for the increasing energy consumption in the world may be use of alternative energy sources in micro-cogeneration. Currently it is looking for different solutions and there are many possible ways. Cogeneration is known for long time and is widely used. But the installations are often large and the installed output is more suitable for cities or industry companies. When we will speak about decentralization, the small machines have to be used. The article deals with the principle of hot-air engines, their use in combined heat and electricity production from biomass and with heat exchangers as primary energy transforming element. In the article is hot air engine presented as a heat engine that allows the conversion of heat into mechanical energy while heat supply can be external. In the contribution are compared cycles of hot-air engine. Then are compared suitable heat exchangers for use with hot air Ericsson-Brayton engine. In the final part is proposal of heat exchanger for use in closed Ericsson-Brayton cycle.

Exchange Rate Regimes – A periodical overview and a critical analysis of exchange rate regimes in Kosovo

Directory of Open Access Journals (Sweden)

Flamur Bunjaku

2015-03-01

Full Text Available Exchange rate regimes and the monetary policy are the key instruments governments use to achieve their economic and financial objectives. Moreover, due to global financial crisis the latter instruments get more importance. Empirical evidences show that exchange rate regimes in Kosovo and its monetary policy throughout their development were mainly influenced by different political and historical developments. In regard of Euroisation of monetary system in Kosovo it was found that this action generated macro - financial stability in terms of inflation and price fluctuation. However, in terms of microeconomic aspects, the unilateral adaptation of Euro as the official currency of Kosovo failed to provide microeconomic advantages such as to export stimulation, and so forth. The main exchange rate regime systems were discussed focusing in their advantages and disadvantages, and it was concluded that there is no commonly accepted theory regarding the optimality of exchange rate regimes. In addition, the global financial crisis impact in the financial system of Kosovo is also discussed and it was found that negative impacts of global financial crisis were moderate and indirect.

Exchange-rate regimes and economic growth: An empirical evaluation

OpenAIRE

Simón Sosvilla-Rivero; María del Carmen Ramos-Herrera

2014-01-01

Based on a dataset of 123 economies, this paper empirically investigates the relation between exchange-rate regimes and economic growth. We find that growth performance is best under intermediate exchange rate regimes, while the smallest growth rates are associated with flexible exchange rates. Nevertheless, this conclusion is tempered when we analyze the countries by income level: even though countries that adopt intermediate exchange-rate regimes are characterized by higher economic growth,...

Exchange rate behavior with negative interest rates: Some early negative observations

OpenAIRE

Hameed, Allaudeen S.; Rose, Andrew

2017-01-01

This paper examines exchange rate behavior during the recent period with negative nominal interest rates. We use a daily panel of data on 61 currencies from January 2010 through May 2016, during which five economies - Denmark, the European Economic and Monetary Union, Japan, Sweden, and Switzerland - experienced negative nominal interest rates. We examine both effective exchange rates and bilateral rates; the latter typically measured against the Swiss franc since Switzerland has had the long...

Exchange Rate Fluctuation and the Nigeria Economic Growth

Directory of Open Access Journals (Sweden)

Lawal Adedoyin Isola

2016-11-01

Full Text Available The aim of this study is to investigate the impact of exchange rate fluctuation on economic growth in Nigeria within the context of four profound theories: purchasing power parity; monetary model of exchange rates; the portfolio balance approach; and the optimal currency area theory. Data was collected from the CBN statistical bulletin in Nigeria from 2003– 2013and the Autoregressive Distributed Lag (ARDL model was employed to estimate the model. In the model, real GDP (RGDP was used as the proxy for economic growth while Inflation rate (IF, Exchange rate (EXC, Interest rate (INT and Money Supply(M2 as proxies for other macroeconomic variables. The empirical results show that exchange rate fluctuation has no effect on economic growth in the long run though a short run relationship exist between the two. Based on these findings, this paper recommends that the Central bank for policy purposes should ensure that stern foreign exchange control policies are put in place in order to help in appropriate determination of the value of the exchange rate. This will in the long run help to strengthen the value of the Naira.

Modeling the Volatility of Exchange Rates: GARCH Models

Directory of Open Access Journals (Sweden)

Fahima Charef

2017-03-01

Full Text Available The modeling of the dynamics of the exchange rate at a long time remains a financial and economic research center. In our research we tried to study the relationship between the evolution of exchange rates and macroeconomic fundamentals. Our empirical study is based on a series of exchange rates for the Tunisian dinar against three currencies of major trading partners (dollar, euro, yen and fundamentals (the terms of trade, the inflation rate, the interest rate differential, of monthly data, from jan 2000 to dec-2014, for the case of the Tunisia. We have adopted models of conditional heteroscedasticity (ARCH, GARCH, EGARCH, TGARCH. The results indicate that there is a partial relationship between the evolution of the Tunisian dinar exchange rates and macroeconomic variables.

38 CFR 3.32 - Exchange rates for foreign currencies.

Science.gov (United States)

2010-07-01

... Exchange rates for foreign currencies. When determining the rates of pension or parents' DIC or the amounts... parents' DIC. (1) Because exchange rates for foreign currencies cannot be determined in advance, rates of... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Exchange rates for...

Determining the Exchange Rate: Purchasing Power Parity – PPP

Directory of Open Access Journals (Sweden)

Bangun WIDOYOKO

2018-05-01

Full Text Available This study aimed to examine the effect of inflation on the issue of exchange rate determination of the forward exchange rate on the exchange rate of RMB (Renminbi to Rupiah. Inflation has been chosen as an independent variable because of its close relation to PPP (purchasing power parity theory. Analyses in this research have used logistic analysis with time series data. The data that has been used include exchange rate data with the period 2007-2017 with a sample size of 132 data. The results of this study have shown that inflation is effective in determining the exchange rate.

Does Exchange Rate Volatility Affect Korea's Seaborne Import Volume?

Directory of Open Access Journals (Sweden)

Chang Beom Kim

2017-03-01

Full Text Available This study used monthly data from 2000 to 2015 to analyze the effects of USD/KRW exchange rate volatility on seaborne import volume in Korea. The results of an autoregressive distributed lag (ARDL analysis indicate that USD/KRW exchange rate volatility has a statistically significant negative influence on Korea's seaborne import volume. Moreover, the results of a vector error correction model (VECM analysis found that the USD/KRW exchange rate volatility exhibited short-term unidirectional causality on import volume and real income, and confirmed bidirectional causality between the real effective exchange rate and exchange rate volatility.

Exchange Rate and the PRC Foreign Trade

Directory of Open Access Journals (Sweden)

Izotov D. A.

2009-09-01

Full Text Available The stages of exchange rate regulation and foreign trade systems reforming in PRC during the period 1978-2008 are examined. A quantitative assessment of PRC foreign trade parameters reactions to the currency rate dynamics on the national and regional levels is made. Also the import and export impact of potential exchange rate changes is estimated

Exchange rate volatility and international trade: The option approach

OpenAIRE

Franke, Günter

1986-01-01

Usually it is argued that an increase in exchange rate volatility reduces the volume of international trade since trading firms are risk averse. This paper shows for risk neutral firms that the expected international trade volume in standardized commodities grows with exchange rate volatility. The firms adjust their trade volume to the exchange rate level. The more favorable the exchange rate is, the higher is the export volume. If the rate drops below some level, exports are stopped. Thus in...

Air-water gas exchange of chlorinated pesticides in four lakes spanning a 1,205 meter elevation range in the Canadian Rocky Mountains.

Science.gov (United States)

Wilkinson, Andrew C; Kimpe, Lynda E; Blais, Jules M

2005-01-01

Concentrations of selected persistent organic pollutants (POPs) in air and water were measured from four lakes that transect the Canadian Rocky Mountains. These data were used in combination with wind velocity and temperature-adjusted Henry's law constants to estimate the direction and magnitude of chemical exchange across the air-water interface of these lakes. Bow Lake (1,975 m above sea level [masl]) was studied during the summers of 1998 through 2000; Donald (770 masl) was studied during the summer of 1999; Dixon Dam Lake (946 masl) and Kananaskis Lake (1,667 masl) were studied during the summer of 2000. Hexachlorobenzene (HCB) and dieldrin volatilized from Bow Lake in spring and summer of 1998 to 2000 at a rate of 0.92 +/-1.1 and 0.55+/-0.37 ng m(-2) d(-1), respectively. The alpha-endosulfan deposited to Bow Lake at a rate of 3.4+/-2.2 ng m(-2) d(-1). Direction of gas exchange for gamma-hexachlorocyclohexane (gamma-HCH) changed from net deposition in 1998 to net volatilization in 1999, partly because of a surge in y-HCH concentrations in the water at Bow Lake in 1999. Average gamma-HCH concentrations in air declined steadily over the three-year period, from 0.021 ng m(-3) in 1998, to 0.0023 ng m(-3) in 2000, and to volatilization in 1999 and 2000. Neither the concentrations of organochlorine compounds (OCs) in air and water, nor the direction and rate of air-water gas exchange correlate with temperature or elevation. In general, losses of pesticides by outflow were greater than the amount exchanged across the air-water interface in these lakes.

Overcoming Fear of Floating: Exchange Rate Policies in Chile.

OpenAIRE

Jose De Gregorio; Andrea Tokman R.

2004-01-01

The paper reviews the exchange rate management experience in Chile, with particular emphasis on the floating exchange rate regime and its two forex intervention episodes. It presents evidence on Chile’s favorable conditions to face exchange rate shocks: a well-developed financial sector, that offers hedging opportunities taken up by the corporate sector to decrease its vulnerability through balance sheet effects; and a low and decreasing level of passthrough from the exchange rate to prices. ...

The tail index of exchange rate returns

NARCIS (Netherlands)

C.G. Koedijk (Kees); M. Schafgans (Marcia); C.G. de Vries (Casper)

1990-01-01

textabstractIn the literature on the empirical distribution of foreign exchange rates there is now consensus that exchange rate yields are fat-tailed. Three problems, however, persist: (1) Which class of distribution functions is most appropriate? (2) Are the parameters of the distribution invariant

The Foreign Exchange Rate Exposure of Nations

OpenAIRE

Entorf, Horst; Moebert, Jochen; Sonderhof, Katja

2007-01-01

Following the well-known approach by Adler and Dumas (1984), we evaluate the foreign exchange rate exposure of nations. Results based on data from 27 countries show that national foreign exchange rate exposures are significantly related to the current trade balance variables of corresponding economies.

Measurements of VOC/SVOC emission factors from burning incenses in an environmental test chamber: influence of temperature, relative humidity, and air exchange rate.

Science.gov (United States)

Manoukian, A; Buiron, D; Temime-Roussel, B; Wortham, H; Quivet, E

2016-04-01

This study investigates the influence of three environmental indoor parameters (i.e., temperature, relative humidity, and air exchange rate) on the emission of 13 volatile organic compounds (VOCs) and semi-volatile organic compounds (SVOCs) during incense burning. Experiments have been carried out using an environmental test chamber. Statistical results from a classical two-level full factorial design highlight the predominant effect of ventilation on emission factors. The higher the ventilation, the higher the emission factor. Moreover, thanks to these results, an estimation of the concentration range for the compounds under study can be calculated and allows a quick look of indoor pollution induced by incense combustion. Carcinogenic substances (i.e., benzene, benzo(a)pyrene, and formaldehyde) produced from the incense combustion would be predicted in typical living indoors conditions to reach instantaneous concentration levels close to or higher than air quality exposure threshold values.

On the design criteria for the evaporated water flow rate in a wet air cooler

International Nuclear Information System (INIS)

Bourillot, C.

1982-01-01

The author discusses Poppe's formulation used for the modelling of heat exchangers between air and water, in Electricite de France's TEFERI numerical wet atmospheric cooler model: heat transfer laws in unsaturated and saturated air, Bosnjakivic's formula, evaporation coefficient. The theorical results show good agreement with the measurements taken on Neurath's cooler C in West Germany, whatever the ambient temperature (evaporated water flow rate, condensate content of warm air). The author then demonstrates the inadequacy of Merkel's method for calculating evaporated water flow rates, and estimates the influence of the assumptions made on the total error [fr

Exchange rates and climate change: An application of fund

NARCIS (Netherlands)

Tol, R.S.J.

2006-01-01

As economic and emissions scenarios assume convergence of per capita incomes, they are sensitivity to the exchange rate used for international comparison. Particularly, developing countries are project to grow slower with a purchasing power exchange rate than with a market exchange rate. Different

Exchange rate predictability and state-of-the-art models

OpenAIRE

Yeșin, Pınar

2016-01-01

This paper empirically evaluates the predictive performance of the International Monetary Fund's (IMF) exchange rate assessments with respect to future exchange rate movements. The assessments of real trade-weighted exchange rates were conducted from 2006 to 2011, and were based on three state-of-the-art exchange rate models with a medium-term focus which were developed by the IMF. The empirical analysis using 26 advanced and emerging market economy currencies reveals that the "diagnosis" of ...

Exchange-Rate Unification with Black Market Leakages; Russia 1992

OpenAIRE

Linda S. Goldberg

1993-01-01

In 1992 Russia unified the multiple exchange rates that had applied to international transactions. This paper describes the multiple exchange rate system that existed in Russia prior to mid-1992 and undertakes a theoretical exploration of the effects of the exchange rate unification that took place in July 1992. The model developed here allows for leakages between official and black markets and permits flexibility of the exchange rates in both official and parallel currency markets. Within th...

Air-water oxygen exchange in a large whitewater river

Science.gov (United States)

Hall, Robert O.; Kennedy, Theodore A.; Rosi-Marshall, Emma J.

2012-01-01

Air-water gas exchange governs fluxes of gas into and out of aquatic ecosystems. Knowing this flux is necessary to calculate gas budgets (i.e., O2) to estimate whole-ecosystem metabolism and basin-scale carbon budgets. Empirical data on rates of gas exchange for streams, estuaries, and oceans are readily available. However, there are few data from large rivers and no data from whitewater rapids. We measured gas transfer velocity in the Colorado River, Grand Canyon, as decline in O2 saturation deficit, 7 times in a 28-km segment spanning 7 rapids. The O2 saturation deficit exists because of hypolimnetic discharge from Glen Canyon Dam, located 25 km upriver from Lees Ferry. Gas transfer velocity (k600) increased with slope of the immediate reach. k600 was -1 in flat reaches, while k600 for the steepest rapid ranged 3600-7700 cm h-1, an extremely high value of k600. Using the rate of gas exchange per unit length of water surface elevation (Kdrop, m-1), segment-integrated k600 varied between 74 and 101 cm h-1. Using Kdrop we scaled k600 to the remainder of the Colorado River in Grand Canyon. At the scale corresponding to the segment length where 80% of the O2 exchanged with the atmosphere (mean length = 26.1 km), k600 varied 4.5-fold between 56 and 272 cm h-1 with a mean of 113 cm h-1. Gas transfer velocity for the Colorado River was higher than those from other aquatic ecosystems because of large rapids. Our approach of scaling k600 based on Kdrop allows comparing gas transfer velocity across rivers with spatially heterogeneous morphology.

The use of helical heat exchanger for heat recovery domestic water-cooled air-conditioners

International Nuclear Information System (INIS)

Yi Xiaowen; Lee, W.L.

2009-01-01

An experimental study on the performance of a domestic water-cooled air-conditioner (WAC) using tube-in-tube helical heat exchanger for preheating of domestic hot water was carried out. The main aims are to identify the comprehensive energy performance (space cooling and hot water preheating) of the WAC and the optimum design of the helical heat exchanger taking into account the variation in tap water flow rate. A split-type WAC was set up for experimental study at different indoor and outdoor conditions. The cooling output, the amount of recovered heat, and the power consumption for different hot water flow rates were measured. The experimental results showed that the cooling coefficient of performance (COP) of the WAC improves with the inclusion of the heat recovery option by a minimum of 12.3%. This can be further improved to 20.6% by an increase in tap water flow rate. Same result was observed for the comprehensive COP of the WAC. The maximum achievable comprehensive COP was 4.92 when the tap water flow rate was set at 7.7 L/min. The overall heat transfer coefficient of the helical heat exchanger under various operating conditions were determined by Wilson plot. A mathematical model relating the over all heat transfer coefficient to the outer pipe diameter was established which provides a convenient way of optimising the design of the helical heat exchanger

KRW/USD Exchange Rate Volatility and Efficient Risk Management

OpenAIRE

Sang-Yong Joo; Chae-Shick Chung; Young-Woo Lee

1999-01-01

This thesis analyzes the relationship between the exchange rate of Korean Won and US dollar and the amount of foreign exchange, and studies the direction of the amendment of the risk control of foreign exchange. The GARCH (Generalized Auto Regressive Conditional Heteroscedasticity) model which visually embodies the auto-regress of the wave of exchange rate shows that the amount of trade will enhance the fluidity of the exchange rate, that is, the various expects of the participators of the ma...

Fluctuation Dynamics of Exchange Rates on Indian Financial Market

Science.gov (United States)

Sarkar, A.; Barat, P.

Here we investigate the scaling behavior and the complexity of the average daily exchange rate returns of the Indian Rupee against four foreign currencies namely US Dollar, Euro, Great Britain Pound and Japanese Yen. Our analysis revealed that the average daily exchange rate return of the Indian Rupee against the US Dollar exhibits a persistent scaling behavior and follow Levy stable distribution. On the contrary the average daily exchange rate returns of the other three foreign currencies show randomness and follow Gaussian distribution. Moreover, it is seen that the complexity of the average daily exchange rate return of the Indian Rupee against US Dollar is less than the other three exchange rate returns.

Forecasting Exchange Rate Volatility in the Presence of Jumps

DEFF Research Database (Denmark)

Busch, Thomas; Christensen, Bent Jesper; Nielsen, Morten Ørregaard

We study measures of foreign exchange rate volatility based on high-frequency (5-minute) $/DM exchange rate returns using recent nonparametric statistical techniquesto compute realized return volatility and its separate continuous sample path and jumpcomponents, and measures based on prices...... of exchange rate futures options, allowingcalculation of option implied volatility. We find that implied volatility is an informationallyefficient but biased forecast of future realized exchange rate volatility. Furthermore,we show that log-normality is an even better distributional approximation...... for impliedvolatility than for realized volatility in this market. Finally, we show that the jump componentof future realized exchange rate volatility is to some extent predictable, and thatoption implied volatility is the dominant forecast of the future jump component....

A Range-Based Multivariate Model for Exchange Rate Volatility

NARCIS (Netherlands)

B. Tims (Ben); R.J. Mahieu (Ronald)

2003-01-01

textabstractIn this paper we present a parsimonious multivariate model for exchange rate volatilities based on logarithmic high-low ranges of daily exchange rates. The multivariate stochastic volatility model divides the log range of each exchange rate into two independent latent factors, which are

MONETARY MODELS AND EXCHANGE RATE DETERMINATION ...

African Journals Online (AJOL)

Power Party [PPP] based on the law of one price asserts that the change in the exchange rate between .... exchange in international economic transactions has made it vitally evident that the management of ... One lesson from this episode is to ...

Exchange Rate Volatility and Investment: A Panel Data Cointegration Approach

Directory of Open Access Journals (Sweden)

Ibrahima Amadou DIALLO

2015-05-01

Full Text Available This paper examines the link between real exchange rate volatility and domestic investment by using panel data cointegration techniques. We study the empirical connection between real effective exchange rate volatility and investment for 51 developing countries (23 low-income and 28 middle-income countries. The theoretical relationship between investment and real exchange rate volatility predicts that the effects of exchange rate uncertainty on profits are ambiguous. The empirical results illustrate that real effective exchange rate volatility has a strong negative impact on investment. This outcome is robust in low income and middle income countries, and by using an alternative measurement of exchange rate volatility.

The Skill-Biased Effects of Exchange Rate Fluctuations

OpenAIRE

Boris Kaiser; Michael Siegenthaler

2015-01-01

This paper examines the linkages between real exchange rate movements and firms' skill demand. Real exchange rate movements may affect unskilled workers differently than skilled workers because of skill-specific adjustment costs, or because exchange rates lead to changes in relative factor prices and firms' competition intensity. Using panel data on Swiss manufacturers, we find that an appreciation increases high-skilled and reduces low-skilled employment in most firms, while total employment...

Dynamic model of counter flow air to air heat exchanger for comfort ventilation with condensation and frost formation

DEFF Research Database (Denmark)

Nielsen, Toke Rammer; Rose, Jørgen; Kragh, Jesper

2009-01-01

must be calculated under conditions with condensation and freezing. This article presents a dynamic model of a counter flow air to air heat exchanger taking into account condensation and freezing and melting of ice. The model is implemented in Simulink and results are compared to measurements......In cold climates heat recovery in the ventilation system is essential to reduce heating energy demand. Condensation and freezing occur often in efficient heat exchangers used in cold climates. To develop efficient heat exchangers and defrosting strategies for cold climates, heat and mass transfer...

Asymmetric Exchange Rate Exposure - Research in Southeast Asian Countries

Directory of Open Access Journals (Sweden)

Minh Thi Hong Le

2017-04-01

Full Text Available The study aims to analyse the impact of exchange rate exposure on stock returns in six countries representative of Southeast Asia, including Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam from 2009 to 2014. Both nominal and real exchange rates are taken into account for evaluating exchange rate fluctuations via panel data. In order to achieve this goal, a panel regressive estimation approach is proposed in which a GLS model is firstly used to treat heteroscedasticity in the panel data and, then, a GMM estimator is employed to ensure the consistency of the estimates. The results point out that the exchange rate exposure of these countries is asymmetric. At market level, for a rise in the exchange rate (or local currency depreciates, the average stock returns tend to decrease. However, due to the favourable impact of currency depreciation on the net export position, the reduction speed of stock returns is faster than the rising speed of the exchange rate.

Triangular arbitrage as an interaction among foreign exchange rates

Science.gov (United States)

Aiba, Yukihiro; Hatano, Naomichi; Takayasu, Hideki; Marumo, Kouhei; Shimizu, Tokiko

2002-07-01

We first show that there are in fact triangular arbitrage opportunities in the spot foreign exchange markets, analyzing the time dependence of the yen-dollar rate, the dollar-euro rate and the yen-euro rate. Next, we propose a model of foreign exchange rates with an interaction. The model includes effects of triangular arbitrage transactions as an interaction among three rates. The model explains the actual data of the multiple foreign exchange rates well.

Emission of formaldehyde by particleboard : effect of ventilation rate and loading on air-contamination levels

Science.gov (United States)

George E. Myers; Muneo Nagaoka

1981-01-01

Dynamic tests for determining the formaldehyde emission behavior of UF-bonded boards involve the measurement of formaldehyde concentration in the air within a vessel which contains a specified board loading L (m2 of board area per m3 of vessel free volume) and is being ventilated at a specified air exchange rate N (hr.-1). Such tests constitute a primary...

Causes and Results of Exchange Rate Intervention Under Inflation Targeting

Directory of Open Access Journals (Sweden)

Bora Suslu

2012-06-01

Full Text Available Under inflation targeting, central banks exchange rate interventions are discussed frequently in the economic literature recently. Effectiveness of intervention in exchange rate under inflation targeting are examined from three perspectives. These are expectations of the actors and the impact on the variance, reserve accumulation and the cost of sterilization. Since 2003 the Central Bank of Turkey has intervened exchange rate with both direct and indirect methods. The purpose of this study is to examine the results of these three aspects of the CBRT and the foreign exchange interventions. We found that by logit analysis under the inflation targeting of CBRT as a result of the intervention of exchange rate is effect expectations of economic unit and reduce of exchange rate the variance; after thes intervention the variance of exchange rate and cost of sterilization are increased. In this respect, the effectiveness of the intervention of the Central Bank exchange rate market is only reserve accumulation

Air-soil exchange of organochlorine pesticides in a sealed chamber.

Science.gov (United States)

Yang, Bing; Han, Baolu; Xue, Nandong; Zhou, Lingli; Li, Fasheng

2015-01-01

So far little is known about air-soil exchange under any sealed circumstances (e.g., in plastic and glass sheds), which however has huge implications for the soil-air-plant pathways of persistent organic pollutants including organochlorine pesticides (OCPs). A newly designed passive air sampler was tested in a sealed chamber for measuring the vertical concentration profiles of gaseous phase OCPs (hexachlorocyclohexanes (HCHs) and dichlorodiphenyltrichloroethanes (DDTs)). Air was sampled at 5, 15, and 30 cm above ground level every 10th day during a 60-day period by deploying polyurethane foam cylinders housed in acrylonitrile butadiene styrene-covered cartridges. Concentrations and compositions of OCPs along the vertical sections indicated a clear relationship with proximity to the mixture of HCHs and DDTs which escapes from the soils. In addition, significant positive correlations were found between air temperatures and concentrations of HCHs and DDTs. These results indicated revolatilization and re-deposition being at or close to dynamic pseudo-equilibrium with the overlying air. The sampler used for addressing air-soil exchange of persistent organic pollutants in any sealed conditions is discussed. Copyright © 2014. Published by Elsevier B.V.

What determines the exchange rate: economic factors or market sentiment?

OpenAIRE

Gregory P. Hopper

1997-01-01

Do economic factors influence exchange rates? Or does market sentiment play a bigger role? Are short-run exchange rates predictable? Greg Hopper reviews exchange-rate economics, focusing on what is predictable and what isn't. He also examines the practical implications of exchange-rate theories for currency option pricing, risk management, and portfolio selection.

Determination of the Optimal Exchange Rate Via Control of the Domestic Interest Rate in Nigeria

Directory of Open Access Journals (Sweden)

Virtue U. Ekhosuehi

2014-01-01

Full Text Available An economic scenario has been considered where the government seeks to achieve a favourable balance-of-payments over a fixed planning horizon through exchange rate policy and control of the domestic interest rate. The dynamics of such an economy was considered in terms of a bounded optimal control problem where the exchange rate is the state variable and the domestic interest rate is the control variable. The idea of balance-of-payments was used as a theoretical underpinning to specify the objective function. By assuming that, changes in exchange rates were induced by two effects: the impact of the domestic interest rate on the exchange rate and the exchange rate system adopted by the government. Instances for both fixed and flexible optimal exchange rate regimes have been determined. The use of the approach has been illustrated employing data obtained from the Central Bank of Nigeria (CBN statistical bulletin. (original abstract

Gas exchange at the air-sea interface: a technique for radon measurements in seawater

International Nuclear Information System (INIS)

Queirazza, G.; Roveri, M.

1991-01-01

The rate of exchange of various gas species, such as O 2 , CO 2 etc. across the air-water interface can be evaluated from the 222 Rn vertical profiles in the water column. Radon profiles were measured in 4 stations in the NW Adriatic Sea, in September 1990, using solvent extraction and liquid scintillation counting techniques, directly on board the ship. The radiochemical procedure is described in detail. The lower limit of detection is approximately 0.4 mBq 1 -1 . The radon deficiency in the profiles gives estimates of the gas transfer rate across the air-sea interface ranging from 0.9 to 7.0 m d -1 . The suitability of the radon deficiency method in shallow water, enclosed seas is briefly discussed. (Author)

Modelling Exchange Rate Volatility by Macroeconomic Fundamentals in Pakistan

OpenAIRE

Munazza Jabeen; Saud Ahmad Khan

2014-01-01

What drives volatility in foreign exchange market in Pakistan? This paper undertakes an analysis of modelling exchange rate volatility in Pakistan by potential macroeconomic fundamentals well-known in the economic literature. For this, monthly data on Pak Rupee exchange rates in the terms of major currencies (US Dollar, British Pound, Canadian Dollar and Japanese Yen) and macroeconomics fundamentals is taken from April, 1982 to November, 2011. The results show thatthe PKR-USD exchange rate vo...

The Determinants of won/dollar Exchange Rate Volatility and Policy Recommendations

Directory of Open Access Journals (Sweden)

Chae-Shick Chung

1998-09-01

Full Text Available This thesis analyzed the feature and different points of the changing of the exchange rate of Korea won against US dollar, then discussed the direction of the completion of Korea exchange rate system. The prediction result of the model GARCH which vividly shows the phenomenon of the auto-regression of the exchange rate has indicated the level of the exchange rate yesterday could explain the circumstance of the change of exchange rate today. Meanwhile, the policy of the US exchange rate will affect the exchange rate of Korea won against US dollar and the volatility of foreign exchange rate. In the present situation of Korean economy in which the liberalization of capital and the independence of the central bank has been established, the choosing range of the exchange system could only be completely changeable exchange rate system or exchange rate system of multilateral arrangement like Europe. However, in terms of the condition of the world economy, the introduction of the latter system is too early. There is an idea that under the changeable exchange rate system which is the only choice, it is the right time to activate the main body of private economy, the financial derivatives market in which the exchange risk could be trade-off. Government should work on and create a policy that would be able to satisfy the expectations of the market participants.

The Exchange Rate Exposure of Danish Non-Financial Companies

DEFF Research Database (Denmark)

Aabo, Tom

1999-01-01

of the extra-market exchange rate exposure of individual companies. As such, only a minority of companies has significant exposures when using the effective Danish exchange rate in an OLS regression analysis while half of the companies have significant exposures when using five main exchange rates. A GARCH(1......A shortcut to measuring exchange rate exposure at the company level can be to exploit the information content in the stock prices. A regression analysis is conducted for the main Danish non-financial companies. The use of one all-comprising exchange rate indicator fails to address the complexity......,1) regression analysis is shown to further improve the detection of exposures. The success in identifying exposures for Danish non-financial companies is in contrast to earlier US studies and is relevant in a European context....

Chartist Trading in Exchange Rate Theory

OpenAIRE

Selander, Carina

2006-01-01

This thesis consists of four papers, of which paper 1 and 4 are co-written with Mikael Bask. Paper [1] implements chartists trading in a sticky-price monetary model for determining the exchange rate. It is demonstrated that chartists cause the exchange rate to "overshoot the overshooting equilibrium" of a sticky-price monetary model. Chartists base their trading on a short-long moving average. The importance of technical trading depends inversely on the time horizon in currency trade. The exc...

Labour Demand and Exchange Rate Volatility

OpenAIRE

Udo Broll; Sabine Hansen

2004-01-01

The purpose of this paper is to assess under what conditions exchange rate volatility exerts a positive effect on a firm's labour demand. As the exchange rate volatility increases, so does the value of the export option provided the firm under study is flexible. Flexibility is important because it gives the firm option value. Higher volatility increases the potential gains from trade and may increase the demand for labour. This may explain part of the mixed empirical findings regarding the ef...

Effects of flow rate and temperature on cyclic gas exchange in tsetse flies (Diptera, Glossinidae).

Science.gov (United States)

Terblanche, John S; Chown, Steven L

2010-05-01

Air flow rates may confound the investigation and classification of insect gas exchange patterns. Here we report the effects of flow rates (50, 100, 200, 400 ml min(-1)) on gas exchange patterns in wild-caught Glossina morsitans morsitans from Zambia. At rest, G. m. morsitans generally showed continuous or cyclic gas exchange (CGE) but no evidence of discontinuous gas exchange (DGE). Flow rates had little influence on the ability to detect CGE in tsetse, at least in the present experimental setup and under these laboratory conditions. Importantly, faster flow rates resulted in similar gas exchange patterns to those identified at lower flower rates suggesting that G. m. morsitans did not show DGE which had been incorrectly identified as CGE at lower flow rates. While CGE cycle frequency was significantly different among the four flow rates (prate treatment variation. Using a laboratory colony of closely related, similar-sized G. morsitans centralis we subsequently investigated the effects of temperature, gender and feeding status on CGE pattern variation since these factors can influence insect metabolic rates. At 100 ml min(-1) CGE was typical of G. m. centralis at rest, although it was significantly more common in females than in males (57% vs. 43% of 14 individuals tested per gender). In either sex, temperature (20, 24, 28 and 32 degrees C) had little influence on the number of individuals showing CGE. However, increases in metabolic rate with temperature were modulated largely by increases in burst volume and cycle frequency. This is unusual among insects showing CGE or DGE patterns because increases in metabolic rate are usually modulated by increases in frequency, but either no change or a decline in burst volume. Copyright 2009 Elsevier Ltd. All rights reserved.

real exchange rate misalignment and economic performance in ...

African Journals Online (AJOL)

... effects of real exchange rate misalignment on economic performance in Nigeria. .... main factors that impacts on real exchange rate in India .... financial assets and ignores non-economic factor such as .... and fiscal policies to control inflation.

Air-side performance of a micro-channel heat exchanger in wet surface conditions

Directory of Open Access Journals (Sweden)

Srisomba Raviwat

2017-01-01

Full Text Available The effects of operating conditions on the air-side heat transfer, and pressure drop of a micro-channel heat exchanger under wet surface conditions were studied experimentally. The test section was an aluminum micro-channel heat exchanger, consisting of a multi-louvered fin and multi-port mini-channels. Experiments were conducted to study the effects of inlet relative humidity, air frontal velocity, air inlet temperature, and refrigerant temperature on air-side performance. The experimental data were analyzed using the mean enthalpy difference method. The test run was performed at relative air humidities ranging between 45% and 80%; air inlet temperature ranges of 27, 30, and 33°C; refrigerant-saturated temperatures ranging from 18 to 22°C; and Reynolds numbers between 128 and 166. The results show that the inlet relative humidity, air inlet temperature, and the refrigerant temperature had significant effects on heat transfer performance and air-side pressure drop. The heat transfer coefficient and pressure drop for the micro-channel heat exchanger under wet surface conditions are proposed in terms of the Colburn j factor and Fanning f factor.

Basic Exchange Rate Theories

NARCIS (Netherlands)

J.G.M. van Marrewijk (Charles)

2005-01-01

textabstractThis four-chapter overview of basic exchange rate theories discusses (i) the elasticity and absorption approach, (ii) the (long-run) implications of the monetary approach, (iii) the short-run effects of monetary and fiscal policy under various economic conditions, and (iv) the transition

Assessment of organic compound exposures, thermal comfort parameters, and HVAC system-driven air exchange rates in public school portable classrooms in California

Energy Technology Data Exchange (ETDEWEB)

Shendell, Derek Garth [Univ. of California, Los Angeles, CA (United States)

2003-01-01

The prevalence of prefabricated, portable classrooms (portables, relocatables, RCs) has increased due to class size reduction initiatives and limited resources. Classroom mechanical wall-mount heating, ventilation, and air conditioning (HVAC) systems may function improperly or not be maintained; lower ventilation rates may impact indoor air and environmental quality (IEQ). Materials in portables may off-gas volatile organic compounds (VOCs), including formaldehyde, as a function of age, temperature, and humidity. For a pilot study, public K-12 schools located in or serving target areas within five Los Angeles County communities were identified. In two communities where school districts (SD) consented, 1-3 randomly selected portables, one newer and one older, and one main building control classroom from each participating school were included. Sampling was conducted over a five-day school week in the cooling and heating seasons, or repeated twice in the cooling season. Measurements included passive samplers for VOCs, formaldehyde and acetaldehyde, and air exchange rate (AER) calculation; indoor air temperature and humidity; technician walk-through surveys; an interview questionnaire above HVAC system operation and maintenance (O and M). For an intervention study evaluating advanced HVAC technologies in comparison to the common conventional technology, and materials for source reduction of VOCs, four RC were manufactured and located in pairs at two schools in two recruited Northern California SD in different climate zones. RCs were built with the two HVAC systems, cabinetry and conduit for monitoring equipment, and standard or advanced interior finish materials. Each RC was its own control in a case-crossover design--HVAC systems alternately operated for 1-2 week intervals in the 2001-02 school year, with IEQ monitoring including aldehyde and indoor air temperature and humidity data. Measured classroom AER were low, formaldehyde concentrations were below the state

Air exchanges and indoor carbon dioxide concentration in Australian pig buildings: Effect of housing and management factors

DEFF Research Database (Denmark)

Banhazi, T. M.; Stott, P.; Rutley, D.

2011-01-01

There has been a growing interest in improving air quality within livestock buildings. However, the influence of housing and management factors on air exchange rates and indoor gas concentrations is not well understood. The aim of this study was to determine the effects of housing and management...... production, although these buildings may not always provide an optimal environment for pig production. (C) 2011 IAgrE. Published by Elsevier Ltd. All rights reserved....

Monetary policy and exchange rate dynamics: the exchange rate as a shock absorber

Czech Academy of Sciences Publication Activity Database

Audzei, Volha; Brázdik, F.

2015-01-01

Roč. 65, č. 5 (2015), s. 391-410 ISSN 0015-1920 Institutional support: PRVOUK-P23 Keywords : Czech Republic * exchange rates * sign restrictions Subject RIV: AH - Economics Impact factor: 0.449, year: 2015 http://journal.fsv.cuni.cz/storage/1340_audzei.pdf

Current Account and Real Exchange Rate Dynamics in Indonesia

Directory of Open Access Journals (Sweden)

Firman Mochtar

2015-07-01

Full Text Available We analyze the role of both permanent and temporary factors in affecting the Indonesian current account and real exchange dynamics before and after 2000. Adopting Lee and Chinn (1998; 2006 approach as well as Chinn et al. (2007, two results stand out. First, we confirm that the behavior of the real exchange rate has altered since 2000. Identifications show that permanent shocks are the primary causes for the movement of the real exchange rate after 2000, while in the period before 2000, the Indonesian real exchange rate changes are characterized by greater dominance of temporary shocks. The apparent change in the real exchange rate behavior may be strongly justified by the implementation of free-floating exchange rate system since August 1997. Second, the shift of the real exchange rate behavior after 2000 does not necessarily affect the current account dynamics. Empirical evidence confirms that the variance of current account post 2000 remains largely due to temporary shocks. Albeit having increasing influence, permanent shocks have insignificant effect in explaining fluctuations of the current account. In this sense, the current account surplus after 2000 is attributed largely to nominal variables such as price increase, while the impact of productivity improvement is still limited.

Real Exchange Rate Dynamics in a Small, Primary-Exporting Country

OpenAIRE

Mohsin S. Khan; Peter J. Montiel

1987-01-01

Although the nominal exchange rate is often used as a policy instrument in small, primary-commodity-exporting countries, the real exchange rate is an endogenous variable that responds to both exogenous and policyinduced shocks. This paper examines the dynamic effects on the real exchange rate of various shocks, such as devaluation, fiscal and trade policies, and changes in the terms of trade and foreign real interest rates. Because the path of the real exchange rate differs for different type...

Fear of Floating: Exchange Rate Flexibility Indices

OpenAIRE

Reinhart, Carmen

2001-01-01

Many emerging market countries have suffered financial crises. One view blames soft pegs for these crises. Adherents to that view suggest that countries move to corner solutions--hard pegs or floating exchange rates. We analyze the behavior of exchange rates, reserves, and interest rates to assess whether there is evidence that country practice is moving toward corner solutions. We focus on whether countries that claim they are floating are indeed doing so. We find that countries that say th...

Air-sea heat exchange, an element of the water cycle

Science.gov (United States)

Chahine, M. T.

1984-01-01

The distribution and variation of water vapor, clouds and precipitation are examined. Principal driving forces for these distributions are energy exchange and evaporation at the air-sea interface, which are also important elements of air-sea interaction studies. The overall aim of air-sea interaction studies is to quantitatively determine mass, momentum and energy fluxes, with the goal of understanding the mechanisms controlling them. The results of general circulation simulations indicate that the atmosphere in mid-latitudes responds to changes in the oceanic surface conditions in the tropics. This correlation reflects the strong interaction between tropical and mid-latitude conditions caused by the transport of heat and momentum from the tropics. Studies of air-sea exchanges involve a large number of physica, chemical and dynamical processes including heat flux, radiation, sea-surface temperature, precipitation, winds and ocean currents. The fluxes of latent heat are studied and the potential use of satellite data in determining them evaluated. Alternative ways of inferring heat fluxes will be considered.

Rate of oxygen isotope exchange between selenate and water.

Science.gov (United States)

Kaneko, Masanori; Poulson, Simon R

2012-04-17

The rate of oxygen isotope exchange between selenate and water was investigated at conditions of 10 to 80 °C and pH -0.6 to 4.4. Oxygen isotope exchange proceeds as a first-order reaction, and the exchange rate is strongly affected by reaction temperature and pH, with increased rates of isotope exchange at higher temperature and lower pH. Selenate speciation (HSeO(4)(-) vs SeO(4)(2-)) also has a significant effect on the rate of isotope exchange. The half-life for isotope exchange at example natural conditions (25 °C and pH 7) is estimated to be significantly in excess of 10(6) years. The very slow rate of oxygen isotope exchange between selenate and water under most environmental conditions demonstrates that selenate-δ(18)O signatures produced by biogeochemical processes will be preserved and hence that it will be possible to use the value of selenate-δ(18)O to investigate the biogeochemical behavior of selenate, in an analogous fashion to the use of sulfate-δ(18)O to study the biogeochemical behavior of sulfate.

Choice of optimal exchange rate system For the Republic of Croatia

Directory of Open Access Journals (Sweden)

Dražen Koški

2008-12-01

Full Text Available The aim of research whose results are presented in this article was to choose the optimal system of exchange rate for the Republic of Croatia, of course before its accession to EU. The analyzed exchange rate systems here range from free-floating exchange rate to system without domestic currency in circulation. Naturally, the classification of International Monetary Fond is included in it. After that, the comparison of basic economic advantages and disadvantages of the fixed exchange rate in relation to floating exchange rate were carried out. Although the question is about the extreme systems, disregarding the system without domestic currency in circulation, their comparison makes possible completely satisfactory basis for the right conclusions on the choice of optimal exchange rate system for the Republic of Croatia. Considering its economic particularities, the system of managed-floating exchange rate without proclaimed exchange direction in advance is certainly optimal for the Republic of Croatia. Namely, within the framework of this system the limited floating exchange rates decrease the foreign exchange risk allowing to monetary authorities, at least partly, the independent monetary policy

Thermal-economic optimization of an air-cooled heat exchanger unit

International Nuclear Information System (INIS)

Alinia Kashani, Amir Hesam; Maddahi, Alireza; Hajabdollahi, Hassan

2013-01-01

Thermodynamic modeling and optimal design of an air-cooled heat exchanger (ACHE) unit are developed in this study. For this purpose, ε–NTU method and mathematical relations are applied to estimate the fluids outlet temperatures and pressure drops in tube and air sides. The main goal of this study is minimizing of two conflicting objective functions namely the temperature approach and the minimum total annual cost, simultaneously. For this purpose, fast and elitist non-dominated sorting genetic-algorithm (NSGA-II) is applied to minimize the objective functions by considering ten design parameters. In addition, a set of typical constraints, governing on the ACHE unit design, is subjected to obtain more practical optimum design points. Furthermore, sensitivity analysis of change in the objective functions, when the optimum design parameters vary, is conducted and the degree of each parameter on conflicting objective functions has been investigated. Finally, a selection procedure of the best optimum point is introduced and final optimum design point is determined. -- Highlights: ► Multi-objective optimization of air-cooled heat exchanger. ► Considering ten new design parameters in this type of heat exchanger. ► A detailed cost function is used to estimate the heat exchanger investment cost. ► Presenting a mathematical relation for optimum total cost vs. temperature approach. ► The sensitivity analysis of parameters in the optimum situation

DOES CURRENCY SUBSTITUTION AFFECT EXCHANGE RATE VOLATILITY?

Directory of Open Access Journals (Sweden)

Hisao Kumamoto

2014-10-01

Full Text Available This study investigates the impacts of the degree of currency substitution on nominal exchange rate volatility in seven countries (Indonesia, the Philippines, the Czech Republic, Hungary, Poland, Argentina, and Peru. We use the Threshold ARCH model to consider the ratchet effect of currency substitution and sample periods in the 2000s, during which time the economies of the sample countries stabilized, while the U.S. dollar and euro depreciated against other major currencies following the recent global financial crisis. The presented empirical analyses show that the degree of currency substitution has significant positive effects on the conditional variance of the depreciation rate of the nominal exchange rate in most sample countries. Moreover, a shock to the depreciation rate of the nominal exchange rate has asymmetric effects on the conditional variance, depending on the sign. One possible explanation for these differential effects is the existence of the ratchet effect of currency substitution.

Exchange-rate-based stabilization in Argentina and Chile : a fresh look

OpenAIRE

Kiguel, Miguel A.; Liviatan, Nissan

1994-01-01

Exchange-rate-based stabilization is designed to reduce inflation by using the exchange rate as the main nominal anchor. This does not necessarily mean a fixed exchange rate. A crawling peg with a low rate of depreciation or a pre-announced gradual reduction in the rate of devaluation are alternative ways to use the exchange rate as a nominal anchor. Exchange-rate-based stabilization (ERBS) has been widely used in the high-inflation economies of Latin America. Argentina, Chile, and Uruguay ad...

Visibility graph approach to exchange rate series

Science.gov (United States)

Yang, Yue; Wang, Jianbo; Yang, Huijie; Mang, Jingshi

2009-10-01

By means of a visibility graph, we investigate six important exchange rate series. It is found that the series convert into scale-free and hierarchically structured networks. The relationship between the scaling exponents of the degree distributions and the Hurst exponents obeys the analytical prediction for fractal Brownian motions. The visibility graph can be used to obtain reliable values of Hurst exponents of the series. The characteristics are explained by using the multifractal structures of the series. The exchange rate of EURO to Japanese Yen is widely used to evaluate risk and to estimate trends in speculative investments. Interestingly, the hierarchies of the visibility graphs for the exchange rate series of these two currencies are significantly weak compared with that of the other series.

Exchange rate risks and their impact upon the energy market

Directory of Open Access Journals (Sweden)

Abed Al-Zabidi

2007-04-01

Full Text Available The expansion of international business in Slovakia brought not only the opening of markets and expansion of enterprise possibilities but also an increase in the competition and new risks. One of such risks is also the exchange rate risk. The business that realizes a financial transaction exceeding borders of the state or derives his buying or selling prices in Slovak crowns from the foreign currency, is subjected to the exchange rate risks. The exchange rate risks are caused by volatility of exchange courses of Slovak crowns related to foreign currencies. The progress of exchange rates can considerably influence a real result of a transaction negatively; therefore it is important for enterprises to identify possible risks resulting from changes in exchange rates, so they could react accordingly.The proposed article is aimed at the explanation of basic techniques of minimizing exchange rate risks with the use of financial tools available on the financial market.

Solvent Exchange Rates of Side-chain Amide Protons in Proteins

International Nuclear Information System (INIS)

Rajagopal, Ponni; Jones, Bryan E.; Klevit, Rachel E.

1998-01-01

Solvent exchange rates and temperature coefficients for Asn/Gln side-chain amide protons have been measured in Escherichia coli HPr. The protons of the eight side-chain amide groups (two Asn and six Gln) exhibit varying exchange rates which are slower than some of the fast exchanging backbone amide protons. Differences in exchange rates of the E and Z protons of the same side-chain amide group are obtained by measuring exchange rates at pH values > 8. An NOE between a side-chain amide proton and a bound water molecule was also observed

Exchange Rate and International Trade: Case From Indonesian Manufacturing Sector

Directory of Open Access Journals (Sweden)

Anung Yoga Anindhita

2017-07-01

Full Text Available Exchange rate fluctuation in Floating Exchange Rate Regime is considered to Exchange rate fluctuation in Floating Exchange Rate Regime is considered to have impacts on the international trade through its adjustment to the price and its volatility to the trade risk. This paper is aimed at estimating those impacts on the international trade of manufacturing sector in Indonesia for period 2007 to 2014. To conduct estimation, it uses multiple regression analysis on two models: First, the import of raw-and-auxiliary materials; Second, the export of manufacturing sector. The results show that the exchange rate impacts both work significantly on the import of raw-and-auxiliary materials. The finding implies that, through the import of raw-and-auxiliary materials, manufacturing sector is very susceptible to the shock caused by exchange rate changes. Meanwhile, the export of manufacturing sector is not able to take advantage of the depreciation of the exchange rate due to the lack of competitiveness.DOI: 10.15408/sjie.v6i2.5210

Econometric Analysis of Croatia’s Proclaimed Foreign Exchange Rate

Directory of Open Access Journals (Sweden)

Mance Davor

2015-04-01

Full Text Available The officially proclaimed foreign exchange policy of the Croatian National Bank (CNB is a managed float with a discretionary right of intervention on the Croatian kuna/euro foreign exchange (FX market in order to maintain price stability. This paper examines the validity of three monetary policy hypotheses: the stability of the nominal exchange rate, the stability of exchange rate changes, and the exchange rate to inflation pass-through effect. The CNB claims a direct FX to inflation rate pass-through channel for which we find no evidence, but we find a strong link between FX rate changes and changes in M4, as well as between M4 changes and inflation. Changes in foreign investment Granger cause changes in monetary aggregates that further Granger cause inflation. Changes in FX rate Granger cause a reaction in M4 that indirectly Granger causes a further rise in inflation. Vector Autoregression Impulse Response Functions of changes in FX rate, M1, M4, and CPI confirm the Granger causalities in the established order.

Impact of exchange rates on the world uranium market

International Nuclear Information System (INIS)

Fulton, M.E.; Combs, G.F. Jr.

1986-01-01

A preliminary analysis of the relationship between exchange rates and US uranium prices and product ion is presented. This analysis supplements the discussions on the broader topic of fuel prices, exchange rates and other international economic phenomena scheduled during the 1985 EPRI Fuel Supply Seminar. By varying exchange rate assumptions in the recently developed Uranium Market Model, estimates of the magnitude and timing of price and production effects were obtained. These effects do indeed appear to be large and have implications in procurement, fuel planning and commodity policy. While analysts may differ on details, the inescapable conclusion is that exchange rates matter a great deal in the uranium market. The case described is for a scenario of exchange rates with other currencies returning to their 1980 levels. A second case, an across the board weakening of the dollar by 25%, the results of which are somewhat less dramatic is also examined

Investigation of Chemical Exchange at Intermediate Exchange Rates using a Combination of Chemical Exchange Saturation Transfer (CEST) and Spin-Locking methods (CESTrho)

Science.gov (United States)

Kogan, Feliks; Singh, Anup; Cai, Keija; Haris, Mohammad; Hariharan, Hari; Reddy, Ravinder

2011-01-01

Proton exchange imaging is important as it allows for visualization and quantification of the distribution of specific metabolites with conventional MRI. Current exchange mediated MRI methods suffer from poor contrast as well as confounding factors that influence exchange rates. In this study we developed a new method to measure proton exchange which combines chemical exchange saturation transfer (CEST) and T1ρ magnetization preparation methods (CESTrho). We demonstrated that this new CESTrho sequence can detect proton exchange in the slow to intermediate exchange regimes. It has a linear dependence on proton concentration which allows it to be used to quantitatively measure changes in metabolite concentration. Additionally, the magnetization scheme of this new method can be customized to make it insensitive to changes in exchange rate while retaining its dependency on solute concentration. Finally, we showed the feasibility of using CESTrho in vivo. This sequence is able to detect proton exchange at intermediate exchange rates and is unaffected by the confounding factors that influence proton exchange rates thus making it ideal for the measurement of metabolites with exchangeable protons in this exchange regime. PMID:22009759

Investigation of chemical exchange at intermediate exchange rates using a combination of chemical exchange saturation transfer (CEST) and spin-locking methods (CESTrho).

Science.gov (United States)

Kogan, Feliks; Singh, Anup; Cai, Keija; Haris, Mohammad; Hariharan, Hari; Reddy, Ravinder

2012-07-01

Proton exchange imaging is important as it allows for visualization and quantification of the distribution of specific metabolites with conventional MRI. Current exchange mediated MRI methods suffer from poor contrast as well as confounding factors that influence exchange rates. In this study we developed a new method to measure proton exchange which combines chemical exchange saturation transfer and T(1)(ρ) magnetization preparation methods (CESTrho). We demonstrated that this new CESTrho sequence can detect proton exchange in the slow to intermediate exchange regimes. It has a linear dependence on proton concentration which allows it to be used to quantitatively measure changes in metabolite concentration. Additionally, the magnetization scheme of this new method can be customized to make it insensitive to changes in exchange rate while retaining its dependency on solute concentration. Finally, we showed the feasibility of using CESTrho in vivo. This sequence is able to detect proton exchange at intermediate exchange rates and is unaffected by the confounding factors that influence proton exchange rates thus making it ideal for the measurement of metabolites with exchangeable protons in this exchange regime. Copyright © 2011 Wiley Periodicals, Inc.

Misalignment under different exchange rate regimes: the case of Turkey

OpenAIRE

Dağdeviren, Sengül; Ogus Binatli, Ayla; Sohrabji, Niloufer

2011-01-01

The paper examines misalignment of the Turkish lira between 1998 to 2008. Misalignment, specifically overvaluation has been linked to fixed exchange rate regimes. By studying the case of Turkey during this period which covers both a fixed and floating exchange rate regime, we contribute to the literature on the relation between misalignment and exchange rate regimes. We first estimate the equilibrium real exchange rate for Turkey, then compute misalignment and finally test for structural brea...

The Estimation of the Equilibrium Real Exchange Rate for Romania

OpenAIRE

Bogdan Andrei Dumitrescu; Vasile Dedu

2009-01-01

This paper aims to estimate the equilibrium real exchange rate for Romania, respectively the real exchange rate consistent with the macroeconomic balance, which is achieved when the economy is operating at full employment and low inflation (internal balance) and has a current account that is sustainable (external balance). This equilibrium real exchange rate is very important for an economy because deviations of the real exchange rate from its equilibrium value can affect the competitiveness ...

Exchange Rate and Inflation Dynamics

OpenAIRE

Eatzaz Ahmad; Saima Ahmed Ali

1999-01-01

This paper studies simultaneous determination of nominal exchange rate and domestic price level in Pakistan. The estimated model contains sufficient built-in dynamics to trace the pattern and speed of adjustment in the two variables in response to temporary or permanent shocks. The two domestic shocks considered in the paper are monetary and real shocks, while the three external shocks considered are import price, export price and foreign exchange reserves shocks. The study finds that the imp...

Air-water gas exchange and CO2 flux in a mangrove-dominated estuary

Science.gov (United States)

Ho, David T.; Ferrón, Sara; Engel, Victor C.; Larsen, Laurel G.; Barr, Jordan G.

2014-01-01

Mangrove forests are highly productive ecosystems, but the fate of mangrove-derived carbon remains uncertain. Part of that uncertainty stems from the fact that gas transfer velocities in mangrove-surrounded waters are not well determined, leading to uncertainty in air-water CO2 fluxes. Two SF6 tracer release experiments were conducted to determine gas transfer velocities (k(600) = 8.3 ± 0.4 and 8.1 ± 0.6 cm h−1), along with simultaneous measurements of pCO2 to determine the air-water CO2 fluxes from Shark River, Florida (232.11 ± 23.69 and 171.13 ± 20.28 mmol C m−2 d−1), an estuary within the largest contiguous mangrove forest in North America. The gas transfer velocity results are consistent with turbulent kinetic energy dissipation measurements, indicating a higher rate of turbulence and gas exchange than predicted by commonly used wind speed/gas exchange parameterizations. The results have important implications for carbon fluxes in mangrove ecosystems.

Exchange Rate Changes and Inflation in Post-Crisis Asian Economies: VAR Analysis of the Exchange Rate Pass-Through

OpenAIRE

Takatoshi Ito; Kiyotaka Sato

2006-01-01

Macroeconomic consequences of a large currency depreciation among the crisis-hit Asian economies had varied from one country to another. Inflation did not soar in most Asian countries, including Thailand and Korea, after the exchange rate depreciated during the crisis. Indonesia, however, suffered very high inflation following a very large nominal depreciation of the rupiah. As a result, price competitive advantage by the rupiah depreciation was lost in the real exchange rate terms. The objec...

Exchange rate formation in Ukraine and its impact on macroeconomic indicators

OpenAIRE

Koroliuk Tatiana Aleksandrovna

2014-01-01

The factors of exchange rate formation in Ukraine are analyzes in this paper, the influence of exchange rate on macroeconomic indicators of development and the main priorities of the exchange rate policy are determined exchange.

Exporter Price Response to Exchange Rate Changes

DEFF Research Database (Denmark)

Fosse, Henrik Barslund

Firms exporting to foreign markets face a particular challenge: to price their exports in a foreign market when the exchange rate changes. This paper takes on pricing- to-market using a unique data set that covers rm level monthly trade at great detail. As opposed to annual trade ows, monthly trade...... theoretical contributions to the litterature on pricing-to-market and exchange rate pass-through....

Anti-freezing of air-cooled heat exchanger by switching off sectors

International Nuclear Information System (INIS)

Wang, Weijia; Kong, Yanqiang; Huang, Xianwei; Yang, Lijun; Du, Xiaoze; Yang, Yongping

2017-01-01

Highlights: • The anti-freezing of air-cooled heat exchanger by switching off sectors is studied. • The water side heat loads of various sectors are compared for different cases. • Anti-freezing turbine back pressure is proposed and obtained for various cases. • As wind speed increases, the energy efficiency can be clearly improved by sector off. • By switching frontal sector off, anti-freezing operation is most energy efficient. - Abstract: With the air side huge heat transfer surface, the air-cooled heat exchanger will take a serious freezing risk in cold winter. Therefore, it is of benefit to the safe operation of natural draft dry cooling system to propose the anti-freezing measures. In this work, the flow and heat transfer models of the cooling air coupling with the circulating water, are developed and numerically simulated for the anti-freezing by switching various sectors off. The local thermo-flow fields of cooling air are presented, and the water side heat loads of various sectors are compared for various cases. The anti-freezing turbine back pressure is proposed and obtained for the energy efficiency analysis. The results show that the sector switching off approach can effectively prevent the air-cooled heat exchanger from freezing and improve the energy efficiency of the cooling system, especially at high wind speeds. Moreover, with the frontal sector switching off, the most energy efficient anti-freezing operation of natural draft dry cooling system can be achieved.

The determinants of real exchange rate volatility in Nigeria | Ajao ...

African Journals Online (AJOL)

This study recommends that the central monetary authority should institute policies that will minimize the magnitude of exchange rate volatility while the federal government exercises control of viable macroeconomic variables which have direct influence on exchange rate fluctuation. Keywords: Exchange Rate, Volatility, ...

Political pressures and exchange rate stability in emerging market economies

OpenAIRE

Ester Faia; Massimo Giuliodori; Michele Ruta

2008-01-01

This paper presents a political economy model of exchange rate policy. The theory is based on a common agency approach with rational expectations. Financial and exporter lobbies exert political pressures to influence the government’s choice of exchange rate policy, before shocks to the economy are realized. The model shows that political pressures affect exchange rate policy and create an over-commitment to exchange rate stability. This helps to rationalize the empirical evidence on fear of l...

Examining the volatility of exchange rate: Does monetary policy matter?

OpenAIRE

Lim, Shu Yi; Sek, Siok Kun

2014-01-01

We conduct empirical analysis on examining the changes in exchange rate volatility under two monetary policy regimes, i.e. the pre- and post- inflation targeting (IT) regimes. In addition, we also investigate if the monetary decisions can have impacts on the volatility of exchange rate. The study is focused in four Asian countries that experienced drastic in the switch of monetary policy from the rigid exchange rate to flexible exchange rate and inflation targeting after the Asian financial c...

The case for regional exchange rate arrangement in East Asia

OpenAIRE

Takuji Kinkyo

2004-01-01

The Asian crisis highlighted the difficulties for developing countries to actively manage exchange rates in an environment of high capital mobility. Now it became fashionable to argue that the exchange rate should be either allowed to float freely or irrevocably fixed. This paper examines the case for regional exchange rate arrangements as an instrument to enhance the manageability of exchange rates and discusses the options in East Asia. It critically assess the existing proposal of common b...

THE EFFECT OF EXCHANGE RATE VOLATILITY ON WHEAT TRADE WORLDWIDE

OpenAIRE

Sun, Changyou; Kim, Mina; Koo, Won W.; Cho, Guedae; Jin, Hyun Joung

2002-01-01

A modified gravity-type model was employed to evaluate the effect of exchange rate volatility on wheat exports worldwide. Special attention was given to the econometric properties of the gravity model within panel framework. Short and long-term measures of exchange rate volatility were constructed and compared. Both measures of exchange rate volatility have exhibited a negative effect on world wheat trade and the long-term effect was even larger. This result implies that exchange rate volatil...

The Effect of Rain on Air-Water Gas Exchange

Science.gov (United States)

Ho, David T.; Bliven, Larry F.; Wanninkhof, Rik; Schlosser, Peter

1997-01-01

The relationship between gas transfer velocity and rain rate was investigated at NASA's Rain-Sea Interaction Facility (RSIF) using several SF, evasion experiments. During each experiment, a water tank below the rain simulator was supersaturated with SF6, a synthetic gas, and the gas transfer velocities were calculated from the measured decrease in SF6 concentration with time. The results from experiments with IS different rain rates (7 to 10 mm/h) and 1 of 2 drop sizes (2.8 or 4.2 mm diameter) confirm a significant and systematic enhancement of air-water gas exchange by rainfall. The gas transfer velocities derived from our experiment were related to the kinetic energy flux calculated from the rain rate and drop size. The relationship obtained for mono-dropsize rain at the RSIF was extrapolated to natural rain using the kinetic energy flux of natural rain calculated from the Marshall-Palmer raindrop size distribution. Results of laboratory experiments at RSIF were compared to field observations made during a tropical rainstorm in Miami, Florida and show good agreement between laboratory and field data.

Exchange Rate Effects on International Commercial Trade Competitiveness

Directory of Open Access Journals (Sweden)

Ionel Bostan

2018-04-01

Full Text Available This study is meant to be an evaluation sustained by theoretical and empirical considerations of the exchange rate impact on international commercial trade competitiveness. In this respect, the study aims to find how the exchange rate influences Romanian competitiveness through assessing the effects generated on exports and imports. The main purpose of the study is to assess the complex action of the exchange rate on international commercial trade competitiveness in contemporaneity and the connections between these variables. The empirical part contains a regression analysis where exports and imports are dependent variables influenced by a series of determinants.

A Range-Based Multivariate Model for Exchange Rate Volatility

OpenAIRE

Tims, Ben; Mahieu, Ronald

2003-01-01

textabstractIn this paper we present a parsimonious multivariate model for exchange rate volatilities based on logarithmic high-low ranges of daily exchange rates. The multivariate stochastic volatility model divides the log range of each exchange rate into two independent latent factors, which are interpreted as the underlying currency specific components. Due to the normality of logarithmic volatilities the model can be estimated conveniently with standard Kalman filter techniques. Our resu...

CHANGES IN EXCHANGE RATE REGIMES

Directory of Open Access Journals (Sweden)

Carmen SANDU (TODERASCU

2014-06-01

Full Text Available The experience of recentyears showsthat it hasa fundamentalroleformation mechanismof the exchange rateinmacroeconomic stabilization. Global economiccrises, oil shockshave shownthe difficultyoffloatingsustainabilitybyparticipants in the system. EuropeanMonetary System, focused onconcertedfloatingcurrenciestoECU, was formedunder the conditionsin which somecountries have adoptedregional monetaryarrangements(EU countries, with suchbasescurrencyregimeshybridthat combinesspecific mechanismsto those offixedratefree floating. This paperaims to demonstratethe important role thatithasthe choice ofexchange rateregimeas abasic elementin thefoundationofmacroeconomic stabilizationinstruments. Consideredan expression of thestateof the domestic economyandinternationalcompetitiveness, the exchange rate is determined bya complex set ofexternal factorsorinternalstabilityisa prerequisite forthe crisis.

Martingale Regressions for a Continuous Time Model of Exchange Rates

OpenAIRE

Guo, Zi-Yi

2017-01-01

One of the daunting problems in international finance is the weak explanatory power of existing theories of the nominal exchange rates, the so-called “foreign exchange rate determination puzzle”. We propose a continuous-time model to study the impact of order flow on foreign exchange rates. The model is estimated by a newly developed econometric tool based on a time-change sampling from calendar to volatility time. The estimation results indicate that the effect of order flow on exchange rate...

Air Circulation and Heat Exchange Under Reduced Pressures

Science.gov (United States)

Rygalov, V.; Wheeler, R.; Dixon, M.; Fowler, P.; Hillhouse, L.

2010-01-01

Heat exchange rates decrease non-linearly with reductions in atmospheric pressure. This decrease creates risk of thermal stress (elevated leaf temperatures) for plants under reduced pressures. Forced convection (fans) significantly increases heat exchange rate under almost all pressures except below 10 kPa. Plant cultivation techniques under reduced pressures will require forced convection. The cooling curve technique is a reliable means of assessing the influence of environmental variables like pressure and gravity on gas exchange of plant. These results represent the extremes of gas exchange conditions for simple systems under variable pressures. In reality, dense plant canopies will exhibit responses in between these extremes. More research is needed to understand the dependence of forced convection on atmospheric pressure. The overall thermal balance model should include latent and radiative exchange components.

Investigating the effects of liquidity and exchange rate on Tehran Stock Exchange

Directory of Open Access Journals (Sweden)

Younos Vakil Alroaia

2014-08-01

Full Text Available This paper presents an empirical investigation to study the effects of two macroeconomic factors; namely exchange rate and liquidity on stock index. The proposed study was applied in Iran and on major index of Tehran Stock Exchange over the period 2001-2011. They reported that the currency exchange maintained negative impact on stock exchange for the period of investigation. This is due to the fact that when currency devalued, working capital decreases and firms did not enough money to purchase raw materials, pay wages, etc. In addition, liquidity marinated a direct and positive relationship with exchange index. However, the impact of liquidity seems to be bigger than currency exchange.

VOLATILITY OF EXCHANGE RATE IN THE CONTEXT OF FOREIGN TRADE

Directory of Open Access Journals (Sweden)

Oleg STRATULAT

2016-09-01

Full Text Available Moderate fluctuation of the exchange rate, basically in its floating regime is considered normality. Meanwhile,excessive volatility of the exchange rate is an issue for many countries. Its elimination is directed to foreign trade, which, through essential exports, followed by significant currency inflows, contribute to the stability of exchange rates. Unfortunately, Moldova’s foreign trade has become a key factor in maintaining the stability of foreign exchange.

Brazilian exchange rate complexity: Financial crisis effects

Science.gov (United States)

Piqueira, José Roberto C.; Mortoza, Letícia Pelluci D.

2012-04-01

With the financial market globalization, foreign investments became vital for the economies, mainly in emerging countries. In the last decades, Brazilian exchange rates appeared as a good indicator to measure either investors' confidence or risk aversion. Here, some events of global or national financial crisis are analyzed, trying to understand how they influenced the "dollar-real" rate evolution. The theoretical tool to be used is the López-Mancini-Calbet (LMC) complexity measure that, applied to real exchange rate data, has shown good fitness between critical events and measured patterns.

Air-side performance evaluation of three types of heat exchangers in dry, wet and periodic frosting conditions

Energy Technology Data Exchange (ETDEWEB)

Zhang, Ping [Zhejiang Vocational College of Commerce, Hangzhou, Binwen Road 470 (China); Department of Mechanical Science and Engineering University of Illinois at Urbana-Champaign 1206 West Green Street, Urbana, IL 61801 (United States); Hrnjak, P.S. [Department of Mechanical Science and Engineering University of Illinois at Urbana-Champaign 1206 West Green Street, Urbana, IL 61801 (United States)

2009-08-15

The performances of three types of heat exchangers that use the louver fin geometry: (1) parallel flow parallel fin with extruded flat tubes heat exchanger (PF{sup 2}), (2) parallel flow serpentine fin with extruded flat tubes heat exchanger (PFSF) and (3) round tube wave plate fin heat exchanger (RTPF) have been experimentally studied under dry, wet and frost conditions and results are presented. The parameters quantified include air-side pressure drop, water retention on the surface of the heat exchanger, capacity and overall heat transfer coefficient for air face velocity 0.9, 2 and 3 m/s, air humidity 70% and 80% and different orientations. The performances of three types of heat exchanger are compared and the results obtained are presented. The condensate drainage behavior of the air-side surface of these three heat exchanger types was studied using both the dip testing method and wind tunnel experiment. (author)

Fiscal deficits, exchange rate crises and inflation.

NARCIS (Netherlands)

van Wijnbergen, S.J.G.

1991-01-01

This article extends earlier work on unsustainable monetary policies by endogenizing the regime switch that ultimately restores sustainability. Within this framework we analyze exchange rate based stabilization programs and shows how constraints on Central Bank borrowing during an exchange crisis

Jump spillover between oil prices and exchange rates

Science.gov (United States)

Li, Xiao-Ping; Zhou, Chun-Yang; Wu, Chong-Feng

2017-11-01

In this paper, we investigate the jump spillover effects between oil prices and exchange rates. To identify the latent historical jumps for exchange rates and oil prices, we use a Bayesian MCMC approach to estimate the stochastic volatility model with correlated jumps in both returns and volatilities for each. We examine the simultaneous jump intensities and the conditional jump spillover probabilities between oil prices and exchange rates, finding strong evidence of jump spillover effects. Further analysis shows that the jump spillovers are mainly due to exogenous events such as financial crises and geopolitical events. Thus, the findings have important implications for financial risk management.

Asymmetric Exchange Rate Exposure - Research in Southeast Asian Countries

OpenAIRE

Minh Thi Hong Le; Ha Thi Cam Huynh; Hong Thi Thu Dinh

2017-01-01

The study aims to analyse the impact of exchange rate exposure on stock returns in six countries representative of Southeast Asia, including Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam from 2009 to 2014. Both nominal and real exchange rates are taken into account for evaluating exchange rate fluctuations via panel data. In order to achieve this goal, a panel regressive estimation approach is proposed in which a GLS model is firstly used to treat heteroscedasticity in the...

High temperature collecting performance of a new all-glass evacuated tubular solar air heater with U-shaped tube heat exchanger

International Nuclear Information System (INIS)

Wang, Pin-Yang; Guan, Hong-Yang; Liu, Zhen-Hua; Wang, Guo-San; Zhao, Feng; Xiao, Hong-Sheng

2014-01-01

Highlights: • A novel solar air heater with simplified CPC and U-type heat exchanger is designed and tested. • The system is made up of 10 linked collecting panels. • Simplified CPC has a much lower cost at the expense of slight efficiency loss. • The air heater can propose the heated air exceeding 200 °C with great air flow rate. - Abstract: Experiment and simulation are conducted on a new-type all-glass evacuated tubular solar air heater with simplified compound parabolic concentrator (CPC). The system is made up of 10 linked collecting panels and each panel includes a simplified CPC and an all-glass evacuated tube with a U-shaped copper tube heat exchanger installed inside. Air is gradually heated when passing through each U-shaped copper tube. The heat transfer model of the solar air heater is established and the outlet air temperature, the heat power and heat efficiency are calculated. Calculated and experimental results show that the present experimental system can provide the heated air exceeding 200 °C. The whole system has an outstanding high-temperature collecting performance and the present heat transfer model can meet the general requirements of engineering calculations

Numerical calibration and experimental validation of a PCM-Air heat exchanger model

International Nuclear Information System (INIS)

Stathopoulos, N.; El Mankibi, M.; Santamouris, Mattheos

2017-01-01

Highlights: • Development of a PCM-Air heat exchanger experimental unit and its numerical model. • Differential Scanning Calorimetry for PCM properties. • Ineptitude of DSC obtained heat capacity curves. • Creation of adequate heat capacity curves depending on heat transfer rates. • Confrontation of numerical and experimental results and validation of the model. - Abstract: Ambitious goals have been set at international, European and French level for energy consumption and greenhouse gas emissions decrease of the building sector. Achieving them requires renewable energy integration, a technology that presents however an important drawback: intermittent energy production. In response, thermal energy storage (TES) technology applications have been developed in order to correlate energy production and consumption of the building. Phase Change Materials (PCMs) have been widely used in TES applications as they offer a high storage density and adequate phase change temperature range. It is important to accurately know the thermophysical properties of the PCM, both for experimental (system design) and numerical (correct prediction) purposes. In this paper, the fabrication of a PCM – Air experimental prototype is presented at first, along with the development of a numerical model simulating the downstream temperature evolution of the heat exchanger. Particular focus is given to the calibration method and the validation of the model using experimental characterization results. Differential scanning calorimetry (DSC) is used to define the thermal properties of the PCM. Initial numerical results are underestimated compared to experimental ones. Various factors were investigated, pointing to the ineptitude of the heat capacity parameter, as DSC results depend on heating/cooling rates. Adequate heat capacity curves were empirically determined, depending on heat transfer rates and based on DSC results and experimental observations. The results of the proposed model

An empirical study of exchange rate pass-through in China

Directory of Open Access Journals (Sweden)

Jin Xiaowen

2012-01-01

Full Text Available This paper seeks to estimate exchange rate pass-through in China and investigate its relationship with monetary policy. Linear and VAR models are applied to analyze robustness. The linear model shows that, over the long run, a 1% appreciation of NEER causes a decline in the CPI inflation rate of 0.132% and PPI inflation rate of 0.495%. The VAR model supports the results of the linear model, suggesting a fairly low CPI pass-through and relatively higher PPI pass-through. Furthermore, this paper finds that, with the fixed exchange rate regime, CPI pass-through remains higher. The exchange rate regimes influence on CPI pass through, combined with the fact that appreciation diminishes inflation, suggests that the Chinese government could pursue a more flexible exchange rate policy. In addition, reasons for low exchange rate pass-through for CPI are analyzed. The analysis considers price control, basket and weight of Chinese price indices, distribution cost, and imported and non-tradable share of inputs.

Preliminary Analysis on Heat Removal Capacity of Passive Air-Water Combined Cooling Heat Exchanger Using MARS

International Nuclear Information System (INIS)

Kim, Seung-Sin; Jeon, Seong-Su; Hong, Soon-Joon; Bae, Sung-Won; Kwon, Tae-Soon

2015-01-01

Current design requirement for working time of PAFS heat exchanger is about 8 hours. Thus, it is not satisfied with the required cooling capability for the long term SBO(Station Black-Out) situation that is required to over 72 hours cooling. Therefore PAFS is needed to change of design for 72 hours cooling. In order to acquirement of long terms cooling using PAFS, heat exchanger tube has to be submerged in water tank for long time. However, water in the tank is evaporated by transferred heat from heat exchanger tubes, so water level is gradually lowered as time goes on. The heat removal capacity of air cooling heat exchanger is core parameter that is used for decision of applicability on passive air-water combined cooling system using PAFS in long term cooling. In this study, the development of MARS input model and plant accident analysis are performed for the prediction of the heat removal capacity of air cooling heat exchanger. From analysis result, it is known that inflow air velocity is the decisive factor of the heat removal capacity and predicted air velocity is lower than required air velocity. But present heat transfer model and predicted air velocity have uncertainty. So, if changed design of PAFS that has over 4.6 kW heat removal capacity in each tube, this type heat exchanger can be applied to long term cooling of the nuclear power plant

A New Approach to Forecasting Exchange Rates

OpenAIRE

Kenneth W Clements; Yihui Lan

2006-01-01

Building on purchasing power parity theory, this paper proposes a new approach to forecasting exchange rates using the Big Mac data from The Economist magazine. Our approach is attractive in three aspects. Firstly, it uses easily-available Big Mac prices as input. These prices avoid several serious problems associated with broad price indexes, such as the CPI, that are used in conventional PPP studies. Secondly, this approach provides real-time exchange-rate forecasts at any forecast horizon....

Experimental temperature analysis of simple & hybrid earth air tunnel heat exchanger in series connection at Bikaner Rajasthan India

Science.gov (United States)

Jakhar, O. P.; Sharma, Chandra Shekhar; Kukana, Rajendra

2018-05-01

The Earth Air Tunnel Heat Exchanger System is a passive air-conditioning system which has no side effect on earth climate and produces better cooling effect and heating effect comfortable to human body. It produces heating effect in winter and cooling effect in summer with the minimum power consumption of energy as compare to other air-conditioning devices. In this research paper Temperature Analysis was done on the two systems of Earth Air Tunnel Heat Exchanger experimentally for summer cooling purpose. Both the system was installed at Mechanical Engineering Department Government Engineering College Bikaner Rajasthan India. Experimental results concludes that the Average Air Temperature Difference was found as 11.00° C and 16.27° C for the Simple and Hybrid Earth Air Tunnel Heat Exchanger in Series Connection System respectively. The Maximum Air Temperature Difference was found as 18.10° C and 23.70° C for the Simple and Hybrid Earth Air Tunnel Heat Exchanger in Series Connection System respectively. The Minimum Air Temperature Difference was found as 5.20° C and 11.70° C for the Simple and Hybrid Earth Air Tunnel Heat Exchanger in Series Connection System respectively.

Constructal design of finned tubes used in air-cooled heat exchangers

Energy Technology Data Exchange (ETDEWEB)

Shokouhmand, Hossein; Mahjoub, Shoeib [University of Tehran, Tehran (Iran, Islamic Republic of); Salimpour, Mohammad Reza [Isfahan University of Technology, Isfahan (Iran, Islamic Republic of)

2014-06-15

The present study documents the constructal design and optimization of finned tubes used in air-cooled heat exchangers. The considered tubes are equipped with annular fins. The aim is to minimize the overall thermal resistance by morphing the geometry. The geometrical and thermo-physical parameters considered are the number of fins, ratio of fin height to tube diameter, Stanton number, ratio of fin conductivity to air conductivity, ratio of in-tube fluid conductivity to air conductivity and dimensionless pressure drop. Two constraints are applied in the optimization process: fixed overall volume of heat exchanger and fixed volume fraction of fin material. It is found that there exist optimal values for the number and the height of fins. Moreover, the optimal heat transfer has an extremum in a special volume fraction of fin material.

Constructal design of finned tubes used in air-cooled heat exchangers

International Nuclear Information System (INIS)

Shokouhmand, Hossein; Mahjoub, Shoeib; Salimpour, Mohammad Reza

2014-01-01

The present study documents the constructal design and optimization of finned tubes used in air-cooled heat exchangers. The considered tubes are equipped with annular fins. The aim is to minimize the overall thermal resistance by morphing the geometry. The geometrical and thermo-physical parameters considered are the number of fins, ratio of fin height to tube diameter, Stanton number, ratio of fin conductivity to air conductivity, ratio of in-tube fluid conductivity to air conductivity and dimensionless pressure drop. Two constraints are applied in the optimization process: fixed overall volume of heat exchanger and fixed volume fraction of fin material. It is found that there exist optimal values for the number and the height of fins. Moreover, the optimal heat transfer has an extremum in a special volume fraction of fin material.

Introducing False EUR and False EUR exchange rates

Science.gov (United States)

Ausloos, M.; Ivanova, K.

2000-10-01

The Euro ( EUR) is a new currency introduced by the European Community. Its exchange rate is very puzzling. We have invented a false Euro ( FEUR) dating back to 1993 and have derived the exchange rates of the FEUR with respect to currencies not belonging to the EUR, i.e., DKK, CHF, JPY and USD. This allows us to search for correlations between the fluctuations preexisting to the introduction of EUR and present ones in such financial data. The detrended fluctuation analysis ( DFA) statistical method is used. This leads to assume a power-law behavior, i.e., a scaling hypothesis, through an exponent α. The latter has demonstrated its usefulness for the investigations of long-range power-law correlations in several types of financial sequences. Our findings show that the α exponent interestingly characterizes fractional Brownian motion of the currency exchange rates between EUR and DKK over a 25 day interval, and usual Brownian motion otherwise and for the three other investigated exchange rates. We can devise an investment strategy based on the localα technique and obtain appreciable gains for the time being.

The Determinants of Real Exchange Rate Volatility in Nigeria

African Journals Online (AJOL)

Rahel

magnitude of exchange rate volatility while the federal government exercises control of ... objectives in the area of price stability and economic growth. Volatile real ..... Exchange rate shocks and instability is a common feature of emerging.

Global changes and the air-sea exchange of chemicals. Reports and studies. No. 48

Energy Technology Data Exchange (ETDEWEB)

GESAMP-IMO/FAO/UNESCO/WMO/WHO/IAEA/UN/UNEP Joint Group of Experts on the Scientific Aspects of Marine Pollution

1992-12-31

Present and future changes to global environment have implications for marine pollution and for air-sea exchange of both anthropogenic and natural substances. This report addresses 3 issues related to potential impact of global change on air-sea exchange of chemicals: Global change and air-sea transfer of nutrients nitrogen and iron. Global change and air-sea exchange of gases. Oceanic responses to radiative and oxidative changes in atmosphere. Deposition of atmospheric anthropogenic nitrogen has probably increased bio- productivity in coastal regions along continental margins. Atmospheric deposition of new nitrogen may also have increased productivity somewhat in mid-ocean regions. Projected future increases of N oxide emissions from Asia, Africa and South America will increase the rate of deposition of oxidized nitrogen to central North Pacific, equatorial Atlantic, and equatorial and central South Indian Oceans. Atmospheric iron may be an important nutrient in certain open regions. Future changes will likely occur from changed aridity and wind speed as a result of climate change. The most important future effects on surface ocean p{sub CO2} will likely be caused by changes in ocean circulation. The pH of ocean would decrease by {approx}0.3 units for a doubling of p{sub CO2}, reducing the capacity of the ocean to take up CO{sub 2}. There is evidence that dimethyl sulfide from ocean is a source of cloud condensation nuclei and thus a factor controlling cloud albedo. By 2060 in the southern hemisphere reduction in total column stratospheric ozone from recent levels could reach 2 to 5% in the tropics, 10% at mid latitudes, and over 20% at 60 deg C. S. Increases in ground-level effective UV-B radiation could also reach 5%, 26% and 66%, at low, mid, and high latitudes in southern hemisphere. Changes in photochemical processes in the surface waters of the ocean could also happen.

Apparent exchange rate for breast cancer characterization.

Science.gov (United States)

Lasič, Samo; Oredsson, Stina; Partridge, Savannah C; Saal, Lao H; Topgaard, Daniel; Nilsson, Markus; Bryskhe, Karin

2016-05-01

Although diffusion MRI has shown promise for the characterization of breast cancer, it has low specificity to malignant subtypes. Higher specificity might be achieved if the effects of cell morphology and molecular exchange across cell membranes could be disentangled. The quantification of exchange might thus allow the differentiation of different types of breast cancer cells. Based on differences in diffusion rates between the intra- and extracellular compartments, filter exchange spectroscopy/imaging (FEXSY/FEXI) provides non-invasive quantification of the apparent exchange rate (AXR) of water between the two compartments. To test the feasibility of FEXSY for the differentiation of different breast cancer cells, we performed experiments on several breast epithelial cell lines in vitro. Furthermore, we performed the first in vivo FEXI measurement of water exchange in human breast. In cell suspensions, pulsed gradient spin-echo experiments with large b values and variable pulse duration allow the characterization of the intracellular compartment, whereas FEXSY provides a quantification of AXR. These experiments are very sensitive to the physiological state of cells and can be used to establish reliable protocols for the culture and harvesting of cells. Our results suggest that different breast cancer subtypes can be distinguished on the basis of their AXR values in cell suspensions. Time-resolved measurements allow the monitoring of the physiological state of cells in suspensions over the time-scale of hours, and reveal an abrupt disintegration of the intracellular compartment. In vivo, exchange can be detected in a tumor, whereas, in normal tissue, the exchange rate is outside the range experimentally accessible for FEXI. At present, low signal-to-noise ratio and limited scan time allows the quantification of AXR only in a region of interest of relatively large tumors. © 2016 The Authors. NMR in Biomedicine published by John Wiley & Sons Ltd.

Thermal Sizing of Heat Exchanger Tubes for Air Natural Convective Cooling System of Emergency Cooling Tank

Energy Technology Data Exchange (ETDEWEB)

Kim, Myoung Jun; Lee, Hee Joon [Kookmin Univ., Seoul (Korea, Republic of); Moon, Joo Hyung; Bae, Youngmin; Kim, Youngin [Korea Atomic Energy Research Institute, Daejeon (Korea, Republic of)

2014-05-15

For the long operation of secondary passive cooling system, however, water level goes down by evaporation in succession at emergency cooling tank. At the end there would be no place to dissipate heat from condensation heat exchanger. Therefore, steam cooling heat exchanger is put on the top of emergency cooling tank to maintain appropriate water level by collecting evaporating steam. Steam cooling heat exchanger is installed inside an air chimney and evaporated steam is cooled down by air natural convection. In this study, thermal sizing of steam cooling heat exchanger under air natural convection was conducted by TSCON program for the design of experimental setup as shown in Fig. 2. Thermal sizing of steam cooling heat exchanger tube under air natural convection was conducted by TSCON program for the design of experimental setup. 25 - 1' tubes which has a length 1687 mm was determined as steam cooling heat exchanger at 2 kW heat load and 100 liter water pool in emergency cooling tank (experimental limit condition). The corresponding width of two tubes is 50 mm and has 5 by 5 tube array for heat exchanger.

Thermal Sizing of Heat Exchanger Tubes for Air Natural Convective Cooling System of Emergency Cooling Tank

International Nuclear Information System (INIS)

Kim, Myoung Jun; Lee, Hee Joon; Moon, Joo Hyung; Bae, Youngmin; Kim, Youngin

2014-01-01

For the long operation of secondary passive cooling system, however, water level goes down by evaporation in succession at emergency cooling tank. At the end there would be no place to dissipate heat from condensation heat exchanger. Therefore, steam cooling heat exchanger is put on the top of emergency cooling tank to maintain appropriate water level by collecting evaporating steam. Steam cooling heat exchanger is installed inside an air chimney and evaporated steam is cooled down by air natural convection. In this study, thermal sizing of steam cooling heat exchanger under air natural convection was conducted by TSCON program for the design of experimental setup as shown in Fig. 2. Thermal sizing of steam cooling heat exchanger tube under air natural convection was conducted by TSCON program for the design of experimental setup. 25 - 1' tubes which has a length 1687 mm was determined as steam cooling heat exchanger at 2 kW heat load and 100 liter water pool in emergency cooling tank (experimental limit condition). The corresponding width of two tubes is 50 mm and has 5 by 5 tube array for heat exchanger

Exchange rate regimes and inflation: Evidence from India.

OpenAIRE

Mohanty, Biswajit; Bhanumurthy, N.R.

2014-01-01

Exchange rate stability is crucial for inflation management as a stable rate is expected to reduce domestic inflation pressures through a `policy discipline effect'- restricting money supply growth, and a `credibility effect'- inducing higher money demand and reduced velocity of money. Alternatively, the impossibility trillema predicts that in the presence of an open capital account, a stable exchange rate may lead to lack of control on monetary policy and, hence, higher inflation. Using a mo...

Effects of interest rate, exchange rate and their volatilities on stock prices: evidence from banking industry of Pakistan

Directory of Open Access Journals (Sweden)

Syed Tehseen JAWAID

2012-08-01

Full Text Available This study investigates the effects of exchange rate, interest rates, and their volatilities on stock prices of banking industry of Pakistan. Cointegration results suggests the existance of significant negative long run relationship between exchange rate and short term interest rate with stock prices. On the other hand, positive and significant relationship exists between volatilities of exchange rate and interest rate with stock prices. Causality analysis confirms bidirectional causality between exchange rate and stock prices. Whereas, unidirectional causality runs from short term interest rate to stock prices. Sensitivity analysis confirms that the results are robust. It is suggested that investors should invest in banking sector stocks when exchange rate and interest rates are highly volatile. The result also supports the view that exchange rate and interest rate can be used as an indicator for investment decision making in banking sector stocks.

On equilibrium real exchange rates in euro area: Special focus on behavioral equilibrium exchange rates in Ireland and Greece

OpenAIRE

Klára Plecitá; Luboš Střelec

2012-01-01

This paper focuses on the intra-euro-area imbalances. Therefore the first aim of this paper is to identify euro-area countries exhibiting macroeconomic imbalances. The subsequent aim is to estimate equilibrium real exchange rates for these countries and to compute their degrees of real exchange rate misalignment. The intra-area balance is assessed using the Cluster Analysis and the Principle Component Analysis; on this basis Greece and Ireland are selected as the two euro-area countries with ...

Exchange rate policy and devaluation in Malawi:

OpenAIRE

Pauw, Karl; Dorosh, Paul A.; Mazunda, John

2013-01-01

This study demonstrates why devaluation was ultimately necessary in Malawi and also what its eventual impact might be in terms of prices, income distribution, and domestic production. Our approach is to use a computable general equilibrium (CGE) model to evaluate the economywide impacts of foreign exchange shortages in Malawi under two alternative exchange rate regimes. The foreign exchange shortages are modeled by simulating the effect of actual shocks, including tobacco price declines and r...

3ON PAK RUPEE EXCHANGE RATES: WHETHER STOCK OR FLOW MATTERS?

Directory of Open Access Journals (Sweden)

Razzaque H Bhatti

2011-01-01

Full Text Available This paper examines whether the monetary model or the flow model of exchange rate explains the long-run movements in Pak rupee exchange rates vis-à-vis the four major currencies – the US dollar, British pound, Swiss franc and Japanese yen – over the period 1983q1-2009q4. Results obtained by employing the Johansen and Juselius (1990 technique of cointegration are supportive of the monetary model in two Pak rupee exchange rates vis-à-vis the US dollar and the Swiss franc when both short- and long-run interest rates are used and of the flow model in three exchange rates vis-à-vis the British pound, Swiss franc and Japanese yen when the short-run interest rate is used. These results show that both stock equilibrium in capital markets and flow equilibrium in foreign exchange markets determine Pak rupee exchange rates.

THE DETERMINATION OF THE COSTA RICA COLON/USD EXCHANGE RATE

OpenAIRE

Yu Hsing

2009-01-01

The purpose of this paper is to compare four major exchange rate models for the Costa Rica Colon. We examine exchange rate data for the Costa Rica/U.S. dollar relationship from 1981-2007 and find that monetary models have a higher explanatory ability whereas the Mundell-Fleming model performs better in forecasting exchange rates than other models. The coefficient of the interest rate differential in the uncovered interest parity model has a wrong sign.

Effects of Monetary Shocks on Exchange Rate: Empirical Evidence from India

Directory of Open Access Journals (Sweden)

Sharma Chandan

2017-08-01

Full Text Available This paper examines the effect of monetary policy shocks on exchange rate in a Multiple Indicator Approach (MIA framework. This study has employed a monetary policy index of key monetary policy instruments in India (Bank rate, Cash Reserve Ratio, Repo and Reverse Repo rates. The study finds the empirical evidence for puzzling behavior of price level and exchange rate. Both price and exchange rate increase initially in response to a contractionary policy shock. Policy shocks affect output, inflation and exchange rate to an appreciable extent over a forecasting horizon of one year.

Empirical Correction for Differences in Chemical Exchange Rates in Hydrogen Exchange-Mass Spectrometry Measurements.

Science.gov (United States)

Toth, Ronald T; Mills, Brittney J; Joshi, Sangeeta B; Esfandiary, Reza; Bishop, Steven M; Middaugh, C Russell; Volkin, David B; Weis, David D

2017-09-05

A barrier to the use of hydrogen exchange-mass spectrometry (HX-MS) in many contexts, especially analytical characterization of various protein therapeutic candidates, is that differences in temperature, pH, ionic strength, buffering agent, or other additives can alter chemical exchange rates, making HX data gathered under differing solution conditions difficult to compare. Here, we present data demonstrating that HX chemical exchange rates can be substantially altered not only by the well-established variables of temperature and pH but also by additives including arginine, guanidine, methionine, and thiocyanate. To compensate for these additive effects, we have developed an empirical method to correct the hydrogen-exchange data for these differences. First, differences in chemical exchange rates are measured by use of an unstructured reporter peptide, YPI. An empirical chemical exchange correction factor, determined by use of the HX data from the reporter peptide, is then applied to the HX measurements obtained from a protein of interest under different solution conditions. We demonstrate that the correction is experimentally sound through simulation and in a proof-of-concept experiment using unstructured peptides under slow-exchange conditions (pD 4.5 at ambient temperature). To illustrate its utility, we applied the correction to HX-MS excipient screening data collected for a pharmaceutically relevant IgG4 mAb being characterized to determine the effects of different formulations on backbone dynamics.

Energy use, air infiltration, and indoor air quality in well-insulated residences

International Nuclear Information System (INIS)

Koontz, M.D.; Nagda, N.L.

1989-01-01

This paper reports two unoccupied bilevel houses of identical design and construction studied to determine the relationships among air exchange, energy consumption, and indoor air quality. The experimental house was retrofitted to increase building tightness and was equipped with an air-to-air heat exchanger; the control house was kept in its initial state of construction. Infiltration, energy, indoor air quality, and environmental parameters were monitored in both houses before and after the retrofit. It was found that the retrofit decreased air infiltration rates by nearly 25 percent, heating energy savings of 12 to 20 percent were achieved through the retrofit, and among the pollutants monitored, only radon and radon progeny increased in proportion to the reduced infiltration. Similarly, when the heat exchanger was operated, radon and radon progeny were the only pollutants reduced in proportion to the added air exchange

A panel data investigation of real exchange rate misalignment and growth

Directory of Open Access Journals (Sweden)

Flávio Vilela Vieira

2012-09-01

Full Text Available The paper investigates the role of real exchange rate misalignment on long-run growth for a set of ninety countries using time series data from 1980 to 2004. We first estimate a panel data model (fixed and random effects for the real exchange rate in order to produce estimates of the equilibrium real exchange rate and this is then used to construct measures of real exchange rate misalignment. We provide an alternative set of estimates of RER misalignment using panel cointegration methods. The results for the two-step System GMM panel growth models indicate that the coefficients for real exchange rate misalignment are positive for different model specification and samples, which means that a more depreciated (appreciated real exchange rate helps (harms long-run growth. The estimated coefficients are higher for developing and emerging countries.

Exchange Rate Instability: Japan's Micro-Macro Experiences and Implications for China

Institute of Scientific and Technical Information of China (English)

Mamoru Ishida

2006-01-01

Since 1985, the yen-dollar exchange rates repeatedly fluctuated and climbed to a level that could not be justified by economic fundamentals. The impacts on the Japanese economy were serious and far-reaching.Since 21 July 2005, China has been moving toward a more flexible exchange rate regime. Keeping RMB exchange rates basically stable and providing Chinese industries with means to hedge exchange rate risks are essential for China's sound economic development.

Exchange Rate Expectations, Currency Crises, and the Pricing of American Depositary Receipts

OpenAIRE

Eichler, Stefan

2012-01-01

I.1 Motivation Exchange rates are a key issue in international economics and politics. While the determinants of exchange rates have been extensively studied in previous works, this dissertation contributes to the literature by deriving exchange rate expectations from stock market (ADR) data and analyzing their determinants. This exercise is done for three cases where one has to resort to exchange rate expectations since the national exchange rate is either manipulated by the central bank...

Real exchange rate persistence and the excess return puzzle

DEFF Research Database (Denmark)

Juselius, Katarina; Assenmacher, Katrin

2017-01-01

The PPP puzzle refers to the wide swings of nominal exchange rates around their long-run equilibrium values whereas the excess return puzzle represents the persistent deviation of the domestic-foreign interest rate differential from the expected change in the nominal exchange rate. Using the I(2......) cointegrated VAR model, much of the excess return puzzle disappears when an uncertainty premium in the foreign exchange market, proxied by the persistent PPP gap, is introduced. Self-reinforcing feedback mechanisms seem to cause the persistence in the Swiss-US parity conditions. These results support imperfect...

Exchange Rate and Interest Rate in the Monetary Policy Reaction Function

Directory of Open Access Journals (Sweden)

Krušković Borivoje D.

2017-01-01

Full Text Available In recent years there has been a particular interest in the relation between exchange rates and interest rates both in developed countries and emerging countries. This is understandable given the important role that these variables have in determining the movement of nominal and real economic variables, including the movement of domestic inflation, real output, exports and imports, foreign exchange reserves, etc. To realized the importance of the given instruments selected macroeconomic indicators, data analysis (monthly data relating to Serbia was made on the basis of the Transfer Function Model, a data analysis (annual data relating to emerging countries was done on the basis of the Stepvise Multiple Regression model. In the transfer function model we used the Maximum Likelihood method for assessing unknown coefficients. In the gradual multiple regression model we used the Least Square method for the evaluation of unknown coefficients. All indicator values were used in the original unmodified form, i.e. there was no need for a variety of transformations. Empirical analysis showed that the exchange rate is a more significant transmission mechanism than the interest rate both in emerging markets and Serbia.

Plate heat exchangers in air conditioning applications. Development of air-coolers, air-heaters and air-conditioning units with low pressure loss. Plattenwaermetauscher in raumlufttechnischen Anlagen. Entwicklung stroemungsoptimierter Luftkuehler, Lufterhitzer und Klimageraete

Energy Technology Data Exchange (ETDEWEB)

Bach, H; Diemer, R; Eisenmann, G; Goettling, D; Madjidi, M

1989-08-01

To prepare the development of a water to air plate heat exchanger the state of the art, i.e. the technological knowhow and the design basis are given. The concept and ideas are presented which lead to a slightly wavy plate. Furthermore an exemplary design of a plate heat exchanger and an air-conditioning unit is described and finally the application of plate heat exchangers as direct evaporators and the potential icing problems are investigated. Comparing measured and calculated data shows that the performance of plates with plane surfaces can be predicted fairly well by the presented design methods. The performance of plates with strongly wavy surface however has to be measured. Optimization calculations yield to an air gap of slightly over 4 mm. Comparison with an air-conditioning unit demonstrates that the strongest advantage is for the air cooler (one third of the pressure loss) that a new concept of an air-conditioning unit has lower losses in the fan unit and that it does not need an eliminator. This results in half the volume for the new unit, in a pressure drop of 88%, fan power of 90% and fan revolutions of 50%. (orig./GL).

On the calculation of air flow rates to ventilate closed-type stations in subway with the double-track tunnel

Science.gov (United States)

Kiyanitsa, LA

2018-03-01

Metro is not only the most promising kind of public transport but also an important part of infrastructure in a modern city. As a place where large groups of people gather, subway is to ensure the required air exchange at the passenger platforms of the stations. The air flow rate for airing the stations is also determined based on the required temperature, humidity and MAC of gases. The present study estimates the required air flow rate at the passenger platform of the closed-type subway station with the double-track tunnel given the standard air temperature, humidity and gas concentration, as well as based on the condition of the specified air flow feed and air changes per hour. The article proposes the scheme of air recirculation from the double-track tunnel to the station.

The Effect of Exchange Rate Volatility on Iran’s Raisin Export

OpenAIRE

2014-01-01

Exchange rate volatility is one of the effective and ambiguous factors in agricultural product export. Considering the importance of agricultural trade to avoid single-product economy, the main aim of this study was to investigate the impact of exchange rate volatility on the Raisin export of Iran during the years1959-2011. For this purpose, exchange rate volatility index was estimated using Moving Average Standard Deviation (MASD). Then, the impact of exchange rate volatility on the value of...

The effects of rice canopy on the air-soil exchange of polycyclic aromatic hydrocarbons and organochlorine pesticides using paired passive air samplers.

Science.gov (United States)

Wang, Yan; Wang, Shaorui; Luo, Chunling; Li, Jun; Ming, Lili; Zhang, Gan; Li, Xiangdong

2015-05-01

The rice canopy in paddy fields can influence the air-soil exchange of organic chemicals. We used paired passive air samplers to assess the exchange of polycyclic aromatic hydrocarbons (PAHs) and organochlorine pesticides (OCPs) in a paddy field, South China. Levels of OCPs and light PAHs were generally higher under the canopy than above it. We found that the rice canopy can physically obstruct the evaporation of most OCPs and light PAHs, and can also act as a barrier to the gaseous deposition of p,p'-DDT and heavy PAHs. Paddy fields can behave as a secondary source of OCPs and light PAHs. The homolog patterns of these two types of chemical varied slightly between the air below and above the rice canopy, implying contributions of different sources. Paired passive air samplers can be used effectively to assess the in situ air-soil exchange of PAHs and OCPs in subtropical paddy fields. Copyright © 2015 Elsevier Ltd. All rights reserved.

Exchange rate stabilization under imperfect credibility

OpenAIRE

Calvo, Guillermo; Vegh, Carlos

1991-01-01

This paper analyzes stabilization policy under predetermined exchange rates in a cash-in-advance, staggered-prices model. Under full credibility, a reduction in the rate of devaluation results in an immediate and permanent reduction in the inflation rate, with no effect on output or consumption. In contrast, a non-credible stabilization results in an initial expansion of output, followed by a later recession. The inflation rate of home goods remains above the rate of devaluation throughout...

Processes of Ammonia Air-Surface Exchange in a Fertilized Zea Mays Canopy

Science.gov (United States)

Recent incorporation of coupled soil biogeochemical and bi-directional NH3 air-surface exchange algorithms into regional air quality models holds promise for further reducing uncertainty in estimates of NH3 emissions from fertilized soils. While this advancement represents a sig...

Exchange rate policy and external debt in emerging economies: an empirical analysis

OpenAIRE

Cebir, Bilgen

2012-01-01

In this thesis, we empirically analyze the e ects of exchange rate policy on external debt accumulation in emerging market economies with a sample of 15 countries over the period 1998-2010. The exchange rate policy is captured by the de facto exchange rate classi cation of Ilzetzki, Reinhart, and Rogo (2008). This classification is based on the actual exchange rate behavior rather than the officially declared regimes. Therefore, it is expected to better reflect the exchange rate policies act...

Cross-correlations between RMB exchange rate and international commodity markets

Science.gov (United States)

Lu, Xinsheng; Li, Jianfeng; Zhou, Ying; Qian, Yubo

2017-11-01

This paper employs multifractal detrended analysis (MF-DFA) and multifractal detrended cross-correlation analysis (MF-DCCA) to study cross-correlation behaviors between China's RMB exchange rate market and four international commodity markets, using a comprehensive set of data covering the period from 22 July 2005 to 15 March 2016. Our empirical results from MF-DFA indicate that the RMB exchange rate is the most inefficient among the 4 selected markets. The results from quantitative analysis have testified the existence of cross-correlations and the result from MF-DCCA have further confirmed a strong multifractal behavior between RMB exchange rate and international commodity markets. We also demonstrate that the recent financial crisis has significant impact on the cross-correlated behavior. Through the rolling window analysis, we find that the RMB exchange rates and international commodity prices are anti-persistent cross-correlated. The main sources of multifractality in the cross-correlations are long-range correlations between RMB exchange rate and the aggregate commodity, energy and metals index.

Statistical Analysis of the Exchange Rate of Bitcoin.

Science.gov (United States)

Chu, Jeffrey; Nadarajah, Saralees; Chan, Stephen

2015-01-01

Bitcoin, the first electronic payment system, is becoming a popular currency. We provide a statistical analysis of the log-returns of the exchange rate of Bitcoin versus the United States Dollar. Fifteen of the most popular parametric distributions in finance are fitted to the log-returns. The generalized hyperbolic distribution is shown to give the best fit. Predictions are given for future values of the exchange rate.

Air breathing and aquatic gas exchange during hypoxia in armoured catfish.

Science.gov (United States)

Scott, Graham R; Matey, Victoria; Mendoza, Julie-Anne; Gilmour, Kathleen M; Perry, Steve F; Almeida-Val, Vera M F; Val, Adalberto L

2017-01-01

Air breathing in fish is commonly believed to have arisen as an adaptation to aquatic hypoxia. The effectiveness of air breathing for tissue O 2 supply depends on the ability to avoid O 2 loss as oxygenated blood from the air-breathing organ passes through the gills. Here, we evaluated whether the armoured catfish (Hypostomus aff. pyreneusi)-a facultative air breather-can avoid branchial O 2 loss while air breathing in aquatic hypoxia, and we measured various other respiratory and metabolic traits important for O 2 supply and utilization. Fish were instrumented with opercular catheters to measure the O 2 tension (PO 2 ) of expired water, and air breathing and aquatic respiration were measured during progressive stepwise hypoxia in the water. Armoured catfish exhibited relatively low rates of O 2 consumption and gill ventilation, and gill ventilation increased in hypoxia due primarily to increases in ventilatory stroke volume. Armoured catfish began air breathing at a water PO 2 of 2.5 kPa, and both air-breathing frequency and hypoxia tolerance (as reflected by PO 2 at loss of equilibrium, LOE) was greater in individuals with a larger body mass. Branchial O 2 loss, as reflected by higher PO 2 in expired than in inspired water, was observed in a minority (4/11) of individuals as water PO 2 approached that at LOE. Armoured catfish also exhibited a gill morphology characterized by short filaments bearing short fused lamellae, large interlamellar cell masses, low surface area, and a thick epithelium that increased water-to-blood diffusion distance. Armoured catfish had a relatively low blood-O 2 binding affinity when sampled in normoxia (P 50 of 3.1 kPa at pH 7.4), but were able to rapidly increase binding affinity during progressive hypoxia exposure (to a P 50 of 1.8 kPa). Armoured catfish also had low activities of several metabolic enzymes in white muscle, liver, and brain. Therefore, low rates of metabolism and gill ventilation, and a reduction in branchial gas-exchange

EXCHANGE-RATES FORECASTING: EXPONENTIAL SMOOTHING TECHNIQUES AND ARIMA MODELS

Directory of Open Access Journals (Sweden)

Dezsi Eva

2011-07-01

Full Text Available Exchange rates forecasting is, and has been a challenging task in finance. Statistical and econometrical models are widely used in analysis and forecasting of foreign exchange rates. This paper investigates the behavior of daily exchange rates of the Romanian Leu against the Euro, United States Dollar, British Pound, Japanese Yen, Chinese Renminbi and the Russian Ruble. Smoothing techniques are generated and compared with each other. These models include the Simple Exponential Smoothing technique, as the Double Exponential Smoothing technique, the Simple Holt-Winters, the Additive Holt-Winters, namely the Autoregressive Integrated Moving Average model.

Estimating Exchange Market Pressure and the Degree of Exchange Market Intervention for Finland during the Floating Exchange Rate Regime

OpenAIRE

Pösö, Mika; Spolander, Mikko

1997-01-01

In this paper, we use a fairly simple monetary macro model to calculate the quarterly measures of exchange market pressure and the degree of the Bank of Finland's intervention during the time the markka was floated. Exchange market pressure measures the size of the exchange rate change that would have occurred if the central bank had unexpectedly refrained from intervening in the foreign exchange market. Intervention activity of the central bank is measured as the proportion of exchange marke...

A re-examination of the exchange rate overshooting hypothesis

African Journals Online (AJOL)

kirstam

Studies on exchange rate overshooting on the Zambian foreign exchange rate market are .... depreciation between 2008 and 2009 during the great recession. Figure 2 shows ...... manufacturing sector in Nigeria', European Journal of Business and Management, 5(22):. 67–73 .... paper. Washington, DC: IMF Working Paper.

Application for Determination of the Forward Exchange Rate in Access 2003

Directory of Open Access Journals (Sweden)

Loredana MOCEAN

2006-01-01

Full Text Available The exchange rate set the present rate for a foreign currency transaction with payment or delivery at some future date. Forward rates are calculated by using the current exchange rate for the currency pair and the interest rates for the two currencies and allow you to lock in rate now for a future. This paper describes the formulas which determinate the forward exchange rate and how can we implement them in a short, but efficient informatics application.

The Brazilian experience in managing interest-exchange rate nexus

OpenAIRE

Ricardo Carneiro; Pedro Rossi

2013-01-01

This paper addresses four main questions: firstly, it discusses some theoretical background related to the interest-exchange rate nexus; secondly, it makes an attempt to explain why the interest rate in Brazil is so high, examining briefly the main explanations for it; thirdly, it describes Brazil’s foreign exchange markets, their size and hierarchy; and lastly, it explains the carry trade dynamics considering the institutionalism of the Brazilian foreign exchange market and also the govern...

Real Exchange Rate and Productivity in an OLG Model

OpenAIRE

Thi Hong Thinh DOAN; Karine GENTE

2013-01-01

This article develops an overlapping generations model to show how demography and savings affect the relationship between real exchange rate (RER) and productivity. In high-saving (low-saving) countries and/or low-population-growth-rate countries, a rise in productivity leads to a real depreciation (appreciation) whereas the RER may appreciate or depreciate in highproduction-growth-rate. Using panel data, we conclude that a rise in productivity generally causes a real exchange rate appreciati...

Exchange Rate Regime and External Adjustment in CEE Countries

Directory of Open Access Journals (Sweden)

Jacek Pietrucha

2015-04-01

Full Text Available The paper reviews effects of exchange rate regime's choice for adjustments processes in current accounts (CA in the Central and Eastern Europe countries between 2008-2012. During the period of global financial crisis, Poland may be treated as a handbook example of the reaction of floating exchange rate to shock and adjustments in the form of expenditure switching. However, the Polish experience is not typical among the Central and Eastern Europe countries. There is no evidence for the positive role of floating exchange rate in macroeconomic adjustments after the crisis in Central and Eastern Europe countries which belong to EU. The adjustments in the countries with fixed regimes were fast and deep. The real exchange rate decreased and export, CA and goods and services balance improved, development distance against EU countries was reduced. However, the experience of Baltic countries, which have internal devaluation, should be very carefully conveyed to other countries.

Air quality in low-ventilated museum storage buildings

DEFF Research Database (Denmark)

Ryhl-Svendsen, Morten; Aasbjerg Jensen, Lars; Klenz Larsen, Poul

2014-01-01

Modern low-energy museum storage buildings are often designed for a low air exchange rate, on the order of less than 1 exchange per day. We investigated how this affected the indoor air quality in six Danish museum storage buildings. The infiltration of ambient pollutants, and the level to which...... internally-generated pollutants accumulate, were measured by passive sampling of ozone, nitrogen dioxide, and organic acids. The air exchange rates and the interchange of air between storage rooms were measured by the per-fluorocarbon tracer gas method. Ambient pollutants were reduced in concentration...

Novel approach for evaluation of air change rate in naturally ventilated occupied spaces based on metabolic CO2 time variation

DEFF Research Database (Denmark)

Melikov, Arsen Krikor; Markov, Detelin G.

2014-01-01

IAQ in many residential buildings relies on non-organized natural ventilation. Accurate evaluation of air change rate (ACR) in this situation is difficult due to the nature of the phenomenon - intermittent infiltration-exfiltration periods of mass exchange between the room air and the outdoor air...... at low rate. This paper describes a new approach for ACR evaluation in naturally ventilated occupied spaces. Actual metabolic CO2 time variation record in an interval of time is compared with the computed variation of metabolic CO2 for the same time interval under reference conditions: sleeping occupants...

Statistical Analysis of the Exchange Rate of Bitcoin.

Directory of Open Access Journals (Sweden)

Jeffrey Chu

Full Text Available Bitcoin, the first electronic payment system, is becoming a popular currency. We provide a statistical analysis of the log-returns of the exchange rate of Bitcoin versus the United States Dollar. Fifteen of the most popular parametric distributions in finance are fitted to the log-returns. The generalized hyperbolic distribution is shown to give the best fit. Predictions are given for future values of the exchange rate.

Statistical Analysis of the Exchange Rate of Bitcoin

Science.gov (United States)

Chu, Jeffrey; Nadarajah, Saralees; Chan, Stephen

2015-01-01

Bitcoin, the first electronic payment system, is becoming a popular currency. We provide a statistical analysis of the log-returns of the exchange rate of Bitcoin versus the United States Dollar. Fifteen of the most popular parametric distributions in finance are fitted to the log-returns. The generalized hyperbolic distribution is shown to give the best fit. Predictions are given for future values of the exchange rate. PMID:26222702

How Do Countries Choose their Exchange Rate Regime?

OpenAIRE

Helene Poirson Ward

2001-01-01

This paper investigates the determinants of exchange rate regime choice in 93 countries during 1990-98. Cross-country analysis of variations in international reserves and nominal exchange rates shows that (i) truly fixed pegs and independent floats differ significantly from other regimes and (ii) significant discrepancies exist between de jure and de facto flexibility. Regression results highlight the influence of political factors (political instability and government temptation to inflate),...

9Real exchange rate misalignment and economic performance in ...

African Journals Online (AJOL)

the impact of real exchange rate misalignment has not received adequate attention .... investment (FDI) and the commercial exploitation of oil in 1999. Notably, the flow of .... the analysis proceeds in two steps: 1) we measure the exchange rate misalignment, ... non-tradable goods (TAX) and the net foreign income (NFI).

The effect of exchange rate devaluation on selected agricultural ...

African Journals Online (AJOL)

The effect of exchange rate devaluation on selected agricultural export commodities in Nigeria. ... The overall results confirmed that in most cases, the lagged values of exchange rate devaluation had a significant and positive relationship with agricultural export commodities but of a higher magnitude in the Total agricultural ...

Exchange rate volatility and regime change: a Visegrad comparison

Czech Academy of Sciences Publication Activity Database

Kočenda, Evžen; Valachy, J.

2006-01-01

Roč. 34, č. 4 (2006), s. 727-753 ISSN 0147-5967 Institutional research plan: CEZ:MSM0021620846 Keywords : exchange rate s * exchange rate regime s * volatility Subject RIV: EH - Ecology, Behaviour Impact factor: 0.964, year: 2006 http://dx.doi.org/10.1016/j.jce.2006.07.003

Are international fund flows related to exchange rate dynamics?

NARCIS (Netherlands)

Li, Suxiao; de Haan, Jakob; Scholtens, Bert

2018-01-01

Employing monthly data for 53 countries between 1996 and 2015, we investigate the relationship between international fund flows and exchange rate dynamics. We find strong co-movement between funds flows (as measured with the EPFR Global data base) and bilateral real exchange rates vis-à-vis the USD.

Investigating the asymmetric relationship between inflation-output growth exchange rate changes

Science.gov (United States)

Chu, Jenq Fei; Sek, Siok Kun

2017-08-01

The relationship between inflation-output growth or output variation has long been studied. In this study, we extend the investigation under two exchange rate flexibility/regime in four Asian countries (Indonesia, Korea, Philippines and Thailand) that have experienced drastic exchange rate regime changes aftermath the financial crisis of 1997. These countries have switched from fixed/rigid exchange rate regime to flexible exchange rate and inflation targeting (IT) regime after the crisis. Our main objective is to compare the inflation-output trade-off relationship in the pre-IT and post-IT periods as a tool to evaluate the efficiency of monetary policy. A nonlinear autoregressive distributed lags (NARDL) model is applied to capture the asymmetric effects of exchange rate changes (increases and decreases). The data ranging from 1981M1 onwards till 2016M3. Our results show that exchange rate has asymmetric effect on inflation both short-run and long-run with larger impact in the post-IT period under flexible regime. Depreciation of exchange rate has leads to higher inflation. Furthermore, we find evidences on the relationship between inflation and growth in both short-run and long-run, but the trade-off only detected in the short run both in the pre- and post-IT periods.

A Critical Appraisal of Exchange Rate Policies and the Value of ...

African Journals Online (AJOL)

This paper critically appraised exchange rate policies and its influence on the value of the domestic currency (i.e. Naira) in Nigeria for the period 1970 through 2002 within the framework of tabular approach. Exchange rate theories and the exchange rate policies prior to SAP, during SAP and after SAP were reviewed.

Terms of trade and exchange rate regimes in developing countries

OpenAIRE

Christian Broda

2002-01-01

Since Friedman (1953), an advantage often attributed to flexible exchange rate regimes over fixed regimes is their ability to insulate more effectively the economy against real shocks. I use a post-Bretton Woods sample (1973-96) of seventy-five developing countries to assess whether the responses of real GDP, real exchange rates, and prices to terms-of-trade shocks differ systematically across exchange rate regimes. I find that responses are significantly different across regimes in a way tha...

Fiscal imbalances and exchange rate management: Greece on the track of EMU

OpenAIRE

Δημόπουλος, Γ. Δ.; Φρατζέσκος, Ε. Κ.; Καπόπουλος, Παναγιώτης

1998-01-01

Measured against PPP. the drachma effective exchange rate was overvalued by a significant amount, implying that the devaluation on March 1998 was an adjustment of the exchange rate towards the long-run price differentials. The paper also analyses the links between fiscal policy, interest rates and the real exchange rate in Greece and attempts to empirically measure the forces that push the exchange rate toward real appreciation. The results suggest that positive shocks to governme...

Parametric investigation of a non-constant cross sectional area air to air heat exchanger

International Nuclear Information System (INIS)

Cárdenas, Bruno; Garvey, Seamus; Kantharaj, Bharath; Simpson, Michael

2017-01-01

Highlights: • Evaluation of complex geometry aimed at minimizing volume per unit of exergy transfer. • The use of a non-constant cross-section for the heat exchanger is proposed. • The performance gains attainable via modern manufacturing techniques are discussed. • The trade-off between overall exergy efficiency and cost is thoroughly analysed. • A quadratic proportion between volume and characteristic dimension has been found. - Abstract: The present article addresses the design, mathematical modelling and analysis of a novel highly exergy-efficient air to air heat exchanger. An intricate design based on an hexagonal mesh is proposed for the cross-sectional area of the heat exchanger with aims to explore the performance gains that can be obtained by exploiting the capabilities and benefits offered by modern fabrication techniques such as additive manufacturing. Special attention is paid to understanding the relationship or trade-off that exists between the overall exergy efficiency of the heat exchanger and its cost. The iterative algorithm used to find the geometrical parameters that yield the best performance in terms of volume of material required per unit of exergy transfer at a certain level of efficiency, as well as the assumptions and simplifications made, are comprehensively explained. It has been found through the analyses carried out performed, which are thoroughly discussed throughout the paper, that if the characteristic dimension of the heat exchanger is scaled up by a factor of n, the volume of material per kW of exergy transfer at certain exergy efficiency will increase by a factor of n squared. This is a very important observation, possibly applicable to other types of heat exchangers, that indicates that performance improves dramatically at smaller scales. The overall performance of the case study presented is satisfactory, a volume of material as low as 84.8 cm"3 for one kW of exergy transfer can be achieved with a 99% exergy

Emission trading in Europe with an exchange rate

International Nuclear Information System (INIS)

Klassen, G.A.J.; Amann, M.; Foersund, F.R.

1994-01-01

The analytical and empirical properties of a new method for emission trading according to a fixed exchange rate are explored. The exchange rate is based on the ratios of the marginal costs of abatement in the optimal solution in order to account for the impact of the location of emission sources on the deposition. It is shown that, generally, this system will not achieve the optimal solution and does not guarantee that environmental deposition constraints are not violated, although total abatement costs are always reduced. A routine was developed to mimic trading as a bilateral, sequential process, subject to an exchange rate. Use has been made of an adapted version of the optimization module in the RAINS (REgional Acidification INformation and Simulation) model. In the example used, results for SO 2 emissions in Europe show that, starting from a uniform reduction, exchange-rate trading achieves higher cost savings than one-to-one trading, without achieving the cost minimum. Sulfur deposition targets are not violated since the initial emission allocation overfulfilled targets at many places. The results are sensitive to: pre-trade emission levels, the transaction costs, the availability of information on potential cost savings and assumptions made on the behavior of trading partners. 6 figs., 3 tabs., 28 refs

Quantitation of chemical exchange rates using pulsed-field-gradient diffusion measurements

International Nuclear Information System (INIS)

Andrec, Michael; Prestegard, James H.

1997-01-01

A new approach to the quantitation of chemical exchange rates is presented, and its utility is illustrated with application to the exchange of protein amide protons with bulk water. The approach consists of a selective-inversion exchange HMQC experiment in which a short spin echo diffusion filter has been inserted into the exchange period. In this way, the kinetics of exchange are encoded directly in an apparent diffusion coefficient which is a function of the position of the diffusion filter in the pulse sequence. A detailed theoretical analysis of this experiment indicates that, in addition to the measurement of simple exchange rates, the experiment is capable of measuring the effect of mediated exchange, e.g. the transfer of magnetization from bulk water to an amide site mediated by an internal bound water molecule or a labile protein side-chain proton in fast exchange with bulk water. Experimental results for rapid water/amide exchange in acyl carrier protein are shown to be quantitatively consistent with the exchange rates measured using a selective-inversion exchange experiment

Behavior of cross flow heat exchangers during the cooling and dehumidification of air

Energy Technology Data Exchange (ETDEWEB)

Ober, C [Karlsruhe Univ. (TH) (Germany, F.R.). Inst. fuer Mess- und Regelungstechnik mit Maschinenlaboratorium

1980-09-01

The task of cross flow heat exchangers in room air engineering consists on the one hand in heating up the air and, on the other hand, in the simultaneous cooling and dehumidification. The facilities used for this purpose generally are multi-row finned pipe heat exchangers which when used for cooling contain cold water or brine as the working fluid. The use of directly evaporating freezing mixtures may not be included in this consideration. The model establishment for the dynamic and the static behavior of multi-row cross flow heat exchangers during cooling and dehumidification of air has been derived in this contribution. The representation is performed for the dynamic case in the complex, display range of the Laplace transformation. A comparison with experimental results can be done very simply by means of measurements of the frequency-responce curves in the form of Bode diagrams. The description of the static behaviour may be applied as a basis for humidity controls with more favourable energy utilization.

Multivariable nonlinear analysis of foreign exchange rates

Science.gov (United States)

Suzuki, Tomoya; Ikeguchi, Tohru; Suzuki, Masuo

2003-05-01

We analyze the multivariable time series of foreign exchange rates. These are price movements that have often been analyzed, and dealing time intervals and spreads between bid and ask prices. Considering dealing time intervals as event timing such as neurons’ firings, we use raster plots (RPs) and peri-stimulus time histograms (PSTHs) which are popular methods in the field of neurophysiology. Introducing special processings to obtaining RPs and PSTHs time histograms for analyzing exchange rates time series, we discover that there exists dynamical interaction among three variables. We also find that adopting multivariables leads to improvements of prediction accuracy.

E-Commerce and Exchange Rate Exposure Management

DEFF Research Database (Denmark)

Aabo, Tom

2001-01-01

The aim of this paper is to address the impact of E-commerce on the balance between real hedging and financial hedging in the context of exchange rate exposure management in non-financial companies. A cross-case study of industrial companies highlights the inadequacy in taking a partial and static...... financial approach when managing exchange rate exposures. The paper argues that the emergence of E-commerce - by reducing the cost of obtaining, analyzing and allocating information - affects the dynamics of the markets and the dynamics of the company in such a way that a general tilt towards real hedging...

Exchange rate arrangements: From extreme to "normal"

Directory of Open Access Journals (Sweden)

Beker Emilija

2006-01-01

Full Text Available The paper studies theoretical and empirical location dispersion of exchange rate arrangements - rigid-intermediate-flexible regimes, in the context of extreme arrangements of a currency board, dollarization and monetary union moderate characteristics of intermediate arrangements (adjustable pegs crawling pegs and target zones and imperative-process "normalization" in the form of a managed or clean floating system. It is established that de iure and de facto classifications generate "fear of floating" and "fear of pegging". The "impossible trinity" under the conditions of capital liberalization and globalization creates a bipolar view or hypothesis of vanishing intermediate exchange rate regimes.

Indoor plants as air cleaners

DEFF Research Database (Denmark)

Dela Cruz, Majbrit; Christensen, Jan H.; Müller, Renate

2015-01-01

Plants have been used decoratively indoors for centuries. For the last 25-30 years, their beneficial abilities to reduce the levels of harmful volatile organic compounds (VOCs) from the indoor air have also been investigated. Previous studies have shown that VOCs are removed by the plant itself...... experiments is not directly transferrable to real life settings. The largest problem is the use of closed chambers where there is no air exchange. This also results in a declining VOC concentration over time. Due to this limitation, we constructed a new experimental system which among others can allow for air...... exchange and a constant VOC concentration. With the new system it was found that removal rates obtained in chambers with air exchange and constant VOC concentration were significantly higher than removal rates obtained in closed chambers. This means that removal rates obtained in closed chambers may...

[Effect of air temperature and rainfall on wetland ecosystem CO2 exchange in China].

Science.gov (United States)

Chu, Xiao-jing; Han, Guang-xuan

2015-10-01

Wetland can be a potential efficient sink to reduce global warming due to its higher primary productivity and lower carbon decomposition rate. While there has been a series progress on the influence mechanism of ecosystem CO2 exchange over China' s wetlands, a systematic metaanalysis of data still needs to be improved. We compiled data of ecosystem CO2 exchange of 21 typical wetland vegetation types in China from 29 papers and carried out an integrated analysis of air temperature and precipitation effects on net ecosystem CO2 exchange (NEE), ecosystem respiration (Reco), gross primary productivity (GPP), the response of NEE to PAR, and the response of Reco to temperature. The results showed that there were significant responses (P0.05). Across different Chinese wetlands, both precipitation and temperature had no significant effect on apparent quantum yield (α) or ecosystem respiration in the daytime (Reco,day, P>0.05). The maximum photosynthesis rate (Amax) was remarkably correlated with precipitation (P 0.05). Precipitation was negatively correlated with temperature sensitivity of Reco (Q10, P<0.05). Furthermore, temperature accounted for 35% and 46% of the variations in temperature sensitivity of Reco (Q10) and basal respiration (Rref P<0.05), respectively.

The Impact of Real Exchange Rate on Employment in Albania

Directory of Open Access Journals (Sweden)

Edmira Cakrani

2015-10-01

Full Text Available Unemployment is a big economical and social issue for each country, in particular for Albania, which is a country that comes from a centralized system where the state ensured full employment. In the struggle of applying the transition to market economy, each government had to face the two-digit levels of unemployment. Because of this, the application of the right policies in order to decrease the level of unemployment has been in the centre of the program of each government in Albania. The objective of this paper is to show if the undervaluation or overvaluation of the real exchange rate can affect in a significant way the level of employment in Albania and that to answer the question, if the real exchange rate can be used as a political instrument for the reduction of the level of unemployment. There are relatively few works that study the impact of real exchange rate on the Albanian economy and in my knowledge there is not a previous work on employment and real exchange rate relationship in Albania, so this can be considered as the first study that attempt to assess this relationship. To evaluate the link between the real exchange rate and the level of employment the Johansen procedure and Vector Error Correction Term method is used. The result of the study demonstrates not statistically significant impact of real exchange rate on level of employment, suggesting that the increase of competition of the country through the real exchange rate doesn’t improve the condition of the employment in Albania, so the Albanian government should implement other strategies to increase the level of employment in the country.

MANAGED FLOAT EXCHANGE RATE SYSTEM: THE SINGAPORE EXPERIENCE

OpenAIRE

HOE EE KHOR; JASON LEE; EDWARD ROBINSON; SAKTIANDI SUPAAT

2007-01-01

This paper examines the key characteristics of Singapore's exchange rate-centered monetary policy; in particular, its managed float regime which incorporates key features of the basket, band and crawl system popularized by Williamson (1998, 1999). We assess how the flexibility accorded by this framework has been advantageous in facilitating adjustment to various shocks to the economy. A characterization of the countercyclical nature of Singapore's exchange rate policy is also offered, with re...

Determinants of the AUD/USD Exchange Rate and Policy Implications

OpenAIRE

Yu Hsing

2015-01-01

This paper examines short-run determinants of the Australian dollar/U.S. dollar (AUD/USD) exchange rate based on a simultaneous-equation model. Applying the EGARCH method, the paper finds that the AUD/USD exchange rate is positively associated with the 10-year U.S. real government bond yield, U.S. real GDP, the U.S. real stock price and the expected exchange rate and negatively influenced by the Australian real government bond yield, Australian real GDP, and the real Australian stock price.

Exchange Rate Volatility, Its Determinants and Effects on the Manufacturing Sector in Nigeria

OpenAIRE

Chimaobi V. Okolo; Onyinye S. Ugwuanyi; Kenneth A. Okpala

2017-01-01

This study evaluated the effect of exchange rate volatility on the manufacturing sector of Nigeria. The flow and stock market theories of exchange rate determination was adopted considering macroeconomic determinants such as balance of trade, trade openness, and net international investment. Furthermore, the influence of changes in parallel exchange rate, official exchange rate and real effective exchange rate was modeled on the manufacturing sector output. Vector autoregression techniques an...

Apparent exchange rate imaging in anisotropic systems

DEFF Research Database (Denmark)

Sønderby, Casper Kaae; Lundell, Henrik M; Søgaard, Lise V

2014-01-01

Double-wave diffusion experiments offer the possibility of probing correlation between molecular diffusion at multiple time points. It has recently been shown that this technique is capable of measuring the exchange of water across cellular membranes. The aim of this study was to investigate...... the effect of macroscopic tissue anisotropy on the measurement of the apparent exchange rate (AXR) in multicompartment systems....

The Contaminant Distribution in a Ventilated Room with Different Air Terminal Devices

DEFF Research Database (Denmark)

Heiselberg, Per; Nielsen, Peter V.

The room ventilation is investigated for three different air terminal devices under isothermal conditions. Velocity distribution in the occupied zone is measured for each air terminal device at different air exchange rates. The maximum air exchange rate is determined on the base of both the throw...... of the jets and the comfort requirements applied to measured air velocities in the occupied zone. Normalized concentration distribution in the test room is determined along a vertical line through the middle of the room as a function of the air exchange rate and the density of the tracer gas. The relative...... ventilation efficiency, , based on the room average concentration is also determined as a function of the air exchange rate and the density of the tracer gas. The influence from the position of the return opening on the relative ventilation efficiency is found for one air terminal device....

An Essay on the Foreign Exchange Rate Expectations in Brazil

Directory of Open Access Journals (Sweden)

Ana Luiza Louzada Pereira

2005-06-01

Full Text Available This article analyses the behavior of the Brazilian exchange rate (Real/US dollar and the corresponding values forecasted by the market agents, from 2001 (November to 2004 (may. We use the data-base of the Brazilian Central Bank, called Sistema de Expectativas de Mercado, which has been created in 1999. We evaluate the rational expectations hypothesis (REH for the exchange rate market, comparing the mean value predicted by some Brazilian financial institutions with the daily exchange rate that has really occurred (PTAX. The particular arrangement of the data-base allows us to make the analysis in two different ways: with fixed-event forecasts. The main result suggests that the Brazilian exchange rate market support the weak form of the REH, for short horizons of forecasting.

A Model of Exchange-Rate-Based Stabilization for Turkey

OpenAIRE

Ozlem Aytac

2008-01-01

The literature on the exchange-rate-based stabilization has focused almost exclusively in Latin America. Many other countries however, such as Egypt, Lebanon and Turkey; have undertaken this sort of programs in the last 10-15 years. I depart from the existing literature by developing a model specifically for the 2000-2001 heterodox exchange-rate-based stabilization program in Turkey: When the government lowers the rate of crawl, the rate of domestic credit creation is set equal to the lower r...

DIFFUSIVE EXCHANGE OF GASEOUS POLYCYCLIC AROMATIC HYDROCARBONS AND POLYCHLORINATED BIPHENYLS ACROSS THE AIR-WATER INTERFACE OF THE CHESAPEAKE BAY. (R825245)

Science.gov (United States)

Dissolved and gas-phase concentrations of nine polycyclic aromatic hydrocarbons and 46 polychlorinated biphenyl congeners were measured at eight sites on the Chesapeake Bay at four different times of the year to estimate net diffusive air-water gas exchange rates. Gaseous PAHs ar...

Performance evaluation of an air-breathing high-temperature proton exchange membrane fuel cell

International Nuclear Information System (INIS)

Wu, Qixing; Li, Haiyang; Yuan, Wenxiang; Luo, Zhongkuan; Wang, Fang; Sun, Hongyuan; Zhao, Xuxin; Fu, Huide

2015-01-01

Highlights: • An air-breathing HT-PEMFC was designed and evaluated experimentally. • The peak power density of the air-breathing HT-PEMFC was 220.5 mW cm"−"2 at 200 °C. • Break-in behavior and effects of temperature and anodic stoichiometry were studied. • The effect of cell orientations on the performance was investigated. • The degradation rate of the air-breathing HT-PEMFC was around 58.32 μV h"−"1. - Abstract: The air-breathing proton exchange membrane fuel cell (PEMFC) is of great interest in mobile power sources because of its simple system design and low parasitic power consumption. Different from previous low-temperature air-breathing PEMFCs, a high-temperature PEMFC with a phosphoric acid doped polybenzimidazole (PBI) membrane as the polymer electrolyte is designed and investigated under air-breathing conditions. The preliminary results show that a peak power density of 220.5 mW cm"−"2 at 200 °C can be achieved without employing any water managements, which is comparable to those with conventional Nafion® membranes operated at low temperatures. In addition, it is found that with the present cell design, the limiting current density arising from the oxygen transfer limitation is around 700 mA cm"−"2 even at 200 °C. The short-term durability test at 200 mA cm"−"2 and 180 °C reveals that all the cells exhibit a gradual decrease in the voltage along with a rise in the internal resistance. The degradation rate of continuous operation is around 58.32 μV h"−"1, which is much smaller than those of start/stop cycling operations.

Effects of interest and exchange rate policies on Brazilian exports

Directory of Open Access Journals (Sweden)

Cláudia Maria Sonaglio

2016-01-01

Full Text Available In heterodox literature, the industrial sector is considered strategic for economic development. Consequently, reducing the contribution of this sector in the production of the country before it has reached the stage of economic maturity, affects the productive dynamics and slow technical progress. The appreciation of the real exchange rate is seen as one of the factors responsible for the reduction of the external competitiveness of Brazilian manufactures, and this exchange rate valuation may be occurring due to the differences between domestic and international interest rates. Given this context, the aim of this study is to evaluate the impact of changes in the monetary and exchange rate policy and in the composition of the total exports on the performance of the Brazilian economy using a structuralist model. The results reinforce the importance of the manufacturing sector to economic growth, especially in a competitive exchange rate environment.

Foreign exchange rate entropy evolution during financial crises

Science.gov (United States)

Stosic, Darko; Stosic, Dusan; Ludermir, Teresa; de Oliveira, Wilson; Stosic, Tatijana

2016-05-01

This paper examines the effects of financial crises on foreign exchange (FX) markets, where entropy evolution is measured for different exchange rates, using the time-dependent block entropy method. Empirical results suggest that financial crises are associated with significant increase of exchange rate entropy, reflecting instability in FX market dynamics. In accordance with phenomenological expectations, it is found that FX markets with large liquidity and large trading volume are more inert - they recover quicker from a crisis than markets with small liquidity and small trading volume. Moreover, our numerical analysis shows that periods of economic uncertainty are preceded by periods of low entropy values, which may serve as a tool for anticipating the onset of financial crises.

Simultaneous heat and mass transfer to air from a compact heat exchanger with water spray precooling and surface deluge cooling

International Nuclear Information System (INIS)

Zhang, Feini; Bock, Jessica; Jacobi, Anthony M.; Wu, Hailing

2014-01-01

Various methods are available to enhance heat exchanger performance with evaporative cooling. In this study, evaporative mist precooling, deluge cooling, and combined cooling schemes are examined experimentally and compared to model predictions. A flexible model of a compact, finned-tube heat exchanger with a wetted surface is developed by applying the governing conservation and rate equations and invoking the heat and mass transfer analogy. The model is applicable for dry, partially wet, or fully wet surface conditions and capable of predicting local heat/mass transfer, wetness condition, and pressure drop of the heat exchanger. Experimental data are obtained from wind tunnel experiments using a louver-fin flat-tube heat exchanger with single-phase tube-side flow. Total capacity, pressure drop, and water drainage behavior under various water usage rates and air face velocities are analyzed and compared to data for dry-surface conditions. A heat exchanger partitioning method for evaporative cooling is introduced to study partially wet surface conditions, as part of a consistent and general method for interpreting wet-surface performance data. The heat exchanger is partitioned into dry and wet portions by introducing a wet surface factor. For the wet part, the enthalpy potential method is used to determine the air-side sensible heat transfer coefficient. Thermal and hydraulic performance is compared to empirical correlations. Total capacity predictions from the model agree with the experimental results with an average deviation of 12.6%. The model is also exercised for four water augmentation schemes; results support operating under a combined mist precooling and deluge cooling scheme. -- Highlights: • A new spray-cooled heat exchanger model is presented and is validated with data. • Heat duty is shown to be asymptotic with spray flow rate. • Meaningful heat transfer coefficients for partially wet conditions are obtained. • Colburn j wet is lower than j dry

Effectiveness of high interest rate policy on exchange rates: A reexamination of the Asian financial crisis

Directory of Open Access Journals (Sweden)

Chin Diew Lai

2006-09-01

Full Text Available One of the most controversial issues in the aftermath of the Asian financial crisis has been the appropriate response of monetary policy to a sharp decline in the value of some currencies. In this paper, we empirically examine the effects on Asian exchange rates of sharply higher interest rates during the Asian financial crisis. Taking account of the currency contagion effect, our results indicate that sharply higher interest rates helped to support the exchange rates of South Korea, the Philippines, and Thailand. For Malaysia, no significant causal relation is found from the rate of interest to exchange rates, as the authorities in Malaysia did not actively adopt a high interest rate policy to defend the currency.

A CRITICAL ASSESSMENT OF ELEMENTAL MERCURY AIR/WATER EXCHANGE PARTNERS

Science.gov (United States)

Although evasion of elemental mercury from aquatic systems can significantly deplete net mercury accumulation resulting from atmospheric deposition, the current ability to model elemental mercury air/water exchange is limited by uncertainties in our understanding of all gaseous a...

International finance, Lévy distributions, and the econophysics of exchange rates

Science.gov (United States)

Da Silva, Sergio; Matsushita, Raul; Gleria, Iram; Figueiredo, Annibal; Rathie, Pushpa

2005-06-01

This paper surveys the developments in the field of international finance, in particular the research of economists on foreign exchange rates. That might be of interest to physicists working on the econophysics of exchange rates. We show how the econophysics agenda might follow naturally from the economists' research. We also present our own work on the econophysics of exchange rates.

The empirical relationship between energy futures prices and exchange rates

International Nuclear Information System (INIS)

Sadorsky, P.

2000-01-01

This paper investigates the interaction between energy futures prices and exchange rates. Results are presented to show that futures prices for crude oil, heating oil and unleaded gasoline are co-integrated with a trade-weighted index of exchange rates. This is important because it means that there exists a long-run equilibrium relationship between these four variables. Granger causality results for both the long- and short-run are presented. Evidence is also presented that suggests exchange rates transmit exogenous shocks to energy futures prices. 22 refs

Estimating the equilibrium real exchange rate in Venezuela

OpenAIRE

Hilde Bjørnland

2004-01-01

To determine whether the real exchange rate is misaligned with respect to its long-run equilibrium is an important issue for policy makers. This paper clarifies and calculates the concept of the equilibrium real exchange rate, using a structural vector autoregression (VAR) model. By imposing long-run restrictions on a VAR model for Venezuela, four structural shocks are identified: Nominal demand, real demand, supply and oil price shocks. The identified shocks and their impulse responses are c...

Extreme-value dependence: An application to exchange rate markets

Science.gov (United States)

Fernandez, Viviana

2007-04-01

Extreme value theory (EVT) focuses on modeling the tail behavior of a loss distribution using only extreme values rather than the whole data set. For a sample of 10 countries with dirty/free float regimes, we investigate whether paired currencies exhibit a pattern of asymptotic dependence. That is, whether an extremely large appreciation or depreciation in the nominal exchange rate of one country might transmit to another. In general, after controlling for volatility clustering and inertia in returns, we do not find evidence of extreme-value dependence between paired exchange rates. However, for asymptotic-independent paired returns, we find that tail dependency of exchange rates is stronger under large appreciations than under large depreciations.

12 CFR Appendix A to Subpart A of... - Minimum Capital Components for Interest Rate and Foreign Exchange Rate Contracts

Science.gov (United States)

2010-01-01

... sheet interest rate and foreign exchange rate contracts: a. Interest Rate Contracts i. Single currency... Contracts i. Cross-currency interest rate swaps. ii. Forward foreign exchange rate contracts. iii. Currency... contracts traded on exchanges that require daily payment of variation margins are excluded from the minimum...

THE EFFECT OF EXCHANGE RATE ON THE CONSTRUCTION PROJECTS AND PROTECTION METHODS

Directory of Open Access Journals (Sweden)

Handan AKSUYEK,

2017-02-01

Full Text Available As with all sectors, recent extreme changes occurred in the exchange rates have substantially affected the construction operations. While the rise in foreign exchange rates leads to harmful effects in the negative direction at the operations having foreign exchange – based debt or it provides also advantageous effect in the positive direction at the construction companies having foreign exchange – indexed investments. In this context, this sudden change in foreign exchange rates which cannot be predicted beforehand and emerges as a result of speculative events. As with all operations carrying out foreign exchange – based tasks, these fluctuations in the foreign exchange rate head first among the factors which affect the achievement or failure of the cost or profit targets previously determined by the construction companies as well. Therefore, the companies whose costs and profits consist of different units of currency in their construction agreements should apply to the hedging methods in order to be protected against the exchange rate. As for the main tools of protection method are the derivative products such as forward, futures, swap and optional contracts. In this study, the effect of exchange rate fluctuations on the completion costs of construction projects is scrutinized. Moreover, the tools which may be employed by the construction companies in order to get rid of exchange rate which adversely influence the building companies in both directions have been comparatively evaluated.

The Effect of Exchange Rate Volatility on Iran’s Raisin Export

Directory of Open Access Journals (Sweden)

2014-10-01

Full Text Available Exchange rate volatility is one of the effective and ambiguous factors in agricultural product export. Considering the importance of agricultural trade to avoid single-product economy, the main aim of this study was to investigate the impact of exchange rate volatility on the Raisin export of Iran during the years1959-2011. For this purpose, exchange rate volatility index was estimated using Moving Average Standard Deviation (MASD. Then, the impact of exchange rate volatility on the value of Raisin export was examined using Johansen's and Juselius's cointegration method and Vector Error Correction Model (VECM.The results showed that in the long-term and short-term there is a significant relationship between Raisin exports and its main variables (weighted average of Gross income of importers, Wholesale Prices, real exchange rate, Value-added of agricultural sector; as according to the theory it has negative relationship with exchange rate volatility. The error correction coefficient sentence ECM (-1 significantly and its sign was negative as expected. The value of this coefficient is equal to the -0/20 and indicates that about 20 percent of Raisin exports imbalance from its long-term value, after of a period will be Elapse.

Exchange rate regimes and macroeconomic instabilities in Sub-Saharan Africa

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Yaya Camara Seydou

2015-01-01

Full Text Available This article addresses macroeconomic instabilities according to exchange rate regimes in Sub-Saharan Africa (SSA. Based on International Monetary Fund's exchange rate regimes de facto classification, the global sample, SSA, is first divided into two subsamples, which are countries within CFA franc zone (ZCFA and those outside CFA franc zone (HZCFA, and then into four categories, which are the Western Economic and Monetary Union (WAEMU, the Central African Economic and Monetary Community, the countries CFA franc zone with fix exchange rate regimes(HZCFA-FIX, and the countries outside CFA franc zone with flexible exchange rate regimes(HZCFA-FLEX. By applying advanced statistical and econometric methods upon internal and external macroeconomic equilibrium conditions, we show that the inflation, the GDP (or the output and the real exchange rate (RER are very volatile in SSA. However, we found out that they are more volatile in the group HZCFA comparatively to the group ZCFA. We also found out that they are higher in the group HZCFA-FIX than the group HZCFA-FLEX. Moreover, we found out that a high instability of the inflation is combined with those of the output and the RER.

PURCHASING POWER PARITY INFLUENCE ON REAL EXCHANGE RATE BEHAVIOR IN ROMANIA

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Nicolae Ghiba

2011-12-01

Full Text Available Purchasing Power Parity (PPP represents a fundamental concept in exchange rate modeling. The main idea is given by equality between prices in two different countries when expressing in the same currency.This paper aims to analyze the behavior of real exchange rate between EURO and Romanian new leu (RON under PPP paradigm. We use the Augmented Dickey-Fuller and Phillips-Perron stationarity tests in order to check real exchange deviations from PPP. Also, we investigate the existence of a connection between long-term between nominal exchange rate and industrial producer price indices from Romania and euro area. The main conclusions of this research highlight that PPP doesn’t holds; real exchange rate stationarity tests doest not confirm the stationarity, thus between the aforementioned three variables it doesn’t exists any equilibrium relation.

MONETARY SHOCKS AND REAL EXCHANGE RATE FLUCTUATIONS IN CEE COUNTRIES

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Nataša Erjavec

2012-12-01

Full Text Available The aim of this paper is to investigate the role of the exchange rate regime in absorbing macroeconomic shocks for a group of Central and East European countries (CEE. Whether the flexible exchange rate regime is beneficial for an economy depends on the capacity of the exchange rate to act as a shock absorber. An appropriate framework for assessing the role of the exchange rate is a structural vector autoregressive (SVAR model. Impact of two types of macroeconomic shocks is estimated: nominal and real. The shocks are identified on the basis of Blanchard-Quah long run identification scheme which means that the restrictions are imposed on the long run responses while the short run dynamics is kept unrestricted. The importance of nominal and real shocks is assessed using the variance decomposition and the impulse response functions.

Dynamical analyses of the time series for three foreign exchange rates

Science.gov (United States)

Kim, Sehyun; Kim, Soo Yong; Jung, Jae-Won; Kim, Kyungsik

2012-05-01

In this study, we investigate the multifractal properties of three foreign exchange rates (USD-KRW, USD-JPY, and EUR-USD) that are quoted with different economic scales. We estimate and analyze both the generalized Hurst exponent and the autocorrelation function in three foreign exchange rates. The USD-KRW is shown to have the strongest of the Hurst exponents when compared with the other two foreign exchange rates. In particular, the autocorrelation function of the USD-KRW has the largest memory behavior among three foreign exchange rates. It also exhibits a long-memory property in the first quarter, more than those in the other quarters.

Exchange rates of creatine kinase metabolites: feasibility of imaging creatine by chemical exchange saturation transfer MRI.

Science.gov (United States)

Haris, Mohammad; Nanga, Ravi Prakash Reddy; Singh, Anup; Cai, Kejia; Kogan, Feliks; Hariharan, Hari; Reddy, Ravinder

2012-11-01

Creatine (Cr), phosphocreatine (PCr) and adenosine-5-triphosphate (ATP) are major metabolites of the enzyme creatine kinase (CK). The exchange rate of amine protons of CK metabolites at physiological conditions has been limited. In the current study, the exchange rate and logarithmic dissociation constant (pKa) of amine protons of CK metabolites were calculated. Further, the chemical exchange saturation transfer effect (CEST) of amine protons of CK metabolites with bulk water was explored. At physiological temperature and pH, the exchange rate of amine protons in Cr was found to be 7-8 times higher than PCr and ATP. A higher exchange rate in Cr was associated with lower pKa value, suggesting faster dissociation of its amine protons compared to PCr and ATP. CEST MR imaging of these metabolites in vitro in phantoms displayed predominant CEST contrast from Cr and negligible contribution from PCr and ATP with the saturation pulse parameters used in the current study. These results provide a new method to perform high-resolution proton imaging of Cr without contamination from PCr. Potential applications of these finding are discussed. Copyright © 2012 John Wiley & Sons, Ltd.

Exchange and Interest Rates prior to EMU: The Case of Greece

OpenAIRE

Antzoulatos, Angelos A.; Wilfling, Bernd

2003-01-01

Recently a variety of exchange and interest rate models capturing the dynamics during the transition from an exchange rate arrangement of floating rates into a currency union have been derived. While these stochastic equilibrium models in continous time are theoretically rigorous, a systematic and extensive empirical validation is still lacking. Using exchange and interest rate data collected prior to the Greek EMU-entrance on 1 January 2001 this paper tries to fill the gap between theory and...

Real Exchange Rate Fluctuations and the Business Cycle: Evidence from Japan

OpenAIRE

Bankim Chadha; Eswar Prasad

1997-01-01

This paper analyzes the relationship between the real exchange rate and the business cycle in Japan during the floating rate period. A structural vector autoregression is used to identify different types of macroeconomic shocks that determine fluctuations in aggregate output and the real exchange rate. Relative nominal and real demand shocks are found to be the main determinants of variation in real exchange rate changes, whereas relative output growth is driven primarily by supply shocks. Hi...

The determination of capital controls: Which role do exchange rate regimes play?

OpenAIRE

von Hagen, Jürgen; Zhou, Jizhong

2003-01-01

This paper investigates the role of exchange rate regime choices in the determination of capital controls in transition economies. We first use a simultaneous equations model to allow direct interactions between decisions on capital controls and on exchange rate regimes. We find that exchange rate regime choices strongly influence the imposition or removal of capital controls, but the feed-back effect is weak. We further estimate a single equation model for capital controls with exchange rate...

Estimation of bias with the single-zone assumption in measurement of residential air exchange using the perfluorocarbon tracer gas method.

Science.gov (United States)

Van Ryswyk, K; Wallace, L; Fugler, D; MacNeill, M; Héroux, M È; Gibson, M D; Guernsey, J R; Kindzierski, W; Wheeler, A J

2015-12-01

Residential air exchange rates (AERs) are vital in understanding the temporal and spatial drivers of indoor air quality (IAQ). Several methods to quantify AERs have been used in IAQ research, often with the assumption that the home is a single, well-mixed air zone. Since 2005, Health Canada has conducted IAQ studies across Canada in which AERs were measured using the perfluorocarbon tracer (PFT) gas method. Emitters and detectors of a single PFT gas were placed on the main floor to estimate a single-zone AER (AER(1z)). In three of these studies, a second set of emitters and detectors were deployed in the basement or second floor in approximately 10% of homes for a two-zone AER estimate (AER(2z)). In total, 287 daily pairs of AER(2z) and AER(1z) estimates were made from 35 homes across three cities. In 87% of the cases, AER(2z) was higher than AER(1z). Overall, the AER(1z) estimates underestimated AER(2z) by approximately 16% (IQR: 5-32%). This underestimate occurred in all cities and seasons and varied in magnitude seasonally, between homes, and daily, indicating that when measuring residential air exchange using a single PFT gas, the assumption of a single well-mixed air zone very likely results in an under prediction of the AER. The results of this study suggest that the long-standing assumption that a home represents a single well-mixed air zone may result in a substantial negative bias in air exchange estimates. Indoor air quality professionals should take this finding into consideration when developing study designs or making decisions related to the recommendation and installation of residential ventilation systems. © 2014 Her Majesty the Queen in Right of Canada. Indoor Air published by John Wiley & Sons Ltd Reproduced with the permission of the Minister of Health Canada.

Oxygen isotope exchange rate between dissolved sulfate and water at hydrothermal temperatures

International Nuclear Information System (INIS)

Chiba, H.; Sakai, H.

1985-01-01

Oxygen isotope exchange rate between dissolved sulfate and water was experimentally determined at 100, 200 and 300 deg C. The isotope exchange rate is strongly dependent on temperature and pH of the solution. Combining the temperature and pH dependence of the reaction rate, the exchange reaction was estimated to be first-order with respect to sulfate. The logarithm of apparent rate constant of exchange reaction at a given temperature is a function of the pH calculated at the experimental temperatures. From the pH dependence of the apparent rate constant, it was deduced that the isotope exchange reaction between dissolved sulfate and water proceeds through collision between H 2 SO 4 0 and H 2 O at low pH, and between HSO 4 - and H 2 O at intermediate pH. The isotope exchange rate obtained indicates that oxygen isotope geothermometry utilizing the studied isotope exchange is suitable for temperature estimation of geothermal reservoirs. The extrapolated half-life of this reaction to oceanic temperature is about 10 9 years, implying that exchange between oceanic sulfate and water cannot control the oxygen isotope ratio of oceanic sulfates. (author)

Solid oxide fuel cell power plant having a fixed contact oxidation catalyzed section of a multi-section cathode air heat exchanger

Science.gov (United States)

Saito, Kazuo; Lin, Yao

2015-02-17

The multi-section cathode air heat exchanger (102) includes at least a first heat exchanger section (104), and a fixed contact oxidation catalyzed section (126) secured adjacent each other in a stack association. Cool cathode inlet air flows through cool air channels (110) of the at least first (104) and oxidation catalyzed sections (126). Hot anode exhaust flows through hot air channels (124) of the oxidation catalyzed section (126) and is combusted therein. The combusted anode exhaust then flows through hot air channels (112) of the first section (104) of the cathode air heat exchanger (102). The cool and hot air channels (110, 112) are secured in direct heat exchange relationship with each other so that temperatures of the heat exchanger (102) do not exceed 800.degree. C. to minimize requirements for using expensive, high-temperature alloys.

Long Term Validity of Monetary Exchange Rate Model: Evidence from Turkey

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Ugur Ahmet

2014-03-01

Full Text Available In this study, it was analyzed if there is a long term relationship among the nominal exchange rate and monetary fundamentals within the periods of 1998:1-2011:2 in Turkey. This relationship has been analysed by using structural VAR (SVAR model. Besides, Granger causality test and Dolado-Lütkepohl Granger causality test were used to determine if there were a causality relationship among the nominal exchange rate and monetary fundamentals. As a result of the SVAR model, the relationship among the series related to nominal exchange rate and money supply, GDP, interest rate in Turkey in long term were not determined and at the end of causality tests, causality relationship among the nominal exchange rate and monetary fundamentals were not determined.

Targeting the Real Exchange Rate; Theory and Evidence

OpenAIRE

Carlos A. Végh Gramont; Guillermo Calvo; Carmen Reinhart

1994-01-01

This paper presents a theoretical and empirical analysis of policies aimed at setting a more depreciated level of the real exchange rate. An intertemporal optimizing model suggests that, in the absence of changes in fiscal policy, a more depreciated level of the real exchange can only be attained temporarily. This can be achieved by means of higher inflation and/or higher real interest rates, depending on the degree of capital mobility. Evidence for Brazil, Chile, and Colombia supports the mo...

SPECTRAL ANALYSIS OF EXCHANGE RATES

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ALEŠA LOTRIČ DOLINAR

2013-06-01

Full Text Available Using spectral analysis is very common in technical areas but rather unusual in economics and finance, where ARIMA and GARCH modeling are much more in use. To show that spectral analysis can be useful in determining hidden periodic components for high-frequency finance data as well, we use the example of foreign exchange rates

Asymmetric Exchange Rate Exposures: A Search for the Effect of Real Options

DEFF Research Database (Denmark)

Aabo, Tom

2001-01-01

Real options like the ability to reallocate production resources can lead to an asymmetric exchange rate exposure. Using a stock market approach in which the exchange rate exposure is derived from the information content in the stock prices this study examines the extra-market exchange rate...... exposures of a group of blue chip, industrial companies listed on the Copenhagen Stock Exchange. In these companies the existence of real options is an integrated part of the exchange rate exposure management process. The result of the stock market approach is mixed. Statistically significant asymmetric...... exchange rate exposures are identified successfully but the asymmetries can only to a limited extent be explained by the existence of real options. Financial options and pricing to market are competing explanations. Omitted variable bias further blurs the picture. These problems and the concept of path...

A Firm-Specific Analysis of the Exchange-Rate Exposure of Dutch Firms

NARCIS (Netherlands)

A. de Jong (Abe); J. Ligterink; V. Macrae

2002-01-01

textabstractWe examine the relationship between exchange-rate changes and stock returns for a sample of Dutch firms over 1994-1998. We find that over 50% of the firms are significantly exposed to exchange-rate risk. Furthermore, all firms with significant exchange-rate exposure benefit from a

International trade and exchange rate volatility

NARCIS (Netherlands)

J.M.A. Viaene (Jean-Marie); C.G. de Vries (Casper)

1992-01-01

textabstractFor currencies with well developed forward markets several papers have investigated the conjectured negative relationship between trade and short term exchange rate volatility, without being very successful. A theoretical explanation for the empirical anomalies is provided by solving

Trade rules and exchange rate misalignments: in search for a WTO solution

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Vera Thorstensen

2014-09-01

Full Text Available The debate on the link between trade rules and rules on exchange rates is raising the attention of experts on international trade law and economics. The main purpose of this paper is to analyze the impacts of exchange rate misalignments on tariffs as applied by the WTO - World Trade Organization. It is divided into five sections: the first one explains the methodology used to determine exchange rate misalignments and also presents its results for Brazil, U.S. and China; the second summarizes the methodology applied to calculate the impacts of exchange rate misalignments on the level of tariff protection through an exercise of "misalignment tariffication"; the third examines the effects of exchange rate variations on tariffs and their consequences for the multilateral trading system; the fourth one creates a methodology to estimate exchange rates against a currency of the World and a proposal to deal with persistent and significant misalignments related to trade rules. The conclusions are present in the last section.

Forecasting Exchange Rate Density Using Parametric Models: the Case of Brazil

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Benjamin Miranda Tabak

2007-06-01

Full Text Available This paper employs a recently developed parametric technique to obtain density forecasts for the Brazilian exchange rate, using the exchange rate options market. Empirical results suggest that the option market contains useful information about future exchange rate density. These results suggests that density forecasts using options markets may add value for portfolio and risk management, and may be useful for financial regulators to assess financial stability.

Miniaturized Air-to-Refrigerant Heat Exchangers

Energy Technology Data Exchange (ETDEWEB)

Radermacher, Reinhard [Univ. of Maryland, College Park, MD (United States); Bacellar, Daniel [Univ. of Maryland, College Park, MD (United States); Aute, Vikrant [Univ. of Maryland, College Park, MD (United States); Huang, Zhiwei [Univ. of Maryland, College Park, MD (United States); Hwang, Yunho [Univ. of Maryland, College Park, MD (United States); Ling, Jiazhen [Univ. of Maryland, College Park, MD (United States); Muehlbauer, Jan [Univ. of Maryland, College Park, MD (United States); Tancabel, James [Univ. of Maryland, College Park, MD (United States); Abdelaziz, Omar [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Zhang, Mingkan [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)

2017-05-23

Air-to-refrigerant Heat eXchangers (HX) are an essential component of Heating, Ventilation, Air-Conditioning, and Refrigeration (HVAC&R) systems, serving as the main heat transfer component. The major limiting factor to HX performance is the large airside thermal resistance. Recent literature aims at improving heat transfer performance by utilizing enhancement methods such as fins and small tube diameters; this has lead to almost exhaustive research on the microchannel HX (MCHX). The objective of this project is to develop a miniaturized air-to-refrigerant HX with at least 20% reduction in volume, material volume, and approach temperature compared to current state-of-the-art multiport flat tube designs and also be capable of production within five years. Moreover, the proposed HX’s are expected to have good water drainage and should succeed in both evaporator and condenser applications. The project leveraged Parallel-Parametrized Computational Fluid Dynamics (PPCFD) and Approximation-Assisted Optimization (AAO) techniques to perform multi-scale analysis and shape optimization with the intent of developing novel HX designs whose thermal-hydraulic performance exceeds that of state-of-the-art MCHX. Nine heat exchanger geometries were initially chosen for detailed analysis, selected from 35+ geometries which were identified in previous work at the University of Maryland, College Park. The newly developed optimization framework was exercised for three design optimization problems: (DP I) 1.0kW radiator, (DP II) 10kW radiator and (DP III) 10kW two-phase HX. DP I consisted of the design and optimization of 1.0kW air-to-water HX’s which exceeded the project requirements of 20% volume/material reduction and 20% better performance. Two prototypes for the 1.0kW HX were prototyped, tested and validated using newly-designed airside and refrigerant side test facilities. DP II, a scaled version DP I for 10kW air-to-water HX applications, also yielded optimized HX designs

China’s Exchange Rate Policy: A Double Edged Sword

Science.gov (United States)

2013-12-01

market.10 These four characteristics allowed the East Asian countries of Japan, Taiwan , and South Korea to develop at exponential rates for decades. This...EXCHANGE RATE POLICY Chapter II provides background on important factors affecting China’s exchange rate policy, as well as an overview of its...include telecommunications, tourism , hospitality, 51 World’s Richest Countries, “Top Ten Chinese

Equilibrium exchange rate assessment in Serbia using the IMF external sustainability approach

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Pažun Brankica

2014-01-01

Full Text Available The exchange rate has always been a topical issue, particularly in the last two decades, at the time of strong world economy globalisation, as well as liberalization of international flows of goods, services and factors of production, which has resulted in stronger trade and financial integration. There has been a rise in the share of trade in world GDP. Growing developing countries contribute significantly to this growth, which is evident from the data that show increase of their share in world trade , as well as their importance in international capital flows. One of the most important concepts in open macroeconomics is the equilibrium real exchange rate - ERER. Deviations of the real exchange rate are considered to be the cause of the loss of competitiveness and economic slowdown, as well as possible currency crisis (overvaluation and undervaluation. Disadvantages of traditional concepts in exchange rate assessment which are very often reflected in unsuccessful empirical results, motivate experts to seek alternative models to assist in equilibrium exchange rate analysis. This paper aims to present one of three complementary methodologies used by the International Monetary Fund, for the equilibrium real exchange rate assessment in Serbia, as well as the deviation of the real exchange rate from its (estimated equilibrium, that is external sustainability approach.

Exchange-Rate-Based Stabilization under Imperfect Credibility

OpenAIRE

Guillermo Calvo; Carlos A. Végh Gramont

1991-01-01

This paper analyzes stabilization policy under predetermined exchange rates in a cash-in-advance, staggered-prices model. Under full credibility, a reduction in the rate of devaluation results in an immediate and permanent reduction in the inflation rate, with no effect on output or consumption. In contrast, a non-credible stabilization results in an initial expansion of output, followed by a later recession. The inflation rate of home goods remains above the rate of devaluation throughout th...

Reducing the energy consumption of an earth–air heat exchanger with a PID control system

International Nuclear Information System (INIS)

Diaz-Mendez, S.E.; Patiño-Carachure, C.; Herrera-Castillo, J.A.

2014-01-01

Highlights: • The application of control actions to green technologies has been simulated. • Energy consumption of green technologies can be reduced even more. • The efficiency of green technologies can be raised. • Environmental concerns can be diminished. • The sustainability of the planet can be increased. - Abstract: Reducing environmental emissions is one of the challenges that human being has to overcome. It can only be reached with a proper energetic efficiency and management of the processes that exist in the society nowadays. Several academic works have mentioned that raising the efficiency of a process it also increases sustainability and in turn decreases the environmental impact. One process that requires much attention is the cooling and heating of buildings; this process contributes to the major part of the electric bill, in particular, if a conventional and old air conditioning is used as commonly occurs in many countries. In recent years there have been developed new alternatives that are used in few countries, such as the earth–air heat exchanger, where air is passed through a heat exchanger buried a few meters below the ground. The heat exchanger takes advantage of the well-known difference between the temperature of the surrounding air and the temperature of the ground for cooling or heating the air that is subsequently injected into the buildings. This process requires less energy, then in the present work is thought that a PID (Proportional, Integral and Derivative) controller can be applied to an earth–air heat exchanger to reduce even more the energy consumption. Therefore, a simulation of a thermodynamic model of an earth–air heat exchanger was done and used along with a PID controller, to estimate savings in energy consumption. The results show that the energy consumption can be reduced up to 87% with the PID control, hence the efficiency of the process is increased as well as the sustainability of the planet and thus the

EXCHANGE RATE AND ECONOMIC GROWTH. THE CASE OF ROMANIA

Directory of Open Access Journals (Sweden)

Nicolae Ghiba

2010-12-01

Full Text Available Considering the difficulties created by the economic crisis, many exporters have criticized the National Bank of Romania (NBR’s policy regarding the exchange rate evolution. They argue that depreciation is a necessary condition for recovery and not financial stability. On the contrary, Romania cannot afford a shock in the exchange rate level. The risk associated with such a measure is too high for an emerging country and it annihilates any export competitive advantages. Therefore, depreciation may delay the imperative of Romanian economic recovery. A solid economic recovery should have as starting point a financial system sound and stable. Excessive exchange rate depreciation jeopardizes the financial soundness of banks and the borrower’s ability to repay their loans. Therefore, it creates inflationary flare-ups, particularly dangerous for the economy of any state.

Mercury Exchange at the Air-Water-Soil Interface: An Overview of Methods

Directory of Open Access Journals (Sweden)

Fengman Fang

2002-01-01

Full Text Available An attempt is made to assess the present knowledge about the methods of determining mercury (Hg exchange at the air-water-soil interface during the past 20 years. Methods determining processes of wet and dry removal/deposition of atmospheric Hg to aquatic and terrestrial ecosystems, as well as methods determining Hg emission fluxes to the atmosphere from natural surfaces (soil and water are discussed. On the basis of the impressive advances that have been made in the areas relating to Hg exchange among air-soil-water interfaces, we analyzed existing problems and shortcomings in our current knowledge. In addition, some important fields worth further research are discussed and proposed.

Some stylised facts about the exchange rate behaviour of Central European currencies

Directory of Open Access Journals (Sweden)

Jan Vejmělek

2016-04-01

Full Text Available The paper investigates developments of exchange rate time series of Central European currencies and tries to find evidence of some stylised facts. Statistical methods and an econometric approach to the univariate time series modelling of high-frequency data, i.e., daily, are used. The main conclusions are as follows: (1 All the CE nominal exchange time series are not stationary: nevertheless, stationarity of all the return time series was confirmed. (2 Volatility clustering was proven and the GARCH modelling approach was successfully applied, including asymmetric modelling of volatility. (3 The more flexible an exchange rate regime is, the more volatile the respective currency. This is true for both nominal and real exchange rates. While nominal volatility is lower than real volatility in a system of fixed or less flexible exchange rates, the opposite is true for flexible systems: exchange rate volatility is higher in nominal terms than in real terms.

Time-varying exchange rate pass-through: experiences of some industrial countries

OpenAIRE

Toshitaka Sekine

2006-01-01

This paper estimates exchange rate pass-through of six major industrial countries using a time-varying parameter with stochastic volatility model. Exchange rate pass-through is divided into impacts of exchange rate fluctuations to import prices (first-stage pass-through) and those of import price movements to consumer prices (second-stage pass-through). The paper finds that both stages of pass-through have declined over time for all the sample countries. The decline in second-stage pass-throu...

Choice of optimal exchange rate system For the Republic of Croatia

OpenAIRE

Dražen Koški

2008-01-01

The aim of research whose results are presented in this article was to choose the optimal system of exchange rate for the Republic of Croatia, of course before its accession to EU. The analyzed exchange rate systems here range from free-floating exchange rate to system without domestic currency in circulation. Naturally, the classification of International Monetary Fond is included in it. After that, the comparison of basic economic advantages and disadvantages of the fixed exchan...

Unpredictable After All? A short note on exchange rate predictability

NARCIS (Netherlands)

G.A. Moerman (Gerard)

2001-01-01

textabstractEarlier research has shown that it is very hard to outperform the random walk model with respect to forecasting exchange rates. In this paper we propose an extension to the regular regime-switching model in order to capture the exchange rate dynamics. The model is extended by including

PCM-air heat exchangers for free-cooling applications in buildings: Experimental results of two real-scale prototypes

International Nuclear Information System (INIS)

Lazaro, Ana; Dolado, Pablo; Marin, Jose M.; Zalba, Belen

2009-01-01

Latent heat storage using phase change materials (PCM) can be used for free-cooling. In this application low air temperature is used to solidify the PCM during the night and then during the next day, the inside air of a building can be cooled down by exchanging heat with PCM. Short times for charging and discharging the PCM are required. PCM have in general low thermal conductivity, therefore the heat exchanger design is very important to fulfil free-cooling requirements. This paper presents an experimental setup for testing PCM-air real-scale heat exchangers and the results for two real-scale prototypes. Results show that a heat exchanger using a PCM with lower thermal conductivity and lower total stored energy, but adequately designed, has higher cooling power and can be applied for free-cooling

Rate of radiocarbon retention onto calcite by isotope exchange

Energy Technology Data Exchange (ETDEWEB)

Lempinen, Janne; Lehto, Jukka [Helsinki Univ. (Finland). Lab. of Radiochemistry

2016-11-01

Radiocarbon ({sup 14}C) is a top priority class radionuclide associated with the long-term safety of spent nuclear fuel disposal. Dissolved inorganic radiocarbon can be retained in bedrock via isotope exchange with calcite (CaCO{sub 3}) at solubility equilibrium with groundwater. In the present study, the rate of the isotope exchange process was investigated on synthetic calcite using batch experiments. Experiments were performed in solutions with a calcium concentration of 0.0002-0.1 M, including two synthetic reference groundwaters. The radiocarbon activity in the solutions decreased exponentially as a function of time, thus following first-order kinetics. The rate of isotope exchange was quantified from an exponential fit to the activity data over time. The rate of radiocarbon retention increased as a function of the calcium activity. The isotope exchange half-life was only 4.3 days at calcium ion activities over 0.01. This half-life is very much shorter than the half-life of {sup 14}C or the time scale of groundwater movements; consequently calcite can effectively retain radiocarbon from brackish and saline groundwaters.

Rate of radiocarbon retention onto calcite by isotope exchange

International Nuclear Information System (INIS)

Lempinen, Janne; Lehto, Jukka

2016-01-01

Radiocarbon ( 14 C) is a top priority class radionuclide associated with the long-term safety of spent nuclear fuel disposal. Dissolved inorganic radiocarbon can be retained in bedrock via isotope exchange with calcite (CaCO 3 ) at solubility equilibrium with groundwater. In the present study, the rate of the isotope exchange process was investigated on synthetic calcite using batch experiments. Experiments were performed in solutions with a calcium concentration of 0.0002-0.1 M, including two synthetic reference groundwaters. The radiocarbon activity in the solutions decreased exponentially as a function of time, thus following first-order kinetics. The rate of isotope exchange was quantified from an exponential fit to the activity data over time. The rate of radiocarbon retention increased as a function of the calcium activity. The isotope exchange half-life was only 4.3 days at calcium ion activities over 0.01. This half-life is very much shorter than the half-life of 14 C or the time scale of groundwater movements; consequently calcite can effectively retain radiocarbon from brackish and saline groundwaters.

Monetary models and exchange rate determination: The Nigerian ...

African Journals Online (AJOL)

Monetary models and exchange rate determination: The Nigerian evidence. ... income levels and real interest rate differentials provide better forecasts of the ... partner can expect to suffer depreciation in the external value of her currency.

Heat exchanger operation in the externally heated air valve engine with separated settling chambers

International Nuclear Information System (INIS)

Kazimierski, Zbyszko; Wojewoda, Jerzy

2014-01-01

The crucial role in the externally heated air valve engine is played by its heat exchangers which work in a closed cycle. These are: a heater and a cooler and they are subject to a numerical analysis in the paper. Both of them are equipped with fixed volumes that are separate settling chambers causing that heat exchangers behave as almost stationary recuperators and analysis of the stationary behaviour is the main goal of the paper. Power and efficiency of the engine must be not lower than their averaged values for the same engine working in unsteady conditions. The results of calculations confirm such a statement. The pressure drop in the exchanger is another natural phenomenon presented. It has been overcome by use of additional blowers and the use of them is an additional focus of the presented analysis. A separation of settling chambers and additional blowers is a novelty in the paper. There is also a pre-heater applied in the engine which does not differ from well-known heat exchangers met in energy generation devices. The main objective of the paper is to find the behaviour of the engine model under stationary conditions of the heat exchangers and compare it with the non-stationary ones. - Highlights: • Externally heated air engine combined with forced working gas flow (supercharging). • Separate settling chambers allow for achieving stable and constant heat exchange parameters. • Pressure drop in heat exchangers overcome by additional blowers. • Reciprocating piston air engine, cam governing system, standard lubrication for externally heated engine. • Different fuels: oil, coal, gas, biomass also solar or nuclear energy

Quantitative Comparisons on the Intrinsic Features of Foreign Exchange Rates Between the 1920s and the 2010s: Case of the USD-GBP Exchange Rate

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Young Wook Han

2016-09-01

Full Text Available This paper quantitatively compares the intrinsic features of the daily USD-GBP exchange rates in two different periods, the 1920s and the 2010s, under the same freely floating exchange rate system. Even though the foreign exchange markets in the 1920s seem to be much less organized and developed than in the 2010s, this paper finds that both the long memory volatility property and the structural break appear to be the common intrigue features of the exchange rates in the two periods by using the FIGARCH model. In particular, the long memory volatility properties in the two periods are found to be upward biased and overstated because of the structural breaks in the exchange markets. Thus this paper applies the Adaptive-FIGARCH model to consider the long memory volatility property and the structural breaks jointly. The main finding is that the structural breaks in the exchange markets affect the long memory volatility property significantly in the two periods but the degree of the long memory volatility property in the 1920s is reduced more remarkably than in the 2010s after the structural breaks are accounted for; thus implying that the structural breaks in the foreign exchange markets in the 1920s seem to be more significant.

Productivity Demand Shocks And Asia-Pacific Real Exchange Rates

OpenAIRE

Ordean Olson

2011-01-01

The evidence for a productivity-based explanation for real exchange rate behavior of East Asian currencies is examined using sectoral output and employment data, relative prices and relative productivities for China, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand. Time series regressions of the real exchange rate on relative productivity ratios indicate significant relationships for the Philippines, Hong Kong, Thailand, Singapore, Taiwan and Korea. Only when a...

Football and exchange rates: empirical support for behavioral economics.

Science.gov (United States)

Eker, Gulin; Berument, Hakan; Dogan, Burak

2007-10-01

Recently, economic theory has been expanded to incorporate emotions, which have been assumed to play an important role in financial decisions. The present study illustrates this by showing a connection between the sports performance of popular national football teams (Besiktas, Fenerbahce, and Galatasaray) and performance of the Turkish economy. Specifically, a significant positive association was found between the success of three major professional Turkish football teams and the exchange rate of the Turkish lira against the U.S. dollar. The effect of the football success of several Turkish football teams on the exchange rate of the Turkish lira was examined using the simultaneous multiple regression model with predictor measures of wins, losses, and ties for different combinations of teams to predict the depreciation rate of the Turkish lira between the years 1987 and 2003. Wins by Turkish football teams against foreign (non-Turkish) rivals increased with exchange rate depreciation of the Turkish lira against the U.S. dollar.

Exchange rate determination and the flaws of mainstream monetary theory

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HEINER FLASSBECK

2018-03-01

Full Text Available ABSTRACT Developing countries in general need flexibility and a sufficient number of instruments to prevent excessive volatility. Evidence does not support the orthodox belief that, with free floating, international financial markets will perform that role by smoothly adjusting exchange rates to their “equilibrium” level. In reality, exchange rates under a floating regime have proved to be highly unstable, leading to long spells of misalignment. The experience with hard pegs has not been satisfactory either: the exchange rate could not be corrected in cases of external shocks or misalignment. Given this experience, “intermediate” regimes are preferable when there is instability in international financial markets.

Examining the reaction of monetary policy to exchange rate changes: A nonlinear ARDL approach

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Manogaran, Lavaneesvari; Sek, Siok Kun

2017-04-01

Previous studies showed the exchange rate changes can have significant impacts on macroeconomic performance. Over fluctuation of exchange rate may lead to economic instability. Hence, monetary policy rule tends to react to exchange rate changes. Especially, in emerging economies where the policy-maker tends to limit the exchange rate movement through interventions. In this study, we seek to investigate how the monetary policy rule reacts to exchange rate changes. The nonlinear autoregressive distributed lag (NARDL) model is applied to capture the asymmetric effect of exchange rate changes on monetary policy reaction function (interest rate). We focus the study in ASEAN5 countries (Indonesia, Malaysia, Philippines, Thailand and Singapore). The results indicated the existence of asymmetric effect of exchange rates changes on the monetary reaction function for all ASEAN5 countries in the long-run. Where, in majority of the cases the monetary policy is reacting to the appreciation and depreciation of exchange rate by raising the policy rate. This affirms the intervention of policymakers with the `fear of floating' behavior.

Numerical Analysis of Flow Distribution in a Sodium Chamber of a Finned-tube Sodium-to-Air Heat Exchanger

Energy Technology Data Exchange (ETDEWEB)

Jo, Youngchul; Son, Seokkwon; Kim, Hyungmo; Eoh, Jaehyuk; Jeong, Jiyoung [Korea Atomic Energy Research Institute, Daejeon (Korea, Republic of)

2015-10-15

DHR systems consist of two diverse heat removal loops such as passive and active DHR systems, and the heat load imposed on the primary sodium pool is safely rejected into the environment through different kinds of sodium-to-air heat exchangers, e.g. M-shape and helical-coil type air-coolers. The former is called as an FHX(Forced-draft sodium-to-air Heat Exchanger) and the latter is simply called as an AHX(natural-draft sodium-to-Air Heat Exchanger). In a general sodium-to-air heat exchanger design, convection resistance in a shell-side air flow path becomes dominant factor affecting the mechanism of conjugate heat transfer from the sodium flow inside the tube to the air path across the sodium tube wall. Hence verification of the flow and heat transfer characteristics is one of the most important tasks to demonstrate decay heat removal performance. To confirm a kind of ultimate heat sink heat exchanger, a medium-scale Sodium thermal-hydraulic Experiment Loop for Finned-tube sodium-to-Air Heat exchanger (here after called the SELFA) has been designed and is recently being constructed at KAERI site. The introduction of the flow baffle inside the upper sodium chamber of the model FHX unit in the SELFA facility is briefly proposed and discussed as well. The present study aims at introducing a flow baffle design inside the upper sodium chamber to make more equalized flowrates flowing into each heat transfer tube of the model FHX unit. In the cases without the flow baffle geometry, it was observed lager discrepancies in flowrates at the heat transfer tubes. However it was also found that those kinds of discrepancies could be definitely decreased at around 1/10 by employing a flow baffle.

Exchange-Driven Growth with Birth Rate Less Than Death

International Nuclear Information System (INIS)

Lin Zhenquan; Ye Gaoxiang; Ke Jianhong

2005-01-01

We further study the kinetic behavior of the exchange-driven growth with birth and death for the case of birth rate kernel being less than that of death based on the mean-field theory. The symmetric exchange rate kernel is K(k,j) = K'(k,j) = Ikj υ , and the birth and death rates are proportional to the aggregate's size. The long time asymptotic behavior of the aggregate size distribution a k (t) is found to obey a much unusual scaling law with an exponentially growing scaling function Φ(x) = exp (x).

Modeling and estimating the jump risk of exchange rates: Applications to RMB

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Wang, Yiming; Tong, Hanfei

2008-11-01

In this paper we propose a new type of continuous-time stochastic volatility model, SVDJ, for the spot exchange rate of RMB, and other foreign currencies. In the model, we assume that the change of exchange rate can be decomposed into two components. One is the normally small-cope innovation driven by the diffusion motion; the other is a large drop or rise engendered by the Poisson counting process. Furthermore, we develop a MCMC method to estimate our model. Empirical results indicate the significant existence of jumps in the exchange rate. Jump components explain a large proportion of the exchange rate change.

Exchange rate pass-through and the role of international distribution channels

OpenAIRE

Desiraju, Ramarao; Shrikhande, Milind

1996-01-01

Manufacturers selling in foreign markets often do not completely pass on the effects of fluctuations in exchange rates to the prices of their products. Our paper addresses this puzzle and studies the effects of the international distribution channel on exchange rate pass-through. We develop an exchange rate pass-through model that takes into account the role of an intermediary between a domestic manufacturer and its consumers in a foreign market. We find that the magnitude of the pass-through...

Exchange Rate Regimes and Macroeconomic Stability in Central and Eastern Europe

OpenAIRE

Paul De Grauwe; Gunther Schnabl

2004-01-01

This paper explores the impact of the exchange rate regime on inflation and output in the Central and Eastern European (CEE) EU candidate countries. The panel estimations for the period between 1994 and 2002 show that de facto measures of exchange rate stability have a better explanatory power than the de jure measures in the inflation and growth equations. For the whole observation period the estimations reveal a significant impact of exchange rate stability on low inflation as well as a hig...

Balassa-Samuelson Effect in Won/Dollar and Won/Yen Exchange Rates

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Donghwan Oh

2010-06-01

Full Text Available This paper examines, using various models including a non-linear one, that the Balassa-Samuelson (BS effect can account for the persistence of deviations from PPP in the long-run movements of won/dollar and won/yen real exchange rates. In test for PPP hypothesis that incorporates the BS effect, using the generalized Johansen' cointegration method, it is found that a cointegration relationship exists between each of won/dollar and won/yen real exchange rate and the productivity variables of two countries. And in test for PPP hypothesis that incorporates other fundamentals such as cumulative current account balance, foreign exchange reserve, terms of trade as well as productivity differentials, using a behavioral equilibrium exchange rate approach, it is found that a cointegration relationship exists between each of won/dollar and won/yen real exchange rate and all of these fundamentals. However, the plus sign of the estimated coefficient of the productivity differentials variable, which means that domestic productivity improvement produces increase in each of won/dollar and won/yen real exchange rate is not coincident with the result that the BS effect expects theoretically. Finally, in test for PPP hypothesis that incorporates the BS effect, using a non-linear STAR model, it is found that the adjustment process in case of won/dollar real exchange rate from the long-run equilibrium level can be adequately explained by a non-linear LSTAR model. But, the evidence of diagnostic statistics, which shows the existence of autocorrelation of the residuals in most of lags, might suggest the inadequacy of LSTAR model specification.

Homogeneous cation exchange membrane by radiation grafting

International Nuclear Information System (INIS)

Kolhe, Shailesh M.; G, Agathian; Ashok Kumar

2001-01-01

Preparation of a strong cation exchange membrane by radiation grafting of styrene on to polyethylene (LDPE) film by mutual irradiation technique in the presence of air followed by sulfonation is described. The grafting has been carried out in the presence of air and without any additive. Low dose rate has been seen to facilitate the grafting. Further higher the grafting percentage more is the exchange capacity. The addition of a swelling agent during the sulfonation helped in achieving the high exchange capacity. The TGA-MASS analysis confirmed the grafting and the sulfonation. (author)