Sample records for water exchange rates
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Rate of oxygen isotope exchange between selenate and water.
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.
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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)
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Cooperation between bound waters and hydroxyls in controlling isotope-exchange rates
Panasci, Adele F.; McAlpin, J. Gregory; Ohlin, C. André; Christensen, Shauna; Fettinger, James C.; Britt, R. David; Rustad, James R.; Casey, William H.
2012-02-01
Mineral oxides differ from aqueous ions in that the bound water molecules are usually attached to different metal centers, or vicinal, and thus separated from one another. In contrast, for most monomeric ions used to establish kinetic reactivity trends, such as octahedral aquo ions (e.g., Al(H 2O) 63+), the bound waters are closely packed, or geminal. Because of this structural difference, the existing literature about ligand substitution in monomer ions may be a poor guide to the reactions of geochemical interest. To understand how coordination of the reactive functional groups might affect the rates of simple water-exchange reactions, we synthesized two structurally similar Rh(III) complexes, [Rh(phen) 2(H 2O) 2] 3+ [ 1] and [Rh(phen) 2(H 2O)Cl] 2+ [ 2] where (phen) = 1,10-phenanthroline. Complex [ 1] has two adjacent, geminal, bound waters in the inner-coordination sphere and [ 2] has a single bound water adjacent to a bound chloride ion. We employed Rh(III) as a trivalent metal rather than a more geochemically relevant metal like Fe(III) or Al(III) to slow the rate of reaction, which makes possible measurement of the rates of isotopic substitution by simple mass spectrometry. We prepared isotopically pure versions of the molecules, dissolved them into isotopically dissimilar water, and measured the rates of exchange from the extents of 18O and 16O exchange at the bound waters. The pH dependency of rates differ enormously between the two complexes. Pseudo-first-order rate coefficients at 298 K for water exchanges from the fully protonated molecules are close: k0298 = 5 × 10 -8(±0.5 × 10 -8) s -1 for [ 1] and k0298 = 2.5 × 10 -9(±1 × 10 -9) for [ 2]. Enthalpy and entropy activation parameters (Δ H‡ and Δ S‡) were measured to be 119(±3) kJ mol -1, and 14(±1) J mol -1 K -1, respectively for [ 1]. The corresponding parameters for the mono-aquo complex, [ 2], are 132(±3) kJ mol -1 and 41.5(±2) J mol -1 K -1. Rates increase by many orders of magnitude
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Gas exchange rates across the sediment-water andd air-water interfaces in south San Francisco Bay
International Nuclear Information System (INIS)
Hartman, B.; Hammond, D.E.
1984-01-01
Radon 222 concentrations in the water and sedimentary columns and radon exchange rates across the sediment-water and air-water interfaces have been measured in a section of south San Francisco Bay. Two independent methods have been used to determine sediment-water exchange rates, and the annual averages of these methods agree within the uncertainity of the determinations, about 20%. The annual average of bethic fluxes from shoal areas is nearly a factor of 2 greater than fluxes from the channel areas. Fluxes from the shoal and channel areas exceed those expected from simple molecular diffusion by factors of 4 and 2, respectively, apparently due to macrofaunal irrigation. Values of the gas transfer coefficient for radon exchange across the air-water inteface were determined by constructing a radon mass balance for the water column and by direct measurement using floating chambers. The chamber method appears to yield results which are too high. Transfer coefficients computed using the mass balance method range from 0.4 m/day to 1.8 m/day, with a 6-year average of 1.0 m/day. Gas exchange is linearly dependent upon wind speed over a wind speed range of 3.2--6.4 m/s, but shows no dependence upon current velocity. Gas transfer coefficients predicted from an empirical relationship between gas exchange rates and wind speed observed in lakes and the oceans are within 30% of the coefficients determined from the radon mass balance and are considerably more accurate than coefficients predicted from theoretical gas exchange models
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Gas exchange rates across the sediment-water and air-water interfaces in south San Francisco Bay
Hartman, Blayne; Hammond, Douglas E.
1984-01-01
Radon 222 concentrations in the water and sedimentary columns and radon exchange rates across the sediment-water and air-water interfaces have been measured in a section of south San Francisco Bay. Two independent methods have been used to determine sediment-water exchange rates, and the annual averages of these methods agree within the uncertainty of the determinations, about 20%. The annual average of benthic fluxes from shoal areas is nearly a factor of 2 greater than fluxes from the channel areas. Fluxes from the shoal and channel areas exceed those expected from simple molecular diffusion by factors of 4 and 2, respectively, apparently due to macrofaunal irrigation. Values of the gas transfer coefficient for radon exchange across the air-water interface were determined by constructing a radon mass balance for the water column and by direct measurement using floating chambers. The chamber method appears to yield results which are too high. Transfer coefficients computed using the mass balance method range from 0.4 m/day to 1.8 m/day, with a 6-year average of 1.0 m/day. Gas exchange is linearly dependent upon wind speed over a wind speed range of 3.2–6.4 m/s, but shows no dependence upon current velocity. Gas transfer coefficients predicted from an empirical relationship between gas exchange rates and wind speed observed in lakes and the oceans are within 30% of the coefficients determined from the radon mass balance and are considerably more accurate than coefficients predicted from theoretical gas exchange models.
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Complex ion kinetics. Reaction rates on ion-exchange resins compared to those in water
International Nuclear Information System (INIS)
Liss, I.B.; Murmann, R.K.
1975-01-01
A comparison has been made between the rates in water and on an ion-exchange resin for the aquation of [(NH 3 ) 5 CoOReO 3 ] 2+ and [(H 2 O) 5 CrCl] 2+ and for the 18 O isotopic exchange of water with [(NH 3 ) 5 Co(OH 2 )] 3+ and ReO 4 - . The rate of water exchange on [(NH 3 ) 5 Co(OH 2 )] 3+ was not changed by association with Dowex 50W resins. Aquation of [(NH 3 ) 5 CoOReO 3 ] 2+ and water exchange on ReO 4 - had modified pH dependencies when associated with a resin. With the cobalt complex the rates were faster on the resin in the acidic region and slower on the resin in the basic region. A new term in the rate equation was observed when ReO 4 - was on the resin, first order in H + , while the other terms appear to be unchanged. Aquation of [(H 2 O) 5 CrCl] 2+ was much slower when it was absorbed on the resin. This was related to the known ionic strength effect of the reaction. (auth)
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International Nuclear Information System (INIS)
Hwang, Tsang-Lin; Zijl, Peter C.M. van; Mori, Susumu
1998-01-01
Measurement of exchange rates between water and NH protons by magnetization transfer methods is often complicated by artifacts, such as intramolecular NOEs, and/or TOCSY transfer from Cα protons coincident with the water frequency, or exchange-relayed NOEs from fast exchanging hydroxyl or amine protons. By applying the Phase-Modulated CLEAN chemical EXchange (CLEANEX-PM) spin-locking sequence, 135 o (x) 120 o (-x) 110 o (x) 110 o (-x) 120 o (x) 135 o (-x) during the mixing period, these artifacts can be eliminated, revealing an unambiguous water-NH exchange spectrum. In this paper, the CLEANEX-PM mixing scheme is combined with Fast-HSQC (FHSQC) detection and used to obtain accurate chemical exchange rates from the initial slope analysis for a sample of 15N labeled staphylococcal nuclease. The results are compared to rates obtained using Water EXchange filter (WEX) II-FHSQC, and spin-echo-filtered WEX II-FHSQC measurements, and clearly identify the spurious NOE contributions in the exchange system
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Groenewald, Berlizé; Bazelet, Corinna S; Potter, C Paige; Terblanche, John S
2013-10-15
The importance of metabolic rate and/or spiracle modulation for saving respiratory water is contentious. One major explanation for gas exchange pattern variation in terrestrial insects is to effect a respiratory water loss (RWL) saving. To test this, we measured the rates of CO2 and H2O release ( and , respectively) in a previously unstudied, mesic cockroach, Aptera fusca, and compared gas exchange and water loss parameters among the major gas exchange patterns (continuous, cyclic, discontinuous gas exchange) at a range of temperatures. Mean , and per unit did not differ among the gas exchange patterns at all temperatures (P>0.09). There was no significant association between temperature and gas exchange pattern type (P=0.63). Percentage of RWL (relative to total water loss) was typically low (9.79±1.84%) and did not differ significantly among gas exchange patterns at 15°C (P=0.26). The method of estimation had a large impact on the percentage of RWL, and of the three techniques investigated (traditional, regression and hyperoxic switch), the traditional method generally performed best. In many respects, A. fusca has typical gas exchange for what might be expected from other insects studied to date (e.g. , , RWL and cuticular water loss). However, we found for A. fusca that expressed as a function of metabolic rate was significantly higher than the expected consensus relationship for insects, suggesting it is under considerable pressure to save water. Despite this, we found no consistent evidence supporting the conclusion that transitions in pattern type yield reductions in RWL in this mesic cockroach.
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Antony Jesu Prabhu, P.; Kaushik, S.J.; Geurden, I.; Stouten, T.; Fontagné-dicharry, S.; Veron, V.; Mariojouls, C.; Verreth, J.A.J.; Eding, E.H.; Schrama, J.W.
2017-01-01
Recirculation aquaculture systems (RASs) operated at low water exchange rates are known to accumulate minerals in the water. This study examined the dietary mineral requirement and metabolism in common carp reared in RAS of contrasting water exchange rates. Two independent RAS (water exchange rates,
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International Nuclear Information System (INIS)
Nakashio, Nobuyuki; Yamaguchi, Junya; Kobayashi, Ryusuke; Nishikawa, Masabumi
2001-01-01
The system effect of tritium arises from the interaction of tritium in the gas phase with water on the surface of piping materials. It has been reported that the system effect can be quantified by applying the serial reactor model to the piping system and that adsorption and isotope exchange reactions play the main roles in the trapping of tritium. The isotope exchange reaction that occurs when the chemical form of tritium in the gas phase is in the molecular form, i.e., HT or T 2 , has been named isotope exchange reaction 1, and that which occurs when tritium in the gas phase is in water form, i.e., HTO or T 2 O, has been named isotope exchange reaction 2.The rate of isotope exchange reaction 2 is experimentally quantified, and the rate is observed to be about one-third of the rate of adsorption. The trapping and release behavior of tritium from the piping surface due to isotope exchange reaction 2 is also discussed. It is certified that swamping of water vapor to process gas is effective to release tritium from the surface contaminated with tritium
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Air-water Gas Exchange Rates on a Large Impounded River Measured Using Floating Domes (Poster)
Mass balance models of dissolved gases in rivers typically serve as the basis for whole-system estimates of greenhouse gas emission rates. An important component of these models is the exchange of dissolved gases between air and water. Controls on gas exchange rates (K) have be...
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Rainbow trout Oncorhynchus mykiss performance and water quality were evaluated and compared within six replicated 9.5 cubic meter water recirculating aquaculture systems (WRAS) operated with and without ozone at various water exchange rates. Three separate studies were conducted: 1) low water exchan...
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International Nuclear Information System (INIS)
Butler, J.P.; Hartog, J. den; Goodale, J.W.; Rolston, J.H.
1977-01-01
Wetproofed platinum catalysts in packed columns promote isotopic exchange between counter-current streams of hydrogen saturated with water vapour and liquid water. The net rate of deuterium transfer from isotopically enriched hydrogen has been measured and separated into two rate processes involving the transfer of deuterium from hydrogen to water vapour and from water vapour to liquid. These are compared with independent measurements of the two rate processes to test the two-step successive exchange model for trickle bed reactors. The separated transfer rates are independent of bed height and characterize the deuterium concentrations of each stream along the length of the bed. The dependences of the transfer rates upon hydrogen and liquid flow, hydrogen pressure, platinum loading and the effect of dilution of the hydrophobic catalyst with inert hydrophilic packing are reported. The results indicate a third process may be important in the transfer of deuterium between hydrogen and liquid water. (author)
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Microbial desalination cells packed with ion-exchange resin to enhance water desalination rate.
Morel, Alexandre; Zuo, Kuichang; Xia, Xue; Wei, Jincheng; Luo, Xi; Liang, Peng; Huang, Xia
2012-08-01
A novel configuration of microbial desalination cell (MDC) packed with ion-exchange resin (R-MDC) was proposed to enhance water desalination rate. Compared with classic MDC (C-MDC), an obvious increase in desalination rate (DR) was obtained by R-MDC. With relatively low concentration (10-2 g/L NaCl) influents, the DR values of R-MDC were about 1.5-8 times those of C-MDC. Ion-exchange resins packed in the desalination chamber worked as conductor and thus counteracted the increase in ohmic resistance during treatment of low concentration salt water. Ohmic resistances of R-MDC stabilized at 3.0-4.7 Ω. By contrast, the ohmic resistances of C-MDC ranged from 5.5 to 12.7 Ω, which were 55-272% higher than those of R-MDC. Remarkable improvement in desalination rate helped improve charge efficiency for desalination in R-MDC. The results first showed the potential of R-MDC in the desalination of water with low salinity. Copyright © 2012 Elsevier Ltd. All rights reserved.
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International Nuclear Information System (INIS)
Bixel, J.C.; Hartzell, B.W.; Park, W.K.
1976-01-01
This study was undertaken to obtain data needed for further development of a process for the enrichment and removal of tritium from the water associated with light-water reactors, fuel-reprocessing plants, and tritium-handling laboratories. The approach is based on the use of antiwetting, hydrophobic catalysts which permit the chemical exchange reactions between liquid water and gaseous hydrogen in direct contact, thus eliminating problems of catalyst deactivation and the complexity of reactor design normally associated with current catalytic-detritiation techniques involving gas-phase catalysis. An apparatus and procedure were developed for measuring reaction rates of water-hydrogen chemical exchange with hydrophobic catalysts. Preliminary economic evaluations of the process were made as it might apply to the AGNS fuel reprocessing plant
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Bailey, Colleen; Moosvi, Firas; Stanisz, Greg J
2014-05-01
To map the intra-to-extracellular water exchange rate constant in rat xenografts using a two-compartment model of relaxation with water exchange and a range of contrast agent concentrations and compare with histology. MDA-MB-231 cells were xenografted into six nude rats. Three bolus injections of gadodiamide were administered. When uptake in the tumor demonstrated a steady-state, T1 data were acquired by spoiled gradient recalled acquisitions at four flip angles. A global fit of data to a two-compartment model incorporating exchange was performed, assuming a distribution volume of 20% of the rat. Voxels that did not reach steady-state and were excluded from parametric maps tended to be in large necrotic areas. TUNEL-negative (nonapoptotic) regions tended to have well-defined error bounds, with an average intra-to-extracellular exchange rate constant of 0.6 s(-1) . Apoptotic regions had higher exchange, but poorly determined upper bounds, with goodness of fit similar to that for a model assuming infinitely fast exchange. A lower bound of >3 s(-1) was used to establish voxels where the exchange rate constant was fast despite a large upper bound. Water exchange rates were higher in apoptotic regions, but examination of statistical errors was an important step in the mapping process. Copyright © 2013 Wiley Periodicals, Inc.
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Noninvasive mapping of water diffusional exchange in the human brain using filter-exchange imaging.
Nilsson, Markus; Lätt, Jimmy; van Westen, Danielle; Brockstedt, Sara; Lasič, Samo; Ståhlberg, Freddy; Topgaard, Daniel
2013-06-01
We present the first in vivo application of the filter-exchange imaging protocol for diffusion MRI. The protocol allows noninvasive mapping of the rate of water exchange between microenvironments with different self-diffusivities, such as the intracellular and extracellular spaces in tissue. Since diffusional water exchange across the cell membrane is a fundamental process in human physiology and pathophysiology, clinically feasible and noninvasive imaging of the water exchange rate would offer new means to diagnose disease and monitor treatment response in conditions such as cancer and edema. The in vivo use of filter-exchange imaging was demonstrated by studying the brain of five healthy volunteers and one intracranial tumor (meningioma). Apparent exchange rates in white matter range from 0.8±0.08 s(-1) in the internal capsule, to 1.6±0.11 s(-1) for frontal white matter, indicating that low values are associated with high myelination. Solid tumor displayed values of up to 2.9±0.8 s(-1). In white matter, the apparent exchange rate values suggest intra-axonal exchange times in the order of seconds, confirming the slow exchange assumption in the analysis of diffusion MRI data. We propose that filter-exchange imaging could be used clinically to map the water exchange rate in pathologies. Filter-exchange imaging may also be valuable for evaluating novel therapies targeting the function of aquaporins. Copyright © 2012 Wiley Periodicals, Inc.
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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
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Cakić, Nevenka; Tickner, Ben; Zaiss, Moritz; Esteban-Gómez, David; Platas-Iglesias, Carlos; Angelovski, Goran
2017-07-17
We report a detailed study of the solution structure and water exchange rate of a Eu(III) complex with the cyclen-based ligand L 1 , containing (S)-2-(2-acetamido)-3-(4-(trifluoromethyl)phenyl)propanoate pendant arms at positions 1 and 7 of the cyclen ring and acetylglycinate pendants at positions 4 and 10. The EuL 1 complex was characterized by a combination of NMR and luminescence spectroscopy and density functional theory (DFT) calculations. The chemical exchange saturation transfer (CEST) spectra obtained at different temperatures and saturation powers present a CEST signal attributed to the coordinated water molecule. However, the spectra recorded at low temperatures (10 °C) and low saturation powers revealed the presence of two different species with coordinated water molecules having very similar chemical shifts. Determination of the water exchange rates of the coordinated water molecules was carried out by using the Bloch four-pool model that accounts for the presence of these isomers, and this model was compared to conventional methods for CEST quantification, namely the Omega plot and QUESP (quantification of exchange rate as a function of saturation power), which assume the presence of a single CEST active species. The results indicated that only the four-pool Bloch equations provide reasonable water exchange rates and activation parameters. Solution NMR studies and DFT calculations indicated that the two isomers present in solution correspond to the SS-Δ(λλλλ) and SS-Λ(δδδδ) isomers, which present capped square-antiprismatic (SAP) coordination environments. Additional NMR studies on the EuL 2 and EuL 3 complexes, which present four (S)-2-(2-acetamido)-3-(4-(trifluoromethyl)phenyl)propanoate or acetylglycinate pendant arms, respectively, confirm the results obtained for EuL 1 .
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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.
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Fernando, W Shirangi; Martins, André F; Zhao, Piyu; Wu, Yunkou; Kiefer, Garry E; Platas-Iglesias, Carlos; Sherry, A Dean
2016-03-21
EuDOTA-tetraamide complexes as paraCEST agents offer an attractive platform for designing biological sensors and responsive agents. The early versions of these agents showed low sensitivity at temperature and power levels suitable for in vivo applications partly due to non-optimal water exchange rates. Here we report two new EuDOTA derivatives having glutamyl-phosphonate side arms that display the slowest water exchange rates of any other paraCEST agent reported so far. The advantages of such systems are demonstrated experimentally both in vitro and in vivo and DFT calculations were performed to help understand the physical-chemical reasons for this interesting behavior.
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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
Full Text Available ABSTRACTGiant gourami Osphronemus goramy Lac. is one of the most important fresh water fish commodities with increasing production level every year. Water quality management through a proper water exchange both in quantity and quality can be one of the alternatives to support the elevating production. This research was conducted from July to August 2010 at the Aquaculture Production Technology and Management Laboratory, Department of Aquaculture, Faculty of Fisheries and Marine Science, Bogor Agricultural University. The juvenile used was 0.84±0.011 cm in length and 0.017±0.001 cm in weight which reared in nine units of aquaria with a size of 60×29×33 cm3. Silk worm was used as the feed and provided daily at satiation. Water exchange was performed twice a day at a level depending on the treatment, namely 75% (50% at morning and 25% at evening, 100% (50% at morning and evening and 125% (75% at morning and 50% at evening of total water volume. Water exchange at 75%, 100%, and 125%/day resulted in survival rates of 94.11±0.63%; 91.89±2.02%; and 93.89±0.75%; specific growth rates of 7.43±0.15%, 8.58±0.24%, and 9.97±0.18%. Growth rate in length of 1.06±0.06 cm, 1.33±0.04 cm, and 1.55±0.01 cm; coefficient of variation in length of 11.31±1.43%, 9.35±1.46%, and 6.90±2.30%; feed efficiency of 12.47±0.30%, 14.32±1.05%, and 19.67±0.54%. The financial benefits resulted of the process were worth of IDR.351,903.00; IDR.402,302.00; and IDR.464,715.00; whereas R/C ratio of 1.71; 1.80; dan 1.90; BEP of 1,845 unit, 1,645 unit, and 1,517 unit; payback period (PP of 0.97 years, 0.85 years, and 0.74 years; and the cost production as much as IDR.79.90; IDR.82.70; and IDR.82.90/individual, respectively. The treatments were significantly different on several parameters, such as specific growth rate, length of growth rate, feed efficiency at p<0.05. The results of this experiment showed that 125% daily water exchange improved the production
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Interest Rate Rules, Exchange Market Pressure, and Successful Exchange Rate Management
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
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Sun, Cheng; Boutis, Gregory S
2011-02-28
We report on the direct measurement of the exchange rate of waters of hydration in elastin by T(2)-T(2) exchange spectroscopy. The exchange rates in bovine nuchal ligament elastin and aortic elastin at temperatures near, below and at the physiological temperature are reported. Using an Inverse Laplace Transform (ILT) algorithm, we are able to identify four components in the relaxation times. While three of the components are in good agreement with previous measurements that used multi-exponential fitting, the ILT algorithm distinguishes a fourth component having relaxation times close to that of free water and is identified as water between fibers. With the aid of scanning electron microscopy, a model is proposed allowing for the application of a two-site exchange analysis between any two components for the determination of exchange rates between reservoirs. The results of the measurements support a model (described elsewhere [1]) wherein the net entropy of bulk waters of hydration should increase upon increasing temperature in the inverse temperature transition.
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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
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International Nuclear Information System (INIS)
Sun Cheng; Boutis, Gregory S
2011-01-01
We report on a direct measurement of the exchange rate of waters of hydration in elastin by T 2 -T 2 exchange spectroscopy. The exchange rates in bovine nuchal ligament elastin and aortic elastin at temperatures near, below and at the physiological temperature are reported here. Using an inverse Laplace transform (ILT) algorithm, we are able to identify four components in the relaxation times. While three of the components are in good agreement with previous measurements that used multi-exponential fitting, the ILT algorithm distinguishes a fourth component having relaxation times close to that of free water and is identified as water between fibers. With the aid of scanning electron microscopy, a model is proposed that allows for the application of a two-site exchange analysis between any two components for the determination of exchange rates between reservoirs. The results of the measurements support a model (described by Urry and Parker 2002 J. Muscle Res. Cell Motil. 23 543-59) wherein the net entropy of waters of hydration should increase with increasing temperature in the inverse temperature transition.
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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....
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Apparent exchange rate for breast cancer characterization.
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.
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Exchange rate rebounds after foreign exchange market interventions
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.
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Bretton Woods Fixed Exchange Rate System versus Floating Exchange Rate System
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 –...
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Automated exchange transfusion and exchange rate.
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.
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Is a more stable exchange rate associated with reduced exchange rate pass-through?
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.
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Energy Technology Data Exchange (ETDEWEB)
Sun Cheng; Boutis, Gregory S, E-mail: gboutis@brooklyn.cuny.edu [Brooklyn College, Department of Physics, 2900 Bedford Avenue, Brooklyn, NY 11210 (United States)
2011-02-15
We report on a direct measurement of the exchange rate of waters of hydration in elastin by T{sub 2}-T{sub 2} exchange spectroscopy. The exchange rates in bovine nuchal ligament elastin and aortic elastin at temperatures near, below and at the physiological temperature are reported here. Using an inverse Laplace transform (ILT) algorithm, we are able to identify four components in the relaxation times. While three of the components are in good agreement with previous measurements that used multi-exponential fitting, the ILT algorithm distinguishes a fourth component having relaxation times close to that of free water and is identified as water between fibers. With the aid of scanning electron microscopy, a model is proposed that allows for the application of a two-site exchange analysis between any two components for the determination of exchange rates between reservoirs. The results of the measurements support a model (described by Urry and Parker 2002 J. Muscle Res. Cell Motil. 23 543-59) wherein the net entropy of waters of hydration should increase with increasing temperature in the inverse temperature transition.
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Choice of exchange rate regimes for African countries: Fixed or Flexible Exchange rate regimes?
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 ...
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An Empirical Investigation into Exchange Rate Regime Choice and Exchange Rate Volatility
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...
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Fish mortality in recirculating aquaculture systems (RAS) has been observed by the authors to increase when RAS are managed at low makeup water exchange rates with relatively high feed loading. The precise etiology of this elevated mortality was unknown, all typical water quality parameters were wit...
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Gortan, Emmanuelle; Nardini, Andrea; Gascó, Antonio; Salleo, Sebastiano
2009-04-01
Leaf hydraulic conductance (Kleaf) is known to be an important determinant of plant gas exchange and photosynthesis. Little is known about the long-term impact of different environmental factors on the hydraulic construction of leaves and its eventual consequences on leaf gas exchange. In this study, we investigate the impact of soil water availability on Kleaf of Fraxinus ornus L. as well as the influence of Kleaf on gas exchange rates and plant water status. With this aim, Kleaf, leaf conductance to water vapour (gL), leaf water potential (Psileaf) and leaf mass per area (LMA) were measured in F. ornus trees, growing in 21 different sites with contrasting water availability. Plants growing in arid sites had lower Kleaf, gL and Psileaf than those growing in sites with higher water availability. On the contrary, LMA was similar in the two groups. The Kleaf values recorded in sites with two different levels of soil water availability were constantly different from each other regardless of the amount of precipitation recorded over 20 days before measurements. Moreover, Kleaf was correlated with gL values. Our data suggest that down-regulation of Kleaf is a component of adaptation of plants to drought-prone habitats. Low Kleaf implies reduced gas exchange which may, in turn, influence the climatic conditions on a local/regional scale. It is concluded that leaf hydraulics and its changes in response to resource availability should receive greater attention in studies aimed at modelling biosphere-atmosphere interactions.
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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.
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Effective Exchange Rate Classifications and Growth
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...
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Exchange rate smoothing in Hungary
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...
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Variability in benthic exchange rate, depth, and residence time beneath a shallow coastal estuary
Russoniello, C. J.; Michael, H. A.; Heiss, J.
2017-12-01
Hydrodynamically-driven exchange of water between the water column and shallow seabed aquifer, benthic exchange, is a significant and dynamic component of coastal and estuarine fluid budgets, but wave-induced benthic exchange has not been measured in the field. Mixing between surface water and groundwater solutes promotes ecologically important chemical reactions, so quantifying benthic exchange rates, depths, and residence times, constrains estimates of coastal chemical cycling. In this study, we present the first field-based direct measurements of wave-induced exchange and compare it to exchange induced by the other primary drivers of exchange - tides, and currents. We deployed instruments in a shallow estuary to measure benthic exchange and temporal variability over an 11-day period. Differential pressure sensors recorded pressure gradients across the seabed, and up-and down-looking ADCPs recorded currents and pressures from which wave parameters, surface-water currents, and water depth were determined. Wave-induced exchange was calculated directly from 1) differential pressure measurements, and indirectly with an analytical solution based on wave parameters from 2) ADCP and 3) weather station data. Groundwater flow models were used to assess the effects of aquifer properties on benthic exchange depth and residence time. Benthic exchange driven by tidal pumping or current-bedform interaction was calculated from tidal stage variation and from ADCP-measured currents at the bed, respectively. Waves were the primary benthic exchange driver (average = 20.0 cm/d, maximum = 92.3 cm/d) during the measurement period. Benthic exchange due to tides (average = 3.7 cm/d) and current-bedform interaction (average = 6.5x10-2 cm/d) was much lower. Wave-induced exchange calculated from pressure measurements and ADCP-measured wave parameters matched well, but wind-based rates underestimated wave energy and exchange. Groundwater models showed that residence time and depth increased
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Exchange Rate Policy in Philippine Development
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...
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Gas exchange rates measured using a dual-tracer (SF6 and3he) method in the coastal waters of Korea
Lee, Hyun-Woo; Lee, Kitack; Kaown, Duk-In
2008-03-01
Over a period of 5 days between August 12 and 17, 2005, we performed a gas exchange experiment using the dual tracer method in a tidal coastal ocean located off the southern coast of Korea. The gas exchange rate was determined from temporal changes in the ratio of3He to SF6 measured daily in the surface mixed layer. The measured gas exchange rate ( k CO 2), normalized to a Schmidt number of 600 for CO2 in fresh water at 20°C, was approximately 5.0 cm h-1 at a mean wind speed of 3.9 m s-1 during the study period. This value is significantly less than those obtained from floating chamber-based experiments performed previously in estuarine environments, but is similar in magnitude to values obtained using the dual tracer method in river and tidal coastal waters and values predicted on the basis of the relationship between the gas exchange rate and wind speed (Wanninkhof 1992), which is generally applicable to the open ocean. Our result is also consistent with the relationship of Raymond and Cole (2001), which was derived from experiments carried out in estuarine environments using222Rn and chlorofluorocarbons along with measurements undertaken in the Hudson River, Canada, using SF6 and3He. Our results indicate that tidal action in a microtidal region did not discernibly enhance the measured k CO 2 value.
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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.
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Zhang, Xiao-Yong; Wang, Feng; Xu, Junzhong; Gochberg, Daniel F; Gore, John C; Zu, Zhongliang
2018-02-01
Chemical exchange saturation transfer (CEST) imaging of amides at 3.5 ppm and fast-exchanging amines at 3 ppm provides a unique means to enhance the sensitivity of detection of, for example, proteins/peptides and neurotransmitters, respectively, and hence can provide important information on molecular composition. However, despite the high sensitivity relative to conventional magnetic resonance spectroscopy (MRS), in practice, CEST often has relatively poor specificity. For example, CEST signals are typically influenced by several confounding effects, including direct water saturation (DS), semi-solid non-specific magnetization transfer (MT), the influence of water relaxation times (T 1w ) and nearby overlapping CEST signals. Although several editing techniques have been developed to increase the specificity by removing DS, semi-solid MT and T 1w influences, it is still challenging to remove overlapping CEST signals from different exchanging sites. For instance, the amide proton transfer (APT) signal could be contaminated by CEST effects from fast-exchanging amines at 3 ppm and intermediate-exchanging amines at 2 ppm. The current work applies an exchange-dependent relaxation rate (R ex ) to address this problem. Simulations demonstrate that: (1) slowly exchanging amides and fast-exchanging amines have distinct dependences on irradiation powers; and (2) R ex serves as a resonance frequency high-pass filter to selectively reduce CEST signals with resonance frequencies closer to water. These characteristics of R ex provide a means to isolate the APT signal from amines. In addition, previous studies have shown that CEST signals from fast-exchanging amines have no distinct features around their resonance frequencies. However, R ex gives Lorentzian lineshapes centered at their resonance frequencies for fast-exchanging amines and thus can significantly increase the specificity of CEST imaging for amides and fast-exchanging amines. Copyright © 2017 John Wiley & Sons
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Variability in Benthic Exchange Rate, Depth, and Residence Time Beneath a Shallow Coastal Estuary
Russoniello, Christopher J.; Heiss, James W.; Michael, Holly A.
2018-03-01
Hydrodynamically driven benthic exchange of water between the water column and shallow seabed aquifer is a significant and dynamic component of coastal and estuarine fluid budgets. Associated exchange of solutes promotes ecologically important chemical reactions, so quantifying benthic exchange rates, depths, and residence times constrains coastal chemical cycling estimates. We present the first combined field, numerical, and analytical modeling investigation of wave-induced exchange. Temporal variability of exchange was calculated with data collected by instruments deployed in a shallow estuary for 11 days. Differential pressure sensors recorded pressure gradients across the seabed, and up- and down-looking ADCPs recorded currents and pressures to determine wave parameters, surface-water currents, and water depth. Wave-induced exchange was calculated (1) directly from differential pressure measurements, and indirectly with an analytical model based on wave parameters from (2) ADCP and (3) wind data. Wave-induced exchange from pressure measurements and ADCP-measured wave parameters matched well, but both exceeded wind-based values. Exchange induced by tidal pumping and current-bed form interaction—the other primary drivers in shallow coastal waters were calculated from tidal stage variation and ADCP-measured currents. Exchange from waves (mean = 20.0 cm/d; range = 1.75-92.3 cm/d) greatly exceeded exchange due to tides (mean = 3.7 cm/d) and current-bed form interaction (mean = 6.5 × 10-2 cm/d). Groundwater flow models showed aquifer properties affect wave-driven benthic exchange: residence time and depth increased and exchange rates decreased with increasing hydraulic diffusivity (ratio of aquifer permeability to compressibility). This new understanding of benthic exchange will help managers assess its control over chemical fluxes to marine systems.
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Terblanche, John S; Clusella-Trullas, Susana; Chown, Steven L
2010-09-01
Investigation of gas exchange patterns and modulation of metabolism provide insight into metabolic control systems and evolution in diverse terrestrial environments. Variation in metabolic rate in response to environmental conditions has been explained largely in the context of two contrasting hypotheses, namely metabolic depression in response to stressful or resource-(e.g. water) limited conditions, or elevation of metabolism at low temperatures to sustain life in extreme conditions. To deconstruct the basis for metabolic rate changes in response to temperature variation, here we undertake a full factorial study investigating the longer- and short-term effects of temperature exposure on gas exchange patterns. We examined responses of traits of gas exchange [standard metabolic rate (SMR); discontinuous gas exchange (DGE) cycle frequency; cuticular, respiratory and total water loss rate (WLR)] to elucidate the magnitude and form of plastic responses in the dung beetle, Scarabaeus spretus. Results showed that short- and longer-term temperature variation generally have significant effects on SMR and WLR. Overall, acclimation to increased temperature led to a decline in SMR (from 0.071+/-0.004 ml CO(2) h(-1) in 15 degrees C-acclimated beetles to 0.039+/-0.004 ml CO(2) h(-1) in 25 degrees C-acclimated beetles measured at 20 degrees C) modulated by reduced DGE frequency (15 degrees C acclimation: 0.554+/-0.027 mHz, 20 degrees C acclimation: 0.257+/-0.030 mHz, 25 degrees C acclimation: 0.208+/-0.027 mHz recorded at 20 degrees C), reduced cuticular WLRs (from 1.058+/-0.537 mg h(-1) in 15 degrees C-acclimated beetles to 0.900+/-0.400 mg h(-1) in 25 degrees C-acclimated beetles measured at 20 degrees C) and reduced total WLR (from 4.2+/-0.5 mg h(-1) in 15 degrees C-acclimated beetles to 3.1+/-0.5 mg h(-1) in 25 degrees C-acclimated beetles measured at 25 degrees C). Respiratory WLR was reduced from 2.25+/-0.40 mg h(-1) in 15 degrees C-acclimated beetles to 1.60+/-0.40 mg h
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A nuclear magnetic relaxation study of hydrogen exchange and water dynamics in aqueous systems
International Nuclear Information System (INIS)
Lankhorst, D.
1983-01-01
In this thesis exchange of water protons in solutions of some weak electrolytes and polyelectrolytes is studied. Also the dynamical behaviour of water molecules in pure water is investigated. For these purposes nuclear magnetic resonance relaxation measurements, in solutions of oxygen-17 enriched water, are interpreted. The exchange rate of the water protons is derived from the contribution of 1 H- 17 O scalar coupling to the proton transverse relaxation rate. This rate is measured by the Carr-Purcell technique. (Auth.)
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Catalytic isotope exchange reaction between deuterium gas and water pre-adsorbed on platinum/alumina
International Nuclear Information System (INIS)
Iida, Itsuo; Kato, Junko; Tamaru, Kenzi.
1976-01-01
The catalytic isotope exchange reaction between deuterium gas and the water pre-adsorbed on Pt/Al 2 O 3 was studied. At reaction temperatures above 273 K, the exchange rate was proportional to the deuterium pressure and independent of the amount of adsorbed water, which suggests that the rate determining step is the supply of deuterium from the gas phase. Its apparent activation energy was 38 kJ mol -1 . Below freezing point of water, the kinetic behaviour was different from that above freezing point. At higher deuterium pressures the rate dropped abruptly at 273 K. Below the temperature the apparent activation energy was 54 kJ mol -1 and the exchange rate depended not on the deuterium pressure but on the amount of the pre-adsorbed water. At lower pressures, however, the kinetic behaviour was the same as the above 273 K, till the rate of the supply of deuterium from the gas phase exceeded the supply of hydrogen from adsorbed water to platinum surface. These results suggest that below 273 K the supply of hydrogen is markedly retarded, the state of the adsorbed water differing from that above 273 K. It was also demonstrated that when the adsorbed water is in the state of capillary condensation, the exchange rate becomes very small. (auth.)
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Can Exchange Rates Be Predicted?
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...
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Exchange Rate Determinants in Russia; 1992-1993
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.
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Exchange Rate Pass-Through in Turkey
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...
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The foreign exchange rate rate exposure of nations
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.
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Real exchange rate misalignments
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...
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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...
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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.
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Regueiro-Figueroa, Martín; Platas-Iglesias, Carlos
2015-06-18
We present a theoretical investigation of Gd-Owater bonds in different complexes relevant as contrast agents in magnetic resonance imaging (MRI). The analysis of the Ln-Owater distances, electron density (ρBCP), and electron localization function (ELF) at the bond critical points of [Ln(DOTA)(H2O)](-) and [Ln(DTPA-BMA)(H2O)] indicates that the strength of the Ln-Owater bonds follows the order DTPA-BMA > DOTA (M isomer) > DOTA (m isomer). The ELF values decrease along the 4f period as the Ln-Owater bonds get shorter, in line with the labile capping bond phenomenon. Extension of these calculations to other Gd(3+) complexes allowed us to correlate the experimentally observed water exchange rates and the calculated ρBCP and ELF values. The water exchange reaction becomes faster as the Gd-Owater bonds are weakened, which is reflected in longer bond distances and lower values of ρBCP and ELF. DKH2 calculations show that the two coordinated water molecules may also have significantly different (17)O hyperfine coupling constants (HFCCs).
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Interest Rates and Exchange Rate Relationship in BRIC-T Countries
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 ...
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Exchange reaction between tritiated hydrogen and water vapor
International Nuclear Information System (INIS)
Yamada, Koichi; Takano, Kenichi; Watanabe, Tamaki.
1979-01-01
Exchange reaction of tritiated hydrogen to water vapor under the condition of tritium gas concentration between 1 μCi/l and 1 mCi/l was studied. Tritium gas with hydrogen gas of 5 Torr and water of 20 mg were enclosed in a Pyrex glass ampule with volume of about 100 ml. The mixed gas with water vapor was heated with electric furnace. The heating time was between 2 and 100 hr, and the temperature was 776, 725, 675, 621, and 570.5 0 K. After heating, tritiated water was trapped with liquid nitrogen, and counted with a liquid scintillation counter. The radioactive concentration of initial tritiated hydrogen was measured with a calibrated ionization chamber. The main results obtained are as follows; 1) the concentration of produced tritiated water is well proportioned to that of initial tritiated hydrogen, 2) the activation energy of exchange reaction from tritiated hydrogen to tritiated water is 26.2 kcal/mol and that of inverse reaction is 27.4 kcal/mol, 3) the reaction rate at room temperature which calculated with activation energy is 1.04 x 10 -13 day -1 , and then exchange reaction at room temperature is negligible. (author)
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Cumulant expansions for measuring water exchange using diffusion MRI
Ning, Lipeng; Nilsson, Markus; Lasič, Samo; Westin, Carl-Fredrik; Rathi, Yogesh
2018-02-01
The rate of water exchange across cell membranes is a parameter of biological interest and can be measured by diffusion magnetic resonance imaging (dMRI). In this work, we investigate a stochastic model for the diffusion-and-exchange of water molecules. This model provides a general solution for the temporal evolution of dMRI signal using any type of gradient waveform, thereby generalizing the signal expressions for the Kärger model. Moreover, we also derive a general nth order cumulant expansion of the dMRI signal accounting for water exchange, which has not been explored in earlier studies. Based on this analytical expression, we compute the cumulant expansion for dMRI signals for the special case of single diffusion encoding (SDE) and double diffusion encoding (DDE) sequences. Our results provide a theoretical guideline on optimizing experimental parameters for SDE and DDE sequences, respectively. Moreover, we show that DDE signals are more sensitive to water exchange at short-time scale but provide less attenuation at long-time scale than SDE signals. Our theoretical analysis is also validated using Monte Carlo simulations on synthetic structures.
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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
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International Nuclear Information System (INIS)
Iseli, M.; Schaub, M.; Ulrich, D.
1992-01-01
The detritiation of highly tritiated water by liquid phase catalytic exchange needs dilution of the feed with water to tritium concentrations suitable for catalyst and safety rules and to assure flow rates large enough for wetting the catalyst. Dilution by recycling detritiated water from within the exchange process has three advantages: the amount and concentration of the water for dilution is controlled within the exchange process, there is no additional water load to processes located downstream RACE, and the ratio of gas to liquid flow rates in the exchange column could be adjusted by using several recycles differing in amount and concentration to avoid an excessively large number of theoretical separation stages. In this paper, the flexibility of the recycle attuned catalytic exchange (RACE) and its effect on the cryogenic distillation are demonstrated for the detritiation of the highly tritiated water from a tritium breeding blanket
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The effects of real exchange rate misalignment and real exchange volatility on exports
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...
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A Case for Intermediate Exchange-Rate Regimes
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...
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Janaun, J.; Kamin, N. H.; Wong, K. H.; Tham, H. J.; Kong, V. V.; Farajpourlar, M.
2016-06-01
Air heating unit is one of the most important parts in paddy drying to ensure the efficiency of a drying process. In addition, an optimized air heating unit does not only promise a good paddy quality, but also save more for the operating cost. This study determined the suitable and best specifications heating unit to heat air for paddy drying in the LAMB dryer. In this study, Aspen HYSYS v7.3 was used to obtain the minimum flow rate of hot water needed. The resulting data obtained from Aspen HYSYS v7.3 were used in Aspen Exchanger Design and Rating (EDR) to generate heat exchanger design and costs. The designs include shell and tubes and plate heat exchanger. The heat exchanger was designed in order to produce various drying temperatures of 40, 50, 60 and 70°C of air with different flow rate, 300, 2500 and 5000 LPM. The optimum condition for the heat exchanger were found to be plate heat exchanger with 0.6 mm plate thickness, 198.75 mm plate width, 554.8 mm plate length and 11 numbers of plates operating at 5000 LPM air flow rate.
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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...
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On factors influencing air-water gas exchange in emergent wetlands
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%.
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Matthews, Philip G D; White, Craig R
2012-01-01
Insects are at high risk of desiccation because of their small size, high surface-area-to-volume ratio, and air-filled tracheal system that ramifies throughout their bodies to transport O(2) and CO(2) to and from respiring cells. Although the tracheal system offers a high-conductance pathway for the movement of respiratory gases, it has the unintended consequence of allowing respiratory transpiration to the atmosphere. When resting, many species exchange respiratory gases discontinuously, and an early hypothesis for the origin of these discontinuous gas exchange cycles (DGCs) is that they serve to reduce respiratory water loss. In this study, we test this "hygric" hypothesis by comparing rates of CO(2) exchange and water loss among flower beetles Protaetia cretica (Cetoniinae, Scarabaeidae) breathing either continuously or discontinuously. We show that, consistent with the expectations of the hygric hypothesis, rates of total water loss are higher during continuous gas exchange than during discontinuous gas exchange and that the ratio of respiratory water loss to CO(2) exchange is lower during discontinuous gas exchange. This conclusion is in agreement with other studies of beetles and cockroaches that also support the hygric hypothesis. However, this result does not exclude other adaptive hypotheses supported by work on ants and moth pupae. This ambiguity may arise because there are multiple independent evolutionary origins of DGCs and no single adaptive function underlying their genesis. Alternatively, the observed reduction in water loss during DGCs may be a side effect of a nonadaptive gas exchange pattern that is elicited during periods of inactivity.
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Water detritiation: better catalysts for liquid phase catalytic exchange
International Nuclear Information System (INIS)
Braet, J.
2005-01-01
Fusion reactors are our hope for a clean nuclear energy. But as they shall handle huge amounts of tritium, 1.5 10 19 Bq GWth -1 a -1 or about 50 000 times more tritium than light water fission reactors, they need detritiation. Most tritium losses can be trapped as or can easily be transformed into tritiated water. Water detritiation is preferably based on the multiplication of the large equilibrium isotope effect during the exchange reaction of tritium between hydrogen gas and liquid water in a counter current trickle bed reactor. Such LPCE (Liquid Phase Catalytic Exchange) requires an efficient hydrophobic catalyst. SCK-CEN invented and developed such a catalyst in the past. In combination with an appropriate packing, different batches of this catalyst performed very well during years of extensive testing, allowing to develop the ELEX process for water detritiation at inland reprocessing plants. The main objectives of this study were to reproduce and possibly improve the SCK-CEN catalyst for tritium exchange between hydrogen and liquid water; and to demonstrate the high overall exchange rate and thus high detritiation factors that can be realized with it in a small and simple LPCE column under typical but conservative operating conditions
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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.
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Continuous measurement of air-water gas exchange by underwater eddy covariance
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
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Continuous measurement of air–water gas exchange by underwater eddy covariance
Directory of Open Access Journals (Sweden)
P. Berg
2017-12-01
Full Text Available 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
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Measuring the costs of exchange rate volatility
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...
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Universal model for water costs of gas exchange by animals and plants.
Woods, H Arthur; Smith, Jennifer N
2010-05-04
For terrestrial animals and plants, a fundamental cost of living is water vapor lost to the atmosphere during exchange of metabolic gases. Here, by bringing together previously developed models for specific taxa, we integrate properties common to all terrestrial gas exchangers into a universal model of water loss. The model predicts that water loss scales to gas exchange with an exponent of 1 and that the amount of water lost per unit of gas exchanged depends on several factors: the surface temperature of the respiratory system near the outside of the organism, the gas consumed (oxygen or carbon dioxide), the steepness of the gradients for gas and vapor, and the transport mode (convective or diffusive). Model predictions were largely confirmed by data on 202 species in five taxa--insects, birds, bird eggs, mammals, and plants--spanning nine orders of magnitude in rate of gas exchange. Discrepancies between model predictions and data seemed to arise from biologically interesting violations of model assumptions, which emphasizes how poorly we understand gas exchange in some taxa. The universal model provides a unified conceptual framework for analyzing exchange-associated water losses across taxa with radically different metabolic and exchange systems.
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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...
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Empirical Studies of Exchange Rates: Price Behavior, Rate Determinationand Market Efficiency
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...
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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...
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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
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Search for a new exchange-rate regime.
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.
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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.
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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...
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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.
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Development of a Waste Water Regenerative System - Using Sphagnum Moss Ion-exchange
McKeon, M.; Wheeler, R.; Leahy, Jj
The use of inexpensive, light weight and regenerative systems in an enclosed environment is of great importance to sustained existence in such habitats as the International Space Station, Moon or even Mars. Many systems exist which utilise various synthetic ion exchangers to complete the process of waste water clean-up. These systems do have a very good exchange rate for cations but a very low exchange rate for anions. They also have a maximum capacity before they need regeneration. This research proposes a natural alternative to these synthetic ion-exchangers that utilises one of natures greatest ion-exchangers, that of Sphagnum Moss. Sphagna can be predominantly found in the nutrient poor environment of Raised Bogs, a type of isolated wetland with characteristic low pH and little interaction with the surrounding water table. All nutrients come from precipitation. The sphagna have developed as the bog's sponges, soaking up all available nutrients (both cation & anion) from the precipitation and eventually distributing them to the surrounding flora and fauna, through the water. The goal of this research is to use this ability in the processing of waste water from systems similar to isolated microgravity environments, to produce clean water for reuse in these environments. The nutrients taken up by the sphagna will also be utilised as a growth medium for cultivar growth, such as those selected for hydroponics' systems.
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The Deceptive Resilience of Fixed Exchange Rates
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.
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Hydrogen-water deuterium exchange over metal oxide promoted nickel catalysts
Energy Technology Data Exchange (ETDEWEB)
Sagert, N H; Shaw-Wood, P E; Pouteau, R M.L. [Atomic Energy of Canada Ltd., Pinawa, Manitoba. Whiteshell Nuclear Research Establishment
1975-11-01
Specific rates have been measured for hydrogen-water deuterium isotope exchange over unsupported nickel promoted with about 20% of various metal oxides. The oxides used were Cr/sub 2/O/sub 3/, MoO/sub 2/, MnO, WO/sub 2/-WO/sub 3/, and UO/sub 2/. Nickel surface areas, which are required to measure the specific rates, were determined by hydrogen chemisorption. Specific rates were measured as a function of temperature in the range 353 to 573 K and as a function of the partial pressure of hydrogen and water over a 10-fold range of partial pressure. The molybdenum and tungsten oxides gave the highest specific rates, and manganese and uranium oxides the lowest. Chromium oxide was intermediate, although it gave the highest rate per gram of catalyst. The orders with respect to hydrogen and water over molybdenum oxide and tungsten oxide promoted nickel were consistent with a mechanism in which nickel oxide is formed from the reaction of water with the catalyst, and then is reduced by hydrogen. Over manganese and uranium oxide promoted catalysts, these orders are consistent with a mechanism in which adsorbed water exchanges with chemisorbed hydrogen atoms on the nickel surface. Chromium oxide is intermediate. It was noted that those oxides which favored the nickel oxide route had electronic work functions closest to those of metallic nickel and nickel oxide.
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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.
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Soesbe, Todd C; Wu, Yunkou; Dean Sherry, A
2013-07-01
Paramagnetic chemical exchange saturation transfer (PARACEST) complexes are exogenous contrast agents that have great potential to further extend the functional and molecular imaging capabilities of magnetic resonance. As a result of the presence of a central paramagnetic lanthanide ion (Ln(3+) ≠ La(3+) , Gd(3+) , Lu(3+) ) within the chelate, the resonance frequencies of exchangeable protons bound to the PARACEST agent are shifted far away from the bulk water frequency. This large chemical shift, combined with an extreme sensitivity to the chemical exchange rate, make PARACEST agents ideally suited for the reporting of significant biological metrics, such as temperature, pH and the presence of metabolites. In addition, the ability to turn PARACEST agents 'off' and 'on' using a frequency-selective saturation pulse gives them a distinct advantage over Gd(3+) -based contrast agents. A current challenge for PARACEST research is the translation of the promising in vitro results into in vivo systems. This short review article first describes the basic theory behind PARACEST contrast agents, their benefits over other contrast agents and their applications to MRI. It then describes some of the recent PARACEST research results: specifically, pH measurements using water molecule exchange rate modulation, T2 exchange contrast caused by water molecule exchange, the use of ultrashort TEs (TE < 10 µs) to overcome T2 exchange line broadening and the potential application of T2 exchange as a new contrast mechanism for MRI. Copyright © 2012 John Wiley & Sons, Ltd.
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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.
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Kinetic theory of oxygen isotopic exchange between minerals and water
Criss, R.E.; Gregory, R.T.; Taylor, H.P.
1987-01-01
Kinetic and mass conservation equations are used to describe oxygen isotopic exchange between minerals and water in "closed" and open hydrothermal systems. In cases where n coexisting mineral phases having different reaction rates are present, the exchange process is described by a system of n + 1 simultaneous differential equations consisting of n pseudo first-order rate equations and a conservation of mass equation. The simultaneous solutions to these equations generate curved exchange trajectories on ??-?? plots. Families of such trajectories generated under conditions allowing for different fluid mole fractions, different fluid isotopic compositions, or different fluid flow rates are connected by positive-sloped isochronous lines. These isochrons reproduce the effects observed in hydrothermally exchanged mineral pairs including 1) steep positive slopes, 2) common reversals in the measured fractionation factors (??), and 3) measured fractionations that are highly variable over short distances where no thermal gradient can be geologically demonstrated. ?? 1987.
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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...
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Rapid and accurate processing method for amide proton exchange rate measurement in proteins
International Nuclear Information System (INIS)
Koskela, Harri; Heikkinen, Outi; Kilpelaeinen, Ilkka; Heikkinen, Sami
2007-01-01
Exchange between protein backbone amide hydrogen and water gives relevant information about solvent accessibility and protein secondary structure stability. NMR spectroscopy provides a convenient tool to study these dynamic processes with saturation transfer experiments. Processing of this type of NMR spectra has traditionally required peak integration followed by exponential fitting, which can be tedious with large data sets. We propose here a computer-aided method that applies inverse Laplace transform in the exchange rate measurement. With this approach, the determination of exchange rates can be automated, and reliable results can be acquired rapidly without a need for manual processing
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International Nuclear Information System (INIS)
Itsuo, Iida; Junko, Kato; Kenzi, Tamuru
1977-01-01
Isotope exchange reaction between deuterium gas and water vapour at room temperature and below on platinum deposited on hydrophobic supports such as polytetrafluoroethylene (PTFE) or Porapak Q (copolymer of styrene and divinylbenzene) was studied and the results were compared with those of the exchange reaction on platinum over hydrophilic support such as alumina. It was demonstrated that the exchange reaction at temperatures below the boiling point of water is markedly retarded by the multilayer adsorption of water over the platinum catalyst deposited on hydrophilic support, whereas the platinum catalyst on hydrophobic support exhibited a high catalytic activity, being not retarded by the water, forming no multilayer of adsorbed water over platinum surface. Therefore in the case of the hydrogen isotope exchange reaction on platinum over hydrophobic support, the chemical exchange rate can be measured even under a saturated vapour pressure of water. The surface area of platinum was estimated by hydrogen chemisorption and hydrogen titration and specific activities of the catalyst were calculated at both room temperature and freezing point of water, which revealed that the specific rate of this reaction does not differ so much over various supports. (orig.) [de
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On exchange rate misalignments in the Eurozone's peripheral countries
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.
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A new assessment of floating exchange rates
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.
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Model Uncertainty and Exchange Rate Forecasting
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
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Model Uncertainty and Exchange Rate Forecasting
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
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14 CFR 65.43 - Rating privileges and exchange.
2010-01-01
... 14 Aeronautics and Space 2 2010-01-01 2010-01-01 false Rating privileges and exchange. 65.43... § 65.43 Rating privileges and exchange. (a) The holder of a senior rating on August 31, 1970, may at any time after that date exchange his rating for a facility rating at the same air traffic control...
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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
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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
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Recovery of Water from Boiler Flue Gas Using Condensing Heat Exchangers
Energy Technology Data Exchange (ETDEWEB)
Edward Levy; Harun Bilirgen; John DuPoint
2011-03-31
Most of the water used in a thermoelectric power plant is used for cooling, and DOE has been focusing on possible techniques to reduce the amount of fresh water needed for cooling. DOE has also been placing emphasis on recovery of usable water from sources not generally considered, such as mine water, water produced from oil and gas extraction, and water contained in boiler flue gas. This report deals with development of condensing heat exchanger technology for recovering moisture from flue gas from coal-fired power plants. The report describes: (1) An expanded data base on water and acid condensation characteristics of condensing heat exchangers in coal-fired units. This data base was generated by performing slip stream tests at a power plant with high sulfur bituminous coal and a wet FGD scrubber and at a power plant firing high-moisture, low rank coals. (2) Data on typical concentrations of HCl, HNO{sub 3} and H{sub 2}SO{sub 4} in low temperature condensed flue gas moisture, and mercury capture efficiencies as functions of process conditions in power plant field tests. (3) Theoretical predictions for sulfuric acid concentrations on tube surfaces at temperatures above the water vapor dewpoint temperature and below the sulfuric acid dew point temperature. (4) Data on corrosion rates of candidate heat exchanger tube materials for the different regions of the heat exchanger system as functions of acid concentration and temperature. (5) Data on effectiveness of acid traps in reducing sulfuric acid concentrations in a heat exchanger tube bundle. (6) Condensed flue gas water treatment needs and costs. (7) Condensing heat exchanger designs and installed capital costs for full-scale applications, both for installation immediately downstream of an ESP or baghouse and for installation downstream of a wet SO{sub 2} scrubber. (8) Results of cost-benefit studies of condensing heat exchangers.
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Recovery of Water from Boiler Flue Gas Using Condensing Heat Exchangers
Energy Technology Data Exchange (ETDEWEB)
Levy, Edward; Bilirgen, Harun; DuPont, John
2011-03-31
Most of the water used in a thermoelectric power plant is used for cooling, and DOE has been focusing on possible techniques to reduce the amount of fresh water needed for cooling. DOE has also been placing emphasis on recovery of usable water from sources not generally considered, such as mine water, water produced from oil and gas extraction, and water contained in boiler flue gas. This report deals with development of condensing heat exchanger technology for recovering moisture from flue gas from coal-fired power plants. The report describes: • An expanded data base on water and acid condensation characteristics of condensing heat exchangers in coal-fired units. This data base was generated by performing slip stream tests at a power plant with high sulfur bituminous coal and a wet FGD scrubber and at a power plant firing highmoisture, low rank coals. • Data on typical concentrations of HCl, HNO{sub 3} and H{sub 2}SO{sub 4} in low temperature condensed flue gas moisture, and mercury capture efficiencies as functions of process conditions in power plant field tests. • Theoretical predictions for sulfuric acid concentrations on tube surfaces at temperatures above the water vapor dewpoint temperature and below the sulfuric acid dew point temperature. • Data on corrosion rates of candidate heat exchanger tube materials for the different regions of the heat exchanger system as functions of acid concentration and temperature. • Data on effectiveness of acid traps in reducing sulfuric acid concentrations in a heat exchanger tube bundle. • Condensed flue gas water treatment needs and costs. • Condensing heat exchanger designs and installed capital costs for full-scale applications, both for installation immediately downstream of an ESP or baghouse and for installation downstream of a wet SO{sub 2} scrubber. • Results of cost-benefit studies of condensing heat exchangers.
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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 ...
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GROUNDWATER-SURFACE WATER EXCHANGE AND IMPLICATIONS FOR LARGE RIVER RESTORATION
Movement of river water into and out of high-porosity alluvial deposits can have an important influence on surface water quality and aquatic habitat. In our study of a 60-km reach of the Willamette River in Oregon, USA, we: 1) used tracers to estimate the rate of exchange betw...
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Exchange Rate Regime in Russia, Evaluation and Recommendations
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...
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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.
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Modeling inflation rates and exchange rates in Ghana: application of multivariate GARCH models.
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.
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Directory of Open Access Journals (Sweden)
Monaca eNoble
2016-05-01
Full Text Available Fluorescence by naturally occurring dissolved organic matter (FDOM is a sensitive indicator of ballast water source, with high FDOM in coastal ballast water decreasing typically dramatically when replaced by oceanic seawater during ballast water exchange. In this study, FDOM was measured in 92 ships arriving at Pacific ports on the US west coast and in New Zealand, and used to assess their compliance with ballast water regulations that required 95% replacement of port water to minimize invasive species risks. Fluorescence in many ships that reported ballast water exchange was significantly higher than is usual for oceanic seawater, and in several cases, significantly higher than in other ships with similar provenance and ballast water management. Pre-exchange source port conditions represented the largest source of uncertainty in the analysis, because residual coastal FDOM when highly fluorescent can significantly influence the fluorescence signature of exchanged ballast water. A meta-analysis comparing the intensities of FDOM in un-exchanged ballast tanks with calculated pre-exchange intensities assuming that ships all correctly implemented and reported ballast water exchange revealed notable discrepancies. Thus, the incidence of high-FDOM port waters was seven times lower in reality than would be expected on the basis of these calculations. The results suggest that a significant rate of reporting errors occur due to a combination of factors that may include inadequate ballast water exchange and unintentional or deliberate misreporting of ballast water management.
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Essays on exchange rate policy in developing countries
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 ...
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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 ...
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Clusella-Trullas, Susana; Chown, Steven L
2008-10-01
Several controversies currently dominate the fields of arthropod metabolic rate, gas exchange and water balance, including the extent to which modulation of gas exchange reduces water loss, the origins of discontinuous gas exchange, the relationship between metabolic rate and life-history strategies, and the causes of Palaeozoic gigantism. In all of these areas, repeated calls have been made for the investigation of groups that might most inform the debates, especially of taxa in key phylogenetic positions. Here we respond to this call by investigating metabolic rate, respiratory water loss and critical oxygen partial pressure (Pc) in the onychophoran Peripatopsis capensis, a member of a group basal to the arthropods, and by synthesizing the available data on the Onychophora. The rate of carbon dioxide release (VCO2) at 20 degrees C in P. capensis is 0.043 ml CO2 h(-1), in keeping with other onychophoran species; suggesting that low metabolic rates in some arthropod groups are derived. Continuous gas exchange suggests that more complex gas exchange patterns are also derived. Total water loss in P. capensis is 57 mg H2O h(-1) at 20 degrees C, similar to modern estimates for another onychophoran species. High relative respiratory water loss rates ( approximately 34%; estimated using a regression technique) suggest that the basal condition in arthropods may be a high respiratory water loss rate. Relatively high Pc values (5-10% O2) suggest that substantial safety margins in insects are also a derived condition. Curling behaviour in P. capensis appears to be a strategy to lower energetic costs when resting, and the concomitant depression of water loss is a proximate consequence of this behaviour.
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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...
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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
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China; Sources of Real Exchange Rate Fluctuations
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 ...
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Essays on exchange rate policy in developing countries
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
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Impulse Response of the Exchange Rate Volatility to a Foreign Exchange Intervention Shock
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...
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Oxo-exchange of gas-phase uranyl, neptunyl, and plutonyl with water and methanol.
Lucena, Ana F; Odoh, Samuel O; Zhao, Jing; Marçalo, Joaquim; Schreckenbach, Georg; Gibson, John K
2014-02-17
A challenge in actinide chemistry is activation of the strong bonds in the actinyl ions, AnO2(+) and AnO2(2+), where An = U, Np, or Pu. Actinyl activation in oxo-exchange with water in solution is well established, but the exchange mechanisms are unknown. Gas-phase actinyl oxo-exchange is a means to probe these processes in detail for simple systems, which are amenable to computational modeling. Gas-phase exchange reactions of UO2(+), NpO2(+), PuO2(+), and UO2(2+) with water and methanol were studied by experiment and density functional theory (DFT); reported for the first time are experimental results for UO2(2+) and for methanol exchange, as well as exchange rate constants. Key findings are faster exchange of UO2(2+) versus UO2(+) and faster exchange with methanol versus water; faster exchange of UO2(+) versus PuO2(+) was quantified. Computed potential energy profiles (PEPs) are in accord with the observed kinetics, validating the utility of DFT to model these exchange processes. The seemingly enigmatic result of faster exchange for uranyl, which has the strongest oxo-bonds, may reflect reduced covalency in uranyl as compared with plutonyl.
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Increasing Stability in the Mix of Exchange-rate Policies.
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...
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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.
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The influence of interest rates on the exchange rate and exchange rate volatility
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...
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Exchange rate policy under sovereign default risk
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.
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Jin, Tao; Kim, Seong-Gi
2014-11-01
The chemical exchange (CE) rate of endogenous hydroxyl and amine protons with water is often comparable to the difference in their chemical shifts. These intermediate exchange processes have been imaged by the CE saturation transfer (CEST) approach with low-power and long-duration irradiation. However, the sensitivity is not optimal and, more importantly, the signal is contaminated by slow magnetization transfer processes. Here, the properties of CEST signals are compared with those of a CE-sensitive spin-lock (CESL) technique irradiating at the labile proton frequency. First, using a higher power and shorter irradiation in CE-MRI, we obtain: (i) an increased selectivity to faster CE rates via a higher sensitivity to faster CEs and a lower sensitivity to slower CEs and magnetization transfer processes; and (ii) a decreased in vivo asymmetric magnetization transfer contrast measured at ±15 ppm. The sensitivity gain of CESL over CEST is higher for a higher power and shorter irradiation. Unlike CESL, CEST signals oscillate at a very high power and short irradiation. Second, time-dependent CEST and CESL signals are well modeled by analytical solutions of CE-MRI with an asymmetric population approximation, which can be used for quantitative CE-MRI and validated by simulations of Bloch-McConnell equations and phantom experiments. Finally, the in vivo amine-water proton exchange contrast measured at 2.5 ppm with ω1 = 500 Hz is 18% higher in sensitivity for CESL than CEST at 9.4 T. Overall, CESL provides better exchange rate selectivity and sensitivity than CEST; therefore, CESL is more suitable for CE-MRI of intermediate exchange protons. Copyright © 2014 John Wiley & Sons, Ltd.
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Sparseness and Roughness of Foreign Exchange Rates
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).
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Cation Exchange Water Softeners
WaterSense released a notice of intent to develop a specification for cation exchange water softeners. The program has made the decision not to move forward with a spec at this time, but is making this information available.
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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
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Groundwater–Surface Water Exchange
DEFF Research Database (Denmark)
Karan, Sachin
The exchange of groundwater-surface water has been invetigated in the western part of Denmark. Holtum AA provides the framework for all the performed investigations. Several methods are used, primarily eld based measurements ombined with numerical models to achieve insight to the governing...... processes of interaction between groundwater and surface water. By using heat as a tracer it has been possible to use temperature directly as calibrationtargets in a groundwater and heat transport model. Thus, it is possible to use heat investigate the change in groundwater discharge in dynamic conditions...... by using simple temperature devices along a stream to delineate the areas of interest in regard to GW{SW exchange. Thus, at several locations in a stream a temperature data logger was placed in the water column and right at the streambed-water interface. By looking at the correlation of streambed...
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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.
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Water permeation through anion exchange membranes
Luo, Xiaoyan; Wright, Andrew; Weissbach, Thomas; Holdcroft, Steven
2018-01-01
An understanding of water permeation through solid polymer electrolyte (SPE) membranes is crucial to offset the unbalanced water activity within SPE fuel cells. We examine water permeation through an emerging class of anion exchange membranes, hexamethyl-p-terphenyl poly (dimethylbenzimidazolium) (HMT-PMBI), and compare it against series of membrane thickness for a commercial anion exchange membrane (AEM), Fumapem® FAA-3, and a series of proton exchange membranes, Nafion®. The HMT-PMBI membrane is found to possess higher water permeabilities than Fumapem® FAA-3 and comparable permeability than Nafion (H+). By measuring water permeation through membranes of different thicknesses, we are able to decouple, for the first time, internal and interfacial water permeation resistances through anion exchange membranes. Permeation resistances on liquid/membrane interface is found to be negligible compared to that for vapor/membrane for both series of AEMs. Correspondingly, the resistance of liquid water permeation is found to be one order of magnitude smaller compared to that of vapor water permeation. HMT-PMBI possesses larger effective internal water permeation coefficient than both Fumapem® FAA-3 and Nafion® membranes (60 and 18% larger, respectively). In contrast, the effective interfacial permeation coefficient of HMT-PMBI is found to be similar to Fumapem® (±5%) but smaller than Nafion®(H+) (by 14%).
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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.
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B. J. Joyce; K. C. Steiner; J. M. Skelly
1996-01-01
Models of canopy gas exchange are needed to connect leaf-level measurement to higher scales. Because of the correspondence between leaf gas exchange and water use, it may be possible to predict variation in leaf gas exchange at the canopy level by monitoring rates of branch water use.
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International Nuclear Information System (INIS)
Igarashi, Hiroo; Nishimura, Yusaku; Ohsumi, Katsumi; Uchida, Shunsuke; Matsui, Tsuneo
1999-01-01
The elution rate of leachables from ion exchange resin, which is used in condensate demineralizers and is one of several major sources of organic compounds in BWR cooling water, was measured. Properties of the leachables and elution rate depended on the kind of ion exchange resin and the years of use. The organic compounds elution rate of cation exchange resin was constant for 5 years and the molecular weight of these leachables was low. After 5 years, the elution rate increased and leachables consisted of organic compounds of high molecular weights of several thousand. The elution rate of anion exchange resin decreased yearly. The difference in the elution behavior was attributed to a dependence on oxidation degradation promoted by transition metal catalysis. The cation exchange resin included absorbed transition metal, while the anion exchange resin did not. An empirical formula showing the time dependence of the elution rate of organic compounds was derived. The formula was judged to be appropriate based on simulations of an actual BWR plant and comparisons of impurity concentrations with actual reactor water data. (author)
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Exchange-rate regimes and economic growth: An empirical evaluation
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,...
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Exchange rate behavior with negative interest rates: Some early negative observations
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...
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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.
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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.
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38 CFR 3.32 - Exchange rates for foreign currencies.
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...
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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.
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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.
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Hydrogen-water isotopic exchange process
International Nuclear Information System (INIS)
Cheung, H.
1984-01-01
The objects of this invention are achieved by a dual temperature isotopic exchange process employing hydrogen-water exchange with water passing in a closed recirculation loop between a catalyst-containing cold tower and the upper portion of a catalyst-containing hot tower, with feed water being introduced to the lower portion of the hot tower and being maintained out of contact with the water recirculating in the closed loop. Undue retarding of catalyst activity during deuterium concentration can thus be avoided. The cold tower and the upper portion of the hot tower can be operated with relatively expensive catalyst material of higher catalyst activity, while the lower portion of the hot tower can be operated with a relatively less expensive, more rugged catalyst material of lesser catalyst activity. The feed water stream, being restricted solely to the lower portion of the hot tower, requires minimal pretreatment for the removal of potential catalyst contaminants. The catalyst materials are desirably coated with a hydrophobic treating material so as to be substantially inaccessible to liquid water, thereby retarding catalyst fouling while being accessible to the gas for enhancing isotopic exchange between hydrogen gas and water vapor. A portion of the water of the closed loop can be passed to a humidification zone to heat and humidify the circulating hydrogen gas and then returned to the closed loop
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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
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Exchange rate volatility and international trade: The option approach
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...
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Overcoming Fear of Floating: Exchange Rate Policies in Chile.
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. ...
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The tail index of exchange rate returns
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
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The Foreign Exchange Rate Exposure of Nations
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.
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Ion exchange resins destruction in a stirred supercritical water oxidation reactor
International Nuclear Information System (INIS)
Leybros, A.; Roubaud, A.; Guichardon, P.; Boutin, O.
2010-01-01
Spent ion exchange resins (IERs) are radioactive process wastes for which there is no satisfactory industrial treatment. Supercritical water oxidation offers a viable treatment alternative to destroy the organic structure of resins, used to remove radioactivity. Up to now, studies carried out in supercritical water for IER destruction showed that degradation rates higher than 99% are difficult to obtain even using a catalyst or a large oxidant excess. In this study, a co-fuel, isopropanol, has been used in order to improve degradation rates by initiating the oxidation reaction and increasing temperature of the reaction medium. Concentrations up to 20 wt% were tested for anionic and cationic resins. Total organic carbon reduction rates higher than 99% were obtained from this process, without the use of a catalyst. The influence of operating parameters such as IERs feed concentration, nature and counterions of exchanged IERs were also studied. (authors)
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Exchange rates and climate change: An application of fund
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
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Exchange rate predictability and state-of-the-art models
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 ...
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Exchange-Rate Unification with Black Market Leakages; Russia 1992
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...
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Pre-commissioning activities of exchange units of Heavy Water Plant, Manuguru (Paper No. 1.2)
International Nuclear Information System (INIS)
Kamath, H.S.; Sikaria, R.P.
1992-01-01
Heavy Water Plant, Manuguru (HWPM) comprises of two exchange units where enrichment of deuterium from natural concentration to 15% concentration is achieved using dual temperature H 2 S-H 2 O exchange process in a three stage cascade. In each exchange unit an inventory of around 200 MT of H 2 S gas is required under normal operating pressure and a feed water flow rate of 450 MT/Hr is required to be maintained. In view of the large flow rates of H 2 S circulating gas, water, cooling water, steam etc., the lines sizes in exchange unit are quite large. Further, H 2 S gas being highly toxic and corrosive, extreme care is required in order to ensure integrity and leak tightness. While due care is taken in material selection, design, quality surveillance etc., during fabrication, certain additional measures are required to be taken during precommissioning of the systems handling H 2 S under pressure. This paper deals with the activities from completion of plant erection including hydrotesting of piping by the piping contractor to the stage of trial production run. (author)
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KRW/USD Exchange Rate Volatility and Efficient Risk Management
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...
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Fluctuation Dynamics of Exchange Rates on Indian Financial Market
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.
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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....
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A Range-Based Multivariate Model for Exchange Rate Volatility
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
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Jin, Tao; Kim, Seong-Gi
2014-01-01
The chemical exchange (CE) rate of endogenous hydroxyl and amine protons with water is often comparable to the difference in their chemical shifts. These intermediate exchange (IMEX) processes have been imaged by the CE saturation transfer (CEST) approach with low-power and long-duration irradiation. However, its sensitivity is not optimal, and more importantly, the signal is contaminated by slow magnetization transfer processes. Here, the property of CEST signals is compared to a CE-sensitive spin-locking (CESL) technique irradiating at the labile proton frequency. Firstly, using a higher power and shorter irradiation in CE-MRI yields i) increasing selectivity to faster chemical exchange rates by higher sensitivity to faster exchanges and less sensitivity to slower CE and magnetization transfer processes, and ii) decreasing in vivo asymmetric magnetization transfer contrast measured at ±15 ppm. The sensitivity gain of CESL over CEST is higher for a higher-power and shorter irradiation. Unlike CESL, CEST signals oscillate at a very high power and short irradiation. Secondly, time-dependent CEST and CESL signals are well modeled by analytical solutions of CE-MRI with asymmetric population approximation (CEAPA), which can be used for quantitative CE-MRI, and validated by simulations of Bloch-McConnell equations and phantom experiments. Lastly, in vivo amine-water proton exchange contrast measured at 2.5 ppm with ω1 of 500 Hz is 18% higher in sensitivity for CESL than CEST at 9.4 T. Overall, CESL provides better exchange rate selectivity and sensitivity than CEST; therefore, CESL is more suitable for CE-MRI of IMEX protons. PMID:25199631
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Tseng, Chih-Wei; Koo, Malcolm; Hsieh, Yu-Hsi
2017-11-01
The water exchange (WE) method can decrease the discomfort of the patients undergoing colonoscopy. It also provides salvage cleansing and improves adenoma detection, but a longer intubation time is required. Cap-assisted colonoscopy leads to a significant reduction in cecal intubation time compared with traditional colonoscopy with air insufflation. The aim of this study was to investigate whether combined cap-assisted colonoscopy and water exchange (CWE) could decrease the cecal intubation time compared with WE. A total of 120 patients undergoing fully sedated colonoscopy at a regional hospital in southern Taiwan were randomized to colonoscopy with either CWE (n=59) or WE (n=61). The primary endpoint was cecal intubation time. The mean cecal intubation time was significantly shorter in CWE (12.0 min) compared with WE (14.8 min) (P=0.004). The volume of infused water during insertion was lower in CWE (840 ml) compared with WE (1044 ml) (P=0.003). The adenoma detection rate was 50.8 and 47.5% for CWE and WE, respectively (P=0.472). The Boston Bowel Preparation Scale scores were comparable in the two groups. Results from the multiple linear regression analysis indicated that WE with a cap, a higher degree of endoscopist's experience, a higher Boston Bowel Preparation Scale score, and a lower volume of water infused during insertion, without abdominal compression, without change of position, and without chronic laxative use, were significantly associated with a shorter cecal intubation time. In comparison with WE, CWE could shorten the cecal intubation time and required lower volume of water infusion during insertion without compromising the cleansing effect of WE.
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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 ...
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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.
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The Skill-Biased Effects of Exchange Rate Fluctuations
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...
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Fluxes and exchange rates of radon and oxygen across an air-sea interface
International Nuclear Information System (INIS)
Duenas, C.; Fernandez, M.C.; La Torre, M. de
1986-01-01
The flux of 222 Rn and O 2 from shallow water off the Bay of Malaga has been measured. The mean value of flux of 222 Rn is evaluated to be 74 atoms/m 2 · s. The Bay is a weak source of oxygen to the atmosphere, where the net production of oxygen is found to be 1.82 mol/m 2 · y. Moreover, the gas exchange rates of 222 Rn and O 2 across the air-sea interface has been determined by the radon method. The gas exchange rates and the wind speed have been estimated. (author)
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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.
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Triangular arbitrage as an interaction among foreign exchange rates
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.
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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
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What determines the exchange rate: economic factors or market sentiment?
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.
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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
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Modelling Exchange Rate Volatility by Macroeconomic Fundamentals in Pakistan
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...
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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.
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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....
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Chartist Trading in Exchange Rate Theory
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...
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Labour Demand and Exchange Rate Volatility
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...
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A meta-analysis of leaf gas exchange and water status responses to drought.
Yan, Weiming; Zhong, Yangquanwei; Shangguan, Zhouping
2016-02-12
Drought is considered to be one of the most devastating natural hazards, and it is predicted to become increasingly frequent and severe in the future. Understanding the plant gas exchange and water status response to drought is very important with regard to future climate change. We conducted a meta-analysis based on studies of plants worldwide and aimed to determine the changes in gas exchange and water status under different drought intensities (mild, moderate and severe), different photosynthetic pathways (C3 and C4) and growth forms (herbs, shrubs, trees and lianas). Our results were as follows: 1) drought negatively impacted gas exchange and water status, and stomatal conductance (gs) decreased more than other physiological traits and declined to the greatest extent in shrubs and C3 plants. Furthermore, C4 plants had an advantage compared to C3 plants under the same drought conditions. 2) The decrease in gs mainly reduced the transpiration rate (Tr), and gs could explain 55% of the decrease in the photosynthesis (A) and 74% of the decline in Tr. 3). Finally, gas exchange showed a close relationship with the leaf water status. Our study provides comprehensive information about the changes in plant gas exchange and water status under drought.
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Demetriou, Eleni; Tachrount, Mohamed; Zaiss, Moritz; Shmueli, Karin; Golay, Xavier
2018-03-05
To develop a new MRI technique to rapidly measure exchange rates in CEST MRI. A novel pulse sequence for measuring chemical exchange rates through a progressive saturation recovery process, called PRO-QUEST (progressive saturation for quantifying exchange rates using saturation times), has been developed. Using this method, the water magnetization is sampled under non-steady-state conditions, and off-resonance saturation is interleaved with the acquisition of images obtained through a Look-Locker type of acquisition. A complete theoretical framework has been set up, and simple equations to obtain the exchange rates have been derived. A reduction of scan time from 58 to 16 minutes has been obtained using PRO-QUEST versus the standard QUEST. Maps of both T 1 of water and B 1 can simply be obtained by repetition of the sequence without off-resonance saturation pulses. Simulations and calculated exchange rates from experimental data using amino acids such as glutamate, glutamine, taurine, and alanine were compared and found to be in good agreement. The PRO-QUEST sequence was also applied on healthy and infarcted rats after 24 hours, and revealed that imaging specificity to ischemic acidification during stroke was substantially increased relative to standard amide proton transfer-weighted imaging. Because of the reduced scan time and insensitivity to nonchemical exchange factors such as direct water saturation, PRO-QUEST can serve as an excellent alternative for researchers and clinicians interested to map pH changes in vivo. © 2018 International Society for Magnetic Resonance in Medicine.
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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.
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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
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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
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Hughes, J. D.; Metz, P. A.
2014-12-01
Most watershed studies include observation-based water budget analyses to develop first-order estimates of significant flow terms. Surface-water/groundwater (SWGW) exchange is typically assumed to be equal to the residual of the sum of inflows and outflows in a watershed. These estimates of SWGW exchange, however, are highly uncertain as a result of the propagation of uncertainty inherent in the calculation or processing of the other terms of the water budget, such as stage-area-volume relations, and uncertainties associated with land-cover based evapotranspiration (ET) rate estimates. Furthermore, the uncertainty of estimated SWGW exchanges can be magnified in large wetland systems that transition from dry to wet during wet periods. Although it is well understood that observation-based estimates of SWGW exchange are uncertain it is uncommon for the uncertainty of these estimates to be directly quantified. High-level programming languages like Python can greatly reduce the effort required to (1) quantify the uncertainty of estimated SWGW exchange in large wetland systems and (2) evaluate how different approaches for partitioning land-cover data in a watershed may affect the water-budget uncertainty. We have used Python with the Numpy, Scipy.stats, and pyDOE packages to implement an unconstrained Monte Carlo approach with Latin Hypercube sampling to quantify the uncertainty of monthly estimates of SWGW exchange in the Floral City watershed of the Tsala Apopka wetland system in west-central Florida, USA. Possible sources of uncertainty in the water budget analysis include rainfall, ET, canal discharge, and land/bathymetric surface elevations. Each of these input variables was assigned a probability distribution based on observation error or spanning the range of probable values. The Monte Carlo integration process exposes the uncertainties in land-cover based ET rate estimates as the dominant contributor to the uncertainty in SWGW exchange estimates. We will discuss
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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.
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Real Exchange Rate Dynamics in a Small, Primary-Exporting Country
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...
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Fear of Floating: Exchange Rate Flexibility Indices
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...
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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
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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.
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Exchange-rate-based stabilization in Argentina and Chile : a fresh look
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...
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Napolitano, Roberta; Soesbe, Todd C; De León-Rodríguez, Luis M; Sherry, A Dean; Udugamasooriya, D Gomika
2011-08-24
The sensitivity of magnetic resonance imaging (MRI) contrast agents is highly dependent on the rate of water exchange between the inner sphere of a paramagnetic ion and bulk water. Normally, identifying a paramagnetic complex that has optimal water exchange kinetics is done by synthesizing and testing one compound at a time. We report here a rapid, economical on-bead combinatorial synthesis of a library of imaging agents. Eighty different 1,4,7,10-tetraazacyclododecan-1,4,7,10-tetraacetic acid (DOTA)-tetraamide peptoid derivatives were prepared on beads using a variety of charged, uncharged but polar, hydrophobic, and variably sized primary amines. A single chemical exchange saturation transfer image of the on-bead library easily distinguished those compounds having the most favorable water exchange kinetics. This combinatorial approach will allow rapid screening of libraries of imaging agents to identify the chemical characteristics of a ligand that yield the most sensitive imaging agents. This technique could be automated and readily adapted to other types of MRI or magnetic resonance/positron emission tomography agents as well.
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Visibility graph approach to exchange rate series
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.
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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.
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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
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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.
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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
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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
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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.
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Misalignment under different exchange rate regimes: the case of Turkey
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...
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The Estimation of the Equilibrium Real Exchange Rate for Romania
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 ...
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Exchange Rate and Inflation Dynamics
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...
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Yan, Ailan; Liu, Chongxuan; Liu, Yuanyuan; Xu, Fen
2018-03-01
Microbially mediated ammonium oxidation is a major process affecting nitrogen transformation and cycling in natural environments. This study investigated whether ion exchange process can affect microbially mediated aerobic oxidation of ammonium in a hyporheic zone (HZ) sediments from the Columbia River at US Department of Energy's Hanford site, Washington State. Experiments were conducted using synthetic groundwater and river water to investigate their effect on ammonium oxidation. Results indicated that ammonium sorption through ion exchange reactions decreased the rate of ammonium oxidation, apparently resulting from the influence of the ion exchange on dissolved ammonium concentration, thus decreasing the bioavailability of ammonium for microbial oxidation. However, with the decrease in dissolved ammonium concentration, the sorbed ammonium released back to aqueous phase, and became bioavailable so that all the ammonium in the suspensions were oxidized. Our results implied a dynamic change in ammonium oxidation rates in an environment such as at HZ where river water and groundwater with different chemical compositions exchange frequently that can affect ammonium sorption and desorption through ion exchange reactions.
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Deuterium exchange between liquid water and gaseous hydrogen
International Nuclear Information System (INIS)
Dave, S.M.; Ghosh, S.K.; Sadhukhan, H.K.
1982-01-01
The overall separation factors for the deuterium exchange between liquid water and gaseous hydrogen have been calculated over a wide range of temperature, pressure and deuterium concentrations. These data would be useful in the design and other considerations for heavy water production, based on hydrogen-water exchange. (author)
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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...
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Exchange rate formation in Ukraine and its impact on macroeconomic indicators
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.
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Relationship between indoor radon concentrations and air exchange rate
International Nuclear Information System (INIS)
Wang Jingshu; Liu Yuyu; Yao Xiaohua; Meng Jianfeng; Zhang Yongyi; Wang Xiaohe; Yu Xiufen.
1995-01-01
The indoor concentration of radon and the air exchange rate were simultaneously measured in four empty rooms, made of brick and cement, which were located in different floors of dwelling houses in Taiyuan, Shanxi, China. SF 6 tracer gas decay method was used to measure the air exchange rate. Indoor radon was collected with the dimembrane method. When the ventilation rate increased, the concentration of radon dropped rapidly. Regression analysis indicated that the indoor concentration of radon was equal to the outdoor level of radon when the air exchange rate was greater than 3-4. SF 6 decay method was an effective and convenient method for measuring the air exchange rate. There was no marked difference in measurements obtained in different locations of a room. (N.K.)
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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....
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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, ...
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Political pressures and exchange rate stability in emerging market economies
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...
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Examining the volatility of exchange rate: Does monetary policy matter?
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...
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The case for regional exchange rate arrangement in East Asia
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...
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THE EFFECT OF EXCHANGE RATE VOLATILITY ON WHEAT TRADE WORLDWIDE
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...
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Using containment analysis to improve component cooling water heat exchanger limits
International Nuclear Information System (INIS)
Da Silva, H.C.; Tajbakhsh, A.
1995-01-01
The Comanche Peak Steam Electric Station design requires that exit temperatures from the Component Cooling Water Heat Exchanger remain below 330.37 K during the Emergency Core Cooling System recirculation stage, following a hypothetical Loss of Coolant Accident (LOCA). Due to measurements indicating a higher than expected combination of: (a) high fouling factor in the Component Cooling Water Heat Exchanger with (b) high ultimate heat sink temperatures, that might lead to temperatures in excess of the 330.37 K limit, if a LOCA were to occur, TUElectric adjusted key flow rates in the Component Cooling Water network. This solution could only be implemented with improvements to the containment analysis methodology of record. The new method builds upon the CONTEMPT-LT/028 code by: (a) coupling the long term post-LOCA thermohydraulics with a more detailed analytical model for the complex Component Cooling Water Heat Exchanger network and (b) changing the way mass and energy releases are calculated after core reflood and steam generator energy is dumped to the containment. In addition, a simple code to calculate normal cooldowns was developed to confirm RHR design bases were met with the improved limits
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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
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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.
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A Range-Based Multivariate Model for Exchange Rate Volatility
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...
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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.
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Martingale Regressions for a Continuous Time Model of Exchange Rates
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...
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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.
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Preparation of Pt-PTFE hydrophobic catalyst for hydrogen-water isotope exchange
International Nuclear Information System (INIS)
Li Junhua; Kang Yi; Han Yande; Ruan Hao; Dou Qincheng; Hu Shilin
2001-01-01
The hydrophobic catalyst used in the hydrogen-water isotope exchange is prepared with Pt as the active metal, PTFE as the hydrophobic material, active carbon or silicon dioxide as the support. The isotope catalytic exchange reaction between hydrogen and water is carried out in the trickle bed and the effects of different carriers, mass fraction of Pt and PTFE on the catalytic activity are discussed. The experimental results show that the activity of Pt-C-PTFE hydrophobic catalyst with the ratio between PTFE and Pt-C from 1 to 2 is higher than other kinds of catalysts and the overall volume transfer coefficient is increased with the increasing of the hydrogen flow rate and reaction temperature
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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.
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Brazilian exchange rate complexity: Financial crisis effects
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.
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Acetone and Water on TiO(110): H/D Exchange
International Nuclear Information System (INIS)
Henderson, Michael A.
2005-01-01
Isotopic H/D exchange between coadsorbed acetone and water on the TiO(110) surface was examined using temperature programmed desorption (TPD) as a function of coverage and two surface pretreatments (oxidation and reduction). Coadsorbed acetone and water interact repulsively on reduced TiO(110) based on results from the companion paper to this study, with water exerting a greater influence in destabilizing acetone and acetone having only a nominal influence on water. Despite the repulsive interaction between these coadsorbates, about 0.02 ML of a 1 ML d6-acetone on the reduced surface exhibits H/D exchange with coadsorbed water, with the exchange occurring exclusively in the high temperature region of the d?-acetone TPD spectrum at ∼340 K. The effect was confirmed with combinations of d?-acetone and D?O. The extent of exchange decreased on the reduced surface with water coverages above ∼0.3 ML due to the ability of water to displace coadsorbed acetone from first layer sites to the multilayer. In contrast, the extent of exchange increased by a factor of 3 when the surface was pre-oxidized prior to coadsorption. In this case, there was no evidence for the negative influence of high water coverages on the extent of H/D exchange. Comparison of the TPD spectra from the exchange products (either d?- or d?-acetone depending on the coadsorption pairing) suggests that, in addition to the 340 K exchange process seen on the reduced surface, a second exchange process was observed on the oxidized surface at ∼390 K. In both cases (oxidized and reduced), desorption of the H/D exchange products appeared to be reaction limited and to involve the influence of OH/OD groups (or water formed during recombinative desorption of OH/OD groups) instead of molecularly adsorbed water. The 340 K exchange process is assigned to reaction at step sites and the 390 K exchange process is attributed to the influence of oxygen adatoms deposited during surface oxidation. The H/D exchange
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Fiscal deficits, exchange rate crises and inflation.
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
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Jump spillover between oil prices and exchange rates
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.
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Heat exchanger for solar water heaters
Cash, M.; Krupnick, A. C.
1977-01-01
Proposed efficient double-walled heat exchanger prevents contamination of domestic water supply lines and indicates leakage automatically in solar as well as nonsolar heat sources using water as heat transfer medium.
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Asymmetric Exchange Rate Exposure - Research in Southeast Asian Countries
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...
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Gas exchange and hydraulics in seedlings of Hevea brasiliensis during water stress and recovery.
Chen, Jun-Wen; Zhang, Qiang; Li, Xiao-Shuang; Cao, Kun-Fang
2010-07-01
The response of plants to drought has received significant attention, but far less attention has been given to the dynamic response of plants during recovery from drought. Photosynthetic performance and hydraulic capacity were monitored in seedlings of Hevea brasiliensis under water stress and during recovery following rewatering. Leaf water relation, gas exchange rate and hydraulic conductivity decreased gradually after water stress fell below a threshold, whereas instantaneous water use efficiency and osmolytes increased significantly. After 5 days of rewatering, leaf water relation, maximum stomatal conductance (g(s-max)) and plant hydraulic conductivity had recovered to the control levels except for sapwood area-specific hydraulic conductivity, photosynthetic assimilation rate and osmolytes. During the phase of water stress, stomata were almost completely closed before water transport efficiency decreased substantially, and moreover, the leaf hydraulic pathway was more vulnerable to water stress-induced embolism than the stem hydraulic pathway. Meanwhile, g(s-max) was linearly correlated with hydraulic capacity when water stress exceeded a threshold. In addition, a positive relationship was shown to occur between the recovery of g(s-max) and of hydraulic capacity during the phase of rewatering. Our results suggest (i) that stomatal closure effectively reduces the risk of xylem dysfunction in water-stressed plants at the cost of gas exchange, (ii) that the leaf functions as a safety valve to protect the hydraulic pathway from water stress-induced dysfunction to a larger extent than does the stem and (iii) that the full drought recovery of gas exchange is restricted by not only hydraulic factors but also non-hydraulic factors.
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Avedano, Stefano; Botta, Mauro; Haigh, Julian S; Longo, Dario L; Woods, Mark
2013-08-05
The influence of dynamics on solution state structure is a widely overlooked consideration in chemistry. Variations in Gd(3+) chelate hydration with changing coordination geometry and dissociative water exchange kinetics substantially impact the effectiveness (or relaxivity) of monohydrated Gd(3+) chelates as T1-shortening contrast agents for MRI. Theory shows that relaxivity is highly dependent upon the Gd(3+)-water proton distance (rGdH), and yet this distance is almost never considered as a variable in assessing the relaxivity of a Gd(3+) chelate as a potential contrast agent. The consequence of this omission can be seen when considering the relaxivity of isomeric Gd(3+) chelates that exhibit different dissociative water exchange kinetics. The results described herein show that the relaxivity of a chelate with "optimal" dissociative water exchange kinetics is actually lower than that of an isomeric chelate with "suboptimal" dissociative water exchange. When the rate of molecular tumbling of these chelates is slowed, an approach that has long been understood to increase relaxivity, the observed difference in relaxivity is increased with the more rapidly exchanging ("optimal") chelate exhibiting lower relaxivity than the "suboptimally" exchanging isomer. The difference between the chelates arises from a non-field-dependent parameter: either the hydration number (q) or rGdH. For solution state Gd(3+) chelates, changes in the values of q and rGdH are indistinguishable. These parametric expressions simply describe the hydration state of the chelate--i.e., the number and position of closely associating water molecules. The hydration state (q/rGdH(6)) of a chelate is intrinsically linked to its dissociative water exchange rate kex, and the interrelation of these parameters must be considered when examining the relaxivity of Gd(3+) chelates. The data presented herein indicate that the changes in the hydration parameter (q/rGdH(6)) associated with changing dissociative
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Fischer, Leonard S; Lumsden, Antoinette; Leung, Felix W
2012-07-01
Water exchange colonoscopy has been reported to reduce examination discomfort and to provide salvage cleansing in unsedated or minimally sedated patients. The prolonged insertion time and perceived difficulty of insertion associated with water exchange have been cited as a barrier to its widespread use. To assess the feasibility of learning and using the water exchange method of colonoscopy in a U.S. community practice setting. Quality improvement program in nonacademic community endoscopy centers. Patients undergoing sedated diagnostic, surveillance, or screening colonoscopy. After direct coaching by a knowledgeable trainer, an experienced colonoscopist initiated colonoscopy using the water method. Whenever >5 min elapsed without advancing the colonoscope, conversion to air insufflation was made to ensure timely completion of the examination. Water Method Intention-to-treat (ITT) cecal intubation rate (CIR). Female patients had a significantly higher rate of past abdominal surgery and a significantly lower ITTCIR. The ITTCIR showed a progressive increase over time in both males and females to 85-90%. Mean insertion time was maintained at 9 to 10 min. The overall CIR was 99%. Use of water exchange did not preclude cecal intubation upon conversion to usual air insufflation in sedated patients examined by an experienced colonoscopist. With practice ITTCIR increased over time in both male and female patients. Larger volumes of water exchanged were associated with higher ITTCIR and better quality scores of bowel preparation. The data suggest that learning water exchange by a busy colonoscopist in a community practice setting is feasible and outcomes conform to accepted quality standards.
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Asensio, Dolores; Peñuelas, Josep; Ogaya, Romà; Llusià, Joan
Available information on soil volatile organic compound (VOC) exchange, emissions and uptake, is very scarce. We here describe the amounts and seasonality of soil VOC exchange during a year in a natural Mediterranean holm oak forest growing in Southern Catalonia. We investigated changes in soil VOC dynamics in drought conditions by decreasing the soil moisture to 30% of ambient conditions by artificially excluding rainfall and water runoff, and predicted the response of VOC exchange to the drought forecasted in the Mediterranean region for the next decades by GCM and ecophysiological models. The annual average of the total (detected) soil VOC and total monoterpene exchange rates were 3.2±3.2 and -0.4±0.3 μg m -2 h -1, respectively, in control plots. These values represent 0.003% of the total C emitted by soil at the study site as CO 2 whereas the annual mean of soil monoterpene exchange represents 0.0004% of total C. Total soil VOC exchange rates in control plots showed seasonal variations following changes in soil moisture and phenology. Maximum values were found in spring (17±8 μg m -2 h -1). Although there was no significant global effect of drought treatment on the total soil VOC exchange rates, annual average of total VOC exchange rates in drought plots resulted in an uptake rate (-0.5±1.8 μg m -2 h -1) instead of positive net emission rates. Larger soil VOC and monoterpene exchanges were measured in drought plots than in control plots in summer, which might be mostly attributable to autotrophic (roots) metabolism. The results show that the diversity and magnitude of monoterpene and VOC soil emissions are low compared with plant emissions, that they are driven by soil moisture, that they represent a very small part of the soil-released carbon and that they may be strongly reduced or even reversed into net uptakes by the predicted decreases of soil water availability in the next decades. In all cases, it seems that VOC fluxes in soil might have greater
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Ion-exchange synthesis of compounds based on low-water niobium hydroxide
International Nuclear Information System (INIS)
Ivanova, N.E.; Sakharov, V.E.; Korovin, S.S.
1977-01-01
Ordinary physico-chemical methods have been used for studying the possibilities of the ion-exchange synthesis of niobates of alkaline and alkaline-earth elements based on low-water niobium hydroxide small at relatively low temperatures. It has been established that cation-exchange properties of low-water niobium hydroxide are revealed in a wide range of pH (from 8.95 to 12.4 for alkaline-earth elements and from 6.7 to 12.0 for alkaline elements). Physico-chemical study of solid phases points that there is a monophase with low-water niobium hydroxide. The rate of crystallization ageing of amorphous phases based on low-water niobium hydroxide is rather small for the samples with a M:Nb ratio less than 1.0 whereas mixed hydroxides with M:Nb ratio more than 1.0 reveal on X-ray diffraction patterns diffusion reflections after keeping in mother liquor for 5 hours-1 day
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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.
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A New Approach to Forecasting Exchange Rates
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....
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Wang, Xiangping; Luo, Hui; Xiang, Yi; Leung, Felix W; Wang, Limei; Zhang, Linhui; Liu, Zhiguo; Wu, Kaichun; Fan, Daiming; Pan, Yanglin; Guo, Xuegang
2015-07-01
Whole-colon water exchange (WWE) reduces insertion pain, increases cecal intubation success and adenoma detection rate, but requires longer insertion time, compared to air insufflation (AI) colonoscopy. We hypothesized that water exchange limited to the left colon (LWE) can speed up insertion with equivalent results. This prospective, randomized controlled study (NCT01735266) allocated patients (18-80 years) to WWE, LWE or AI group (1:1:1). The primary outcome was cecal intubation time. Three hundred subjects were randomized to the WWE (n = 100), LWE (n = 100) or AI group (n = 100). Ninety-four to ninety-five per cent of patients underwent diagnostic colonoscopy. Baseline characteristics were balanced. The median insertion time was shorter in LWE group (4.8 min (95%CI: 3.2-6.2)) than those in WWE (7.5 min (95%CI: 6.0-10.3)) and AI (6.4 min (95%CI: 4.2-9.8)) (both p rates in unsedated patients of the two water exchange methods (WWE 99%, LWE 99%) were significantly higher than that (89.8%) in AI group (p = 0.01). The final success rates were comparable among the three groups after sedation was given. Maximum pain scores and number of patients needing abdominal compression between WWE and LWE groups were comparable, both lower than those in AI group (p higher in WWE group. By preserving the benefits of WWE and reducing insertion time, LWE is appropriate for diagnostic colonoscopy, especially in settings with tight scheduling of patients. The higher PDR in the right colon in WWE group deserves to be further investigated.
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Introducing False EUR and False EUR exchange rates
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.
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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.
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Air-water oxygen exchange in a large whitewater river
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.
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International Nuclear Information System (INIS)
Mehrabian, Hatef; Desmond, Kimberly L.; Chavez, Sofia; Bailey, Colleen; Rola, Radoslaw; Sahgal, Arjun; Czarnota, Gregory J.; Soliman, Hany; Martel, Anne L.; Stanisz, Greg J.
2017-01-01
Purpose: This study was designed to evaluate whether changes in metastatic brain tumors after stereotactic radiosurgery (SRS) can be seen with quantitative MRI early after treatment. Methods and Materials: Using contrast-enhanced MRI, a 3-water-compartment tissue model consisting of intracellular (I), extracellular-extravascular (E), and vascular (V) compartments was used to assess the intra–extracellular water exchange rate constant (k IE ), efflux rate constant (k ep ), and water compartment volume fractions (M 0,I , M 0,E , M 0,V ). In this prospective study, 19 patients were MRI-scanned before treatment and 1 week and 1 month after SRS. The change in model parameters between the pretreatment and 1-week posttreatment scans was correlated to the change in tumor volume between pretreatment and 1-month posttreatment scans. Results: At 1 week k IE differentiated (P<.001) tumors that had partial response from tumors with stable and progressive disease, and a high correlation (R=−0.76, P<.001) was observed between early changes in the k IE and tumor volume change 1 month after treatment. Other model parameters had lower correlation (M 0,E ) or no correlation (k ep , M 0,V ). Conclusions: This is the first study that measured k IE early after SRS, and it found that early changes in k IE (1 week after treatment) highly correlated with long-term tumor response and could predict the extent of tumor shrinkage at 1 month after SRS.
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Exchange rate regimes and inflation: Evidence from India.
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...
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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.
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International Nuclear Information System (INIS)
Boeckmann, Anja; Juy, Michel; Bettler, Emmanuel; Emsley, Lyndon; Galinier, Anne; Penin, Francois; Lesage, Anne
2005-01-01
We report site-resolved observation of hydrogen exchange in the micro-crystalline protein Crh. Our approach is based on the use of proton T 2 ' -selective 1 H- 13 C- 13 C correlation spectra for site-specific assignments of carbons nearby labile protein protons. We compare the proton T 2 ' selective scheme to frequency selective water observation in deuterated proteins, and discuss the impacts of deuteration on 13 C linewidths in Crh. We observe that in micro-crystalline proteins, solvent accessible hydroxyl and amino protons show comparable exchange rates with water protons as for proteins in solution, and that structural constraints, such as hydrogen bonding or solvent accessibility, more significantly reduce exchange rates
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Evaluation of heat exchange performance for primary pressurized water cooler in HTTR
International Nuclear Information System (INIS)
Tochio, Daisuke; Nakagawa, Shigeaki
2006-01-01
In High Temperature Engineering Test Reactor (HTTR), the rated thermal power of 30 MW, the generated heat at reactor core is finally dissipated at the air-cooler by way of the heat exchangers of the primary cooling system, such as the primary pressurized water cooler (PPWC) and the intermediate heat exchanger (IHX). The heat exchangers in the primary cooling system are required the heat exchange performance to remove reactor generated heat 30 MW under the condition of reactor coolant outlet temperature 850degC/950degC. Therefore, the heat exchanges are required to satisfy the design criteria of heat exchange performance. In this report, heat exchange performance data of the rise-to-power-up test and the in-service operation for the PPWC in the main cooling system was evaluated. Moreover, the evaluated values were compared with the design values, and it is confirmed that PPWC has the required heat exchange performance in the design. (author)
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Evaluation of heat exchange performance for secondary pressurized water cooler in HTTR
International Nuclear Information System (INIS)
Tochio, Daisuke; Watanabe, Syuji; Saikusa, Akio; Oyama, Sunao; Nemoto, Takahiro; Hamamoto, Shinpei; Shinohara, Masanori; Isozaki, Minoru; Nakagawa, Shigeaki
2006-02-01
In High Temperature Engineering Test Reactor (HTTR), the rated thermal power of 30MW, the generated heat at reactor core is finally dissipated at the air-cooler by way of the heat exchangers of the primary cooling system, such as the intermediate heat exchanger (IHX) and the secondary pressurized water cooler (SPWC). The heat exchangers in the main cooling system are required the heat exchange performance to remove the reactor-generated-heat of 30MW under the condition of reactor coolant outlet temperature of 850degC/950degC. Therefore, the heat exchanges are required to satisfy the design criteria of heat exchange performance. In this report, heat exchange performance of the SPWC in the main cooling system was evaluated with the rise-to-power-up test and the in-service operation data. Moreover, evaluated value is compared with designed one, it is confirmed that the SPWC has required heat exchange performance. (author)
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Goerke, Steffen; Zaiss, Moritz; Bachert, Peter
2014-05-01
Chemical exchange saturation transfer (CEST) enables indirect detection of small metabolites in tissue by MR imaging. To optimize and interpret creatine-CEST imaging we characterized the dependence of the exchange-rate constant k(sw) of creatine guanidinium protons in aqueous creatine solutions as a function of pH and temperature T in vitro. Model solutions in the low pH range (pH = 5-6.4) were measured by means of water-exchange (WEX)-filtered ¹H NMR spectroscopy on a 3 T whole-body MR tomograph. An extension of the Arrhenius equation with effective base-catalyzed Arrhenius parameters yielded a general expression for k(sw) (pH, T). The defining parameters were identified as the effective base-catalyzed rate constant k(b,eff) (298.15 K) = (3.009 ± 0.16) × 10⁹ Hz l/mol and the effective activation energy E(A,b,eff) = (32.27 ± 7.43) kJ/mol at a buffer concentration of c(buffer) = (1/15) M. As expected, a strong dependence of k(sw) on temperature was observed. The extrapolation of the exchange-rate constant to in vivo conditions (pH = 7.1, T = 37 °C) led to the value of the exchange-rate constant k(sw) = 1499 Hz. With the explicit function k(sw) (pH, T) available, absolute-pH CEST imaging could be realized and experimentally verified in vitro. By means of our calibration method it is possible to adjust the guanidinium proton exchange-rate constant k(sw) to any desired value by preparing creatine model solutions with a specific pH and temperature. Copyright © 2014 John Wiley & Sons, Ltd.
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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 ...
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Exchange rate policy and devaluation in Malawi:
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...
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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.
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THE DETERMINATION OF THE COSTA RICA COLON/USD EXCHANGE RATE
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.
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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.
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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.
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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.
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WaterML, an Information Standard for the Exchange of in-situ hydrological observations
Valentine, D.; Taylor, P.; Zaslavsky, I.
2012-04-01
come to agreement on. This will be continued in future work for the HDWG, along with extending the information model to cover additional types of hydrologic information: rating and gauging information, and water quality. Rating curves, gaugings and river cross sections are commonly exchanged in addition to standard time-series data to allow information relating to conversions such as river level to discharge. Members of the HDWG plan to initiate this work in early 2012. Water quality data is varied in the way it is processed and in the number of phenomena it measures. It will require specific components of extension to the WaterML2.0 model, most likely making use of the specimen types within O&M and extensive use of controlled vocabularies. Other future work involves different target encodings for the WaterML2.0 conceptual model, such as JSON, netCDF, CSV etc. are optimized for particular needs, such as efficiency in size of the encoding and parsing of structure, but may not be capable of representing the full extent of the WaterML2.0 information model. Certain encodings are best matched for particular needs; the community has begun investigation into when and how best to implement these.
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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.
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Exchange Rate Expectations, Currency Crises, and the Pricing of American Depositary Receipts
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...
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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...
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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.
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The Effect of Exchange Rate Volatility on Iran’s Raisin Export
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...
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Exchange rate stabilization under imperfect credibility
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...
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Exchange rate policy and external debt in emerging economies: an empirical analysis
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...
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Cross-correlations between RMB exchange rate and international commodity markets
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.
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Statistical Analysis of the Exchange Rate of Bitcoin.
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.
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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.
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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...
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Leung, Felix W; Koo, Malcolm; Cadoni, Sergio; Falt, Premysl; Hsieh, Yu-Hsi; Amato, Arnaldo; Erriu, Matteo; Fojtik, Petr; Gallittu, Paolo; Hu, Chi-Tan; Leung, Joseph W; Liggi, Mauro; Paggi, Silvia; Radaelli, Franco; Rondonotti, Emanuele; Smajstrla, Vit; Tseng, Chih-Wei; Urban, Ondrej
2018-03-02
To test the hypothesis that water exchange (WE) significantly increases adenoma detection rates (ADR) compared with water immersion (WI). Low ADR was linked to increased risk for interval colorectal cancers and related deaths. Two recent randomized controlled trials of head-to-head comparison of WE, WI, and traditional air insufflation (AI) each showed that WE achieved significantly higher ADR than AI, but not WI. The data were pooled from these 2 studies to test the above hypothesis. Two trials (5 sites, 14 colonoscopists) that randomized 1875 patients 1:1:1 to AI, WI, or WE were pooled and analyzed with ADR as the primary outcome. The ADR of AI (39.5%) and WI (42.4%) were comparable, significantly lower than that of WE (49.6%) (vs. AI P=0.001; vs. WI P=0.033). WE insertion time was 3 minutes longer than that of AI (Prate (vs. AI) of the >10 mm advanced adenomas. Right colon combined advanced and sessile serrated ADR of AI (3.4%) and WI (5%) were comparable and were significantly lower than that of WE (8.5%) (vs. AI P<0.001; vs. WI P=0.039). Compared with AI and WI, the superior ADR of WE offsets the drawback of a significantly longer insertion time. For quality improvement focused on increasing adenoma detection, WE is preferred over WI. The hypothesis that WE could lower the risk of interval colorectal cancers and related deaths should be tested.
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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.
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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.
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The Brazilian experience in managing interest-exchange rate nexus
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...
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Real Exchange Rate and Productivity in an OLG Model
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...
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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.
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Energy Technology Data Exchange (ETDEWEB)
Mehrabian, Hatef, E-mail: hatef.mehrabian@sri.utoronto.ca [Medical Biophysics, University of Toronto, Toronto, Ontario (Canada); Physical Sciences, Sunnybrook Research Institute, Toronto, Ontario (Canada); Desmond, Kimberly L. [Physical Sciences, Sunnybrook Research Institute, Toronto, Ontario (Canada); Chavez, Sofia [Research Imaging Centre, Centre for Addiction and Mental Health, Toronto, Ontario (Canada); Bailey, Colleen [Computer Science Department, University College London, London (United Kingdom); Rola, Radoslaw [Neurosurgery and Pediatric Neurosurgery, Medical University, Lublin (Poland); Sahgal, Arjun [Physical Sciences, Sunnybrook Research Institute, Toronto, Ontario (Canada); Radiation Oncology, Sunnybrook Health Sciences Centre, Toronto, Ontario (Canada); Czarnota, Gregory J. [Medical Biophysics, University of Toronto, Toronto, Ontario (Canada); Physical Sciences, Sunnybrook Research Institute, Toronto, Ontario (Canada); Radiation Oncology, Sunnybrook Health Sciences Centre, Toronto, Ontario (Canada); Soliman, Hany [Radiation Oncology, Sunnybrook Health Sciences Centre, Toronto, Ontario (Canada); Martel, Anne L. [Medical Biophysics, University of Toronto, Toronto, Ontario (Canada); Physical Sciences, Sunnybrook Research Institute, Toronto, Ontario (Canada); Stanisz, Greg J. [Medical Biophysics, University of Toronto, Toronto, Ontario (Canada); Physical Sciences, Sunnybrook Research Institute, Toronto, Ontario (Canada); Neurosurgery and Pediatric Neurosurgery, Medical University, Lublin (Poland)
2017-05-01
Purpose: This study was designed to evaluate whether changes in metastatic brain tumors after stereotactic radiosurgery (SRS) can be seen with quantitative MRI early after treatment. Methods and Materials: Using contrast-enhanced MRI, a 3-water-compartment tissue model consisting of intracellular (I), extracellular-extravascular (E), and vascular (V) compartments was used to assess the intra–extracellular water exchange rate constant (k{sub IE}), efflux rate constant (k{sub ep}), and water compartment volume fractions (M{sub 0,I}, M{sub 0,E}, M{sub 0,V}). In this prospective study, 19 patients were MRI-scanned before treatment and 1 week and 1 month after SRS. The change in model parameters between the pretreatment and 1-week posttreatment scans was correlated to the change in tumor volume between pretreatment and 1-month posttreatment scans. Results: At 1 week k{sub IE} differentiated (P<.001) tumors that had partial response from tumors with stable and progressive disease, and a high correlation (R=−0.76, P<.001) was observed between early changes in the k{sub IE} and tumor volume change 1 month after treatment. Other model parameters had lower correlation (M{sub 0,E}) or no correlation (k{sub ep}, M{sub 0,V}). Conclusions: This is the first study that measured k{sub IE} early after SRS, and it found that early changes in k{sub IE} (1 week after treatment) highly correlated with long-term tumor response and could predict the extent of tumor shrinkage at 1 month after SRS.
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Novel catalysts for isotopic exchange between hydrogen and liquid water
International Nuclear Information System (INIS)
Butler, J.P.; Rolston, J.H.; Stevens, W.H.
1978-01-01
Catalytic isotopic exchange between hydrogen and liquid water offers many inherent potential advantages for the separation of hydrogen isotopes which is of great importance in the Canadian nuclear program. Active catalysts for isotopic exchange between hydrogen and water vapor have long been available, but these catalysts are essentially inactive in the presence of liquid water. New, water-repellent platinum catalysts have been prepared by: (1) treating supported catalysts with silicone, (2) depositing platinum on inherently hydrophobic polymeric supports, and (3) treating platinized carbon with Teflon and bonding to a carrier. The activity of these catalysts for isotopic exchange between countercurrent streams of liquid water and hydrogen saturated with water vapor has been measured in a packed trickle bed integral reactor. The performance of these hydrophobic catalysts is compared with nonwetproofed catalysts. The mechanism of the overall exchange reaction is briefly discussed. 6 figures
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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.
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Statistical Analysis of the Exchange Rate of Bitcoin
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
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How Do Countries Choose their Exchange Rate Regime?
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),...
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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).
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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 ...
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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
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Are international fund flows related to exchange rate dynamics?
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.
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Investigating the asymmetric relationship between inflation-output growth exchange rate changes
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.
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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.
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Terms of trade and exchange rate regimes in developing countries
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...
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Fiscal imbalances and exchange rate management: Greece on the track of EMU
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...
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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
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Proton exchange in systems: Glucose-water and uric acid-water
International Nuclear Information System (INIS)
Maarof, S.
2007-01-01
It is clear that formation of glucose-water and uric acid-water solutions is related in principle to interaction accepter - donor between hydrogen atom in water and oxygen atom in glucose or uric acid. The proton exchange in hydrogen bond system is an integral process and it goes by tunnel mechanism (transfer of proton within the hydrogen bridge in these structures). Proton exchange process goes very quickly at low concentrations for glucose and uric acid solutions, because these compounds are able to form more than one hydrogen bond, which helps the proton transfer within obtained structure. However, at its high concentrations, the process becomes very slow due to higher viscosity of its solutions, which result in break down of the structures, and more hydrogen bonds. (author)
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Multivariable nonlinear analysis of foreign exchange rates
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.
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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...
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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.
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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.
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MANAGED FLOAT EXCHANGE RATE SYSTEM: THE SINGAPORE EXPERIENCE
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...
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Countercurrent exchange of water in canine jejunum
International Nuclear Information System (INIS)
Ryu, K.H.; Grim, E.
1985-01-01
The possibility of countercurrent exchange of water molecules in canine intestinal villi has been examined. Tritium-labeled water ( 3 H 2 O) molecules were introduced either into the fluid lavaging the intestinal lumen or into the arterial blood supply for varying periods of time. Quickly frozen samples of intestinal tissue were sectioned such that isotopic concentrations at the villus tip, midvillus, villus base, and underlying submucosa and muscle could be determined. The villus concentration gradients observed were consistent with the existence of a countercurrent exchange but could also be explained by alternative arrangements. More convincing evidence of a countercurrent was obtained from experiments in which [ 14 C]inulin was introduced simultaneously with 3 H 2 O into the intestinal artery. The villus tip-to-base concentration ratio for 3 H 2 O was less than one while the ratio for inulin was greater than one, thus vitiating the alternative explanations and leading to the conclusion that the labeled water molecules must have undergone a countercurrent exchange
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Determinants of the AUD/USD Exchange Rate and Policy Implications
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.
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Exchange Rate Volatility, Its Determinants and Effects on the Manufacturing Sector in Nigeria
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...
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International Nuclear Information System (INIS)
Teng, K.H.; Amiri, Ahmad; Kazi, S.N.; Bakar, M.A.; Chew, B.T.; Al-Shamma’a, A.; Shaw, A.
2017-01-01
Highlights: • Decoration EDTA on MWCNT surface to retard the rate of fouling. • Preparation of DTPA-treated MWCNT/water nanofluid. • Evaluating the mitigation of DTPA-treated MWCNT-based water nanofluids. • Retarding of calcium carbonate crystals by MWCNT-DTPA additives. • The effect of additive on the rate of fouling. - Abstract: Mineral scale deposition on heat exchanging surfaces increases the thermal resistance and reduces the operating service life. The effect is usually intensified at higher temperatures due to the inverse temperature solubility characteristics of some minerals in the cooling water. Scale formation build up when dissolved salt crystallize from solution onto the heated surface, forming an adherent deposit. It is very important for heat transfer applications to cope with the fouling problems in industry. In this present study, a set of fouling experiments was conducted to evaluate the mitigation of calcium carbonate scaling by applying DTPA-treated MWCNT-based water nanofluids on heat exchanger surfaces. Investigation of additive DTPA-treated MWCNT-based water nanofluids (benign to the environment) on fouling rate of deposition was performed. 300 mg L −1 of artificially-hardened calcium carbonate solution was prepared as a fouling solution for deposit analysis. Assessment of the deposition of calcium carbonate on the heat exchanger surface with respect to the inhibition of crystal growth was conducted by Scanning Electron Microscope (SEM). The results showed that the formation of calcium carbonate crystals can be retarded significantly by adding MWCNT-DTPA additives as inhibition in the solution.
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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.
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A Model of Exchange-Rate-Based Stabilization for Turkey
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...
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Heat transfer in a counterflow heat exchanger at low flow rates
International Nuclear Information System (INIS)
Hashimoto, A.; Hattori, N.; Naruke, K.
1995-01-01
A study was made of heat transfer in a double-tube heat exchanger at low flow rates of water. The temperatures of fluid and tube walls in the axial direction of tube were measured precisely at flow rate ratios of annulus to inner tube (or flow rate ratios of inner tube to annulus W i /W a , Re i approx. = 80 - 4000), W a /W i =0.1 - 1.1. In parallel with experiment, numerical calculation for forced-convection heat transfer was also carried out for laminar flows in the same tube configuration as experiment. Average over-all coefficients of heat transfer, obtained by experiments, indicate the same characteristics as numerical calculation in the examined range of flow rate ratio. Their experimental values, however, are somewhat larger than those of calculation at small values of flow rate ratio. (author)
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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.
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Foreign exchange rate entropy evolution during financial crises
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.
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Diurnal Variation in Gas Exchange: The Balance between Carbon Fixation and Water Loss.
Matthews, Jack S A; Vialet-Chabrand, Silvere R M; Lawson, Tracy
2017-06-01
Stomatal control of transpiration is critical for maintaining important processes, such as plant water status, leaf temperature, as well as permitting sufficient CO 2 diffusion into the leaf to maintain photosynthetic rates ( A ). Stomatal conductance often closely correlates with A and is thought to control the balance between water loss and carbon gain. It has been suggested that a mesophyll-driven signal coordinates A and stomatal conductance responses to maintain this relationship; however, the signal has yet to be fully elucidated. Despite this correlation under stable environmental conditions, the responses of both parameters vary spatially and temporally and are dependent on species, environment, and plant water status. Most current models neglect these aspects of gas exchange, although it is clear that they play a vital role in the balance of carbon fixation and water loss. Future efforts should consider the dynamic nature of whole-plant gas exchange and how it represents much more than the sum of its individual leaf-level components, and they should take into consideration the long-term effect on gas exchange over time. © 2017 American Society of Plant Biologists. All Rights Reserved.
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Experimental investigate of heat transfer for graphene/water nanofluid in micro heat exchanger
Abd Elhafez, S. E.; Abo-Zahhad, E. M.; El-Shazly, A. H.; El-Kady, M. F.
2017-02-01
In this investigation, the heat transfer characteristics of graphene nano platelets (GNPs)/water nanofluid were studied in a micro heat exchanger (MHE). The micro heat exchanger performance was also examined. The test setup was worked out in the laminar regime with Reynold numbers varying between 100 and 400GNPs/water nanofluid was prepared three different concentrations (0.025 wt. %, 0.05 wt. % and 0.1 wt. %) using ultrasonic wave. The influence of mass flow rate, inlet temperatures and weight fraction on the overall heat transfer coefficient (U) and logarithmic mean temperature (LMTD) were examined. The results showed considerable enhancement on the overall heat transfer coefficient of graphene/water nanofluid and the MHE effectiveness. A maximum enhancement on overall heat transfer coefficient was reached to 150% at Re=100 by 0.1wt% nanofluid. The effectiveness of micro heat exchanger was enhanced by increase weight fraction of graphene nanoparticle. Moreover, the experimental results showed that 0.1 wt. % GNPs/water nanofluid, flowing through MHE, has had high pressure drop, and pumping power, when it has been compared with 0.5 wt. % and 0.025 wt.%.
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PRTR ion exchange vault water removal
International Nuclear Information System (INIS)
Ham, J.E.
1995-11-01
This report documents the removal of radiologically contaminated water from the Plutonium Recycle Test Reactor (PRTR) ion exchange vault. Approximately 57,000 liters (15,000 gallons) of water had accumulated in the vault due to the absence of a rain cover. The water was removed and the vault inspected for signs of leakage. No evidence of leakage was found. The removal and disposal of the radiologically contaminated water decreased the risk of environmental contamination
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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.
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International Nuclear Information System (INIS)
Venkat Ram, D.; Sharma, A.K.
1992-01-01
The Heavy Water Plant at Talcher employs bithermal ammonia hydrogen exchange process for the production of heavy water. The paper describes about the existing ammonia water exchange column, its start-up, operating experience and the problems encountered in operation of the column. The operating experiences gained and the data collected over the last few years can be utilised for design and operation of new ammonia water exchange column. (V.R). 2 figs
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International finance, Lévy distributions, and the econophysics of exchange rates
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.
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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
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Estimating the equilibrium real exchange rate in Venezuela
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...
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Extreme-value dependence: An application to exchange rate markets
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.
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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...
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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.
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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.
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Exchange rate regimes and macroeconomic instabilities in Sub-Saharan Africa
Directory of Open Access Journals (Sweden)
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.
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International Nuclear Information System (INIS)
Haldar, T.K.; Manoj Kumar; Ramamurty, C.B.
1992-01-01
A heavy water plant employing bithermal ammonia-hydrogen exchange process was set up at Talcher (India). The energy consumption in the process is lower as compared to monothermal process. The plant performance was affected by various problems and has resulted in low heavy water production. The problems are: (i)formation of solid deposits, (ii)inability of exchange towers to process design gas flow rates, (iii)inadequate exchange efficiency of the sieve trays provided as exchange trays, and (iv)differential amide concentration in different plant sections. These problems and their effect on the overall plant performance are discussed in detail and modifications to improve the performance are suggested. (author). 4 figs
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PURCHASING POWER PARITY INFLUENCE ON REAL EXCHANGE RATE BEHAVIOR IN ROMANIA
Directory of Open Access Journals (Sweden)
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.
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MONETARY SHOCKS AND REAL EXCHANGE RATE FLUCTUATIONS IN CEE COUNTRIES
Directory of Open Access Journals (Sweden)
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.
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Dynamical analyses of the time series for three foreign exchange rates
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.
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Exchange and Interest Rates prior to EMU: The Case of Greece
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...
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Real Exchange Rate Fluctuations and the Business Cycle: Evidence from Japan
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...
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The determination of capital controls: Which role do exchange rate regimes play?
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...
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Experimental investigation of water sprayed finned heat exchanger tube bundles
International Nuclear Information System (INIS)
Sommer, A.
1987-07-01
Experimental investigations have been made to study the performance of two finned tube-bundle heat exchangers (FORGO type) when wetted by water sprays. The heat exchangers are designed to cool water in a dry cooling tower. The test-elements had a frontal area of 1 m 2 . The water sprays were created by 20 nozzles, 200 mm in front of the heat exchangers. Air velocities at the inlet of the coolers were in the range 0,8 m/s to 12 m/s and initial temperature differences ITD reached 45 degrees C. The test facility was designed to determine the combined latent and sensible heat fluxes in the wetted heat exchanger, the airside pressure drop and the air humidity and temperature at the exchanger inlet and outlet, and to measure the weight of the water wetting the cooler's surface. The sprayed test elements were investigated in different positions, but most of the experiments were carried out in the position with the fins horizontal
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Long Term Validity of Monetary Exchange Rate Model: Evidence from Turkey
Directory of Open Access Journals (Sweden)
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.
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Targeting the Real Exchange Rate; Theory and Evidence
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...
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SPECTRAL ANALYSIS OF EXCHANGE RATES
Directory of Open Access Journals (Sweden)
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
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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...
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A Firm-Specific Analysis of the Exchange-Rate Exposure of Dutch Firms
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
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International trade and exchange rate volatility
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
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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.
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Reynolds, Robert F; Bauerle, William L; Wang, Ying
2009-09-01
Deciduous trees have a seasonal carbon dioxide exchange pattern that is attributed to changes in leaf biochemical properties. However, it is not known if the pattern in leaf biochemical properties - maximum Rubisco carboxylation (V(cmax)) and electron transport (J(max)) - differ between species. This study explored whether a general pattern of changes in V(cmax), J(max), and a standardized soil moisture response accounted for carbon dioxide exchange of deciduous trees throughout the growing season. The model MAESTRA was used to examine V(cmax) and J(max) of leaves of five deciduous trees, Acer rubrum 'Summer Red', Betula nigra, Quercus nuttallii, Quercus phellos and Paulownia elongata, and their response to soil moisture. MAESTRA was parameterized using data from in situ measurements on organs. Linking the changes in biochemical properties of leaves to the whole tree, MAESTRA integrated the general pattern in V(cmax) and J(max) from gas exchange parameters of leaves with a standardized soil moisture response to describe carbon dioxide exchange throughout the growing season. The model estimates were tested against measurements made on the five species under both irrigated and water-stressed conditions. Measurements and modelling demonstrate that the seasonal pattern of biochemical activity in leaves and soil moisture response can be parameterized with straightforward general relationships. Over the course of the season, differences in carbon exchange between measured and modelled values were within 6-12 % under well-watered conditions and 2-25 % under water stress conditions. Hence, a generalized seasonal pattern in the leaf-level physiological change of V(cmax) and J(max), and a standardized response to soil moisture was sufficient to parameterize carbon dioxide exchange for large-scale evaluations. Simplification in parameterization of the seasonal pattern of leaf biochemical activity and soil moisture response of deciduous forest species is demonstrated. This
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Forecasting Exchange Rate Density Using Parametric Models: the Case of Brazil
Directory of Open Access Journals (Sweden)
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.
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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
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Universal model for water costs of gas exchange by animals and plants
Woods, H. Arthur; Smith, Jennifer N.
2010-01-01
For terrestrial animals and plants, a fundamental cost of living is water vapor lost to the atmosphere during exchange of metabolic gases. Here, by bringing together previously developed models for specific taxa, we integrate properties common to all terrestrial gas exchangers into a universal model of water loss. The model predicts that water loss scales to gas exchange with an exponent of 1 and that the amount of water lost per unit of gas exchanged depends on several factors: the surface t...
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The Effect of Rain on Air-Water Gas Exchange
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.
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Jaime, R; Serichol, C; Alcántara, J M; Rey, P J
2014-03-01
During photosynthesis, respiration and transpiration, gas exchange occurs via the stomata and so plants face a trade-off between maximising photosynthesis while minimising transpiration (expressed as water use efficiency, WUE). The ability to cope with this trade-off and regulate photosynthetic rate and stomatal conductance may be related to niche differentiation between closely related species. The present study explored this as a possible mechanism for habitat differentiation in Iberian columbines. The roles of irradiance and water stress were assessed to determine niche differentiation among Iberian columbines via distinct gas exchange processes. Photosynthesis-irradiance curves (P-I curves) were obtained for four taxa, and common garden experiments were conducted to examine plant responses to water and irradiance stress, by measuring instantaneous gas exchange and plant performance. Gas exchange was also measured in ten individuals using two to four field populations per taxon. The taxa had different P-I curves and gas exchange in the field. At the species level, water stress and irradiance explained habitat differentiation. Within each species, a combination of irradiance and water stress explained the between-subspecies habitat differentiation. Despite differences in stomatal conductance and CO2 assimilation, taxa did not have different WUE under field conditions, which suggests that the environment equally modifies photosynthesis and transpiration. The P-I curves, gas exchange in the field and plant responses to experimental water and irradiance stresses support the hypothesis that habitat differentiation is associated with differences among taxa in tolerance to abiotic stress mediated by distinct gas exchange responses. © 2013 German Botanical Society and The Royal Botanical Society of the Netherlands.
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Directory of Open Access Journals (Sweden)
Andrew J Cole
Full Text Available Freshwater macroalgae represent a largely overlooked group of phototrophic organisms that could play an important role within an industrial ecology context in both utilising waste nutrients and water and supplying biomass for animal feeds and renewable chemicals and fuels. This study used water from the intensive aquaculture of freshwater fish (Barramundi to examine how the biomass production rate and protein content of the freshwater macroalga Oedogonium responds to increasing the flux of nutrients and carbon, by either increasing water exchange rates or through the addition of supplementary nitrogen and CO2. Biomass production rates were highest at low flow rates (0.1-1 vol.day-1 using raw pond water. The addition of CO2 to cultures increased biomass production rates by between 2 and 25% with this effect strongest at low water exchange rates. Paradoxically, the addition of nitrogen to cultures decreased productivity, especially at low water exchange rates. The optimal culture of Oedogonium occurred at flow rates of between 0.5-1 vol.day-1, where uptake rates peaked at 1.09 g.m-2.day-1 for nitrogen and 0.13 g.m-2.day-1 for phosphorous. At these flow rates Oedogonium biomass had uptake efficiencies of 75.2% for nitrogen and 22.1% for phosphorous. In this study a nitrogen flux of 1.45 g.m-2.day-1 and a phosphorous flux of 0.6 g.m-2.day-1 was the minimum required to maintain the growth of Oedogonium at 16-17 g DW.m-2.day-1 and a crude protein content of 25%. A simple model of minimum inputs shows that for every gram of dry weight biomass production (g DW.m-2.day-1, Oedogonium requires 0.09 g.m-2.day-1 of nitrogen and 0.04 g.m-2.day-1 of phosphorous to maintain growth without nutrient limitation whilst simultaneously maintaining a high-nutrient uptake rate and efficiency. As such the integrated culture of freshwater macroalgae with aquaculture for the purposes of nutrient recovery is a feasible solution for the bioremediation of wastewater and the
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Cole, Andrew J.; de Nys, Rocky; Paul, Nicholas A.
2014-01-01
Freshwater macroalgae represent a largely overlooked group of phototrophic organisms that could play an important role within an industrial ecology context in both utilising waste nutrients and water and supplying biomass for animal feeds and renewable chemicals and fuels. This study used water from the intensive aquaculture of freshwater fish (Barramundi) to examine how the biomass production rate and protein content of the freshwater macroalga Oedogonium responds to increasing the flux of nutrients and carbon, by either increasing water exchange rates or through the addition of supplementary nitrogen and CO2. Biomass production rates were highest at low flow rates (0.1–1 vol.day−1) using raw pond water. The addition of CO2 to cultures increased biomass production rates by between 2 and 25% with this effect strongest at low water exchange rates. Paradoxically, the addition of nitrogen to cultures decreased productivity, especially at low water exchange rates. The optimal culture of Oedogonium occurred at flow rates of between 0.5–1 vol.day−1, where uptake rates peaked at 1.09 g.m−2.day−1 for nitrogen and 0.13 g.m−2.day−1 for phosphorous. At these flow rates Oedogonium biomass had uptake efficiencies of 75.2% for nitrogen and 22.1% for phosphorous. In this study a nitrogen flux of 1.45 g.m−2.day−1 and a phosphorous flux of 0.6 g.m−2.day−1 was the minimum required to maintain the growth of Oedogonium at 16–17 g DW.m−2.day−1 and a crude protein content of 25%. A simple model of minimum inputs shows that for every gram of dry weight biomass production (g DW.m−2.day−1), Oedogonium requires 0.09 g.m−2.day−1 of nitrogen and 0.04 g.m−2.day−1 of phosphorous to maintain growth without nutrient limitation whilst simultaneously maintaining a high-nutrient uptake rate and efficiency. As such the integrated culture of freshwater macroalgae with aquaculture for the purposes of nutrient recovery is a feasible solution for the
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China’s Exchange Rate Policy: A Double Edged Sword
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
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Equilibrium exchange rate assessment in Serbia using the IMF external sustainability approach
Directory of Open Access Journals (Sweden)
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.
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Exchange-Rate-Based Stabilization under Imperfect Credibility
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...
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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.
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DEFF Research Database (Denmark)
Cook, Perran L. M.; Wenzhofer, Frank; Glud, Ronnie N.
2007-01-01
within the range measured in the chambers. The contribution of advection to solute exchange was highly variable and dependent on sediment topography. Advective processes also had a pronounced influence on the in situ distribution of O-2 within the sediment, with characteristic two-dimensional patterns...... of O-2 distribution across ripples, and also deep subsurface O-2 pools, being observed. Mineralization pathways were predominantly aerobic when benthic mineralization rates were low and advective pore-water flow high as a result of well-developed sediment topography. By contrast, mineralization...... proceeded predominantly through sulfate reduction when benthic mineralization rates were high and advective pore-water flow low as a result of poorly developed topography. Previous studies of benthic mineralization in shallow sandy sediments have generally ignored these dynamics and, hence, have overlooked...
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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.
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Time-varying exchange rate pass-through: experiences of some industrial countries
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...
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Choice of optimal exchange rate system For the Republic of Croatia
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...
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Natural radium and radon tracers to quantify water exchange and movement in reservoirs
Smith, Christopher G.; Baskaran, Mark
2011-01-01
Radon and radium isotopes are routinely used to quantify exchange rates between different hydrologic reservoirs. Since their recognition as oceanic tracers in the 1960s, both radon and radium have been used to examine processes such as air-sea exchange, deep oceanic mixing, benthic inputs, and many others. Recently, the application of radon-222 and the radium-quartet (223,224,226,228Ra) as coastal tracers has seen a revelation with the growing interest in coastal groundwater dynamics. The enrichment of these isotopes in benthic fluids including groundwater makes both radium and radon ideal tracers of coastal benthic processes (e.g. submarine groundwater discharge). In this chapter we review traditional and recent advances in the application of radon and radium isotopes to understand mixing and exchange between various hydrologic reservoirs, specifically: (1) atmosphere and ocean, (2) deep and shallow oceanic water masses, (3) coastal groundwater/benthic pore waters and surface ocean, and (4) aquifer-lakes. While the isotopes themselves and their distribution in the environment provide qualitative information about the exchange processes, it is mixing/exchange and transport models for these isotopes that provide specific quantitative information about these processes. Brief introductions of these models and mixing parameters are provided for both historical and more recent studies.
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Unpredictable After All? A short note on exchange rate predictability
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
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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.
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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.
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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.
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Directory of Open Access Journals (Sweden)
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.
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Productivity Demand Shocks And Asia-Pacific Real Exchange Rates
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...
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Football and exchange rates: empirical support for behavioral economics.
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.
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Grohe, Kristof; Movellan, Kumar Tekwani; Vasa, Suresh Kumar; Giller, Karin; Becker, Stefan; Linser, Rasmus
2017-05-01
We demonstrate measurement of non-equilibrium backbone amide hydrogen-deuterium exchange rates (HDX) for solid proteins. The target of this study are the slowly exchanging residues in solid samples, which are associated with stable secondary-structural elements of proteins. These hydrogen exchange processes escape methods measuring equilibrium exchange rates of faster processes. The method was applied to a micro-crystalline preparation of the SH3 domain of chicken α-spectrin. Therefore, from a 100% back-exchanged micro-crystalline protein preparation, the supernatant buffer was exchanged by a partially deuterated buffer to reach a final protonation level of approximately 20% before packing the sample in a 1.3 mm rotor. Tracking of the HN peak intensities for 2 weeks reports on site-specific hydrogen bond strength and also likely reflects water accessibility in a qualitative manner. H/D exchange can be directly determined for hydrogen-bonded amides using 1 H detection under fast magic angle spinning. This approach complements existing methods and provides the means to elucidate interesting site-specific characteristics for protein functionality in the solid state.
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Exchange rate determination and the flaws of mainstream monetary theory
Directory of Open Access Journals (Sweden)
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.
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Examining the reaction of monetary policy to exchange rate changes: A nonlinear ARDL approach
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.
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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).
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Modeling and estimating the jump risk of exchange rates: Applications to RMB
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.
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Exchange rate pass-through and the role of international distribution channels
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...
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Exchange Rate Regimes and Macroeconomic Stability in Central and Eastern Europe
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...
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Balassa-Samuelson Effect in Won/Dollar and Won/Yen Exchange Rates
Directory of Open Access Journals (Sweden)
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.
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Critical overview on water - hydrogen isotopic exchange; a case study
International Nuclear Information System (INIS)
Peculea, Marius
2002-01-01
Water - hydrogen isotopic exchange process is attractive due to its high separation factor; it is neither corrosive or pollutant and, when used as a technological process of heavy water production, it requires water as raw material. Its efficiency depends strongly on the catalyst performance and geometry of the isotopic water - hydrogen exchange zone in which the isotopic transfer proceeds in two steps: liquid vapor distillation in the presence of an inert gas and a catalytic reaction in vapor - gas gaseous phase. An overview of the water hydrogen isotopic exchange is presented and technological details of the Trail - Canada facility as well as characteristics of the two pilots operated in Romania with Ni, Cr and hydrophobic catalysts are described. The mathematical approach of the successive water-water vapor-hydrogen isotopic exchange process given is based on a mathematical model worked out earlier by Palibroda. Discrepancies between computation and experimental results, lower than 11% for extreme cases and around 6% for the average range are explained as due to the ratio of the exchange potentials. Assumption is made in the theoretical approach that this ratio is positive and constant all long the column while the measurements showed that it varies within 0.7 and 1.1 at the upper end and within - 2.5 and - 4.4 at the lower end, what indicates a strong end effect. In conclusion it is stressed that a competing technological solution is emerging based on a monothermal electrolytic process or a bithermal - bibaric process both for heavy water and tritium separation process
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Gas exchange across the air - water interface determined with man-made and natural tracers
International Nuclear Information System (INIS)
Wanninkhof, R.H.
1986-01-01
Gas exchange coefficients were determined on Rockland Lake, NY; Crowley Lake, CA; and Mono Lake, CA which have surface areas of 1 km 2 , 20 km 2 , and 190 km 2 , respectively, by injecting a small amount of man made tracer gas, sulfur hexafluoride (SF 6 ) into the lake and measuring the rate of concentration decrease in the water column with time. The dependency of gas exchange on wind speed is similar for the three lakes indicating that wind fetch is not a critical parameter for the gas exchange coefficient for lakes with sizes greater than 1 km 2 . Little gas exchange occurs for wind speeds less than 2.5 m/s and gas exchange increases linearly with wind speed from 2.5 to 6 m/s. The relationship of gas exchange and wind speed for the lakes agrees well with a compilation of earlier single wind speed - exchange coefficient measurements on lakes and oceans but they are lower than most results obtained in wind tunnels
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The exchange rate arrangements-government finance relationship and the impact on debt management
Silvia Trifonova; Milena Kovachevich
2016-01-01
The choice of exchange rate regime can have a significant impact on the development of the national economy, which affects the main economic indicators. Traditionally, researchers consider the effects of certain types of exchange rate regimes on economic indicators such as gross domestic product, inflation, current account, real exchange rate and investments, but is it possible that the exchange rate regime can also reflect the country's government finance and thus influence the management of...
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Isotope exchange between alkaline earth metal hydroxide and HTO water in the equilibrium state
International Nuclear Information System (INIS)
Imaizumi, H.; Gounome, J.; Kano, N.
1997-01-01
In order reveal to what extent tritium ( 3 H or T) can be incorporated into hydroxides, the isotope exchange reaction (OT-for-OH exchange reaction) between each alkaline earth metal hydroxide (M(OH) 2 ), where M means alkaline earth metal (M=Ca, Sr or Ba) and HTO water was observed homogeneously at 30 deg C under equilibrium after mixing. Consequently, the followings were obtained: a quantitative relation between the electronegativity of each M ion and the ability (of the M ion) incorporating OT - into the M hydroxide can be found and the ability is small when the temperature is high, the exchange rate for the OT-for-OH exchange reaction is small when the electronegativity of the M ion in the M hydroxide is great, as for the dissociation of HTO water, it seems that formula (HTO ↔ T + + OH - ) is more predominant than the formula (HTO ↔H + + OT - ) when the temperature is high and the method used in this work is useful to estimate the reactivity of a certain alkaline material. (author)
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Integrated Monetary and Exchange Rate Frameworks
L. Vinhas de Souza
2002-01-01
textabstractHere the author empirically estimates if the different monetary and exchange rate frameworks observed in the Accession Countries of Central and Eastern Europe and the Baltics do yield different outcomes in terms of level and variance of a set of nominal and real variables. The author
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Institute of Scientific and Technical Information of China (English)
刘伟; 李志安; 赵志忠
1996-01-01
Coexistent minerals quartz, feldspar and biotite vary widely in δ18O value and display remarkable 18O/16O disequilibrium relations in the Ertaibei granite pluton, northern Xinjiang. The 18O/16O exchange reaction definitely occurred between granite and water. Initial δ18O values of the granite and exotic water are evaluated by the mass balance consideration. The results show that the 18O/16O exchange reaction is not necessarily accompanied by what geologists describe as petrological and mineralogiesl alteration effects, indicating that the exchange reaction occurs at a comparatively high temperature during subsolidus cooling of magmas. Exchange mechanism is mainly controlled by diffusion. It is demonstrated through quantitative modelling that the hydrothermal system associated with the Ertaibei pluton lived for 0.8-3 Ma, with a fluid flow rate of 3 × 10-14 mol · s-1 and water/rock (W/R) ratio of 0.79 - 3.08. Flow path and initial heterogeneity of the exotic metamorphic fluid are modelled with the δ1
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JOSIFIDIS, Kosta; PUCAR, Emilija Beker; SUPIĆ, Novica
2010-01-01
The paper explores selected monetary transmission channels in the case of transition economies. Namely, an exchange rate channel, an interest rate channel, direct and indirect influence to an exchange rate, are focused. Specific (former) transition economies are differentiated according the combination of implemented monetary and exchange rate regimes: exchange rate as a nominal anchor and rigid exchange rate regimes, exchange rate as a nominal anchor and intermediate exchange rate regimes, a...
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International Nuclear Information System (INIS)
Farkas, I.; Grenthe, I.; Banyai, I.
2000-01-01
The rate constants and the activation parameters for the exchange between water solvent and [U(H 2 O) 10 ] 4+ and [UF(H 2 O) 9 ] 3+ , and a lower limit for the rate constant at room temperature for [Th(H 2 O) 10 ] 4+ , were determined by 17 O NMR spectroscopy in the temperature range 255--305 K. The experiments were made at different constant hydrogen ion concentrations, which varied between 0.16 and 0.8 mol kg -1 . The Th(IV) system was investigated using Tb 3+ as a shift reagent. The following kinetic parameters at 25 C were obtained: k ex = (5.4 ± 0.6) 10 6 x -1 , ΔH double dagger = 34 ± 3 kJ mol -1 , ΔS ++ = -16 ± 10 J mol -1 K -1 for U 4+ (aq), k ex = (5.5 ± 0.7) 10 6 x -1 , ΔH d ouble dagger = 34 ± 3 kJ mol -1 , ΔS ++ = 3 ± 15 J mol -1 K -1 for UF 3+ (Iaq), and k ex > 5 10 7 s -1 for Th 4+ (aq), where the uncertainty is given at the 2σ-level. This is the first experimental information on the kinetic parameters for the exchange of water for any M 4+ ion. There is no information on the rates and mechanisms of ligand substitutions involving other mono-dentate ligands, hence the mechanistic interpretation of the data is by necessity provisional. The kinetic data and the known ground-state geometry with a coordination number of 10 ± 1 for the Th(IV) and U(IV) complexes suggest a dissociatively activated interchange mechanism. There is no noticeable effect of coordination of one fluoride or one hydroxide to U(IV) on the water exchange rate. This is unusual, for other metal ions there is a strong labilizing of coordinated water when a second ligand is bonded, e.g., in complexes of aluminum and some d-transition elements. In previous studies of the rates and mechanisms of ligand exchange in uranium (VI) systems the authors found a strong decrease in the lability of coordinated water in some fluoride containing complexes
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Inflation Persistence under Semi-Fixed Exchange Rate Regimes:The European Evidence 1974-1998
Kool, C.J.M.; Lammertsma, A.
2004-01-01
In this paper, we empirically investigate the link between exchange rate accommodation and inflation persistence in Europe. We introduce the lagged level of the real exchange rate as an appropriate indicator of exchange rate accommodation. We correspondingly estimate a non-linear autoregressive
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The Role of Exchange Rates in Korea’s Commodity Trade with China
Directory of Open Access Journals (Sweden)
Gab-Je Jo
2010-12-01
Full Text Available In this paper I investigate the link between Korea's trade balance and the exchange rate, using both aggregated and disaggregated data. Employing the bounds testing approach to cointegration, and error-correction modeling, when I use the aggregate trade balance as a dependent variable, I find no support for the J-curve in the short-run; and also find that in the long-run, the exchange rate had a significant positive impact on the trade balance. However, in both the short and the long-run, I find that the exchange rate does not play a significant role in deterIn this paper I investigate the link between Korea's trade balance and the exchange rate, using both aggregated and disaggregated data. Employing the bounds testing approach to cointegration, and error-correction modeling, when I use the aggregate trade balance as a dependent variable, I find no support for the J-curve in the short-run; and also find that in the long-run, the exchange rate had a significant positive impact on the trade balance. However, in both the short and the long-run, I find that the exchange rate does not play a significant role in determining the bilateral trade balance between Korea and China, nor does it improve the disaggregated trade balance. This is because the exchange rate elasticity of the trade balance depends on the nature of the commodity. Especially if the commodity is an intermediate good or a raw material, the exchange rate elasticity in trade balance could be inelastic because the demand for the intermediate good is a derived demand from the final good.
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The exchange rate arrangements-government finance relationship and the impact on debt management
Directory of Open Access Journals (Sweden)
Silvia Trifonova
2016-06-01
Full Text Available The choice of exchange rate regime can have a significant impact on the development of the national economy, which affects the main economic indicators. Traditionally, researchers consider the effects of certain types of exchange rate regimes on economic indicators such as gross domestic product, inflation, current account, real exchange rate and investments, but is it possible that the exchange rate regime can also reflect the country's government finance and thus influence the management of public debt?
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Chaotic spin exchange: is the spin non-flip rate observable?
International Nuclear Information System (INIS)
Senba, Masayoshi
1994-01-01
If spin exchange is of the Poisson nature, that is, if the time distribution of collisions obeys an exponential distribution function and the collision process is random, the muon spin depolarization is determined only by the spin flip rate regardless of the spin non-flip rate. In this work, spin exchange is discussed in the case of chaotic spin exchange, where the distribution of collision time sequences, generated by a deterministic equation, is exponential but not random (deterministic chaos). Even though this process has the same time distribution as a Poisson process, the muon polarization is affected by the spin non-flip rate. Having an exponential time distribution function is not a sufficient condition for the non-observation of the spin non-flip rate and it is essential that the process is also random. (orig.)
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IMPROVING THE EFFECTIVENESS OF EXCHANGE RATE POLICY IN CONTEMPORARY VIETNAM
Directory of Open Access Journals (Sweden)
The Dong Phung
2014-01-01
Full Text Available The article discusses the issue of effectiveness of exchange rate policy in contemporary Vietnam, along with the assessment of the mechanism of this policy from 1989 to the present day. The author analyzes constraints of implementing the exchange rate policy in the past and gives recommendations aimed at improving its efficiency nowadays.
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Exchange rate volatility and oil prices shocks and its impact on economic sustainability
Directory of Open Access Journals (Sweden)
Khuram Shaf
2015-01-01
Full Text Available Impact of exchange rate volatility has received a great attention from the last century, its importance is certain in all sectors of the economy and it affects welfare as well as social life of the economy. Exchange rate between two currencies tells the value of one currency in terms of others one. Depreciation/Appreciation of exchange rate affects economic growth in terms of trade and shifts income to/from exporting countries from/to importing countries. The factors affecting exchange rate are inflation, interest rate, foreign direct investment, government consumption expenditure and balance of trade. This research study examines the impact of oil prices and exchange rate volatility on economic growth in Germany based on 40-year annual data. Cointegration technique is applied to check the impact of macroeconomic variables on exchange rate in the long run and short run. It is estimated that imports, exports, inflation, interest rate, government consumption expenditure and foreign direct investment had significant impacts on real effective exchange rate in the long run and short run. Sin addition, Engle Granger results indicate that relationship was significant for the long run and its error correction adjustment mechanism (ECM in short a run is significant and correctly signed for Germany.
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International Nuclear Information System (INIS)
Rehman, Nasir; Shashiashvili, Malkhaz
2009-01-01
The classical Garman-Kohlhagen model for the currency exchange assumes that the domestic and foreign currency risk-free interest rates are constant and the exchange rate follows a log-normal diffusion process.In this paper we consider the general case, when exchange rate evolves according to arbitrary one-dimensional diffusion process with local volatility that is the function of time and the current exchange rate and where the domestic and foreign currency risk-free interest rates may be arbitrary continuous functions of time. First non-trivial problem we encounter in time-dependent case is the continuity in time argument of the value function of the American put option and the regularity properties of the optimal exercise boundary. We establish these properties based on systematic use of the monotonicity in volatility for the value functions of the American as well as European options with convex payoffs together with the Dynamic Programming Principle and we obtain certain type of comparison result for the value functions and corresponding exercise boundaries for the American puts with different strikes, maturities and volatilities.Starting from the latter fact that the optimal exercise boundary curve is left continuous with right-hand limits we give a mathematically rigorous and transparent derivation of the significant early exercise premium representation for the value function of the American foreign exchange put option as the sum of the European put option value function and the early exercise premium.The proof essentially relies on the particular property of the stochastic integral with respect to arbitrary continuous semimartingale over the predictable subsets of its zeros. We derive from the latter the nonlinear integral equation for the optimal exercise boundary which can be studied by numerical methods
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Evaluating of arsenic(V) removal from water by weak-base anion exchange adsorbents.
Awual, M Rabiul; Hossain, M Amran; Shenashen, M A; Yaita, Tsuyoshi; Suzuki, Shinichi; Jyo, Akinori
2013-01-01
Arsenic contamination of groundwater has been called the largest mass poisoning calamity in human history and creates severe health problems. The effective adsorbents are imperative in response to the widespread removal of toxic arsenic exposure through drinking water. Evaluation of arsenic(V) removal from water by weak-base anion exchange adsorbents was studied in this paper, aiming at the determination of the effects of pH, competing anions, and feed flow rates to improvement on remediation. Two types of weak-base adsorbents were used to evaluate arsenic(V) removal efficiency both in batch and column approaches. Anion selectivity was determined by both adsorbents in batch method as equilibrium As(V) adsorption capacities. Column studies were performed in fixed-bed experiments using both adsorbent packed columns, and kinetic performance was dependent on the feed flow rate and competing anions. The weak-base adsorbents clarified that these are selective to arsenic(V) over competition of chloride, nitrate, and sulfate anions. The solution pH played an important role in arsenic(V) removal, and a higher pH can cause lower adsorption capacities. A low concentration level of arsenic(V) was also removed by these adsorbents even at a high flow rate of 250-350 h(-1). Adsorbed arsenic(V) was quantitatively eluted with 1 M HCl acid and regenerated into hydrochloride form simultaneously for the next adsorption operation after rinsing with water. The weak-base anion exchange adsorbents are to be an effective means to remove arsenic(V) from drinking water. The fast adsorption rate and the excellent adsorption capacity in the neutral pH range will render this removal technique attractive in practical use in chemical industry.
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What do we know about real exchange rate non-linearities?
DEFF Research Database (Denmark)
Kruse, Robinson; Frömmel, Michael; Menkhoff, Lukas
correctly and misspecified non-linear alternatives is analyzed by means of a Monte Carlo study. The chosen parametrization is obtained by real-life exchange rates. The test against ESTAR has low power against all alternatives whereas the proposed unit root test against a Markov Switching autoregressive......This research points to the serious problem of potentially misspecified alternative hypotheses when testing for unit roots in real exchange rates. We apply a popular unit root test against nonlinear ESTAR and develop a Markov Switching unit root test. The empirical power of these tests against...... model performs clearly better. An empirical application of these tests suggests that real exchange rates may indeed be explained by Markov-Switching dynamics....
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Thornton, Cynthia; Khatkale, M. S.; Devlin, J. Paul
1981-12-01
Codeposits of NH3 with ND3 or D2O have been prepared at liquid nitrogen temperatures in the absence of proton exchange. Vibrational data for the anhydrous cubic crystalline ammonia, containing isolated NH3 or ND3, confirm that, relative to water ice, intermolecular coupling in ammonia ice exerts a relatively minor influence on the infrared and Raman spectra. Nevertheless, sizeable decoupling shifts, particularly for ν1, have been observed and attributed to a combination of factors including correlation field and Fermi resonance effects. The Raman polarization data has also affirmed long standing assignments of ν1 and ν3 for ammonia ice. Warming of the ammonia thin films resulted in limited isotopic scrambling at 130 K, apparently possible only through the agency of trace concentrations of water. The vibrational coupling pattern for the resultant NHD2 and NH2D molecules suggest that proton (deuteron) migration away from the exchange centers is impossible at temperatures up to 150 K. By contrast, isotopic scrambling was rapid and complete at 140 K for amorphous ammonia hydrate films (˜35% NH3, ˜65% D2O) which were also prepared without exchange at ˜90 K. The proton (deuteron) exchange rate is much greater for the amorphous ammonia hydrate at 140 K than for pure water ice. Such exchange requires both ion-pair defect formation and proton mobility. Since the NH3 suppresses the H3O+ concentration via formation of NH+4, a suppression the likes of which has been shown to stop proton exchange in water ice, the evidence strongly suggests that NH4+ in ammonia, like H3O+ in water, is an effective proton transfer agent, probably acting through a tunneling mechanism (i.e., H3N+-HṡṡṡNH3→H3NṡṡṡH-N+H3 etc.) to render the proton mobile in the ammonia hydrate. This mobility combined with the greater NH4+ concentration, relative to the H3O+ concentration in H2O ice Ic, results in isotopic scrambling at the reduced temperature.
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Forecasting exchange rates; Kawase yosoku no riron to jissai
Energy Technology Data Exchange (ETDEWEB)
Kiuchi, T. [The Long-Term Credit Bank of Japan, Ltd., Tokyo (Japan)
1995-11-20
This paper explains the theory and practice of foreign exchange rate fluctuation. It also explains various factors that constitute the reasons for the difficulty of forecasting the fluctuation in a short to medium period of time as a practical problem, even though forecasting it over a long period of time may be possible theoretically. Export, of which payment received in dollars cannot be used unless exchanged to yen, forms the yen buying demand. Increase in export and trade surplus turns into pressure for the yen appreciation after all. The amounts of exports and imports depend on such fundamentals as productivity and inflation in the country, as well as the cycle of strong business conditions and recession. Staggering of business conditions in Japan and the U.S. causes trade imbalance and fluctuation in foreign exchange rates. Attempts of grabbing the basic tone of the foreign exchange rates upon equalizing the business conditions in both countries is the purchasing power parity theory, which in fact can explain the long-term fluctuations in the past data. However, in the actual scenes where forecasting over a short to medium period is demanded, the forecasting actions are disturbed by such factors lying complexly as exports and imports of capitals, that is the capital circulation in long and short periods, foreign exchange tradings, and difference in interests inside and outside the country. 3 figs.
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Political Economy of Exchange Rate Regimes: A Panel Data Analysis of Selected European Countries
Directory of Open Access Journals (Sweden)
Ahmet BEŞKAYA
2015-06-01
Full Text Available The aim of this study is to investigate the effects of economic and political factors on the choice of exchange rate regimes. In order to achieve this goal, we apply for Binary Choice Panel Probit Model to examine the relationships between exchange rate regimes and financial depth, real exchange rate, capital inflow and democracy. Our data covers the period of 1980-2013 for the selected EU countries, namely, Austria, Germany, Belgium, France, Denmark, England, Sweden and Italy. Estimation results demonstrates that the choice of fixed exchange rate regime become disadvantageous and flexible exchange rate turn out to be the right choice as financial depth, real exchange rate, capital inflow and democratization increases.
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Assessing nonlinear structures in real exchange rates using recurrence plot strategies
Belaire-Franch, Jorge; Contreras, Dulce; Tordera-Lledó, Lorena
2002-11-01
Purchasing power parity (PPP) is an important theory at the basis of a large number of economic models. However, the implication derived from the theory that real exchange rates must follow stationary processes is not conclusively supported by empirical studies. In a recent paper, Serletis and Gogas [Appl. Finance Econ. 10 (2000) 615] show evidence of deterministic chaos in several OECD exchange rates. As a consequence, PPP rejections could be spurious. In this work, we follow a two-stage testing procedure to test for nonlinearities and chaos in real exchange rates, using a new set of techniques designed by Webber and Zbilut [J. Appl. Physiol. 76 (1994) 965], called recurrence quantification analysis (RQA). Our conclusions differ slightly from Serletis and Gogas [Appl. Finance Econ. 10 (2000) 615], but they are also supportive of chaos for some exchange rates.
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Explore the Application of Financial Engineering in the Management of Exchange Rate Risk
Directory of Open Access Journals (Sweden)
Yang Liu
2015-01-01
Full Text Available In the background where the domestic enterprises commonly have a weak protection consciousness against the exchange rate risk, this article makes a deep analysis based on the definition of exchange rate risk and its cause. By comparison of the traditional management method of exchange rate risk with another one based on financial engineering tools, it also deeply analyzes the method to use the financial engineering technology in the management of exchange rate risk, and concludes the primary purpose of exchange rate risk management is for hedging. This article proposes an optimal analysis method in two aspects, namely the minimum risk and maximum efficiency, for the forward-based optimal hedging, and proposes an optimal analysis method of dynamic hedging for the optimal hedging of option-based tools. Based on the description of the application of financial tools in foreign exchange futures, forward contract, currency exchange and foreign exchange option, it makes an empirical analysis on the management of foreign exchange risk by taking an assumed T company as the carrier and based on the trading tools of forward foreign exchange and currency option, which describes the operation procedure of financial tools in a more direct way and proves the efficiency of the optimal analysis method of this article.
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THE RELATIONSHIP BETWEEN THE EXCHANGE RATE AND THE INFLATION: EMPIRICAL SURVEY FOR ROMANIA
Catalina Adriana Handoreanu
2008-01-01
The influence on price level of changes in exchange rate comeback in the last period in the attention of economists and policy makers. The price level movement due to the changes in the exchange rate is named exchange rate pass-through and is important for the monetary policy and for the exchange rate choice. A reduced passthrough makes the monetary policy more independent and more easily implementation of inflation targeting. This working paper analyzed this phenomenon through a recursive eq...
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Long-run and Short-run Determinants of the Real Exchange Rate in Zambia
Mkenda, Beatrice Kalinda
2001-01-01
The paper analyses the main determinants of the real exchange rate in Zambia. It first gives a brief review of the Zambian economy and a review on real exchange rate studies. Then an illustrative model is presented. The study employs cointegration analysis in estimating the long-run determinants of the real exchange rates for imports and exports, and of the internal real exchange rate. The finding is that terms of trade, government consumption, and investment share all influence the real exch...
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Directory of Open Access Journals (Sweden)
Stavárek Daniel
2015-06-01
Full Text Available This paper examines the evolution of effective exchange rates in nine Central and Eastern European countries in terms of development trends, volatility and cyclicality. Consequently, it provides direct empirical evidence on the nature of the relationship between effective exchange rates and selected macroeconomic fundamentals, addressing a key precondition of numerous exchange rate determination models and theories that attempt to explain the role of exchange rates in the economy. The results suggest that flexible exchange rate arrangements are reflected in both nominal and real effective exchange rates having higher volatility and variability. Furthermore, the results provide mixed evidence in terms of intensity, direction and cyclicality, but show a weak correlation between exchange rates and fundamentals. Sufficiently high coefficients are found only for money supply. Consequently, using fundamentals for the determination of exchange rates and using the exchange rate to explain economic development may be of limited use for the countries analyzed.
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Modeling and predicting historical volatility in exchange rate markets
Lahmiri, Salim
2017-04-01
Volatility modeling and forecasting of currency exchange rate is an important task in several business risk management tasks; including treasury risk management, derivatives pricing, and portfolio risk evaluation. The purpose of this study is to present a simple and effective approach for predicting historical volatility of currency exchange rate. The approach is based on a limited set of technical indicators as inputs to the artificial neural networks (ANN). To show the effectiveness of the proposed approach, it was applied to forecast US/Canada and US/Euro exchange rates volatilities. The forecasting results show that our simple approach outperformed the conventional GARCH and EGARCH with different distribution assumptions, and also the hybrid GARCH and EGARCH with ANN in terms of mean absolute error, mean of squared errors, and Theil's inequality coefficient. Because of the simplicity and effectiveness of the approach, it is promising for US currency volatility prediction tasks.
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Impact of Exchange Rate Fluctuation to the Romanian Foreign Currency Reserve
Directory of Open Access Journals (Sweden)
Lavinia Diana Vasile
2006-10-01
Full Text Available In this article, we intend to indentify the impact of the currency rate of exchange variation of the two main currencies which represent Romania’s foreign currency reserve and the stress test it submits the latter. Up to the present moment there not established a cause-effect relationship or correlation between the foreign currency exchage rate was variation and the foreign currency reserve. In this respect we used an econometrics model based on cointegration analysis of the three series of data corresponding to the period of time 31.01.1995-31.06.2006 (the EURO exchange rate, the USD exchange rate and the foreign currency reserve.
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International Nuclear Information System (INIS)
Khudasko, V.V.; Kardash, D.Yu.; Grachev, N.S.
1986-01-01
Technique for calculating heat exchange in sodium-water steam generators with provisions for steam-water flow non-equilibrium character and moisture additional evaporation in pipes is suggested. Zone of heat exchange crisis representing the zone of transition from developed boiling to postcritical zone is considered. Comparison of estimated and experimental data performed for the following ranges of steame generator parameters: pressure p=7.8-14.0 MPa, coolant flow rate ρw=350-1000 kg/(m 2 xs), inlet sodium temperature T=590-825 K shows their good agreement
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International Nuclear Information System (INIS)
Nakamura, Hirofumi; Nishi, Masataka
2004-01-01
Tritium permeation through heat exchanger from primary cooling water to secondary cooling water has been investigated experimentally with SS316L heat exchanger under simulated ITER (international thermonuclear experimental reactor) operation condition in order to establish the tritium permeation evaluation method through the heat exchanger. As the result, the permeation rate of aqueous tritium was found to be about three orders smaller than that of the gaseous tritium. Tritium permeation through the heat exchanger in ITER was then evaluated, and it was revealed that total tritium permeation amount based on obtained aqueous permeability was about one order less than that with the former method with the gaseous permeability and putting the permeation reduction factor as 1000. Evaluated tritium permeation amount into secondary water during 20 years was quite small, which could be considered as negligible from the safety viewpoint
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The performance of exchange rate regimes in three SADC countries: An overview
Directory of Open Access Journals (Sweden)
Bernard N. Iyke
2014-08-01
Full Text Available This paper provides an overview of the real exchange rate and economic growth dynamics in three low-income Southern African countries, namely: the Democratic Republic of Congo (DRC, Malawi and Mozambique. Specifically, the paper investigates the nature of exchange rate regimes and the impact that they have on economic growth, as well as the movement of real exchange rates and real GDP from 1970—2010 in these countries. The paper identifies the following trends: Fixed exchange regimes were pursued from the 1960s until the late 1980s and early 1990s in these countries, which were growth-repressing; the countries pursued floating and managed-floating regimes from the 1990s to date, resulting in moderate-to-rapid economic growth. We conclude that liberalised exchange rates, which lead to undervalued currencies in these Southern African countries, were growth-enhancing.
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The Effect of Monetary Policy on Exchange Rates : How to Solve the Puzzles
Kumah, F.Y.
1996-01-01
Recent empirical research on the effects of monetary policy shocks on exchange rate fluctuations have encountered the exchange rate puzzle and th e forward discount bias puzzle.The exchange rate puzzle is the tendency of the domestic currency (of non-US G-7 countries) to depreciate against the US
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A firm-specific exposure analyis of the exchange-rate exposure of Dutch firms
de Jong, A.; Ligterink, J.; Macrae, V.
2006-01-01
We examine the relationship between exchange-rate changes and stock returns for a sample of Dutch firms over 1994-1998. We find that over 50 per cent of the firms are significantly exposed to exchange-rate risk. Furthermore, all firms with significant exchange-rate exposure benefit from a
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Directory of Open Access Journals (Sweden)
Kosta JOSIFIDIS
2010-01-01
Full Text Available The paper explores selected monetary transmission channels in the case of transition economies. Namely, an exchange rate channel, an interest rate channel, direct and indirect influence to an exchange rate, are focused. Specific (former transition economies are differentiated according the combination of implemented monetary and exchange rate regimes: exchange rate as a nominal anchor and rigid exchange rate regimes, exchange rate as a nominal anchor and intermediate exchange rate regimes, and implicit/explicit inflation targeting monetary regime and floating (managed/free exchange rate regime. The monetary transmission is tracked during different phases in a transition process towards the EU and compared between different nominal anchors and exchange rate regimes. In order to track the influence of a monetary policy instruments (impulses to different goals of a monetary policy (responses during the period from 6-24 months, we use VAR and VEC models. Monthly frequency of following time series are used in the models: nominal exchange rates, consumer price indexes, foreign exchange reserves, and reference interest rates. The aim of the paper is to point to the distinction between de jure and de facto exchange rate regimes, and to the adequacy of used combination of monetary and exchange rate regimes having in mind revealed features of investigated monetary transmission channels.
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Norris, Zach; Mawson, Cara; Johnson, Kyron; Kessler, Sarah; Rebecca, Anne; Wolf, Nathan; Lim, Michael; Nucci, Nathaniel
Reverse micelles are molecular complexes that encapsulate a nanoscale pool of water in a surfactant shell dissolved in non-polar solvent. These complexes have a wide range of applications, and in all cases, the degree to which reverse micelles (RM) exchange their contents is relevant for their use. Despite its importance, this aspect of RM behavior is poorly understood. Photolithography is employed here to create micro and nano scale fluidic systems in which mixing rates can be precisely measured using fluorescence correlation spectroscopy (FCS). Micro-channel patterns are etched using reactive ion etching process into a layer of silicon dioxide on crystalline silicon substrates. Solutions containing mixtures of reverse micelles, proteins, and fluorophores are placed into reservoirs in the patterns, while diffusion and exchange between RMs is monitored using a FCS system built from a modified confocal Raman spectrometer. Using this approach, the diffusion and exchange rates for RM systems are measured as a function of the components of the RM mixture. Funding provided by Rowan University.
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Exchange Rate and Industrial Commodity Volatility Transmissions, Asymmetries and Hedging Strategies
S.M. Hammoudeh (Shawkat); Y. Yuan (Yuan); M.J. McAleer (Michael)
2010-01-01
textabstractThis paper examines the inclusion of the dollar/euro exchange rate together with four important and highly traded commodities - aluminum, copper, gold and oil- in symmetric and asymmetric multivariate GARCH and DCC models. The inclusion of exchange rate increases the significant direct
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Differences between foreign exchange rate regimes: the view from the tails
C.G. Koedijk (Kees); Ph.A. Stork (Philip); C.G. de Vries (Casper)
1992-01-01
textabstractIn the literature on the empirical unconditional distribution of foreign exchange rate returns there is indication that the type of distribution function is related to the form of exchange rate regime. The analysis has been hampered by the nonnestedness of alternative distribution
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Sensitivity of molecular vibrational dynamics to energy exchange rate constants
International Nuclear Information System (INIS)
Billing, G D; Coletti, C; Kurnosov, A K; Napartovich, A P
2003-01-01
The sensitivity of molecular vibrational population dynamics, governing the CO laser operated in fundamental and overtone transitions, to vibration-to-vibration rate constants is investigated. With this aim, three rate constant sets have been used, differing in their completeness (i.e. accounting for single-quantum exchange only, or for multi-quantum exchange with a limited number of rate constants obtained by semiclassical calculations, and, finally, with an exhaustive set of rate constants including asymmetric exchange processes, as well) and in the employed interaction potential. The most complete set among these three is introduced in this paper. An existing earlier kinetic model was updated to include the latter new data. Comparison of data produced by kinetic modelling with the above mentioned sets of rate constants shows that the vibrational distribution function, and, in particular, the CO overtone laser characteristics, are very sensitive to the choice of the model. The most complete model predicts slower evolution of the vibrational distribution, in qualitative agreement with experiments
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The evolutionary synchronization of the exchange rate system in ASEAN+6
Feng, Xiaobing; Hu, Haibo; Wang, Xiaofan
2010-12-01
Although there are extensive researches on the behavior of the world currency network, the complexity of the Asian regional currency system is not well understood regardless of its importance. Using daily exchange rates this paper examines exchange rate co-movements in the region before and after the China exchange rate reform. It was found that the correlation between Asian currencies and the US Dollar, the previous regional key currency has become weaker and intra-Asia interactions have increased. Cross sample entropy and cross entropy approaches are also applied to examine the synchrony behavior among the Asian currencies. The study also shows that the Asian exchange rate markets featured are neither stochastic nor efficient. These findings may shed some light on the in-depth understanding of collective behaviors in a regional currency network; they will also lay a theoretical foundation for further policy formulation in Asian currency integration.
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Predictability of Exchange Rates in Sri Lanka: A Test of the Efficient Market Hypothesis
Guneratne B Wickremasinghe
2007-01-01
This study examined the validity of the weak and semi-strong forms of the efficient market hypothesis (EMH) for the foreign exchange market of Sri Lanka. Monthly exchange rates for four currencies during the floating exchange rate regime were used in the empirical tests. Using a battery of tests, empirical results indicate that the current values of the four exchange rates can be predicted from their past values. Further, the tests of semi-strong form efficiency indicate that exchange rate pa...
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Stochastic Simulation of the Exchange Rate
Directory of Open Access Journals (Sweden)
Anamaria ALDEA
2007-01-01
Full Text Available The rational expectations paradigm, that dominates macroeconomicsfails to take into account the complexity of the information, which is so vast that the individual brain cannot understand the full of it. The agents are boundedly rational,so they use simple forecasting rules that do not incorporate all available information, but they are willing to learn and will switch to other rules if it turns out that these rules are more profitable than the rule they have been using. Such trial and error learning strategies create the dynamics in the foreign exchange market, with two types of equilibria, a fundamental and a non-fundamental equilibrium to which the exchange rate is attracted.
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On the nonlinear influence of Reserve Bank of Australia interventions on exchange rates
Reitz, Stefan; Ruelke, Jan C.; Taylor, Mark P.
2010-01-01
This paper applies nonlinear econometric models to empirically investigate the effectiveness of the Reserve Bank of Australia (RBA) exchange rate policy. First, results from a STARTZ model are provided revealing nonlinear mean reversion of the Australian dollar exchange rate in the sense that mean reversion increases with the degree of exchange rate misalignment. Second, a STR-GARCH model suggests that RBA interventions account for this result by strengthening foreign exchange traders' confid...
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Some Tests of Random Walk Hypothesis for Bulgarian Foreign Exchange Rates
Nikolai Gueorguiev
1993-01-01
The objective of this paper is to check if the exchange rate in newly emerged, relatively thin foreign exchange markets, follows a random walk pattern. The findings of the current study cast doubts on random walk presence in Bulgarian exchange rates against major international currencies. It turns out that the series of daily returns are stationary but correlated and therefore can be modelled better by higher-order ARIMA processes than by random walk.
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Four decades of working experience of Cirus primary cooling water heat exchangers
International Nuclear Information System (INIS)
Dubey, P.K.; Ullas, O.P.; Rao, D.V.H.; Zope, A.K.; Kharpate, A.V.
2006-01-01
CIRUS is a 40 MW (Th.) research reactor, commissioned in the year 1960. The reactor has natural uranium fuel rods, heavy water as moderator, demineralised water (DM water) as primary coolant, and seawater as secondary coolant. There are six Heat Exchangers in the primary cooling water (PCW) system. Five of them are required for the normal operation of the reactor and one is kept stand by. DM water flows on the shell side of the heat exchanger in two passes. Seawater is used as coolant on the tube side of the heat exchangers in four passes. Cirus has been in operation for around 41 years excluding refurbishment period. During these four decades of reactor operation, PCW heat exchangers have experienced many failures and undergone many modifications in the circuit for ensuring better performance. This paper tries to capture the essence of working experiences with PCW heat exchangers, various problems faced, remedial measures taken during those four decades of reactor operation. (author)
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David, Cristina C.; Inocencio, Arlene B.; Gundaya, Debbie M.
2000-01-01
Environmentalists and economists alike have assumed that greater economic openness will lead to increased industrial pollution in developing countries. This paper argues that trade liberalization does not necessarily result in more pollution intensive industrial development using the case of two economic centers in the Philippines. The study links changes in trade and exchange rate policy to the environment by identifying the environmental damage likely to be aggravated by the policy change t...
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Energy Technology Data Exchange (ETDEWEB)
Kawamura, Yoshinori, E-mail: kawamura.yoshinori@jaea.go.jp [Japan Atomic Energy Agency, 801-1 Mukoyama, Naka, Ibaraki 311-0193 (Japan); Hayashi, Takumi [Japan Atomic Energy Agency, 2-4 Shirane Shirakata, Tokai, Ibaraki 319-1195 (Japan); Yamanishi, Toshihiko [Japan Atomic Energy Agency, 2-166 Omotedate Obuchi, Rokkasho, Aomori 039-3212 (Japan)
2016-11-01
Highlights: • Precious metal catalyst based on cation-exchanged mordenite was prepared. • Isotope exchange reaction between H{sub 2} and HTO on the catalyst was investigated. • The order of entire reaction is not clear, but it is the first-order reaction as for HTO. • Effect of exchanged cation may appear as the difference of the surface area of catalyst. - Abstract: It is known that the chemical forms of tritium released from a ceramic breeder blanket are hydrogen form and water form. To recover tritiated water vapor, adoption of dryer that is packed column of synthetic zeolite has been proposed. On the other hand, synthetic zeolite is often used as a support of precious metal catalyst. Such catalysts usually have a capability of hydrogen isotope exchange between gas and water vapor. If this catalyst is used to dryer, the dryer may obtain a preferable function for tritium recovery by isotopic exchange reaction. To assess such functions, reaction rate should be estimated. The results of water adsorption experiment on cation-exchanged mordenite-type zeolite suggested the possibility that state of adsorbed water varied by exchanged cation. So, in this work, precious metal catalyst based on cation-exchanged mordenite was prepared, and the reaction rate of chemical exchange between hydrogen and tritiated water was investigated under temperature range between 30 °C and 80 °C by the steady-state approximation. In the case of platinum on Na-mordenite, the reaction between gaseous hydrogen and tritiated water vapor was almost expressed as first-order reaction concerning tritiated water vapor concentration.
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Isotopic exchange rate of sodium ions between hydrous metal oxides and aqueous solutions
International Nuclear Information System (INIS)
Inoue, Yasushi; Yamazaki, Hiromichi
1991-01-01
To elucidate the kinetics of ion-exchange reaction on hydrous metal oxide, the isotopic exchange rates of sodium ions between hydrous metal oxides such as hydrous tin (IV), niobium (V), zirconium (IV) and titanium (IV) oxides, and aqueous solutions were measured radiochemically and compared with each other. The rate of reaction cannot be understood by an unified view since the rate controlling step differs with the kind of exchangers. The rate constants relevant to each exchanger such as diffusion constants and their activation energies were also determined. (author)
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Heat exchangers in heavy water reactor systems
International Nuclear Information System (INIS)
Mehta, S.K.
1988-01-01
Important features of some major heat exchange components of pressurized heavy water reactors and DHRUVA research reactor are presented. Design considerations and nuclear service classifications are discussed
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The intraday effects of central bank intervention on exchange rate spreads
DEFF Research Database (Denmark)
Fatum, Rasmus; Pedersen, Jesper; Sørensen, Peter Norman
2013-01-01
We investigate the intraday effects of intra-marginal intervention in a horizontal band on the exchange rate spread. Official intraday data on Danish intervention transactions in the ERM II, the Exchange Rate Mechanism of the European Union, facilitates our analysis. We show that intervention...
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ANALYSIS OF MACROECONOMIC DETERMINANTS OF EXCHANGE RATE VOLATILITY IN INDIA
Directory of Open Access Journals (Sweden)
Anita Mirchandani
2013-01-01
Full Text Available The Foreign Exchange Market in India has undergone substantial changes over last decade. It is imperative by the excessive volatility of Indian Rupee causing its depreciation against major dominating currencies in international market. This research has been carried out in order to investigate various macroeconomic variables leading to acute variations in the exchange rate of a currency. An attempt has been made to review the probable reasons for the depreciation of the Rupee and analyse different macroeconomic determinants that have impact on the volatility of exchange rate and their extent of correlation with the same.
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Covered Interest Parity, Uncovered Interest Parity, and Exchange Rate Dynamics
Eaton, Jonathan; Turnovsky, Stephen J.
1981-01-01
A number of macroeconomic models of open economies under flexible exchange rate assume a strong version of perfect capital mobility which implies that currency speculation commands no risk premium. If this assumption is dropped a number of important results no longer obtain. First, the exchange rate and interest rate cannot be in steady state unless both the government deficit and current account equal zero, not simply their sum, as would otherwise be the case. Second, even in steady state th...
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Influence of molecular packing and phospholipid type on rates of cholesterol exchange
International Nuclear Information System (INIS)
Lund-Katz, S.; Laboda, H.M.; McLean, L.R.; Phillips, M.C.
1988-01-01
The rates of [ 14 C]cholesterol transfer from small unilamellar vesicles containing cholesterol dissolved in bilayers of different phospholipids have been determined to examine the influence of phospholipid-cholesterol interactions on the rate of cholesterol desorption from the lipid-water interface. At 37 0 C, for vesicles containing 10 mol % cholesterol, the half-times for exchange are about 1, 13, and 80 h, respectively, for unsaturated PC, saturated PC, and SM. In order to probe how differences in molecular packing in the bilayers cause the rate constants for cholesterol desorption to be in the order unsaturated PC > saturated PC > SM, nuclear magnetic resonance (NMR) and monolayer methods were used to evaluate the cholesterol physical state and interactions with phospholipid. The NMR relaxation parameters for [4- 13 C] cholesterol reveal no differences in molecular dynamics in the above bilayers. The greater van der Waals interaction in the SM monolayer (or bilayer) compared to PC gives rise to a larger condensation by cholesterol. This is a direct demonstration of the greater interaction of cholesterol with SM compared to PC. An estimate of the van der Waals interactions between cholesterol and these phospholipids has been used to derive a relationship between the ratio of the rate constants for cholesterol desorption and the relative molecular areas (lateral packing density) in two bilayers. This analysis suggests that differences in cholesterol-phospholipid van der Waals interaction energy are an important cause of varying rates of cholesterol exchange from different host phospholipid bilayers
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Financial and fiscal crises, prices and EUR/USD rate of exchange
Directory of Open Access Journals (Sweden)
Slawomir I. Bukowski
2017-09-01
Full Text Available Purpose: The purpose of this paper is to answer the following question: How did the standard and non-standard ECB policy measures influence the price level and the EUR/USD rate of exchange in the period 2008 -2013? Design/methodology/approach: We formulated the following hypothesis: Depreciation of the Euro versus American dollar exchange rate occurred in the period of financial and fiscal crisis (2008-2014. The main reasons for that included: fiscal crisis in the euro area, implementation of standard and non–standard (quantitative easing ECB monetary policy measures and growth of money supply in the euro area. In that period, the economically and statistically significant impacts of money supply aggregate M2 and differences between interest rates and rates of inflation in the euro area and USA on changes in EUR/USD rate of exchange were noted. For verification of our hypothesis we used econometric modeling - model of regression estimated using the GARCH (0.1, using the monthly data for the period 1999:01-2013:12. Results of our research confirmed the hypothesis formulated by us. Findings: Our study confirmed the formulated hypothesis; the EBC monetary policy, both standard and non-standard, in the years 2008-2014 had a significant effect on the EUR/USD exchange rate, contributing largely to the depreciation of the euro in the same period. Research limitations/implications: The same method of research could be applied to other cases of currency area and central bank monetary policy. Originality/value: The results support the existence of statistically and economically significant impact of central bank policy on the rate of exchange, by the expansion of money supply, changes of differences between interest rates and rates of inflation inside and outside the currency rate area. Those results confirm conclusion formulated based on the theory of interest rate parity and assets theory of currency rates.
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Analysis of Ion-Exchange Resin Capability of the RSG-GAS Demineralized Water System (GCA01)
International Nuclear Information System (INIS)
Diyah Erlina Lestari; Setyo Budi Utomo; Harsono
2012-01-01
The Demineralized water system (GCA01) is a system which is function to process raw water to be demineralized water using ion exchange resin unit consisting of a column of cation exchange resins, anion exchange resin column and the column resin mix bed. After certain time the ion exchange resins to be saturated so that is needed regeneration. The RSG-GAS demineralized water system (GCA01) not operated continuously and indication of when does an ion exchange resin regeneration on The RSG-GAS demineralized water system (GCA01) is the water conductivity from anion exchange resin column output indicates ≥ 5μS/cm. Analysis of capability of the ion exchange resin demineralized water system (GCA01) line I has been performed. The analysis was done by comparing the time required in the system operating cycle of regeneration to the next regeneration during the period 2011 and 2012. From the results of the analysis showed the cycle regeneration time is varies. This shows that ion exchange resin capability of the RSG-GAS demineralized water system (GCA01) is varies depending on the raw water quality and success of the regeneration ion exchange resin. (author)
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Exchange Rate Deregulation and Industrial Performance: An ...
African Journals Online (AJOL)
FIRST LADY
economic management and therefore an important macroeconomic indicator used in assessing the ..... Adeolu, O. A. and Babatunde, W. A. (2005), “Trade and Exchange Rate ... Dickey, D. A. and Fuller, W. A. (1981), “Likelihood Ratio Tests for.
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Exchange rate policy when the labour market exhibits hysteresis
Barry, Frank
1994-01-01
This paper analyzes the effects of exchange rate shocks in a small open economy whose labor market exhibits hysteresis. The model is used to highlight deficiencies in the response of the Irish authorities to exchange rate crisis of 1992/93. A secondary purpose of the paper, though, is to induce those who accept that the Irish labour market is characterised by hysteresis but who reject the argument made here that a more aggressive devaluation should have been pursued, to spell out the labour-m...
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The Equilibrium Real Exchange Rate of the Malagasy Franc; Estimation and Assessment
John Cady
2003-01-01
Employing cointegration techniques, the long-run determinants of Madagascar's real exchange rate are examined from a stock-flow perspective. The long-run behavior of the real effective exchange rate is explained by the net foreign asset position and factors affecting trade flows. An index of the long-run equilibrium real exchange rate is developed to assess the degree of misalignment. The general conclusions are that the Malagasy franc has experienced significant misalignment in the past, but...
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Real Exchange Rate Variability: An Empirical Analysis of the Developing Countries Case
Sebastian Edwards
1986-01-01
The purpose of this paper is to investigate the potential role of monetary and real factors in explaining real exchange rate variability in developing countries. For this purpose two indexes of real effective exchange rate variability that measure short-term and long-term variability were constructed for 30 countries. The results obtained, using a generalized least squares procedures on cross section data, indicate that real exchange rate variability has been affected both by real and monetar...
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Is the South African exchange rate volatile? Application of the arch framework.
Directory of Open Access Journals (Sweden)
Thato Julius Mokoma
2015-04-01
Full Text Available This study applies the autoregressive conditional heteroscedasticity (ARCH model to forecast exchange rate volatility in South Africa for the period 1990Q1 to 2014Q2. The ARCH (1 and ARCH (2 models were constructed using four variables; namely, exchange rate, gross domestic product, inflation and interest rates. Upon addressing the issue of stationarity, the models were fitted and the ARCH (1 model was found to be fit. This model revealed a high volatility of exchange rate compared to the ARCH (2 model. Prior to forecasting, the selected model was subjected to a battery of diagnostics tests and was found to be stable and well specified. The forecasts from the ARCH (1 model proved that in the near future, exchange rate will not be highly volatile though SA will experience depreciation in its currency.
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Effects of exchange rate volatility on export volume and prices of forest products
Sijia Zhang; Joseph Buongiorno
2010-01-01
The relative value of currencies varies considerably over time. These fluctuations bring uncertainty to international traders. As a result, the volatility in exchange rate movements may influence the volume and the price of traded commodities. The volatility of exchange rates was measured by the variance of residuals in a GARCH(1,1) model of the exchange rate. We...
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Oil prices and the rise and fall of the U.S. real exchange rate
International Nuclear Information System (INIS)
Amano, R.A.; Norden, S. van.
1993-12-01
It is examined whether a link exists between oil price shocks and the U.S. real effective exchange rate. Data used for the study are described and their time series properties and the long-run explanatory power of oil prices for the real exchange rate are examined. Apparent causal relationships between exchange rates and oil prices are examined. An unrestricted error correction model is reduced until an error correction model with reasonable properties is derived. Results show that the two variables appear to be cointegrated and that causality runs from oil prices to the exchange rate and not vice-versa. The single equation error correction model linking these two variables is stable and captures much of the in- and out-of-sample movement in the exchange rate in dynamic simulation. Tests are presented to show that the error correction model has significant post-sample predictive ability for both the size and sign of changes in the real effective exchange rate. The results suggest that oil prices may have been the dominant source of persistant real exchange rate shocks over the post-Bretton Woods period and that energy prices may have important implications for future work on exchange rate behaviour. 61 refs., 3 figs., 7 tabs
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Directory of Open Access Journals (Sweden)
Mohammad Fathian
2012-04-01
Full Text Available In this paper, the problem of predicting the exchange rate time series in the foreign exchange rate market is going to be solved using a time-delayed multilayer perceptron neural network with gold price as external factor. The input for the learning phase of the artificial neural network are the exchange rate data of the last five days plus the gold price in two different currencies of the exchange rate as the external factor for helping the artificial neural network improving its forecast accuracy. The five-day delay has been chosen because of the weekly cyclic behavior of the exchange rate time series with the consideration of two holidays in a week. The result of forecasts are then compared with using the multilayer peceptron neural network without gold price external factor by two most important evaluation techniques in the literature of exchange rate prediction. For the experimental analysis phase, the data of three important exchange rates of EUR/USD, GBP/USD, and USD/JPY are used.
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Dynamics of oil price, precious metal prices, and exchange rate
International Nuclear Information System (INIS)
Sari, Ramazan; Soytas, Ugur; Hammoudeh, Shawkat
2010-01-01
This study examines the co-movements and information transmission among the spot prices of four precious metals (gold, silver, platinum, and palladium), oil price, and the US dollar/euro exchange rate. We find evidence of a weak long-run equilibrium relationship but strong feedbacks in the short run. The spot precious metal markets respond significantly (but temporarily) to a shock in any of the prices of the other metal prices and the exchange rate. Furthermore, we discover some evidence of market overreactions in the palladium and platinum cases as well as in the exchange rate market. In conclusion, whether there are overreactions and re-adjustments or not, investors may diversify at least a portion of the risk away by investing in precious metals, oil, and the euro. Policy implications are provided. (author)
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Directory of Open Access Journals (Sweden)
Jeong Wook Lee
2016-12-01
Full Text Available In this paper, we estimate the exchange rate exposure, indicating the effect of exchange rate movements on firm values, for a sample of 1,400 firms in seven East Asian countries. The exposure estimates based on various exchange rate variables, return horizons and a control variable are compared. A key result from our analysis is that the long term effect of exchange rate movements on firm values is greater than the short term effect. And we find very similar results from using other exchange rate variables such as the U.S. dollar exchange rate, etc. Second, we add exchange rate volatility as a control variable and find that the extent of exposure is not much changed. Third, we examine the changes in exposure to exchange rate volatility with an increase in return horizon. Consequently the ratio of firms with significant exposures increases with the return horizons. Interestingly, the increase of exposure with the return horizons is faster for exposure to volatility than for exposure to exchange rate itself. Taken as a whole, our findings suggest that the so-called "exposure puzzle" may be a matter of the methodology used to measure exposure.
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Trade openness, real exchange rates and job reallocation : Evidence from Belgium
I. Colantone (Italo)
2012-01-01
textabstractThis paper investigates the impact of real exchange rate movements on job reallocation at the industry level. The analysis focuses on the manufacturing sector of Belgium, using data for 82 NACE 3-digit industries, over the time span 1996-2002. I find that real exchange rate changes do
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Hydrogen isotope exchange reaction rates in tritium, hydrogen and deuterium mixed gases
International Nuclear Information System (INIS)
Uda, Tatsuhiko
1992-01-01
Hydrogen isotope exchange reaction rates in H 2 +T 2 , D 2 +T 2 and H 2 +D 2 +T 2 mixed gases, as induced by tritium decay and beta radiation, were experimentally measured by laser Raman spectrometry. Initially a glass cell was filled with T 2 gas to a pressure of 30-40 kPa, and an equivalent partial pressure of H 2 and/or D 2 was added. The first-order hydrogen isotope exchange reaction rates were 5.54x10 -2 h -1 for H 2 +T 2 mixed gas and 4.76x10 -2 h -1 for D 2 +T 2 . The actual HT producing rate was nearly equivalent to the rate of DT, but the reverse reaction rate of HT was faster than that of DT. The exchange reaction rates between H, D and T showed the isotope effect, HD>HT>DT. The hydrogen isotope exchange reaction rates observed were about twenty times larger than ion formation rates by beta radiation. This result suggests that a free radical chain reaction in hydrogen isotopes is occurring. (orig.)
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Directory of Open Access Journals (Sweden)
Agnieszka Pszczółkowska
2012-12-01
Full Text Available The present pot experiment studied the effect of different soil moisture contents (60 - 70% CWC (capillary water capacity - control; 30 - 35% CWC - water stress on buckwheat productivity, the gas exchange parameters and health of buckwheat nuts. It was found that water deficit affected adversely certain biometric features investigated (plant height, number of nuts per cluster and caused a decrease in seed weight per plant. It was also shown that water stress reduced the values of the investigated gas exchange parameters (photosynthesis rate, transpiration rate, intercellular-space CO2 concentration, and stomatal conductance relative to the control treatment. Different soil moisture contents did not have a clear effect on fungal colonization of seeds. The multiplex PCR assays did not enable the detection of the genes responsible for mycotoxin synthesis. Under water deficit conditions, an increase was found in the content of albumin and globulin fractions as well as of glutelin fractions.
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Laurent, S; Botteman, F; Vander Elst, L; Muller, R N
2004-04-01
Among other factors influencing the residence time of the coordinated water (tauM) of paramagnetic contrast agents, the steric hindrance around the gadolinium ion seems to play a beneficial role. Such a crowding can be achieved by substituting the Gd-DTPA backbone on the C4 position. Several Gd-DTPA complexes carrying diverse groups at this position have thus been synthesised and characterised: GdS-C4-Me-DTPA, GdS-C4-n-Bu-DTPA, GdS-C4-iBu-DTPA, GdS-C4-iPr-DTPA, and Gd-C4-diMe-DTPA. TauM has been measured through the evolution of the water oxygen-17 transverse relaxation rate as a function of the temperature. The data show a reduction of tauM of GdS-C4-Me-DTPA, GdS-C4-n-Bu-DTPA, GdS-C4-iBu-DTPA, GdS-C4-iPr-DTPA, and Gd-C4-diMe-DTPA (tauM310 = 91,82, 108,98, and 57 ns respectively, as compared to Gd-DTPA (tauM310 = 143 ns)). At 310 K, the nuclear magnetic dispersion relaxation profiles of water protons are very similar for the five complexes which present longitudinal relaxivities slightly higher than those of Gd-DTPA. Regarding zinc transmetallation, C4-monosubstituted derivatives are more stable than Gd-DTPA. These results confirm that a judicious substitution of the DTPA skeleton allows for an acceleration of the coordinated water exchange rate. This observation can be useful for the design of vectorised contrast agents for molecular imaging. Copyright 2004 ESMRMB
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Hydrogen-water isotopic exchange process
International Nuclear Information System (INIS)
Cheung, H.
1983-01-01
Deuterium is concentrated in a hydrogen-water isotopic exchange process enhanced by the use of catalyst materials in cold and hot tower contacting zones. Water is employed in a closed liquid recirculation loop that includes the cold tower, in which deuterium is concentrated in the water, and the upper portion of the hot tower in which said deuterium is concentrated in the hydrogen stream. Feed water is fed to the lower portion of said hot tower for contact with the circulating hydrogen stream. The feed water does not contact the water in the closed loop. Catalyst employed in the cold tower and the upper portion of the hot tower, preferably higher quality material, is isolated from impurities in the feed water that contacts only the catalyst, preferably of lower quality, in the lower portion of the hot zone. The closed loop water passes from the cold zone to the dehumidification zone, and a portion of said water leaving the upper portion of the hot tower can be passed to the humidification zone and thereafter recycled to said closed loop. Deuterium concentration is enhanced in said catalytic hydrogen-water system while undue retarding of catalyst activity is avoided
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Johnson, Jon D; Tognetti, Roberto; Paris, Piero
2002-05-01
Predictions of shifts in rainfall patterns as atmospheric [CO2] increases could impact the growth of fast growing trees such as Populus spp. and Salix spp. and the interaction between elevated CO2 and water stress in these species is unknown. The objectives of this study were to characterize the responses to elevated CO2 and water stress in these two species, and to determine if elevated CO2 mitigated drought stress effects. Gas exchange, water potential components, whole plant transpiration and growth response to soil drying and recovery were assessed in hybrid poplar (clone 53-246) and willow (Salix sagitta) rooted cuttings growing in either ambient (350 &mgr;mol mol-1) or elevated (700 &mgr;mol mol-1) atmospheric CO2 concentration ([CO2]). Predawn water potential decreased with increasing water stress while midday water potentials remained unchanged (isohydric response). Turgor potentials at both predawn and midday increased in elevated [CO2], indicative of osmotic adjustment. Gas exchange was reduced by water stress while elevated [CO2] increased photosynthetic rates, reduced leaf conductance and nearly doubled instantaneous transpiration efficiency in both species. Dark respiration decreased in elevated [CO2] and water stress reduced Rd in the trees growing in ambient [CO2]. Willow had 56% lower whole plant hydraulic conductivity than poplar, and showed a 14% increase in elevated [CO2] while poplar was unresponsive. The physiological responses exhibited by poplar and willow to elevated [CO2] and water stress, singly, suggest that these species respond like other tree species. The interaction of [CO2] and water stress suggests that elevated [CO2] did mitigate the effects of water stress in willow, but not in poplar.
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Moment generating function approach to pricing interest rate and foreign exchange rate claims
Dijkstra, T.K.; Yao, Y.
2002-01-01
This paper uses moment generating functions to provide a general framework to model international term structures and to price interest rate and foreign exchange rate claims. When moment generating functions of state variables have a closed-form formula, closed-form formulas for bond prices are
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Do Exchange Rates Really Help Forecasting Commodity Prices?
DEFF Research Database (Denmark)
Bork, Lasse; Kaltwasser, Pablo Rovira; Sercu, Piet
Chen et al. (2010) report that for ‘commodity currencies’, the exchange rate predicts the country’s commodity index but not vice versa. The commodity currency hypothesis is consistent with the Engle and West (2005) exchange rate model if the fundamental is chosen to be the country’s key export...... expectations, one should mostly observe contemporaneous correlations, not one-directional cross-predictability from one variable toward the other. Using three different data sets and various econometric techniques, we do find the contemporaneous correlations as predicted by the financial asset view......-averaged prices in the commodity index data that they use (price averaging induces spurious autocorrelation and predictability) and to features in their test procedures....
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Exchange Rate Exposure Management: "Speculation" in Non-Financial Companies
DEFF Research Database (Denmark)
Aabo, Tom
"Speculation" in non-financial companies in relation to exchange rate exposure management constitutes one of the contributing factors behind corporate (or more widespread) crises. Deviations from benchmark positions constitute speculation. An empirical study of Danish non-financial companies finds...... that the larger the company (ability) and the larger its relative sale on foreign markets (relevance), the more likely the company will be to benchmark its exchange rate exposures. However, at the same time the very same factors (size and foreign sale) lead to more extensive speculation. Financial solvency (value...
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Pass-through of exchange rates and tariffs in Greek-US tobacco trade
Rezitis, Anthony N.; Brown, A. Blake
1999-01-01
The paper examines the extent to which exchange rate and unit tariff changes are passed-through in US import prices of unmanufactured Greek oriental tobacco. The results indicate partial pass-through of exchange rates and tariffs. Exchange rate pass-through is about 0.272 and tariff pass-through about 0.185. One possible reason for the partial pass-through is oligopoly in tobacco exporting. Oligopoly would imply that depreciation of the drachma relative to the US dollar benefits tobacco expor...
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A CONSISTENT ESTIMATE FOR THE IMPACT OF SINGAPORE'S EXCHANGE RATE ON COMPETITIVENESS
JANG PING THIA
2010-01-01
Services form a larger part of the Singapore economy. However, it is difficult to analyze the exchange rate impact on services due to the lack of price data. Regression of output or export on exchange rate, while highly intuitive, is likely to suffer from the endogeneity problem since Singapore's exchange rate is used as a counter-cyclical policy tool. This results in inconsistent estimates. I propose a novel approach to overcome these limitations by using Hong Kong as a control for Singapore...
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An Empirical Assessment of the Real Exchange Rate and Poverty in Nigeria
Ben. U. Omojimite; Victor E. Oriavwote
2012-01-01
This paper investigated the influence of the real exchange rate on poverty within the framework of a dependent economy model. Using data covering 1980 to 2010, the result of a Vector Error Correction model (VECM) showed that the volatility of the real exchange rate has significant influence on the level of poverty in Nigeria. Thus, government policies that targets real exchange rate could play significant role in reducing the level of poverty in Nigeria, particularly if supported by basic ins...
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Essays in applied macroeconomics: Asymmetric price adjustment, exchange rate and treatment effect
Gu, Jingping
This dissertation consists of three essays. Chapter II examines the possible asymmetric response of gasoline prices to crude oil price changes using an error correction model with GARCH errors. Recent papers have looked at this issue. Some of these papers estimate a form of error correction model, but none of them accounts for autoregressive heteroskedasticity in estimation and testing for asymmetry and none of them takes the response of crude oil price into consideration. We find that time-varying volatility of gasoline price disturbances is an important feature of the data, and when we allow for asymmetric GARCH errors and investigate the system wide impulse response function, we find evidence of asymmetric adjustment to crude oil price changes in weekly retail gasoline prices. Chapter III discusses the relationship between fiscal deficit and exchange rate. Economic theory predicts that fiscal deficits can significantly affect real exchange rate movements, but existing empirical evidence reports only a weak impact of fiscal deficits on exchange rates. Based on US dollar-based real exchange rates in G5 countries and a flexible varying coefficient model, we show that the previously documented weak relationship between fiscal deficits and exchange rates may be the result of additive specifications, and that the relationship is stronger if we allow fiscal deficits to impact real exchange rates non-additively as well as nonlinearly. We find that the speed of exchange rate adjustment toward equilibrium depends on the state of the fiscal deficit; a fiscal contraction in the US can lead to less persistence in the deviation of exchange rates from fundamentals, and faster mean reversion to the equilibrium. Chapter IV proposes a kernel method to deal with the nonparametric regression model with only discrete covariates as regressors. This new approach is based on recently developed least squares cross-validation kernel smoothing method. It can not only automatically smooth
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Common factors and the exchange rate: results from the Brazilian case
Directory of Open Access Journals (Sweden)
Wilson Rafael de Oliveira Felício
2014-03-01
Full Text Available This paper studies the usefulness of factor models in explaining the dynamics of the exchange rate Real / Dollar from January 1999 to August 2011. The paper verifies that the inclusion of factors embedded on the common movements of exchange rates of a set of countries significantly improves the in-sample and out-of-sample predictive power of the models comprising only macroeconomic fundamentals commonly used in the literature to forecast the exchange rate. The paper also links the information contained in the factors to global shocks like the demand for dollars - a "dollar effect", volatility and liquidity of global financial markets.
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International Nuclear Information System (INIS)
Abdulla, Sherif H.; Liu Xin; Anderson, Mark H.; Bonazza, Riccardo; Corradini, Michael L.; Cho, Dae; Page, Richard
2005-01-01
has been given based on two independent procedures. This methodology will allow one to utilize X-ray attenuation for imaging vapor bubbles with acceptable errors (bubbles ∼1 to 5 cm ± 5 to 20%).Subcooled water (T sat - T water [approximately equal to] 10 deg. C) was brought into contact with liquid lead (or lead alloys) at an elevated temperature (T lm = 500 deg. C and T lm - T melting [approximately equal to] 200 deg. C). The study was conducted over a range of ambient pressures (1 to 10 bar) with four different water injection rates (1.5 to 8 g/s; 0.1 to 1 kg/m 2 .s). The results showed that the system pressure has a slight effect on volumetric heat transfer coefficient, the bubble formation time, and the bubble rise velocity. Increasing the system pressure, however, resulted in an increase in the bubble average heat transfer coefficient. Increasing the water injection rate directly had only a small effect on the bubble rise velocity or formation rate. Increasing the water injection rate resulted in a decrease in the local bubble heat transfer coefficient.Direct contact heat transfer also has some key disadvantages; e.g., flow instabilities caused by local vapor explosion is one of the issues related to direct contact heat exchange, particularly for liquid/liquid exchange with high temperature differences. In this study, the region of stable heat transfer was mapped and the effects of the liquid metal temperature, the water injection rate, and the operating pressure were investigated. The pressure required to stabilize the heat exchange process was found to be a function of the water injection rate but generally increasing the system pressure helped stabilize the system. It was also found that the larger the injection rate, the higher the pressure required to stabilize the system
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Smuggling, non-fundamental uncertainty, and parallel market exchange rate volatility
Richard Clay Barnett
2003-01-01
We explore a model where smuggling and a parallel currency market arise, owing to government restrictions that prevent agents from legally holding foreign exchange. Despite such restrictions, agents are able to diversify their savings, holding both domestic and parallel foreign cash, basing their portfolio allocation on current and prospective parallel exchange rates. We attribute movements in parallel rates to non-fundamental uncertainty. The model generates equilibria with both positive and...
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Exchange rate pass-through in Switzerland: Evidence from vector autoregressions
Jonas Stulz
2007-01-01
This study investigates the pass-through of exchange rate and import price shocks to different aggregated prices in Switzerland. The baseline analysis is carried out with recursively identified vector autoregressive (VAR) models. The data set comprises monthly observations, and pass-through effects are quantified by means of impulse response functions. Evidence shows that the exchange rate pass-through to import prices is substantial (although incomplete), but only moderate to total consumer ...
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A Bayesian analysis of the unit root in real exchange rates
P.C. Schotman (Peter); H.K. van Dijk (Herman)
1991-01-01
textabstractWe propose a posterior odds analysis of the hypothesis of a unit root in real exchange rates. From a Bayesian viewpoint the random walk hypothesis for real exchange rates is a posteriori as probable as a stationary AR(1) process for four out of eight time series investigated. The French
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Monteilhet, L; Korb, J-P; Mitchell, J; McDonald, P J
2006-12-01
The first detailed analysis of the two-dimensional (2D) NMR T(2)-T(2) exchange experiment with a period of magnetization storage between the two T(2) relaxation encoding periods (T(2)-store-T(2)) is presented. It is shown that this experiment has certain advantages over the T(1)-T(2) variant for the quantization of chemical exchange. New T(2)-store-T(2) 2D 1H NMR spectra of the pore water within white cement paste are presented. Based on these spectra, the exchange rate of water between the two smallest porosity reservoirs is estimated for the first time. It is found to be of the order of 5 ms{-1}. Further, a careful estimate of the pore sizes of these reservoirs is made. They are found to be of the order of 1.4 nm and 10-30 nm , respectively. A discussion of the results is developed in terms of possible calcium silicate hydrate products. A water diffusion coefficient inferred from the exchange rate and the cement particle size is found to compare favorably with the results of molecular-dynamics simulations to be found in the literature.
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A study on the formation of fouling in a heat exchanging system for Han-river water as cooling water
International Nuclear Information System (INIS)
Sung, Sun Kyung; Suh, Sang Ho; Rho, Hyung Woon; Cho, Young Il
2003-01-01
Scale is formed when hard water is heated or cooled in heat transfer equipments such as heat exchangers, condensers, evaporators, cooling towers, boilers, and pipe walls. When scale deposits in a heat exchanger surface, it is traditionally called fouling. The objective of the present study is to investigate the formation of fouling in a heat exchanging system. A lab-scale heat exchanging system is built-up to observe and measure the formation of fouling experimentally. Water analyses are conducted to obtain the properties of Han river water. In the present study a microscopic observation is conducted to visualize the process of scale formation. Hardness of Han-river water is higher than that of tap water in Seoul
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Investigation the Impact of Exchange Rate Volatility on the Export of Agricultural Products
Directory of Open Access Journals (Sweden)
M. Jamalipour
2016-10-01
Full Text Available Introduction: Agricultural commodity export is a main attribute of developing countries and it is the basic force of development, however, developing countries have faced domestic and international instability in their markets and monetary and fiscal policies and these instabilities create a difficult condition for most of producers and exporters. Volatility in exchange market is one of the most important factor and vital concentrate for international trade especially agricultural commodity export. Because of this concern many studies have been conducted in this filed; (Aristotelous, 2001; Chen, 2009 and Sabuhoi and Piri, 2009 .Many of these studies has stated that exchange rate fluctuation has a negative impact on aggregated agricultural export; however, none of them has been focused on the effects of exchange rate fluctuation on exported value of important commodities in long run and short run. In recent years, exchange rate fluctuation has been raised about 6 percent since 2007 to 2010 and it seemed that this phenomenon has a negative impact on agricultural commodity export in Iran. To test this hypothesis exported value of three important commodity (date, orange and grape and exchange rate volatility since 1970 to 2013 have been used. Material and Methods: In order to examine the relation between real exchange rate volatility and export values of date, orange and grapes, first GARCH method has been used to draw out exchange rate volatility; then, Panel unite root test has been used to check the level of integration. Since real exchange rate is not heterogeneous for different cross sections Levi-Lin and Chow unit root test has been used for this variable and IPS test has been applied to export value. Pederoni co-integration test has been used to check the integration between these variables. Finally, FMOLS (Fully Modified Ordinary Least Square and DOLS (Dynamic Ordinary Least Square methods have been used to estimate long run and short run
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Heterogeneous effects of oil shocks on exchange rates: evidence from a quantile regression approach.
Su, Xianfang; Zhu, Huiming; You, Wanhai; Ren, Yinghua
2016-01-01
The determinants of exchange rates have attracted considerable attention among researchers over the past several decades. Most studies, however, ignore the possibility that the impact of oil shocks on exchange rates could vary across the exchange rate returns distribution. We employ a quantile regression approach to address this issue. Our results indicate that the effect of oil shocks on exchange rates is heterogeneous across quantiles. A large US depreciation or appreciation tends to heighten the effects of oil shocks on exchange rate returns. Positive oil demand shocks lead to appreciation pressures in oil-exporting countries and this result is robust across lower and upper return distributions. These results offer rich and useful information for investors and decision-makers.
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Stationarity test with a direct test for heteroskedasticity in exchange rate forecasting models
Khin, Aye Aye; Chau, Wong Hong; Seong, Lim Chee; Bin, Raymond Ling Leh; Teng, Kevin Low Lock
2017-05-01
Global economic has been decreasing in the recent years, manifested by the greater exchange rates volatility on international commodity market. This study attempts to analyze some prominent exchange rate forecasting models on Malaysian commodity trading: univariate ARIMA, ARCH and GARCH models in conjunction with stationarity test on residual diagnosis direct testing of heteroskedasticity. All forecasting models utilized the monthly data from 1990 to 2015. Given a total of 312 observations, the data used to forecast both short-term and long-term exchange rate. The forecasting power statistics suggested that the forecasting performance of ARIMA (1, 1, 1) model is more efficient than the ARCH (1) and GARCH (1, 1) models. For ex-post forecast, exchange rate was increased from RM 3.50 per USD in January 2015 to RM 4.47 per USD in December 2015 based on the baseline data. For short-term ex-ante forecast, the analysis results indicate a decrease in exchange rate on 2016 June (RM 4.27 per USD) as compared with 2015 December. A more appropriate forecasting method of exchange rate is vital to aid the decision-making process and planning on the sustainable commodities' production in the world economy.
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Milsom, William K; Jackson, Donald C
2011-01-01
Hibernation in endotherms and ectotherms is characterized by an energy-conserving metabolic depression due to low body temperatures and poorly understood temperature-independent mechanisms. Rates of gas exchange are correspondly reduced. In hibernating mammals, ventilation falls even more than metabolic rate leading to a relative respiratory acidosis that may contribute to metabolic depression. Breathing in some mammals becomes episodic and in some small mammals significant apneic gas exchange may occur by passive diffusion via airways or skin. In ectothermic vertebrates, extrapulmonary gas exchange predominates and in reptiles and amphibians hibernating underwater accounts for all gas exchange. In aerated water diffusive exchange permits amphibians and many species of turtles to remain fully aerobic, but hypoxic conditions can challenge many of these animals. Oxygen uptake into blood in both endotherms and ectotherms is enhanced by increased affinity of hemoglobin for O₂ at low temperature. Regulation of gas exchange in hibernating mammals is predominately linked to CO₂/pH, and in episodic breathers, control is principally directed at the duration of the apneic period. Control in submerged hibernating ectotherms is poorly understood, although skin-diffusing capacity may increase under hypoxic conditions. In aerated water blood pH of frogs and turtles either adheres to alphastat regulation (pH ∼8.0) or may even exhibit respiratory alkalosis. Arousal in hibernating mammals leads to restoration of euthermic temperature, metabolic rate, and gas exchange and occurs periodically even as ambient temperatures remain low, whereas body temperature, metabolic rate, and gas exchange of hibernating ectotherms are tightly linked to ambient temperature. © 2011 American Physiological Society.
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Isotopic exchange of carbon-bound hydrogen over geologic timescales
Sessions, Alex L.; Sylva, Sean P.; Summons, Roger E.; Hayes, John M.
2004-04-01
The increasing popularity of compound-specific hydrogen isotope (D/H) analyses for investigating sedimentary organic matter raises numerous questions about the exchange of carbon-bound hydrogen over geologic timescales. Important questions include the rates of isotopic exchange, methods for diagnosing exchange in ancient samples, and the isotopic consequences of that exchange. This article provides a review of relevant literature data along with new data from several pilot studies to investigate such issues. Published experimental estimates of exchange rates between organic hydrogen and water indicate that at warm temperatures (50-100°C) exchange likely occurs on timescales of 104 to 108 yr. Incubation experiments using organic compounds and D-enriched water, combined with compound-specific D/H analyses, provide a new and highly sensitive method for measuring exchange at low temperatures. Comparison of δD values for isoprenoid and n-alkyl carbon skeletons in sedimentary organic matter provides no evidence for exchange in young (exchange in ancient (>350 Ma) rocks. Specific rates of exchange are probably influenced by the nature and abundance of organic matter, pore-water chemistry, the presence of catalytic mineral surfaces, and perhaps even enzymatic activity. Estimates of equilibrium fractionation factors between organic H and water indicate that typical lipids will be depleted in D relative to water by ∼75 to 140‰ at equilibrium (30°C). Thus large differences in δD between organic molecules and water cannot be unambiguously interpreted as evidence against hydrogen exchange. A better approach may be to use changes in stereochemistry as a proxy for hydrogen exchange. For example, estimated rates of H exchange in pristane are similar to predicted rates for stereochemical inversion in steranes and hopanes. The isotopic consequences of this exchange remain in question. Incubations of cholestene with D2O indicate that the number of D atoms incorporated during
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International Nuclear Information System (INIS)
Iida, I.; Tamaru, K.
1979-01-01
Poisoning by carbon monoxide in the exchange reaction between deuterium and the water preadsorbed on a platinum--alumina catalyst was studied, by measuring not only the rate of reaction but also its kinetic behavior and the adsorption of reactants on the catalyst surface. The shape of the poisoning curve is closely associated with the kinetic behavior and exhibited an abrupt change on freezing the adsorbed water below 273 0 K. When the rate is proportional to deuterium pressure and independent of the amount of water adsorbed, the exchange rate dropped sharply by carbon monoxide adsorbed of a few percent coverage without any marked changes in the amount and the rate of hydrogen adsorption on the platinum surface. However, at temperatures lower than 273 0 K and at higher deuterium pressures, the rate depends not on the deuterium pressure but on the amount of water adsorbed. The migration of hydrogen in or through the adsorbed water is seemingly sufficiently suppressed by freezing to control the overall reaction rate. In this case, a small amount of adsorption of carbon monoxide did not show any toxicity, but then a steep poisoning started accompanying a change in the kinetic behavior. It was accordingly demonstrated that the mechanism of the reaction may be better understood by studying poisoning and measuring adsorption, overall rate, and kinetic behavior
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Optimal Foreign Exchange Rate Intervention in Lévy Markets
Directory of Open Access Journals (Sweden)
Masimba Aspinas Mutakaya
2014-01-01
Full Text Available This paper considers an exchange rate problem in Lévy markets, where the Central Bank has to intervene. We assume that, in the absence of control, the exchange rate evolves according to Brownian motion with a jump component. The Central Bank is allowed to intervene in order to keep the exchange rate as close as possible to a prespecified target value. The interventions by the Central Bank are associated with costs. We present the situation as an impulse control problem, where the objective of the bank is to minimize the intervention costs. In particular, the paper extends the model by Huang, 2009, to incorporate a jump component. We formulate and prove an optimal verification theorem for the impulse control. We then propose an impulse control and construct a value function and then verify that they solve the quasivariational inequalities. Our results suggest that if the expected number of jumps is high the Central Bank will intervene more frequently and with large intervention amounts hence the intervention costs will be high.
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Exchange Rate Pass-through and Monetary Policy in South Africa
Aron, Janine; Farrell, Greg; Muellbauer, John; Sinclair, Peter
2010-01-01
Understanding how import prices adjust to exchange rates helps anticipate inflation effects and monetary policy responses. This paper examines exchange rate passthrough to the monthly import price index in South Africa during 1980-2009. A methodological innovation allows various short-run pass-through estimates to be calculated simply without recourse to a full structural model, yet without neglecting the long-run relationships between prices or the effects of previous import price changes, a...
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Exchange rate based stabilization : tales from Europe and Latin America
Ades, Alberto F.; Kiguel, Miguel; Liviatan, Nissan
1993-01-01
There is convincing empirical evidence that the cycle for exchange-rate-based disinflation in high-inflation Latin American economies typically begins with expansion and ends in recession - a surprising pattern. The authors explore whether a similar cycle can be observed in exchange-rate-based disinflation in low-inflation economies. They draw on empirical evidence from stabilizaton programs in three European countries in the early 1980s: in Denmark (1982), Ireland (1982), and France (1983). ...
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Inflation, Growth and Exchange Rate Regimes in Small Open Economies
Hernandez-Verme, Paula
2002-01-01
Summary. This is an extended working paper version of the paper that appeared in Economic Theory. It paper compares the merits of alternative exchange rate regimes in small open economies where financial intermediaries perform a real allocative function, there are multiple reserve requirements, and credit market frictions may or may not cause credit rationing. Under floating exchange rates, raising domestic inflation can increase production if credit is rationed. However, there exist infla...
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Vaporization Rate Analysis of Primary Cooling Water from Reactor PUSPATI TRIGA (RTP) Tank
International Nuclear Information System (INIS)
Tonny Anak Lanyau; Mohd Fazli Zakaria; Yahya Ismail
2011-01-01
Primary cooling system consists of pumps, heat exchangers, probes, a nitrogen-16 diffuser and associated valves is connected to the reactor TRIGA PUSPATI (RTP) tank by aluminium pipes. Both the primary cooling system and the reactor tank is filled with demineralized light water (H 2 O), which serves as a coolant, moderator as well as shielding. During reactor operation, vaporization in the reactor tank will reduce the primary water and contribute to the formation of vapor in the reactor hall. The vaporization may influence the function of the water subsequently may affect the safety of the reactor operation. It is essential to know the vaporization rate of the primary water to ensure its functionality. This paper will present the vaporization rate of the primary cooling water from the reactor tank and the influence of temperature of the water in the reactor tank to the vaporization rate. (author)
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Exchange rate system and policy in the present world
Directory of Open Access Journals (Sweden)
Grubišić Zoran
2005-01-01
Full Text Available The choice of exchange rate regime is important, not only in terms of its effect on trade flows, but also with respect to inflation expectations. Countries facing disinflation may find that pegs regimes are more appropriate solution. But where the trade balance account is significantly deteriorated and growth has been sluggish, a more flexible regime might be called for. The natural classification in eighties and early nineties suggests that intermediate regimes may provide important advantages – to capture some of the benefits of both extremes while avoiding many of the costs. However today many experts predicted that exchange rate regimes would move in a "bipolar" manner to the extremes of "hard" pegs or free floats. An increasing number of countries did announce their intent to allow greater exchange rate flexibility. But, in practice, countries had a "fear of floating ". Distinction is made among advanced, emerging and other developing countries. Emerging markets have stronger links to international capital markets than do other developing economies. Thus, while non-emerging market developing economies may gain credibility through pegging their exchange rates, emerging markets find it harder to do so and could benefit from investing in "learning to float". More advanced economies with their access to international capital market are best positioned to enjoy the benefits of flexibility. It is found that the proportion of countries adopting intermediate regimes has indeed been shrinking in favor of greater flexibility or greater fixity, especially for countries more integrated with international markets. But, there is no final conclusion on the idea that intermediate regimes will dissapear.
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Air-water gas exchange and CO2 flux in a mangrove-dominated estuary
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.
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A causal relationship between stock indices and exchange rates in india
Amalendu Bhunia
2011-01-01
This paper examines the causal relationship between stock prices and exchange rates, using data from 2 April 2001 to 31 March 2011 about India. Macroeconomic variables are of crucial importance for determining the effects on stock prices and investment decisions. There are many empirical studies to disclose the relationship between macroeconomic variables such as interest rate, inflation, exchange rates, money supply etc. and stock indexes. However, the direction of causality still remains un...
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De Facto Exchange Rate Regime Classifications Are Better Than You Think
Michael Bleaney; Mo Tian; Lin Yin
2015-01-01
Several de facto exchange rate regime classifications have been widely used in empirical research, but they are known to disagree with one another to a disturbing extent. We dissect the algorithms employed and argue that they can be significantly improved. We implement the improvements, and show that there is a far higher agreement rate between the modified classifications. We conclude that the current pessimism about de facto exchange rate regime classification schemes is unwarranted.
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Simultaneous optimization of water and heat exchange networks
Energy Technology Data Exchange (ETDEWEB)
Chen, Zhiyou; Hou, Yanlong; Li, Xiaoduan; Wang, Jingtao [Tianjin University, Tianjin (China)
2014-04-15
This paper focuses on the simultaneous optimization of the heat-integrated water allocation networks. A mathematic model is established to illustrate the modified state-space representation of this problem. An easy logical method is employed to help identify the streams of hot or cold ones. In this model, the water exchange networks (WEN), heat exchange networks (HEN), and the interactions between the WEN and HEN combine together as one unity. Thus, the whole network can be solved at one time, which enhances the possibility to get a global optimal result. Examples from the literature and a PVC plant are analyzed to illustrate the accuracy and applicability of this method.
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Inventories of Asian textile producers, US cotton exports, and the exchange rate
Directory of Open Access Journals (Sweden)
Durmaz Nazif
2014-01-01
Full Text Available The present paper develops a model with US cotton exports depending on the stock-to-use ratio, trade weighted exchange rates, and the relative cotton prices. The role of inventories in cotton consumption is examined in five textile producing cotton importers, China, Indonesia, Thailand, South Korea, and Taiwan. Cotton inventory dynamics is diverse among Asian textile producers. Relative prices have negative effect in all markets as expected. Exchange rate elasticities show that effects should be examined for each separate market. Changes in rates of depreciation also have stronger effects than exchange rate. Results reveal that these countries are not all that homogenous.
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A structural investigation of third-currency shocks to bilateral exchange rates
Melecky, Martin
2007-01-01
An exchange rate between two currencies can be materially affected by shocks emerging from a third country. A US demand shock, for example, can affect the exchange rate between the euro and the yen. Since positive US demand shocks have a greater positive impact on Japanese interest rates than on eurozone rates, the yen appreciates against the euro in response. Using quarterly data on the U.S., the euro area and Japan from 1981 to 2006, this paper shows that the third-currency effects are sign...
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Oil price fluctuations and U.S. dollar exchange rates
International Nuclear Information System (INIS)
Lizardo, Radhames A.; Mollick, Andre V.
2010-01-01
Adding oil prices to the monetary model of exchange rates, we find that oil prices significantly explain movements in the value of the U.S. dollar (USD) against major currencies from the 1970s to 2008. Our long-run and forecasting results are remarkably consistent with an oil-exchange rate relationship. Increases in real oil prices lead to a significant depreciation of the USD against net oil exporter currencies, such as Canada, Mexico, and Russia. On the other hand, the currencies of oil importers, such as Japan, depreciate relative to the USD when the real oil price goes up. (author)
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THE IMPLICATIONS OF VARYING EXCHANGE RATES FOR THE INTERNATIONAL TRADE
Directory of Open Access Journals (Sweden)
Sandu Carmen
2011-07-01
Full Text Available The benefit of international trade is a more efficient employment of the productive forces of the world. (John Stuart Mill The exchange rate is a primary factor that influences economy. This instrument is used by some countries in order to improve the lack of balance caused as a result of the financial crisis felt in many countries considered by then infallible. The negative effects of the financial crisis can also be found in the decreased volume of commodities involved in international trade exchanges, as a consequence of modified prices and decreased offer. The globalizing trend leads to a constant expansion of exchanges between countries and to the consolidation of international cooperation. Except that economic interdependence generates an increased risk under the influence of economic, financial, monetary or political factors. The currency risk can generate either a gain or loss during foreign trade operations. The long period of RON depreciation made possible the entry of Romanian products on the international markets due to their prices. Sheltered by the gain generated by the evolution of the exchange rate, most of the exporters were not concerned by the increase of product competitiveness or by avoiding the currency risk. The fact that, for many years, the evolution of the exchange rate generated substantial losses for the exporters shows that risk coverage in Romania is, in most cases, a purely theoretical concept.
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Process for exchanging tritium between gaseous hydrogen and water
International Nuclear Information System (INIS)
Hindin, S.G.; Roberts, G.W.
1981-01-01
An improved method of exchanging and concentrating the radioactive isotope of hydrogen from water or hydrogen gas is described. This heavy water enrichment system involves a low pressure, dual temperature process. (U.K.)
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Bioaccessibility of metal cations in soil is linearly related to its water exchange rate constant.
Laird, Brian D; Peak, Derek; Siciliano, Steven D
2011-05-01
Site-specific risk assessments often incorporate the concepts of bioaccessibility (i.e., contaminant fraction released into gastrointestinal fluids) or bioavailability (i.e., contaminant fraction absorbed into systemic circulation) into the calculation of ingestion exposure. We evaluated total and bioaccessible metal concentrations for 19 soil samples under simulated stomach and duodenal conditions using an in vitro gastrointestinal model. We demonstrated that the median bioaccessibility of 23 metals ranged between exchange rates of metal cations (k(H₂O)) indicated that desorption kinetics may influence if not control metal bioaccessibility.
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Trade Openness And Real Exchange Rate Volatility: Panel Data Evidence
César Calderón
2004-01-01
A recent strand of the literature, the so-called “New Open Economy Macroeconomics”, argues that nonmonetary factors have gained importance in explaining exchange rate volatility. In this context, it has been suggested the inclusion of shocks to productivity, terms of trade, and government spending, among others. The goal of the present paper is to explain the real exchange rate volatility by positing a structural relationship between volatility and its determinants. To perform our task we col...
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Estimating the Exchange Rate Pass-Through to Prices in Mexico
Josué Fernando Cortés Espada
2013-01-01
This paper estimates the magnitude of the exchange rate pass-through to consumer prices in Mexico. Moreover, it analyzes if the pass-through dynamics have changed in recent years. In particular, it uses a methodology that generates results consistent with the hierarchy implicit in the cpi. The results suggest that the exchange rate pass-through to the general price level is low and not statistically significant. However, the pass-through is positive and significant for goods prices. Furthermo...
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Hot Tip: Nominal Exchange Rates and Inflation Indexed Bond Yields
Richard H. Clarida
2013-01-01
This paper derives a structural relationship between the nominal exchange rate, national price levels, and observed yields on long maturity inflation - indexed bonds. This relationship can be interpreted as defining the fair value of the exchange rate that will prevail in any model or real world economy in which inflation indexed bonds are traded. An advantage of our derivation is that it does not require restrictive assumptions on financial market equilibrium to be operational. We take our t...
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Real Effective Exchange Rate Dynamics in Malawi and South Africa
Kisu Simwaka
2004-01-01
This study investigates the main determinants of real effective exchange rate in Malawi and South Africa. In our empirical analysis, we conducted unit root and cointegration test in order to determine the time series properties of the data and establish whether there is a long run relationship between real effective exchange rate and explanatory variables. Having ascertained that almost all variiables are integrated of order one and cointegrated, an error correction model is formulated and es...
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International portfolio flows and exchange rate volatility for emerging markets
Caporale, Guglielmo Maria; Ali, Faek Menla; Spagnolo, Fabio; Spagnolo, Nicola
2015-01-01
This paper investigates the effects of equity and bond portfolio inflows on exchange rate volatility, using monthly bilateral data for the US vis-a-vis eight Asian developing and emerging countries (India, Indonesia, South Korea, Pakistan, Hong Kong, Thailand, the Philippines, and Taiwan) over the period 1993:01-2012:11, and estimating a time-varying transition probability Markov-switching model. We find that net equity (bond) inflows drive the exchange rate to a high (low) volatility state. ...
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Estimating the effects of Exchange and Interest Rates on Stock ...
African Journals Online (AJOL)
The monthly closing returns of All-share index, exchange rates and interest rates ... The interest rate also showed a negative relationship but insignificant at the ... is a prerequisite for attracting investments especially foreign direct investment.
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Macroeconomic stabilization and intervention policy under an exchange rate band
Beetsma, R.M.W.J.; van der Ploeg, F.
1998-01-01
Macroeconomic stabilization and foreign exchange market interventions are investigated for a small open economy with a nominal exchange rate band. In a first-best situation, a band is not advisable from a stabilization perspective, even though with money demand shocks no welfare losses are incurred.
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Capital Controls and Foreign Investor Subsidies Implicit in South Africa's Dual Exchange Rate System
Huizinga, H.P.; Schaling, E.; van der Windt, P.C.
2007-01-01
Both in theory and practice, capital controls and dual exchange rate systems can be part of a country's optimal tax policy. We first show how a dual exchange rate system can be interpreted as a tax (or subsidy) on international capital income. We show that a dual exchange rate system, with separate
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Directory of Open Access Journals (Sweden)
P. Shahmohammadi
2016-01-01
Full Text Available The effect of γ-Al2O3 nanoparticles on heat transfer rate, baffle spacing and pressure drop in the shell side of small shell and tube heat exchangers was investigated numerically under turbulent regime. γ-Al2O3-water nanofluids and pure water were used in the shell side and the tube side of heat exchangers, respectively. Since the properties of γ-Al2O3-water nanofluids were variable, they were defined using the user define function. The results revealed that heat transfer and pressure drop were increased with mass flow rate as well as baffle numbers. Adding nanoparticles to the based fluid did not have a significant effect on pressure drop in the shell side. The best heat transfer performance of heat exchangers was for γ-Al2O3-water 1 vol.% and higher nanoparticles concentration was not suitable. The suitable baffle spacing was 43.4% of the shell diameter, showing a good agreement with Bell-Delaware method.
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Poster 29. Modelling of ion exchange processes in ultrapure water
International Nuclear Information System (INIS)
Berg, A.; Torstenfelt, B.; Fejes, P.; Foutch, G.L.
1992-01-01
The ion exchange process of the Reactor Water Clean-up (RWCU) system has been studied to better use the maximum possible exchange capacity of the ion exchange resin. Laboratory data have been correlated with computer simulations of the ion exchange process. Data were correlated using a mixed-bed ion exchange model for ultralow ionic concentrations developed at Oklahoma State University. Experimental results of the ion exchange column operation in the concentration range of 10 -3 M boric acid is compared with the simulated performance predicted by the computer model. The model is found to agree reasonably well with the data. (author)
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Carlos Ibarra
2005-01-01
This paper studies the dynamics of the interest rate differential across band and floating exchange rate regimes in Chile, Colombia and Israel, and in a benchmark group composed of Italy, Portugal and Spain. Significant differences in the interest rate-exchange rate link are found between the two groups, irrespective of regime. However, in all countries, except Italy, the interest differential ceased to behave anti-cyclically against output after the adoption of floating, possibly because of ...
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Rahmati, Mitra; Davarynejad, Gholam Hossein; Génard, Michel; Bannayan, Mohammad; Azizi, Majid; Vercambre, Gilles
2015-01-01
In this study the sensitivity of peach tree (Prunus persica L.) to three water stress levels from mid-pit hardening until harvest was assessed. Seasonal patterns of shoot and fruit growth, gas exchange (leaf photosynthesis, stomatal conductance and transpiration) as well as carbon (C) storage/mobilization were evaluated in relation to plant water status. A simple C balance model was also developed to investigate sink-source relationship in relation to plant water status at the tree level. The C source was estimated through the leaf area dynamics and leaf photosynthesis rate along the season. The C sink was estimated for maintenance respiration and growth of shoots and fruits. Water stress significantly reduced gas exchange, and fruit, and shoot growth, but increased fruit dry matter concentration. Growth was more affected by water deficit than photosynthesis, and shoot growth was more sensitive to water deficit than fruit growth. Reduction of shoot growth was associated with a decrease of shoot elongation, emergence, and high shoot mortality. Water scarcity affected tree C assimilation due to two interacting factors: (i) reduction in leaf photosynthesis (-23% and -50% under moderate (MS) and severe (SS) water stress compared to low (LS) stress during growth season) and (ii) reduction in total leaf area (-57% and -79% under MS and SS compared to LS at harvest). Our field data analysis suggested a Ψstem threshold of -1.5 MPa below which daily net C gain became negative, i.e. C assimilation became lower than C needed for respiration and growth. Negative C balance under MS and SS associated with decline of trunk carbohydrate reserves--may have led to drought-induced vegetative mortality.
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Exchange Rate Exposures and Strategies of Industrial Companies: An Empirical Study
DEFF Research Database (Denmark)
Aabo, Tom
2001-01-01
This article investigates empirically the potential and actual exchange rate exposure strategies of industrial companies in relation to identifying and quantifying the neutral financial positions in an optimal hedging strategy.......This article investigates empirically the potential and actual exchange rate exposure strategies of industrial companies in relation to identifying and quantifying the neutral financial positions in an optimal hedging strategy....
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Directory of Open Access Journals (Sweden)
Josifidis Kosta
2009-01-01
Full Text Available The paper explores (former transition economies, Poland, Czech Republic, Slovakia and the Republic of Serbia, concerning abandonment of the exchange rate targeting and fixed exchange rate regimes and movement toward explicit/implicit inflation targeting and flexible exchange rate regimes. The paper identifies different subperiods concerning crucial monetary and exchange rate regimes, and tracks the changes of specific monetary transmission channels i.e. exchange rate channel, interest rate channel, indirect and direct influences to the exchange rate, with variance decomposition of VAR/VEC model. The empirical results indicate that Polish monetary strategy toward higher monetary and exchange rate flexibility has been performed smoothly, gradually and planned, compared to the Slovak and, especially, Czech case. The comparison of three former transition economies with the Serbian case indicate strong and persistent exchange rate pass-through, low interest rate pass-through, significant indirect and direct influence to the exchange rate as potential obstacles for successful inflation targeting in the Republic of Serbia.
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The exchangeable cations in soils flooded with sea water
Molen, van der W.H.
1958-01-01
The changes in the exchangeable cations of soils flooded with sea-water were extensively studied in the Netherlands after the inundations of 1940, 1945 and 1953. A synopsis of the results was given, both from a theoretical and a practical viewpoint.
Current formulae for ion-exchange tested in the -
Exchange Rate – Relative Price Nonlinear Cointegration Relationship in Malaysia
Venus Khim-Sen Liew; Chee-Keong Choong; Evan Lau; Kian-Ping Lim
2005-01-01
The finding of exchange rate–relative price nonlinear cointegration relationship in Malaysia, among others, suggests that nonlinear Purchasing Power Parity (PPP) equilibrium may be regarded as reference point in judging the short run misalignment of the Ringgit currency and thereby deducing effective policy actions. Moreover, economists who wish to extend the simple PPP exchange rate model into the more complicated monetary exchange models may do so comfortably, at least in the text of Malays...
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Impacts of Exchange Rate Regime Choice on Macroeconomic Performance in Emerging Markets
Directory of Open Access Journals (Sweden)
Rüstem Yanar
2008-12-01
Full Text Available This paper investigates the impact of exchange rate regime choice on macroeconomic performance after Bretton Woods in emerging market countries. It is studied especially inflation, growth and financial crises. It’s found that for emerging market countries, fixed regimes are associated with lower inflation than floats. On growth effect of exchange rate regime choice is not same all period. Fixed regimes are associated with faster growth but after 1990 fixed regimes brought about slower growth. At the same time, fixed exchange rate regimes are associated with financial fragility after 1990 in emerging markets
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Searching for long-range dependence in real effective exchange rate: towards parity?
Directory of Open Access Journals (Sweden)
André M. Marques
2015-12-01
Full Text Available Abstract After the widespread adoption of flexible exchange rate regime since 1973 the volatility of the exchange rate has increased, as a consequence of greater trade openness and financial integration. As a result, it has become difficult to find evidence of the purchasing power parity hypothesis (PPP. This study investigates the possibility of a fall in the persistence of the real exchange rate as a consequence of the financial and commercial integration by employing monthly real effective exchange rate dataset provided by the International Monetary Fund (IMF. Beginning with an exploratory data analysis in the frequency domain, the fractional coefficient d was estimated employing the bias-reduced estimator on a sample of 20 countries over the period ranging from 1975 to 2011. As the main novelty, this study applies a bias-reduced log-periodogram regression estimator instead of the traditional method proposed by GPH which eliminates the first and higher orders biases by a data-dependent plug-in method for selecting the number of frequencies to minimize asymptotic mean-squared error (MSE. Additionally, this study also estimates a moving window of fifteen years to observe the path of the fractional coefficient in each country. No evidence was found of a statistically significant change in the persistence of the real exchange rate.
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The study of RMB exchange rate complex networks based on fluctuation mode
Yao, Can-Zhong; Lin, Ji-Nan; Zheng, Xu-Zhou; Liu, Xiao-Feng
2015-10-01
In the paper, we research on the characteristics of RMB exchange rate time series fluctuation with methods of symbolization and coarse gaining. First, based on fluctuation features of RMB exchange rate, we define the first type of fluctuation mode as one specific foreign currency against RMB in four days' fluctuating situations, and the second type as four different foreign currencies against RMB in one day's fluctuating situation. With the transforming method, we construct the unique-currency and multi-currency complex networks. Further, through analyzing the topological features including out-degree, betweenness centrality and clustering coefficient of fluctuation-mode complex networks, we find that the out-degree distribution of both types of fluctuation mode basically follows power-law distributions with exponents between 1 and 2. The further analysis reveals that the out-degree and the clustering coefficient generally obey the approximated negative correlation. With this result, we confirm previous observations showing that the RMB exchange rate exhibits a characteristic of long-range memory. Finally, we analyze the most probable transmission route of fluctuation modes, and provide probability prediction matrix. The transmission route for RMB exchange rate fluctuation modes exhibits the characteristics of partially closed loop, repeat and reversibility, which lays a solid foundation for predicting RMB exchange rate fluctuation patterns with large volume of data.
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CONTINUOUS MODELING OF FOREIGN EXCHANGE RATE OF USD VERSUS TRY
Directory of Open Access Journals (Sweden)
Yakup Arı
2011-01-01
Full Text Available This study aims to construct continuous-time autoregressive (CAR model and continuous-time GARCH (COGARCH model from discrete time data of foreign exchange rate of United States Dollar (USD versus Turkish Lira (TRY. These processes are solutions to stochastic differential equation Lévy-driven processes. We have shown that CAR(1 and COGARCH(1,1 processes are proper models to represent foreign exchange rate of USD and TRY for different periods of time February 2002- June 2010.
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International Nuclear Information System (INIS)
Kim, S.C.; Raushel, F.M.
1986-01-01
A new method for the determination of dissociation rates of enzyme-substrate complexes has been developed. The rate of exchange of a labeled product back into the substrate is measured during catalysis of the forward reaction when the forward reaction is kept far from equilibrium by the enzymatic removal of the nonexchanging product. The ratio of the exchange rate and the net rate for product formation is then determined at various concentrations of the exchanging product. A plot of this ratio is a diagnostic indication of the kinetic mechanism and the relative rates of product dissociation from the binary and ternary enzyme complexes. This technique has been applied to the reaction catalyzed by bovine liver argininosuccinate lyase. The ratio for the rate of exchange of fumarate into argininosuccinate and the net rate for product formation was found to increase with the concentration of fumarate but to reach a limit of 3.3. The ratio of rates was half-maximal at 36 mM fumarate. The data have been interpreted to indicate the argininosuccinate lyase has a random kinetic mechanism. The calculated lower limit for the rate of release of arginine from the enzyme-fumarate-arginine complex is 0.35 times as fast as the Vmax in the reverse direction. The rate of release of arginine from the enzyme-arginine binary complex is 210 times faster than Vmax in the reverse direction
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[Effects of soil water status on gas exchange of peanut and early rice leaves].
Chen, Jiazhou; Lü, Guoan; He, Yuanqiu
2005-01-01
The gas exchange characteristics of peanut and early rice leaves were investigated in experimental plots under different soil water conditions over a long growth period. The results showed that at the branching stage of peanut, the stomatal conductance (Gs) and transpiration rate (Tr) decreased slightly under mild and moderate soil water stress, while the net photosynthetic rate (Pn) and leaf water use efficiency (WUE) increased. The Gs/Tr ratio also increased under mild water stress, but decreased under moderate water stress. At podding stage, the Gs, Tr, Gs/Tr ratio and Pn decreased, while WUE increased significantly under mild and moderate water stress. The peanut was suffered from water stress at its pod setting stage. At the grain filling stage of early rice, the Gs, Tr and Gs/Tr ratio fluctuated insignificantly under mild and moderate water stress, while Pn and WUE increased significantly, with an increase in grain yield under mild water stress. It's suggested that the combination of Gs and Gs/Tr ratio could be a reference index for crop water stress, namely, crops could be hazarded by water stress when Gs and Gs/Tr decreased synchronously.
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Hsieh, Yu-Hsi; Tseng, Chih-Wei; Hu, Chi-Tan; Koo, Malcolm; Leung, Felix W
2017-07-01
Adenoma detection rate (ADR), defined as the proportion of patients with at least one adenoma of any size, is a quality indicator. We tested the hypothesis that water exchange (WE) improves ADR but water immersion (WI) has no adverse effect on ADR compared with air insufflation (AI). A prospective study was conducted at the Dalin Tzu Chi Hospital in southern Taiwan and the Hualien Tzu Chi Hospital in eastern Taiwan on patients randomly assigned to WE, WI, or AI with stratification by the 3 study colonoscopists. The primary outcome was ADR. From July 2013 to December 2015, 651 patients were recruited and randomized into 3 groups with a 1:1:1 ratio (217 patients per group). Overall, ADR met quality standards: WE 49.8% (95% CI, 43.2%-56.4%), AI 37.8% (95% CI, 31.6%-44.4%), and WI 40.6% (95% CI, 34.2%-47.2%). Compared with AI, WE significantly increased ADR (P = .016). There was no difference between WI and WE. ADRs of WI and AI were comparable. Compared with AI, WE confirmed a longer insertion time, higher cleanliness score, but similar adenoma per positive colonoscopy (APPC) and withdrawal time with polypectomy. Subgroup analysis found WE significantly increased ADR in propofol-sedated patients. Multivariate generalized linear mixed model analysis revealed that age ≥50 years, WE (vs AI), colonoscopy indication, no previous history of colonoscopy, and withdrawal time >8 minutes were significant predictors of increased ADR. Confirmation of prior reports showing WE, but not WI, increased ADR further strengthened the validity of our observations. WE significantly increased ADR in propofol-sedated patients. The outcome differences justify assessment of the role of WE in colorectal cancer prevention. Similar APPC and withdrawal times suggest that adequate inspection was performed on colonoscope withdrawal in each of the study arms. (Clinical trial registration number: NCT01894191.). Copyright © 2017 American Society for Gastrointestinal Endoscopy. All rights reserved.
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Isotope exchange reaction in Li2ZrO3 packed bed
International Nuclear Information System (INIS)
Kawamura, Y.; Enoeda, M.; Okuno, K.
1998-01-01
To understand the release behavior of bred tritium in a solid breeder blanket, the tritium transfer rate and tritium inventory for various mass transfer processes should be investigated. The contribution of the surface reactions (adsorption, desorption and two kinds of isotope exchange reactions) to the release process cannot be ignored. It is believed that two kinds of isotope exchange reactions (gaseous hydrogen-tritiated water and water vapor-tritiated water) occur on the surface of the solid breeder materials when hydrogen is added to the sweep gas to enhance the tritium release rate. The isotope exchange reaction study in H-D systems was carried out using a Li 2 ZrO 3 packed bed. The exchange reaction between gaseous hydrogen and water was the rate controlling step among the two kinds of exchange reactions. The reaction rate constants were quantified, and experimental equations were proposed. The equilibrium constant of the isotope exchange reaction in the H-D system was obtained from experimental data and was found to be 1.17. (orig.)
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Intervention analysis of Nigeria's foreign exchange rate | Mosugu ...
African Journals Online (AJOL)
Journal of Applied Sciences and Environmental Management ... impact of Nigeria's foreign exchange rate using classical multiple regression model under ... A useful approach is to test the significant change between the long-run mean effect ...
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Exchange Rate – Relative Price Nonlinear Cointegration Relationship in Malaysia
Venus Khim-Sen Liew; Chee-Keong Choong; Evan Lau; Kian-Ping Lim
2005-01-01
The finding of exchange rate–relative price nonlinear cointegration relationship in Malaysia, among others, suggests that nonlinear Purchasing Power Parity (PPP) equilibrium may be regarded as reference point in judging the short run misalignment of the Ringgit currency and thereby deducing effective policy actions. Moreover, economists who wish to extend the simple PPP exchange rate model into the more complicated monetary exchange models may do so comfortably, at least in the text of Mala...
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Energy Technology Data Exchange (ETDEWEB)
Hwang, Gab-Jin; Bong, Soo-Yeon; Ryu, Cheol-Hwi [Hoseo University, Asan (Korea, Republic of); Lim, Soo-Gon [Energy and Machinery Korea Co., Ltd., Changwon (Korea, Republic of); Choi, Ho-Sang [Kyungil University, Gyeongsan (Korea, Republic of)
2015-09-15
An anion exchange membrane was prepared by the chloromethylation and the amination of polyvinyl chloride (PVC), as the base polymer. The membrane properties of the prepared anion exchange membrane, including ionic conductivity, ion exchange capacity, and water content were measured. The ionic conductivity of the prepared anion exchange membrane was in the range of 0.098x10{sup -2} -7.0x10{sup -2}S cm{sup -1}. The ranges of ion exchange capacity and water content were 1.9-3.7meq./g-dry-membrane and 35.1-63.1%, respectively. The chemical stability of the prepared anion exchange membrane was tested by soaking in 30 wt% KOH solution to determine its availability as a separator in the alkaline water electrolysis. The ionic conductivity during the chemical stability test largely did not change.
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Growth, exchange rates and trade in Brazil: a structuralist post-Keynesian approach
Directory of Open Access Journals (Sweden)
Nelson H. Barbosa Filho
2004-01-01
Full Text Available This paper presents a structuralist post-Keynesian analysis of trade adjustment in Brazil. Based on the concept of the balance-of-payments (BoP constraint on growth, the paper investigates the relationship between income growth and real-exchange-rate devaluation necessary to adjust trade to a foreign-exchange constraint. The main result is that, with price-inelastic and income-elastic imports and based on its trade structure in 2002, Brazil may have to compensate an additional 1% of income growth with approximately 7% of real-exchange-rate devaluation in order to keep its trade balance stable in relation to GDP in the near future. Moreover, the trade parameters of Brazil seem to be unfavorable to growth with stable trade, that is, even moderate rates of GDP expansion lead to a substantial increase of imports and, therefore, require an also substantial devaluation of the real exchange rate to avoid a deterioration of the trade balance.
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Growth, exchange rates and trade in Brazil: a structuralist post Keynesian approach
Directory of Open Access Journals (Sweden)
Nelson H. Barbosa Filho
2009-06-01
Full Text Available This paper presents a structuralist post-Keynesian analysis of trade adjustment in Brazil. Based on the concept of the balance-of-payments (BoP constraint on growth, the paper investigates the relationship between income growth and real-exchange-rate devaluation necessary to adjust trade to a foreign-exchange constraint. The main result is that, with price-inelastic and income-elastic imports and based on its trade structure in 2002, Brazil may have to compensate an additional 1% of income growth with approximately 7% of real-exchange-rate devaluation in order to keep its trade balance stable in relation to GDP in the near future. Moreover, the trade parameters of Brazil seem to be unfavorable to growth with stable trade, that is, even moderate rates of GDP expansion lead to a substantial increase of imports and, therefore, require an also substantial devaluation of the real exchange rate to avoid a deterioration of the trade balance.
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CAUSAL RELATIONSHIPS BETWEEN GRAIN, MEAT PRICES AND EXCHANGE RATES
Directory of Open Access Journals (Sweden)
Naveen Musunuru
2017-10-01
Full Text Available Understanding agricultural commodity price relationships are important as they help producers improve their awareness regarding production costs and ultimately aid in income determination. The present paper empirically examines the dynamic interrelationships among grain, meat prices and the U.S. dollar exchange rate. Johansen cointegration tests reveal no cointegrating relationships among the study variables. Majority of the commodities studied in the paper exhibited unidirectional causality except for corn and lean hogs. The vector autoregression (VAR model results indicate that the grain and meat prices are influenced by their own past prices. The role of exchange rates is found to be limited in linking the agricultural commodities.
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Exchange rate volatility effects on export competitiveness. Romanian Case
Directory of Open Access Journals (Sweden)
Anca GHERMAN
2013-09-01
Full Text Available In this paper we determine and analyze the impact of the exchange rate variation over the international trade of Romania. We highlighted the sense of the relationship between exchange rate and exports or imports, but the intensity between the variables and the lags that characterize the interdependency between them. In the context of actual great imbalances in the global economy and other risks (financial, political or social that drive to the decrease in aggregate demand on global level, we consider that external competitivity became one of the key variable for the economic growth in Romania like an integrated process in the European economy.
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Starling forces drive intracranial water exchange during normal and pathological states.
Linninger, Andreas A; Xu, Colin; Tangen, Kevin; Hartung, Grant
2017-12-31
To quantify the exchange of water between cerebral compartments, specifically blood, tissue, perivascular pathways, and cerebrospinal fluid-filled spaces, on the basis of experimental data and to propose a dynamic global model of water flux through the entire brain to elucidate functionally relevant fluid exchange phenomena. The mechanistic computer model to predict brain water shifts is discretized by cerebral compartments into nodes. Water and species flux is calculated between these nodes across a network of arcs driven by Hagen-Poiseuille flow (blood), Darcy flow (interstitial fluid transport), and Starling's Law (transmembrane fluid exchange). Compartment compliance is accounted for using a pressure-volume relationship to enforce the Monro-Kellie doctrine. This nonlinear system of differential equations is solved implicitly using MATLAB software. The model predictions of intraventricular osmotic injection caused a pressure rise from 10 to 22 mmHg, followed by a taper to 14 mmHg over 100 minutes. The computational results are compared to experimental data with R2=0.929. Moreover, simulated osmotic therapy of systemic (blood) injection reduced intracranial pressure from 25 to 10 mmHg. The modeled volume and intracranial pressure changes following cerebral edema agree with experimental trends observed in animal models with R2=0.997. The model successfully predicted time course and the efficacy of osmotic therapy for clearing cerebral edema. Furthermore, the mathematical model implicated the perivascular pathways as a possible conduit for water and solute exchange. This was a first step to quantify fluid exchange throughout the brain.
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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.
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Thameur, Afwa; Lachiheb, Belgacem; Ferchichi, Ali
2012-12-30
Two local barley strains cv. Ardhaoui originated from Tlalit and Switir, sourthern Tunisia were grown in pots in a glasshouse assay, under well-watered conditions for a month. Plants were then either subjected to water deficit (treatment) or continually well-watered (control). Control pots were irrigated several times each week to maintain soil moisture near field capacity (FC), while stress pots experienced soil drying by withholding irrigation until they reached 50% of FC. Variation in relative water content, leaf area, leaf appearance rate and leaf gas exchange (i.e. net CO(2) assimilation rate (A), transpiration (E), and stomatal conductance (gs)) in response to water deficit was investigated. High leaf relative water content (RWC) was maintained in Tlalit by stomatal closure and a reduction of leaf area. Reduction in leaf area was due to decline in leaf gas exchange during water deficit. Tlalit was found to be drought tolerant and able to maintain higher leaf RWC under drought conditions. Water deficit treatment reduced stomatal conductance by 43% at anthesis. High net CO(2) assimilation rate under water deficit was associated with high RWC (r = 0.998; P gas exchange parameters were found, which can give some indications on the degree of drought tolerance. Thus, the ability of the low leaf area plants to maintain higher RWC could explain the differences in drought tolerance in studied barley strains. Results showed that Tlalit showed to be more efficient and more productive than Switir. Copyright © 2012 Elsevier Ltd. All rights reserved.
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Political Risk and Foreign Exchange Rates: an Efficient-Market Approach
Jean-Claude Cosset; Bruno Doutriaux de la Rianderie
1985-01-01
This paper examines the reaction of the foreign exchange market to the announcement of changes in the business environment of a country. Our results suggest that sampled political risk news conveys important information about a country's investment climate and causes its currency's exchange rate to vary. It appears, however, that the reaction of the foreign exchange market is more dramatic for unfavorable events than for favorable events. The evidence presented is also consisted with the hypo...
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Directory of Open Access Journals (Sweden)
Oreiro José Luis
2015-01-01
Full Text Available The aim of this paper is to show at theoretical level that maintaining a competitive real exchange rate positively affects the economic growth of developing countries by means of a Keynesian-Structuralist model that combines elements of Kaleckian growth models with the balance of payments constrained growth models pioneered developed by Thirlwall. In this setting, the level of real exchange rate is capable, due to its effect over capital accumulation, to induce a structural change in the economy, making endogenous income elasticities of exports and imports. For reasonable parameter values it is shown that in steady-state growth there is two long-run equilibrium values for real exchange rate, one that corresponds to an under-valued currency and another that corresponds to an over-valued currency. If monetary authorities run exchange rate policy in order to target a competitive level for real exchange rate, than under-valued equilibrium is stable and the economy will show a high growth rate in the long-run.
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An Empirical Analysis of China's Equilibrium Exchange Rate and Misalignment of the RMB
Zhu, Lin
2012-01-01
As economic globalization develops in depth, the exchange rate as an important means of macroeconomic control and economic leverage has played a critical role in the economic development in China. Moreover, the real exchange rate can affect the competitiveness of a country’s economy. In fact, a large number of scholars claim that a country should maintain the real exchange rate at its “equilibrium level” in order to keep a steady growth of the economy. Thus, many studies have emphasized on e...
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Econometric analysis of exchange rate in Serbia and its influence on agricultural sector
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Pažun Brankica
2016-01-01
Full Text Available This paper attempts to empirically estimate equilibrium exchange rate level of Serbian dinar. In that purpose reduced form equilibrium real exchange rate approach (ERER is used, developed by IMF's Consultative Group on Exchange Rate Issues (CGER. The research was made by using ARDL approach in the single-country analysis. It has been started from dynamic model which has described relation between real effective exchange rate and a set of fundamental variables. Bound test has been provided due to determination of the long-term relationship existence between variables. F-statistics has been used for long-term relationship testing between dependent variable and set of indicators. Since assumptions were met, least squares method was used for coefficient estimation. The results have shown constant dinar's overvaluation over medium term.
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The impact of exchange rate volatility on capital flows in BRICS economies
Bonga-Bonga, Lumengo; Gnagne, Pascal Xavier
2017-01-01
This study intends to analyse the impact of exchange rate risk on equity returns and bond yields as well as the volatility spillover between the foreign exchange, equity and bond markets in the BRICS economies. To reach this objective, a multivariate GARCH-M with BEKK specifications is applied on weekly data obtained from Thomson Reuters DataStream. The findings of the paper show that exchange rate volatility has a positive impact on ten-year bond yields in all BRICS countries except in South...
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Antkowiak, Patrick F; Vandsburger, Moriel H; Epstein, Frederick H
2012-06-01
Pancreatic β-cell imaging would be useful in monitoring the progression of and therapies for diabetes. The purpose of this study was to develop and evaluate quantitative β-cell MRI using manganese (Mn(2+)) labeling of β cells, T1 mapping, and a two-site water exchange model. Normal, pharmacologically-treated, and severely diabetic mice underwent injection of MnCl(2). Pancreatic water proton T1 relaxation was measured using Look-Locker MRI, and two-site water exchange analysis was used to estimate model parameters including the intracellular water proton relaxation rate constant (R1(ic)) and the intracellular fraction as indicators of β-cell function and mass, respectively. Logarithmic plots of T1 relaxation revealed two distinct proton pools relaxing with different T1s, and the two-site water exchange model fit the measured T1 relaxation data better than a monoexponential model. The intracellular R1(ic) time course revealed the kinetics of β-cell Mn(2+) labeling. Pharmacological treatments with nifedipine, tolbutamide, and diazoxide altered R1(ic), indicating that beta cell function was a determinant of Mn(2+) uptake. Intracellular fraction was significantly higher in mice with normal β cell mass than in diabetic mice (14.9% vs. 14.4%, P exchange analysis of T1 relaxation of the Mn(2+)-enhanced pancreas is a promising method for quantifying β cell volume fraction and function. Copyright © 2011 Wiley-Liss, Inc.
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Impact of exchange rate depreciation on the balance of payments: Empirical evidence from Nigeria
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Martins Iyoboyi
2014-12-01
Full Text Available The paper investigates the impact of exchange rate depreciation on the balance of payments (BOP in Nigeria over the period 1961–2012. The analysis is based on a multivariate vector error correction framework. A long-term equilibrium relationship was found between BOP, exchange rate and other associated variables. The empirical results are in favour of bidirectional causality between BOP and other variables employed. Results of the generalized impulse response functions suggest that one standard deviation innovation on exchange rate reduces positive BOP in the medium and long term, while results of the variance decomposition indicate that a significant variation in Nigeria’s BOP is not due to changes in exchange rate movements. The policy implication is that exchange rate depreciation which has been preponderant in Nigeria since the mid-1980s has not been very useful in promoting the country’s positive BOP. It is recommended that growth in the real sector should be improved to enhance exports, create employment, curb inflation and reduce poverty, while cutting non-productive imports, attracting foreign private investment and implementing well coordinated macroeconomic policies that impact inflation positively and stimulate exchange rate stability.
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THREATS AND BENEFITS OF EXCHANGE RATE REGIMES FOR UKRAINE IN TERMS OF EUROPEAN INTEGRATION
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Svitlana Glushchenko
2016-11-01
Full Text Available The purpose of the paper is to determine threats and benefits of exchange rate regimes in terms of the integration of Ukraine into the European community. Emphasizing features of the manifestation of currency exchange rate in Ukrainian practice is a precondition for choosing the optimal exchange rate regime for Ukraine, which, in its turn, will provide an opportunity to reduce inflation and implement effective tools of monetary and fiscal policies to promote further economic growth and competitiveness of the country. The uses of free-floating exchange rate and «currency board» regimes have either positive effects for Ukraine or certain threats. Methodology. This research is based on a synthesis of data on the uses of exchange rate regimes in Ukraine as an independent. It is considered angular regimes, which are by far the most suitable for Ukraine in terms of the European vector of its development. Peculiarities of using these regimes are revealed and their major threats to the domestic economy are pointed out. This article analyzes the dynamics of the trade balance of payments of Ukraine, the dynamics of the commodity structure of Ukraine`s exports and imports and the external debt of Ukraine. Results. Taking into account the experience of countries, which were in crisis situations, they show the necessity of the uses of freefloating exchange rate regime and possibilities of «currency board» regime, despite threats that they may have. World experience testifies the implementation of structural reforms, effective monetary policy, fiscal policy and discipline of the government. Thorough preparation of Ukraine’s transition to the «currency board» regime can justify itself in conditions of crisis and provide impetus to Ukrainian economy benefits. The paper defines conditions under which the success of a new model of exchange rate policy will be achieved. Practical implications. The study accents attention on the specifics of the uses of the
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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
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International Nuclear Information System (INIS)
Horner, D.A.
1984-08-01
The nuclear magnetic relaxation times of oxygen-17 have been measured in aqueous sodium bisulfite solutions in the pH range from 2.5 to 5 as a function of temperature, pH, and S(IV) concentration, at an ionic strength of 1.0 m. The rate law for oxygen exchange between bisulfite ion and water was obtained from an analysis of the data, and is consistent with oxygen exchange occurring via the reaction SO 2 + H 2 O right reversible H + + SHO 3 - . The value of k/sub -1/ is in agreement with relaxation measurements. Direct spectroscopic evidence was found for the existence of two isomers of bisulfite ion: one with the proton bonded to the sulfur (HSO 3 - ) and the other with the proton bonded to an oxygen (SO 3 H - ). (The symbol SHO 3 - in the above chemical equation refers to both isomeric forms of bisulfite ion.) The relative amounts of the two isomers were determined as a function of temperature, and the rate and mechanism of oxygen exchange between the two was investigated. One of the two isomers, presumably SO 3 H - , exchanges oxygens with water much more rapidly than does the other. A two-pulse sequence was developed which greatly diminished the solvent peak in the NMR spectrum
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Measuring the Effect of Exchange Rate Movements on Stock Market Returns Volatility: GARCH Model
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Abdelkadir BESSEBA
2017-06-01
Full Text Available This paper aims to investigate the dynamic links between exchange rate fluctuations and stock market return volatility. For this purpose, we have employed a Generalized Autoregressive Conditional Heteroscedasticity model (GARCH model. Stock market returns sensitivities are found to be stronger for exchange rates, implying that exchange rate change plays an important role in determining the dynamics of the stock market returns.
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Effective transfer entropy approach to information flow between exchange rates and stock markets
International Nuclear Information System (INIS)
Sensoy, Ahmet; Sobaci, Cihat; Sensoy, Sadri; Alali, Fatih
2014-01-01
We investigate the strength and direction of information flow between exchange rates and stock prices in several emerging countries by the novel concept of effective transfer entropy (an alternative non-linear causality measure) with symbolic encoding methodology. Analysis shows that before the 2008 crisis, only low level interaction exists between these two variables and exchange rates dominate stock prices in general. During crisis, strong bidirectional interaction arises. In the post-crisis period, the strong interaction continues to exist and in general stock prices dominate exchange rates