WorldWideScience

Sample records for water exchange rates

  1. Rate of oxygen isotope exchange between selenate and water.

    Science.gov (United States)

    Kaneko, Masanori; Poulson, Simon R

    2012-04-17

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

  2. Air-water Gas Exchange Rates on a Large Impounded River Measured Using Floating Domes (Poster)

    Science.gov (United States)

    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...

  3. Exchange rates.

    Science.gov (United States)

    Mills, Bev

    2003-09-01

    IN MAY this year, I was lucky enough to go to Larissa in northern Greece as part of Hope Exchange 2003, an annual study tour organised by the European Union's hospital committee and administered by the Institute of Healthcare Management (IHM).

  4. 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)

  5. Separation of rate processes for isotopic exchange between hydrogen and liquid water in packed columns 10

    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)

  6. Gas exchange patterns and water loss rates in the Table Mountain cockroach, Aptera fusca (Blattodea: Blaberidae).

    Science.gov (United States)

    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.

  7. 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)

  8. Cooperation between bound waters and hydroxyls in controlling isotope-exchange rates

    Science.gov (United States)

    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

  9. Experimental determination of reaction rates of water. Hydrogen exchange of tritium with hydrophobic catalysts

    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

  10. Rate of Isotope Exchange Reaction Between Tritiated Water in a Gas Phase and Water on the Surface of Piping Materials

    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

  11. 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

  12. Gas exchange rates across the sediment-water and air-water interfaces in south San Francisco Bay

    Science.gov (United States)

    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.

  13. Exchange rate policy

    Directory of Open Access Journals (Sweden)

    Plačkov Slađana

    2013-01-01

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

  14. The effects of ozone and water exchange rates on water quality and rainbow trout Oncorhynchus mykiss performance in replicated water recirculating systems

    Science.gov (United States)

    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...

  15. Microbial desalination cells packed with ion-exchange resin to enhance water desalination rate.

    Science.gov (United States)

    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.

  16. Water exchange rate in RAS and dietary inclusion of micro-minerals influence growth, body composition and mineral metabolism in common carp

    NARCIS (Netherlands)

    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,

  17. Mapping water exchange rates in rat tumor xenografts using the late-stage uptake following bolus injections of contrast agent.

    Science.gov (United States)

    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.

  18. 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

  19. Floating Exchange Rate Regime

    OpenAIRE

    Quader, Syed Manzur

    2004-01-01

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

  20. Real exchange rate misalignments

    OpenAIRE

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

    2003-01-01

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

  1. The impact of water exchange rate on the health and performance of rainbow trout Oncorhynchus mykiss in recirculation aquaculture systems

    Science.gov (United States)

    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...

  2. Breaking the Barrier to Slow Water Exchange Rates for Optimal Magnetic Resonance Detection of paraCEST Agents.

    Science.gov (United States)

    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.

  3. Basic Exchange Rate Theories

    NARCIS (Netherlands)

    J.G.M. van Marrewijk (Charles)

    2005-01-01

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

  4. Spectrally Undiscerned Isomers Might Lead to Erroneous Determination of Water Exchange Rates of paraCEST Eu(III) Agents.

    Science.gov (United States)

    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 .

  5. The hydraulic conductance of Fraxinus ornus leaves is constrained by soil water availability and coordinated with gas exchange rates.

    Science.gov (United States)

    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.

  6. Impact of Trade Liberalization and Exchange Rate Policy on Industrial Water Pollution and Groundwater Depletion

    OpenAIRE

    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...

  7. Water Exchange Produces Significantly Higher Adenoma Detection Rate Than Water Immersion: Pooled Data From 2 Multisite Randomized Controlled Trials.

    Science.gov (United States)

    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.

  8. Bioaccessibility of metal cations in soil is linearly related to its water exchange rate constant.

    Science.gov (United States)

    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.

  9. Prospective multicenter randomized controlled trial comparing adenoma detection rate in colonoscopy using water exchange, water immersion, and air insufflation.

    Science.gov (United States)

    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.

  10. Cation Exchange Water Softeners

    Science.gov (United States)

    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.

  11. Exchange rate smoothing in Hungary

    OpenAIRE

    Karádi, Péter

    2005-01-01

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

  12. Automated exchange transfusion and exchange rate.

    Science.gov (United States)

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

    1989-10-01

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

  13. Can Exchange Rates Be Predicted?

    OpenAIRE

    Siriwutiset, Trin

    2007-01-01

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

  14. Toward the Prediction of Water Exchange Rates in Magnetic Resonance Imaging Contrast Agents: A Density Functional Theory Study.

    Science.gov (United States)

    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).

  15. 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....

  16. Accurate Quantitation of Water-amide Proton Exchange Rates Using the Phase-Modulated CLEAN Chemical EXchange (CLEANEX-PM) Approach with a Fast-HSQC (FHSQC) Detection Scheme

    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

  17. Water Exchange Rate Constant as a Biomarker of Treatment Efficacy in Patients With Brain Metastases Undergoing Stereotactic Radiosurgery

    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.

  18. Water Exchange Rate Constant as a Biomarker of Treatment Efficacy in Patients With Brain Metastases Undergoing Stereotactic Radiosurgery

    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.

  19. Exchange Rate and Inflation Dynamics

    OpenAIRE

    Eatzaz Ahmad; Saima Ahmed Ali

    1999-01-01

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

  20. Measurement of the exchange rate of waters of hydration in elastin by 2D T{sub 2}-T{sub 2} correlation nuclear magnetic resonance spectroscopy

    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.

  1. Measurement of the exchange rate of waters of hydration in elastin by 2D T2-T2 correlation nuclear magnetic resonance spectroscopy

    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.

  2. Measurement of the Exchange Rate of Waters of Hydration in Elastin by 2D T(2)-T(2) Correlation Nuclear Magnetic Resonance Spectroscopy.

    Science.gov (United States)

    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.

  3. 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

  4. 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.

  5. Exchange Rate Policy in Philippine Development

    OpenAIRE

    Bautista, Romeo M.

    2003-01-01

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

  6. Effective Exchange Rate Classifications and Growth

    OpenAIRE

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

    2005-01-01

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

  7. Apparent exchange rate for breast cancer characterization.

    Science.gov (United States)

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

    2016-05-01

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

  8. Gas exchange rates measured using a dual-tracer (SF6 and3he) method in the coastal waters of Korea

    Science.gov (United States)

    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.

  9. Exchange rate rebounds after foreign exchange market interventions

    Science.gov (United States)

    Hoshikawa, Takeshi

    2017-03-01

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

  10. Measuring the costs of exchange rate volatility

    OpenAIRE

    Paul R. Bergin

    2004-01-01

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

  11. The Deceptive Resilience of Fixed Exchange Rates

    OpenAIRE

    Mushin, Jerry

    2004-01-01

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

  12. Fiscal deficits, exchange rate crises and inflation.

    NARCIS (Netherlands)

    van Wijnbergen, S.J.G.

    1991-01-01

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

  13. 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.

  14. Sparseness and Roughness of Foreign Exchange Rates

    Science.gov (United States)

    Vandewalle, N.; Ausloos, M.

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

  15. A new assessment of floating exchange rates

    OpenAIRE

    Waimann, D. R.

    1981-01-01

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

  16. China; Sources of Real Exchange Rate Fluctuations

    OpenAIRE

    Tao Wang

    2004-01-01

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

  17. Exchange rate policy under sovereign default risk

    OpenAIRE

    Schabert, Andreas

    2011-01-01

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

  18. 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

  19. Exchange Rate Pass-Through in Turkey

    OpenAIRE

    Marco Rossi; Daniel Leigh

    2002-01-01

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

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

    NARCIS (Netherlands)

    Klaassen, F.; Mavromatis, K.

    2016-01-01

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

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

    OpenAIRE

    Simwaka, Kisu

    2010-01-01

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

  2. Phenotypic plasticity of gas exchange pattern and water loss in Scarabaeus spretus (Coleoptera: Scarabaeidae): deconstructing the basis for metabolic rate variation.

    Science.gov (United States)

    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

  3. The tail index of exchange rate returns

    NARCIS (Netherlands)

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

    1990-01-01

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

  4. Model Uncertainty and Exchange Rate Forecasting

    NARCIS (Netherlands)

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

    2013-01-01

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

  5. Model Uncertainty and Exchange Rate Forecasting

    NARCIS (Netherlands)

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

    2017-01-01

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

  6. The Foreign Exchange Rate Exposure of Nations

    OpenAIRE

    Entorf, Horst; Moebert, Jochen; Sonderhof, Katja

    2007-01-01

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

  7. 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...

  8. 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

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

    OpenAIRE

    Mark J. Holmes

    2007-01-01

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

  10. 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.

  11. Exchange rate policy and devaluation in Malawi:

    OpenAIRE

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

    2013-01-01

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

  12. 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.

  13. Fear of Floating: Exchange Rate Flexibility Indices

    OpenAIRE

    Reinhart, Carmen

    2001-01-01

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

  14. Noninvasive mapping of water diffusional exchange in the human brain using filter-exchange imaging.

    Science.gov (United States)

    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.

  15. The foreign exchange rate rate exposure of nations

    OpenAIRE

    Entorf, Horst; Moebert, Jochen; Sonderhof, Katja

    2007-01-01

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

  16. 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 ...

  17. Effects of transient bottom water currents and oxygen concentrations on benthic exchange rates as assessed by eddy correlation measurements

    DEFF Research Database (Denmark)

    Holtappels, Moritz; Glud, Ronnie N.; Doris, Daphne

    2013-01-01

    Eddy correlation (EC) measurements in the benthic boundary layer (BBL) allow estimating benthic O2 uptake from a point distant to the sediment surface. This noninvasive approach has clear advantages as it does not disturb natural hydrodynamic conditions, integrates the flux over a large foot-print...... area and allows many repetitive flux measurements. A drawback is, however, that the measured flux in the bottom water is not necessarily equal to the flux across the sediment-water interface. A fundamental assumption of the EC technique is that mean current velocities and mean O2 concentrations...... in the bottom water are in steady state, which is seldom the case in highly dynamic environments like coastal waters. Therefore, it is of great importance to estimate the error introduced by nonsteady state conditions. We investigated two cases of transient conditions. First, the case of transient O2...

  18. Density functional theory study on aqueous aluminum-fluoride complexes: exploration of the intrinsic relationship between water-exchange rate constants and structural parameters for monomer aluminum complexes.

    Science.gov (United States)

    Jin, Xiaoyan; Qian, Zhaosheng; Lu, Bangmei; Yang, Wenjing; Bi, Shuping

    2011-01-01

    Density functional theory (DFT) calculation is carried out to investigate the structures, (19)F and (27)Al NMR chemical shifts of aqueous Al-F complexes and their water-exchange reactions. The following investigations are performed in this paper: (1) the microscopic properties of typical aqueous Al-F complexes are obtained at the level of B3LYP/6-311+G**. Al-OH(2) bond lengths increase with F(-) replacing inner-sphere H(2)O progressively, indicating labilizing effect of F(-) ligand. The Al-OH(2) distance trans to fluoride is longer than other Al-OH(2) distance, accounting for trans effect of F(-) ligand. (19)F and (27)Al NMR chemical shifts are calculated using GIAO method at the HF/6-311+G** level relative to F(H(2)O)(6)(-) and Al(H(2)O)(6)(3+) references, respectively. The results are consistent with available experimental values; (2) the dissociative (D) activated mechanism is observed by modeling water-exchange reaction for [Al(H(2)O)(6-i)F(i)]((3-i)+) (i = 1-4). The activation energy barriers are found to decrease with increasing F(-) substitution, which is in line with experimental rate constants (k(ex)). The log k(ex) of AlF(3)(H(2)O)(3)(0) and AlF(4)(H(2)O)(2)(-) are predicted by three ways. The results indicate that the correlation between log k(ex) and Al-O bond length as well as the given transmission coefficient allows experimental rate constants to be predicted, whereas the correlation between log k(ex) and activation free energy is poor; (3) the environmental significance of this work is elucidated by the extension toward three fields, that is, polyaluminum system, monomer Al-organic system and other metal ions system with high charge-to-radius ratio.

  19. 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.

  20. International trade and exchange rate volatility

    NARCIS (Netherlands)

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

    1992-01-01

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

  1. Labour Demand and Exchange Rate Volatility

    OpenAIRE

    Udo Broll; Sabine Hansen

    2004-01-01

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

  2. 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....

  3. A New Approach to Forecasting Exchange Rates

    OpenAIRE

    Kenneth W Clements; Yihui Lan

    2006-01-01

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

  4. 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.

  5. Optimising the design of paramagnetic MRI contrast agents: influence of backbone substitution on the water exchange rate of Gd-DTPA derivatives.

    Science.gov (United States)

    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

  6. Exchange rate stabilization under imperfect credibility

    OpenAIRE

    Calvo, Guillermo; Vegh, Carlos

    1991-01-01

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

  7. 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.

  8. Bretton Woods Fixed Exchange Rate System versus Floating Exchange Rate System

    OpenAIRE

    Geza, Paula; Giurca Vasilescu, Laura

    2011-01-01

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

  9. Simulating carbon dioxide exchange rates of deciduous tree species: evidence for a general pattern in biochemical changes and water stress response.

    Science.gov (United States)

    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

  10. Brazilian exchange rate complexity: Financial crisis effects

    Science.gov (United States)

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

    2012-04-01

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

  11. Visibility graph approach to exchange rate series

    Science.gov (United States)

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

    2009-10-01

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

  12. 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.

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

    OpenAIRE

    Florin MAVRIS; Dumitru-Cristian OANEA

    2014-01-01

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

  14. Multivariable nonlinear analysis of foreign exchange rates

    Science.gov (United States)

    Suzuki, Tomoya; Ikeguchi, Tohru; Suzuki, Masuo

    2003-05-01

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

  15. Chartist Trading in Exchange Rate Theory

    OpenAIRE

    Selander, Carina

    2006-01-01

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

  16. 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.

  17. 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...

  18. 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...

  19. Integrated Monetary and Exchange Rate Frameworks

    NARCIS (Netherlands)

    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

  20. 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

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

    OpenAIRE

    Helge Berger; Jan-Egbert Sturm; Jakob de Haan

    2000-01-01

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

  2. 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 ...

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

    OpenAIRE

    Gregory P. Hopper

    1997-01-01

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

  4. Interocean exchange of thermocline water

    Science.gov (United States)

    Gordon, Arnold L.

    1986-04-01

    Formation of North Atlantic Deep Water (NADW) represents a transfer of upper layer water to abyssal depths at a rate of 15 to 20 × 106 m3/s. NADW spreads throughout the Atlantic Ocean and is exported to the Indian and Pacific Oceans by the Antarctic Circumpolar Current and deep western boundary currents. Naturally, there must be a compensating flow of upper layer water toward the northern North Atlantic to feed NADW production. It is proposed that this return flow is accomplished primarily within the ocean's warm water thermocline layer. In this way the main thermoclines of the ocean are linked as they participate in a thermohaline-driven global scale circulation cell associated with NADW formation. The path of the return flow of warm water is as follows: Pacific to Indian flow within the Indonesian Seas, advection across the Indian Ocean in the 10°-15°S latitude belt, southward transfer in the Mozambique Channel, entry into the South Atlantic by a branch of the Agulhas Current that does not complete the retroflection pattern, northward advection within the subtropical gyre of the South Atlantic (which on balance with the southward flux of colder North Atlantic Deep Water supports the northward oceanic heat flux characteristic of the South Atlantic), and cross-equatorial flow into the western North Atlantic. The magnitude of the return flow increases along its path as more NADW is incorporated into the upper layer of the ocean. Additionally, the water mass characteristics of the return flow are gradually altered by regional ocean-atmosphere interaction and mixing processes. Within the Indonesian seas there is evidence of strong vertical mixing across the thermocline. The cold water route, Pacific to Atlantic transport of Subantarctic water within the Drake Passage, is of secondary importance, amounting to perhaps 25% of the warm water route transport. The continuity or vigor of the warm water route is vulnerable to change not only as the thermohaline forcing in

  5. Heat exchanger for solar water heaters

    Science.gov (United States)

    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.

  6. Recurrence plots of exchange rates of currencies

    OpenAIRE

    Sparavigna, Amelia Carolina

    2014-01-01

    Used to investigate the presence of distinctive recurrent behaviours in natural processes, the recurrence plots can be applied to the analysis of economic data, and, in particular, to the characterization of exchange rates of currencies too. In this paper, we will show that these plots are able to characterize the periods of oscillation and random walk of currencies and enhance their reply to news and events, by means of texture transitions. The examples of recurrence plots given here are obt...

  7. Exchange rate variability, market activity and heterogeneity

    OpenAIRE

    Rime, Dagfinn; Sucarrat, Genaro

    2007-01-01

    We study the role played by geographic and bank-size heterogeneity in the relation between exchange rate variability and market activity. We find some support for the hypothesis that increases in short-term global interbank market activity, which can be interpreted as due to variation in information arrival, increase variability. However, our results do not suggest that local short-term activity increases variability. With respect to long-term market activity, which can be interpreted as a me...

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

    OpenAIRE

    Diallo, Ibrahima Amadou

    2011-01-01

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

  9. 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.

  10. 14 CFR 65.43 - Rating privileges and exchange.

    Science.gov (United States)

    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...

  11. 38 CFR 3.32 - Exchange rates for foreign currencies.

    Science.gov (United States)

    2010-07-01

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

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

    Science.gov (United States)

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

    2012-11-01

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

  13. 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.

  14. Complexity, rate of energy exchanges and stochasticity

    International Nuclear Information System (INIS)

    Casartelli, M.; Sello, S.

    1987-01-01

    The complexity of trajectories in the phase of anharmonic crystal (mostly a Lennard-Jones chain) is analysed by the variance of microcanonical density and by new parameters P and chi defined, respectively, as the mean value of the time averages and the relative variance of the absolute exchange rate of energies among the normal modes. Evidence is given to the trapping action of residual invariant surfaces in low stochastic regime of motion. The parameter chi, moreover, proves efficient in exploring the border of stochasticity. A simple power law for P vs. the specific energy is obtained and proved to be independent of stochasticity and of the type of anharmonic potential

  15. KRW/USD Exchange Rate Volatility and Efficient Risk Management

    OpenAIRE

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

    1999-01-01

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

  16. Exchange-rate regimes and economic growth: An empirical evaluation

    OpenAIRE

    Simón Sosvilla-Rivero; María del Carmen Ramos-Herrera

    2014-01-01

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

  17. Exchange rate volatility and international trade: The option approach

    OpenAIRE

    Franke, Günter

    1986-01-01

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

  18. Exchange Rate Determinants in Russia; 1992-1993

    OpenAIRE

    Vincent Koen; Eric Meyermans

    1994-01-01

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

  19. Rethinking ASGISA and the rand exchange rate

    Directory of Open Access Journals (Sweden)

    Willem H Boshoff

    2012-05-01

    Full Text Available Abstract: The ASGISA policy document identifies the exchange rate as one of the factors constraining accelerated growth in South Africa. This note argues that currency developments do not translate into business cycle movements in the aggregate economy, and that a weaker exchange rate is less likely to boost either foreign investment or export performance in the face of regulatory uncertainty. The South African government has recently launched the Accelerated and Shared Growth Initiative (ASGISA aimed at raising the long-term growth path of the economy. The plan identifies several so-called “binding constraints” that are considered to be inhibiting the economy from rising to more elevated levels of economic growth. One such “constraint”, according to the ASGISA policy document, is the “volatility and level of the currency” (Republic of South Africa, 2006. By including this issue, policymakers have signalled that fluctuations in the Rand are considered significant to broader economic fluctuations in South Africa. This research note questions such a conviction by offering evidence that currency fluctuations are not mirrored in the South African business cycle. Nonetheless, proponents may argue that a weaker Rand will stimulate particular sectors, mostly those that are export-oriented, while it will boost Foreign Direct Investment (FDI. However, this note argues further that a weaker Rand is less likely to generate sustainable improvement in either export-oriented industries or FDI in the absence of other reforms. The following sections consider these two issues in sequence.

  20. Analysis of the Chinese Exchange Rate Stability

    Directory of Open Access Journals (Sweden)

    Youngrok Cheng

    1998-03-01

    Full Text Available Asian Financial Crisis now is moving to a relatively stable phase, and at this time, whether Chinese RMB will depreciate is raising the concern of the outside world. If we simply consider economic factors, we will find REER (Real Effective Exchange Rate increased around 10%, where depreciation factors are lurking. However, after Vice Premier Zhu Rongji took the responsibility of economic operation and fixed the fundamental key of developing stably, many foreign departments present good impetus of development. After that, Foreign Exchange Rate Reservation increases and major focus is put on long-term operation for debt structure. On the contrary, If Chinese RMB depreciates dramatically, there will be some uneasiness towards domestic economy and also the burden of paying debt should be increased, people may suffer the loss quite a lot. Especially even we consider the responsibility as the central country in this region and the political & economical factors causing the harmonious atmosphere of Sino-American relationship, it can be predicted that Chinese RMB cannot depreciate dramatically within 1-2 years.

  1. 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

  2. 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.

  3. On exchange rate misalignments in the Eurozone's peripheral countries

    Science.gov (United States)

    Grochová, Ladislava; Plecitá, Klára

    2013-10-01

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

  4. 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.

  5. Misalignment under different exchange rate regimes: the case of Turkey

    OpenAIRE

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

    2011-01-01

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

  6. Political pressures and exchange rate stability in emerging market economies

    OpenAIRE

    Ester Faia; Massimo Giuliodori; Michele Ruta

    2008-01-01

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

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

    OpenAIRE

    Yeșin, Pınar

    2016-01-01

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

  8. The Estimation of the Equilibrium Real Exchange Rate for Romania

    OpenAIRE

    Bogdan Andrei Dumitrescu; Vasile Dedu

    2009-01-01

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

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

    OpenAIRE

    Lim, Shu Yi; Sek, Siok Kun

    2014-01-01

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

  10. Overcoming Fear of Floating: Exchange Rate Policies in Chile.

    OpenAIRE

    Jose De Gregorio; Andrea Tokman R.

    2004-01-01

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

  11. Exchange Rate Regime in Russia, Evaluation and Recommendations

    OpenAIRE

    Olga, Vasilevskaya

    2009-01-01

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

  12. Exchange-Rate Unification with Black Market Leakages; Russia 1992

    OpenAIRE

    Linda S. Goldberg

    1993-01-01

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

  13. The case for regional exchange rate arrangement in East Asia

    OpenAIRE

    Takuji Kinkyo

    2004-01-01

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

  14. THE EFFECT OF EXCHANGE RATE VOLATILITY ON WHEAT TRADE WORLDWIDE

    OpenAIRE

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

    2002-01-01

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

  15. A Case for Intermediate Exchange-Rate Regimes

    OpenAIRE

    Agnès Bénassy-Quéré; Véronique Salins

    2010-01-01

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

  16. 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.

  17. 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

  18. 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 ...

  19. Essays on exchange rate policy in developing countries

    NARCIS (Netherlands)

    Khamfula, Y.A.

    1999-01-01

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

  20. Exchange rates and climate change: An application of fund

    NARCIS (Netherlands)

    Tol, R.S.J.

    2006-01-01

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

  1. A Range-Based Multivariate Model for Exchange Rate Volatility

    NARCIS (Netherlands)

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

    2003-01-01

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

  2. 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, ...

  3. 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

  4. Long-term dependence in exchange rates

    Directory of Open Access Journals (Sweden)

    A. Karytinos

    2000-01-01

    Full Text Available The extent to which exchange rates of four major currencies against the Greek Drachma exhibit long-term dependence is investigated using a R/S analysis testing framework. We show that both classic R/S analysis and the modified R/S statistic if enhanced by bootstrapping techniques can be proven very reliable tools to this end. Our findings support persistence and long-term dependence with non-periodic cycles for the Deutsche Mark and the French Franc series. In addition a noisy chaos explanation is favored over fractional Brownian motion. On the contrary, the US Dollar and British Pound were found to exhibit a much more random behavior and lack of any long-term structure.

  5. Triangular arbitrage as an interaction among foreign exchange rates

    Science.gov (United States)

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

    2002-07-01

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

  6. 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

  7. Water permeation through anion exchange membranes

    Science.gov (United States)

    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%).

  8. 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

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

    OpenAIRE

    Hoshikawa, Takeshi

    2009-01-01

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

  10. 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.

  11. Modelling Exchange Rate Volatility by Macroeconomic Fundamentals in Pakistan

    OpenAIRE

    Munazza Jabeen; Saud Ahmad Khan

    2014-01-01

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

  12. 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.

  13. Increasing Stability in the Mix of Exchange-rate Policies.

    OpenAIRE

    Mushin, Jerry

    2008-01-01

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

  14. Fluctuation Dynamics of Exchange Rates on Indian Financial Market

    Science.gov (United States)

    Sarkar, A.; Barat, P.

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

  15. 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.

  16. 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.

  17. The rates and mechanisms of water exchange of actinide aqua ions: A variable temperature 17O NMR study of U(H2O)104+, UF(H2O)93+, and Th(H2O)104+

    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

  18. 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.

  19. Kinetic theory of oxygen isotopic exchange between minerals and water

    Science.gov (United States)

    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.

  20. 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...

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

    OpenAIRE

    Pösö, Mika; Spolander, Mikko

    1997-01-01

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

  2. World currency exchange rate cross-correlations

    Science.gov (United States)

    Droå¼dż, S.; Górski, A. Z.; Kwapień, J.

    2007-08-01

    World currency network constitutes one of the most complex structures that is associated with the contemporary civilization. On a way towards quantifying its characteristics we study the cross correlations in changes of the daily foreign exchange rates within the basket of 60 currencies in the period December 1998 May 2005. Such a dynamics turns out to predominantly involve one outstanding eigenvalue of the correlation matrix. The magnitude of this eigenvalue depends however crucially on which currency is used as a base currency for the remaining ones. Most prominent it looks from the perspective of a peripheral currency. This largest eigenvalue is seen to systematically decrease and thus the structure of correlations becomes more heterogeneous, when more significant currencies are used as reference. An extreme case in this later respect is the USD in the period considered. Besides providing further insight into subtle nature of complexity, these observations point to a formal procedure that in general can be used for practical purposes of measuring the relative currencies significance on various time horizons.

  3. Russian – Chinese Trade and Exchange Rate

    Directory of Open Access Journals (Sweden)

    Dmitry Alexandrovich Izotov

    2012-09-01

    Full Text Available The author assesses the impact of the Yuan exchange rate volatility on the indicators of the Russian-Chinese trade (the analysis is made on the ground of the statistical database CEIC. Quantitative estimates of changes in Russian-Chinese merchandise trade by commodity groups (in the HS classification due to the revaluation of the CNY against the USD were obtained via the regression analysis. In the case of the revaluation of the Yuan to the US dollar the value of Russian exports may increase for such commodity groups as mineral products, chemical industry products, base metals, precious stones and metals, and vehicles. This article shows that the value of Chinese imports will decrease for such merchandise groups as transport vehicles, machinery and equipment, leather industry products, non-precious metals and products from them; in this case, the import of the food industry products, mineral products and optical instruments will decrease insignificantly. The author concludes that the revaluation of the Yuan, contributing to the growth of Russian exports and the reduction in Chinese imports, will not cause a radical change in structure of the Russian-Chinese trade

  4. Proton exchange membrane water electrolysers

    International Nuclear Information System (INIS)

    Millet, P.

    2007-01-01

    This work deals with the PEM water electrolysis process. Are successively described: the thermodynamical, kinetic and energetic aspects, the different possible used electrolysis cells, the preparation of the membrane-electrode assembling, the used electrolysers, the annex production equipment, the uses fields and the limits of the process. (O.M.)

  5. Responses of gas-exchange rates and water relations to annual fluctuations of weather in three species of urban street trees.

    Science.gov (United States)

    Osone, Yoko; Kawarasaki, Satoko; Ishida, Atsushi; Kikuchi, Satoshi; Shimizu, Akari; Yazaki, Kenichi; Aikawa, Shin-Ichi; Yamaguchi, Masahiro; Izuta, Takeshi; Matsumoto, Genki I

    2014-10-01

    The frequency of extreme weather has been rising in recent years. A 3-year study of street trees was undertaken in Tokyo to determine whether: (i) street trees suffer from severe water stress in unusually hot summer; (ii) species respond differently to such climatic fluctuations; and (iii) street trees are also affected by nitrogen (N) deficiency, photoinhibition and aerosol pollution. During the study period (2010-12), midsummers of 2010 and 2012 were unusually hot (2.4-2.8 °C higher maximum temperature than the long-term mean) and dry (6-56% precipitation of the mean). In all species, street trees exhibited substantially decreased photosynthetic rate in the extremely hot summer in 2012 compared with the average summer in 2011. However, because of a more conservative stomatal regulation (stomatal closure at higher leaf water potential) in the hot summer, apparent symptoms of hydraulic failure were not observed in street trees even in 2012. Compared with Prunus × yedoensis and Zelkova serrata, Ginkgo biloba, a gymnosperm, was high in stomatal conductance and midday leaf water potential even under street conditions in the unusually hot summer, suggesting that the species had higher drought resistance than the other species and was less susceptible to urban street conditions. This lower susceptibility might be ascribed to the combination of higher soil-to-leaf hydraulic conductance and more conservative water use. Aside from meteorological conditions, N deficiency affected street trees significantly, whereas photoinhibition and aerosol pollution had little effect. The internal CO2 and δ(13)C suggested that both water and N limited the net photosynthetic rate of street trees simultaneously, but water was more limiting. From these results, we concluded that the potential risk of hydraulic failure caused by climatic extremes could be low in urban street trees in temperate regions. However, the size of the safety margin might be different between species. © The

  6. 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

  7. 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.)

  8. 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.

  9. 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.

  10. 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.

  11. Terms of trade and exchange rate regimes in developing countries

    OpenAIRE

    Christian Broda

    2002-01-01

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

  12. The Skill-Biased Effects of Exchange Rate Fluctuations

    OpenAIRE

    Boris Kaiser; Michael Siegenthaler

    2015-01-01

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

  13. A Range-Based Multivariate Model for Exchange Rate Volatility

    OpenAIRE

    Tims, Ben; Mahieu, Ronald

    2003-01-01

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

  14. Asymmetric Exchange Rate Exposure - Research in Southeast Asian Countries

    OpenAIRE

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

    2017-01-01

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

  15. Martingale Regressions for a Continuous Time Model of Exchange Rates

    OpenAIRE

    Guo, Zi-Yi

    2017-01-01

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

  16. 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.

  17. Essays on exchange rate policy in developing countries

    OpenAIRE

    Khamfula, Y.A.

    1999-01-01

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

  18. Search for a new exchange-rate regime.

    Science.gov (United States)

    Williamson, J

    1987-07-31

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

  19. 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

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

    OpenAIRE

    Guneratne Banda Wickremasinghe; Param Silvapulle

    2004-01-01

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

  1. 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.

  2. The Brazilian experience in managing interest-exchange rate nexus

    OpenAIRE

    Ricardo Carneiro; Pedro Rossi

    2013-01-01

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

  3. Increased CEST specificity for amide and fast-exchanging amine protons using exchange-dependent relaxation rate.

    Science.gov (United States)

    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

  4. 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).

  5. 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.

  6. 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.

  7. 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 ...

  8. 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

  9. Unpredictable After All? A short note on exchange rate predictability

    NARCIS (Netherlands)

    G.A. Moerman (Gerard)

    2001-01-01

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

  10. Are international fund flows related to exchange rate dynamics?

    NARCIS (Netherlands)

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

    2018-01-01

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

  11. 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

  12. Variability in Benthic Exchange Rate, Depth, and Residence Time Beneath a Shallow Coastal Estuary

    Science.gov (United States)

    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.

  13. 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.

  14. 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

  15. 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....

  16. 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....

  17. Real Exchange Rate and Productivity in an OLG Model

    OpenAIRE

    Thi Hong Thinh DOAN; Karine GENTE

    2013-01-01

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

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

    OpenAIRE

    Richard M. Levich

    1983-01-01

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

  19. 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

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

    NARCIS (Netherlands)

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

    2005-01-01

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

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

    NARCIS (Netherlands)

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

    2005-01-01

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

  2. Variability in benthic exchange rate, depth, and residence time beneath a shallow coastal estuary

    Science.gov (United States)

    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

  3. 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

  4. effect of different rates of wood ash on exchangeable aluminum ...

    African Journals Online (AJOL)

    BARTH

    because other sources of protein namely, meat, eggs, fish, and milk ... Soil pH was determined by electrometric method using a soil water ... Soil cation exchange capacity (CEC) was measured ..... Bermudagrass and on Soil Nutrient Retention.

  5. Exchange rate risk in Central European countries

    Czech Academy of Sciences Publication Activity Database

    Kočenda, Evžen; Poghosyan, T.

    2010-01-01

    Roč. 60, č. 1 (2010), s. 22-39 ISSN 0015-1920 R&D Projects: GA ČR(CZ) GA402/08/1376; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : foreign exchange risk * time-varying risk premium * stochastic discount factor Subject RIV: AH - Economics Impact factor: 0.278, year: 2010 http://journal.fsv.cuni.cz/storage/1178_str_22_39_-_ko%C4%8Denda.pdf

  6. Interest Rates and Exchange Rate Relationship in BRIC-T Countries

    OpenAIRE

    Selim KAYHAN; Tayfur BAYAT; Ahmet UGUR

    2013-01-01

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

  7. 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.

  8. Exchange Rate – Relative Price Nonlinear Cointegration Relationship in Malaysia

    OpenAIRE

    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...

  9. 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

  10. Exchange rate formation in Ukraine and its impact on macroeconomic indicators

    OpenAIRE

    Koroliuk Tatiana Aleksandrovna

    2014-01-01

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

  11. 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

  12. China’s Exchange Rate Policy: A Double Edged Sword

    Science.gov (United States)

    2013-12-01

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

  13. Covered Interest Parity, Uncovered Interest Parity, and Exchange Rate Dynamics

    OpenAIRE

    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...

  14. Exchange rate regimes and inflation: Evidence from India.

    OpenAIRE

    Mohanty, Biswajit; Bhanumurthy, N.R.

    2014-01-01

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

  15. 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

  16. 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.

  17. 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...

  18. 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.

  19. 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.

  20. Jump spillover between oil prices and exchange rates

    Science.gov (United States)

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

    2017-11-01

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

  1. 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.

  2. 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.

  3. 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.)

  4. Macroeconomic stabilization and intervention policy under an exchange rate band

    NARCIS (Netherlands)

    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.

  5. Cumulant expansions for measuring water exchange using diffusion MRI

    Science.gov (United States)

    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.

  6. Design and simulation of heat exchangers using Aspen HYSYS, and Aspen exchanger design and rating for paddy drying application

    Science.gov (United States)

    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.

  7. MONETARY TRANSMISSION CHANNELS IN FLEXIBLE MONETARY AND EXCHANGE RATE REGIMES: THE CASE OF SELECTED TRANSITION ECONOMIES

    OpenAIRE

    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...

  8. 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)

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

    Directory of Open Access Journals (Sweden)

    Klára Plecitá

    2012-01-01

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

  10. 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.

  11. Evaluation of Exchange Rate Policy on Agricultural Trade in Nigeria ...

    African Journals Online (AJOL)

    International Journal of Agriculture and Rural Development ... this study was to evaluate the effect of exchange rate policy on agricultural trade in Nigeria. ... Government support to farmers in the form of credit and input subsidies is a veritable ...

  12. Can producer currency pricing models generate volatile real exchange rates?

    OpenAIRE

    Povoledo, L.

    2012-01-01

    If the elasticities of substitution between traded and nontraded and between Home and Foreign traded goods are sufficiently low, then the real exchange rate generated by a model with full producer currency pricing is as volatile as in the data.

  13. 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.

  14. 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.

  15. 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 ...

  16. 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.

  17. MANAGED FLOAT EXCHANGE RATE SYSTEM: THE SINGAPORE EXPERIENCE

    OpenAIRE

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

    2007-01-01

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

  18. Trade Openness And Real Exchange Rate Volatility: Panel Data Evidence

    OpenAIRE

    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...

  19. Productivity Demand Shocks And Asia-Pacific Real Exchange Rates

    OpenAIRE

    Ordean Olson

    2011-01-01

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

  20. Real Effective Exchange Rate Dynamics in Malawi and South Africa

    OpenAIRE

    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...

  1. Statistical Analysis of the Exchange Rate of Bitcoin

    Science.gov (United States)

    Chu, Jeffrey; Nadarajah, Saralees; Chan, Stephen

    2015-01-01

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

  2. Hot Tip: Nominal Exchange Rates and Inflation Indexed Bond Yields

    OpenAIRE

    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...

  3. 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.

  4. Statistical Analysis of the Exchange Rate of Bitcoin.

    Science.gov (United States)

    Chu, Jeffrey; Nadarajah, Saralees; Chan, Stephen

    2015-01-01

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

  5. Estimating the equilibrium real exchange rate in Venezuela

    OpenAIRE

    Hilde Bjørnland

    2004-01-01

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

  6. Targeting the Real Exchange Rate; Theory and Evidence

    OpenAIRE

    Carlos A. Végh Gramont; Guillermo Calvo; Carmen Reinhart

    1994-01-01

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

  7. How Do Countries Choose their Exchange Rate Regime?

    OpenAIRE

    Helene Poirson Ward

    2001-01-01

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

  8. Exchange rate based stabilization : tales from Europe and Latin America

    OpenAIRE

    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). ...

  9. International portfolio flows and exchange rate volatility for emerging markets

    OpenAIRE

    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. ...

  10. Inflation, Growth and Exchange Rate Regimes in Small Open Economies

    OpenAIRE

    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...

  11. 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.

  12. Capital Controls and the Real Exchange Rate

    NARCIS (Netherlands)

    van Wijnbergen, S.J.G.

    1990-01-01

    Capital import taxes lower (raise) world (home) interest rates. This shifts home expenditure from the present to the future and foreign expenditure from the future to today. With identical home and foreign expenditure patterns, the change in the composition of world expenditure has no effects on

  13. The physical properties, lignin distribution, chemical composition of fibers and gas exchange rate of kenaf (Hibiscus cannabinus L.) varieties under prolonged water deficiency

    OpenAIRE

    Khalatbari, A.M; Jaafar, Z.E; Khalatbari, A. A; Hazandy, A.H; Mohd Ridzwan, A. H

    2016-01-01

    The fundamental characteristics and physical properties of kenaf (Hibiscus cannabinus L.) fibers cultivated and subjected to three different water frequencies in Universiti Putra Malaysia, were analyzed. For deep analysis, which includes micro-scale viewing for identification of kenaf cell wall structure, fibers were viewed in order to study the physical characteristics, anatomy, and lignin distribution. The chemical composition was determined considering Technical Association of Pulp and Pap...

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

    OpenAIRE

    Rantala, Olavi

    1992-01-01

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

  15. Recycle attuned catalytic exchange (RACE) for reliable and low inventory processing of highly tritiated water

    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

  16. Exchange-Rate-Based Stabilization under Imperfect Credibility

    OpenAIRE

    Guillermo Calvo; Carlos A. Végh Gramont

    1991-01-01

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

  17. A Model of Exchange-Rate-Based Stabilization for Turkey

    OpenAIRE

    Ozlem Aytac

    2008-01-01

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

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

    OpenAIRE

    Klára Plecitá; Luboš Střelec

    2012-01-01

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

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

    OpenAIRE

    Takatoshi Ito; Kiyotaka Sato

    2006-01-01

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

  20. 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

  1. Advantages of paramagnetic chemical exchange saturation transfer (CEST) complexes having slow to intermediate water exchange properties as responsive MRI agents.

    Science.gov (United States)

    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.

  2. 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.

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

    Science.gov (United States)

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

    2015-01-01

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

  4. Chemical assessment of ballast water exchange compliance: Implementation in North America and New Zealand

    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.

  5. 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.

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

    OpenAIRE

    Hameed, Allaudeen S.; Rose, Andrew

    2017-01-01

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

  7. Football and exchange rates: empirical support for behavioral economics.

    Science.gov (United States)

    Eker, Gulin; Berument, Hakan; Dogan, Burak

    2007-10-01

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

  8. 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).

  9. Estimating the Effects of Exchange Rate Volatility on Export Volumes

    OpenAIRE

    Wang, Kai-Li; Barrett, Christopher B.

    2007-01-01

    This paper takes a new empirical look at the long-standing question of the effect of exchange rate volatility on international trade flows by studying the case of Taiwan's exports to the United States from 1989-1998. In particular, we employ sectoral-level, monthly data and an innovative multivariate GARCH-M estimator with corrections for leptokurtic errors. This estimator allows for the possibility that traders' forward-looking contracting behavior might condition the way in which exchange r...

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

    Directory of Open Access Journals (Sweden)

    Petrică Andreea-Cristina

    2017-07-01

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

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

    Science.gov (United States)

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

    2017-09-05

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

  12. Water-hydrogen isotope exchange process analysis

    International Nuclear Information System (INIS)

    Fedorchenko, O.; Alekseev, I.; Uborsky, V.

    2008-01-01

    The use of a numerical method is needed to find a solution to the equation system describing a general case of heterogeneous isotope exchange between gaseous hydrogen and liquid water in a column. A computer model of the column merely outputting the isotope compositions in the flows leaving the column, like the experimental column itself, is a 'black box' to a certain extent: the solution is not transparent and occasionally not fully comprehended. The approximate analytical solution was derived from the ZXY-diagram (McCabe-Thiele diagram), which illustrates the solution of the renewed computer model called 'EVIO-4.2' Several 'unusual' results and dependences have been analyzed and explained. (authors)

  13. 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)

  14. 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)

  15. Extreme-value dependence: An application to exchange rate markets

    Science.gov (United States)

    Fernandez, Viviana

    2007-04-01

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

  16. 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.

  17. Modeling and predicting historical volatility in exchange rate markets

    Science.gov (United States)

    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.

  18. Optimizing Water Exchange Rates and Rotational Mobility for High-Relaxivity of a Novel Gd-DO3A Derivative Complex Conjugated to Inulin as Macromolecular Contrast Agents for MRI.

    Science.gov (United States)

    Granato, Luigi; Vander Elst, Luce; Henoumont, Celine; Muller, Robert N; Laurent, Sophie

    2018-02-01

    Thanks to the understanding of the relationships between the residence lifetime τ M of the coordinated water molecules to macrocyclic Gd-complexes and the rotational mobility τ R of these structures, and according to the theory for paramagnetic relaxation, it is now possible to design macromolecular contrast agents with enhanced relaxivities by optimizing these two parameters through ligand structural modification. We succeeded in accelerating the water exchange rate by inducing steric compression around the water binding site, and by removing the amide function from the DOTA-AA ligand [1,4,7,10-tetraazacyclododecane-1,4,7,10-tetraacetic acid mono(p-aminoanilide)] (L) previously designed. This new ligand 10[2(1-oxo-1-p-propylthioureidophenylpropyl]-1,4,7,10-tetraazacyclodecane-1,4,7-tetraacetic acid (L 1 ) was then covalently conjugated to API [O-(aminopropyl)inulin] to get the complex API-(GdL 1 )x with intent to slow down the rotational correlation time (τ R ) of the macromolecular complex. The evaluation of the longitudinal relaxivity at different magnetic fields and the study of the 17 O-NMR at variable temperature of the low-molecular-weight compound (GdL 1 ) showed a slight decrease of the τ M value (τM310 = 331 ns vs. τM310 = 450 ns for the GdL complex). Consequently to the increase of the size of the API-(GdL 1 )x complex, the rotational correlation time becomes about 360 times longer compared to the monomeric GdL 1 complex (τ R  = 33,700 ps), which results in an enhanced proton relaxivity. © 2018 Wiley-VHCA AG, Zurich, Switzerland.

  19. Currency wars, what drives the wild fluctuations in exchange rates?

    OpenAIRE

    Petridis, George; Πετρίδης, Γεώργιος

    2016-01-01

    Currency wars or competitive devaluation has change dramatically throughout history. The meaning of currency wars is completely different in comparison with that before the change of currency rates system. Firstly, in my thesis, there will be a brief history of currency wars and a reference of quantitative easing in US, Europe and Japan. Then the factors which determine the currency exchange rates and the reasons for the wild fluctuation in currency rates during a currency war will be mention...

  20. Water use in forest canopy black cherry trees and its relationship to leaf gas exchange and environment

    Science.gov (United States)

    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.

  1. 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...

  2. 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.

  3. Diffusion equations and the time evolution of foreign exchange rates

    Energy Technology Data Exchange (ETDEWEB)

    Figueiredo, Annibal; Castro, Marcio T. de [Institute of Physics, Universidade de Brasília, Brasília DF 70910-900 (Brazil); Fonseca, Regina C.B. da [Department of Mathematics, Instituto Federal de Goiás, Goiânia GO 74055-110 (Brazil); Gleria, Iram, E-mail: iram@fis.ufal.br [Institute of Physics, Federal University of Alagoas, Brazil, Maceió AL 57072-900 (Brazil)

    2013-10-01

    We investigate which type of diffusion equation is most appropriate to describe the time evolution of foreign exchange rates. We modify the geometric diffusion model assuming a non-exponential time evolution and the stochastic term is the sum of a Wiener noise and a jump process. We find the resulting diffusion equation to obey the Kramers–Moyal equation. Analytical solutions are obtained using the characteristic function formalism and compared with empirical data. The analysis focus on the first four central moments considering the returns of foreign exchange rate. It is shown that the proposed model offers a good improvement over the classical geometric diffusion model.

  4. Diffusion equations and the time evolution of foreign exchange rates

    Science.gov (United States)

    Figueiredo, Annibal; de Castro, Marcio T.; da Fonseca, Regina C. B.; Gleria, Iram

    2013-10-01

    We investigate which type of diffusion equation is most appropriate to describe the time evolution of foreign exchange rates. We modify the geometric diffusion model assuming a non-exponential time evolution and the stochastic term is the sum of a Wiener noise and a jump process. We find the resulting diffusion equation to obey the Kramers-Moyal equation. Analytical solutions are obtained using the characteristic function formalism and compared with empirical data. The analysis focus on the first four central moments considering the returns of foreign exchange rate. It is shown that the proposed model offers a good improvement over the classical geometric diffusion model.

  5. 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)

  6. 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...

  7. Exchange rate policy when the labour market exhibits hysteresis

    OpenAIRE

    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...

  8. 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.

  9. Diffusion equations and the time evolution of foreign exchange rates

    International Nuclear Information System (INIS)

    Figueiredo, Annibal; Castro, Marcio T. de; Fonseca, Regina C.B. da; Gleria, Iram

    2013-01-01

    We investigate which type of diffusion equation is most appropriate to describe the time evolution of foreign exchange rates. We modify the geometric diffusion model assuming a non-exponential time evolution and the stochastic term is the sum of a Wiener noise and a jump process. We find the resulting diffusion equation to obey the Kramers–Moyal equation. Analytical solutions are obtained using the characteristic function formalism and compared with empirical data. The analysis focus on the first four central moments considering the returns of foreign exchange rate. It is shown that the proposed model offers a good improvement over the classical geometric diffusion model.

  10. 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.

  11. 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.

  12. 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.

  13. 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)

  14. Foreign exchange rate entropy evolution during financial crises

    Science.gov (United States)

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

    2016-05-01

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

  15. Alarming of exchange rate crisis: A risk management approach

    Directory of Open Access Journals (Sweden)

    Da Zhao

    2016-05-01

    Full Text Available Recently, with increasing volatility of foreign exchange rate, risk management becomes more and more important not only for multinational companies and individuals but also for central governments. This paper attempts to build an econometrics model so as to forecast and manage risks in foreign exchange market, especially during the eve of turbulent periods. By following McNeil and Frey’s (2000 two stage approach called conditional EVT to estimate dynamic VaR commonly used in stock and insurance markets, we extend it by applying a more general asymmetric ARMA-GARCH model to analyze daily foreign exchange dollar-denominated trading data from four countries of different development levels across Asia and Europe for a period of more than 10 years from January 03, 2005 to May 29, 2015, which is certainly representative of global markets. Conventionally, different kinds of backtesting methods are implemented ultimately to evaluate how well the model behaves. Inspiringly, test results show that by taking several specific characteristics (including fat-tails, asymmetry and long-range dependence of the foreign exchange market return data into consideration, the violation ratio of out-of-sample data can be forecasted very well for both fixed and flexible foreign exchange regimes. Moreover, all of the violations are evenly distributed along the whole period which indicates another favorable property of our model. Meanwhile, we find evidence of asymmetry volatility in all of the studied foreign exchange markets even though the magnitudes of the most of them are weak

  16. Currency option pricing in a credible exchange rate target zone

    NARCIS (Netherlands)

    Veestraeten, D.

    2013-01-01

    This article examines currency option pricing within a credible target zone arrangement where interventions at the boundaries push the exchange rate back into its fluctuation band. Valuation of such options is complicated by the requirement that the reflection mechanism should prevent the arbitrage

  17. Currency option pricing in a credible exchange rate target zone

    NARCIS (Netherlands)

    Veestraeten, D.

    2012-01-01

    This article examines currency option pricing within a credible target zone arrangement where interventions at the boundaries push the exchange rate back into its fluctuation band. Valuation of such options is complicated by the requirement that the reflection mechanism should prevent the arbitrage

  18. Statistics of exchange rate regimes in Nigeria | Iwueze | Global ...

    African Journals Online (AJOL)

    The three distinct exchange rate regimes of Nigeria were subjected to Autoregressive Integrated Moving Average (ARIMA) modeling in order to compare them with respect to model structure. It was found that the three regimes admit different models. Regime one admits Moving average model of order 2, Regime two admits ...

  19. Volatility Analysis of Exchange Rate of Emerging Economies: A ...

    African Journals Online (AJOL)

    The aim of this study is to analyze the volatility of exchange rates of the currencies of the five East African Community (EAC) countries. Time series modeling is applied to the data of these countries. Various models were fitted and compared using Maximum Likelihood approach in order to select the best fitting model for each ...

  20. exchange rate pass-through to import and consumer prices

    African Journals Online (AJOL)

    Eyerusalem

    degree of pass-through is estimated by the means of impulse response functions. ..... through from exchange rate fluctuations to each stage of the distribution chain ..... exclusion test (which is asymptotically chi-square distributed) and the results ...... Endogenous variables: DLWCPI YGap DLNEER DLMPI DLCPI DLM2. Root.

  1. Exchange Rate Reform Policies and Trade Balances in Nigeria ...

    African Journals Online (AJOL)

    This paper investigates the effect of the exchange rate on the trade balance in Nigeria between 1970 and 2012. Annual data were collected from the Central Bank of Nigeria's Statistical Bulletin, and World Development Indicator of the World Bank. Co-integrating and Error Correcting Method were used for this estimation.

  2. Introducing False EUR and False EUR exchange rates

    Science.gov (United States)

    Ausloos, M.; Ivanova, K.

    2000-10-01

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

  3. 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

  4. The limiting distribution of extremal exchange rate yields

    NARCIS (Netherlands)

    M.C.A.B. Hols (Martien); C.G. de Vries (Casper)

    1991-01-01

    textabstractSeveral nonnested fat-tailed distributions have been advocated for modelling exchange rate returns. Instead of directly estimating these nonnested distributions we investigate the extremal distribution of the returns. The advantage is that the parameter which characterizes the amount of

  5. Exchange rate volatility and regime change: Visegrad comparison

    Czech Academy of Sciences Publication Activity Database

    Kočenda, Evžen; Valachy, J.

    -, č. 7 (2006), s. 1-36 R&D Projects: GA ČR GA402/06/1293 Institutional research plan: CEZ:AV0Z70850503 Keywords : exchange rate regime s * volatility * transition Subject RIV: AH - Economics http://deepblue.lib.umich.edu/bitstream/2027.42/21616/1/IPC-working-paper-007-KocendaValachy.pdf

  6. Exchange rate movement and import price of Machineries in Nigeria ...

    African Journals Online (AJOL)

    The empirical estimates reveal that one lag variability of import price, exchange rate, foreign cost, domestic competitors price and demand pressure proxied by GDP impact it in the long-run. However, the ECM coefficient is properly signed with -0.549. By implication, approximately 54% of the discrepancy from long run ...

  7. Impact of Exchange Rate on Balance of Payment in Nigeria ...

    African Journals Online (AJOL)

    Exchange rate policies have to be used along with the fiscal and monetary instruments to get meaningful results. This implies that our balance of payments problems can be solved simultaneously from two angles, namely, boosting supply and managing demand. Export diversification and promotion, import substitution and ...

  8. Government spending shocks, sovereign risk and the exchange rate regime

    NARCIS (Netherlands)

    Bonam, D.; Lukkezen, J.H.J.

    2014-01-01

    Keynesian theory predicts output responses upon a fiscal expansion in a small open economy to be larger under fixed than floating exchange rates. We analyse the effects of fiscal expansions using a New Keynesian model and find that the reverse holds in the presence of sovereign default risk. By

  9. Air-water oxygen exchange in a large whitewater river

    Science.gov (United States)

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

    2012-01-01

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

  10. Process for exchanging hydrogen isotopes between gaseous hydrogen and water

    International Nuclear Information System (INIS)

    Hindin, S. G.; Roberts, G. W.

    1980-01-01

    A process for exchanging isotopes of hydrogen, particularly tritium, between gaseous hydrogen and water is provided whereby gaseous hydrogen depeleted in tritium and liquid or gaseous water containing tritium are reacted in the presence of a metallic catalyst

  11. 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.)

  12. Incentives from Exchange Rate Regimes in an Institutional Context

    OpenAIRE

    Goyal, Ashima

    2008-01-01

    In a simple open economy macromodel, calibrated to the typical institutions and shocks of a densely populated emerging market economy, it is shown that a monetary stimulus preceding a temporary supply shock can abort inflation at minimum output cost, since of the appreciation of exchange rates, accompanying a fall in interest rates and rise in output. Analytic results obtained for two periods are generalized through simulations and validated through estimation. The results imply that one inst...

  13. 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)

  14. 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)

  15. Lanthanide(III) complexes of a mono(methylphosphonate) analogue of H4dota: the influence of protonation of the phosphonate moiety on the TSAP/SAP isomer ratio and the water exchange rate.

    Science.gov (United States)

    Rudovský, Jakub; Cígler, Petr; Kotek, Jan; Hermann, Petr; Vojtísek, Pavel; Lukes, Ivan; Peters, Joop A; Vander Elst, Luce; Muller, Robert N

    2005-04-08

    A monophosphonate analogue of H4dota, 1,4,7,10-tetraazacyclododecane-4,7,10-tris(carboxymethyl)-1-methylphosphonic acid (H5do3aP), and its complexes with lanthanides were synthesized. Multinuclear NMR studies reveal that, in aqueous solution, lanthanide(III) complexes of the ligand exhibit structures analogous to those of H4dota complexes. Thus, the central ion is nine-coordinate, surrounded by four nitrogen atoms, three acetate and one phosphonate oxygen atoms, and one water molecule in an apical position. For complexes of H5do3aP with Ln(III) ions in the middle of the series, the abundance of the desired twisted square-antiprismatic (TSAP) isomer is higher than for the corresponding H4dota complexes. The TSAP/square-antiprismatic (SAP) isomer ratio is highly sensitive to protonation of the phosphonate group: a higher abundance of the TSAP isomer was found in acidic solutions. The microscopic protonation constants of the TSAP isomers are higher than those of the SAP isomers. The presence of one water molecule in the first coordination sphere of the complexes in the pH region studied (pH 2.5-7.0) is confirmed by 17O NMR spectroscopy. The results of a simultaneous fit of variable-temperature 17O NMR relaxation data and 1H NMRD profiles show that the residence time of water (tauM) in the Gd(III) complex is much smaller than for [Gd(dota)(H2O)]-. The exchange rate appears to be dependent on the pH of the solution. The values of tauM are 37, 40, and 14 ns at pH 2.5, 4.7, and 7.0, respectively. These observations can be explained by an extensive second-sphere hydrogen-bonding network that varies with the state of protonation of the phosphonate moiety. Upon protonation of the complex, the second-sphere hydration probably becomes more ordered, which may result in a decrease in penetrability and an increase in tauM. The relaxivity of the Gd(III) complex is almost independent of the pH and is equal to 4.7 s(-1) mM(-1) (20 MHz, pH 7 and 37 degrees C). The solid

  16. 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.

  17. 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.

  18. Long-memory exchange rate dynamics in the euro era

    International Nuclear Information System (INIS)

    Barkoulas, John T.; Barilla, Anthony G.; Wells, William

    2016-01-01

    We investigate the long-run dynamics of a system of eight major exchange rates in the euro era using both integer and fractional cointegration methodologies. Contrary to the fragile evidence in the pre-euro era, robust evidence of linear cointegratedness is obtained in the foreign exchange market during the euro era. Upon closer examination, deviations from the cointegrating relationship exhibit nonstationary, long-memory dynamic behavior (Joseph effect). We find the long-memory evidence to be temporally stable in the most recent era. Finally, the foreign exchange system dynamics appears to be characterized by less persistence (smaller fractional exponent) in the euro era (as compared to pre-euro time periods), potentially indicating increased policy coordination by central banks in the recent period.

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

    Directory of Open Access Journals (Sweden)

    Flamur Bunjaku

    2015-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Chin Diew Lai

    2006-09-01

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

  1. Oxo-exchange of gas-phase uranyl, neptunyl, and plutonyl with water and methanol.

    Science.gov (United States)

    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.

  2. 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

  3. 12 CFR Appendix A to Subpart A of... - Minimum Capital Components for Interest Rate and Foreign Exchange Rate Contracts

    Science.gov (United States)

    2010-01-01

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

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

    OpenAIRE

    OHNO Sanae; FUKUDA Shin-ichi

    2003-01-01

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

  5. 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)

  6. Exchange rate policy, growth, and foreign trade in China

    Directory of Open Access Journals (Sweden)

    Gligorić Mirjana

    2011-01-01

    Full Text Available This paper analyzes a hot topic: the influence of an undervalued currency on macroeconomic variables - primarily on the economic growth and trade balance of a country, but also on employment, foreign exchange reserves, competition, and living standards. It also reviews and explains the consequences of yuan undervaluation, points out the need for its appreciation, and states the negative effects that stem from this measure. Special attention is given to the problematic bilateral relations between China and the USA and the reasons why Americans are worried about the exchange rate policy that China implements. Although yuan appreciation would decrease the American foreign trade deficit, it also raises the question of further financing of the American deficit. There are also other problems that the possible appreciation would cause for the American economy, due to the effect of J-curve, passthrough, larger costs of input imported from China, etc. Therefore, Chinese foreign exchange policy is an important subject, but it is not the solution to the problems of the global economy - which have deeper roots than that. However, there is no excuse for China implementing unfair exchange rate policies, or replacing such policies with controversial protectionist policies (as some authors have suggested.

  7. 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

  8. Exchange Rate Volatility and Trade among the Asia Pacific Countries

    Directory of Open Access Journals (Sweden)

    Saang Joon Baak

    2004-06-01

    Full Text Available The purpose of this paper is to investigate the impact of exchange rate volatility on exports among 14 Asia Pacific countries, where various measures to raise the intra-region trade are being implemented. Specifically, this paper estimates a gravity model, in which the dependent variable is the product of the exports of two trading countries. In addition, it also estimates a unilateral exports model, in which the dependent variable is not the product of the exports of two trading countries but the exports from one country to another. By doing this, the depreciation rate of the exporting country's currency value can be included as one of the explanatory variables affecting the volume of exports. As the explanatory variables of the export volume, the gravity model adopts the product of the GDPs of two trading counties, their bilateral exchange rate volatility, their distance, a time trend and dummies for the share of the border line, the use of the same language, and the APEC membership. In the case of the unilateral exports model, the product of the GDPs is replaced by the GDP of the importing country, and the depreciation rate of the exporting country's currency value is dded. In addition, considering that the export volume will also depend on various onditions of the exporting country, dummies for exporting countries are also included as an explanatory variable. The empirical tests, using annual data for the period from 1980 to 2002, detect a significant negative impact of exchange rate volatility on the volume of exports. In addition, various tests using the data for sub-sample periods indicate that the negative impact had been weakened since 1989, when APEC had launched, and surged again from 1997, when the Asian financial crisis broke out. This finding implies that the impact of exchange rate volatility is time-dependent and that it is significantlynegative at least in the present time. This phenomenon is noticed regardless which estimation

  9. 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....

  10. Hybrid empirical mode decomposition- ARIMA for forecasting exchange rates

    Science.gov (United States)

    Abadan, Siti Sarah; Shabri, Ani; Ismail, Shuhaida

    2015-02-01

    This paper studied the forecasting of monthly Malaysian Ringgit (MYR)/ United State Dollar (USD) exchange rates using the hybrid of two methods which are the empirical model decomposition (EMD) and the autoregressive integrated moving average (ARIMA). MYR is pegged to USD during the Asian financial crisis causing the exchange rates are fixed to 3.800 from 2nd of September 1998 until 21st of July 2005. Thus, the chosen data in this paper is the post-July 2005 data, starting from August 2005 to July 2010. The comparative study using root mean square error (RMSE) and mean absolute error (MAE) showed that the EMD-ARIMA outperformed the single-ARIMA and the random walk benchmark model.

  11. Asymmetric cointegration between exchange rate and trade balance in Nigeria

    Directory of Open Access Journals (Sweden)

    Alhaji Jibrilla Aliyu

    2015-12-01

    Full Text Available This paper empirically examines the long-run pass through of the official exchange rates into trade balance in Nigeria by means of threshold cointegration and asymmetric error correction modeling. The study provides evidence for non-linear cointegration between our variables of interest. The estimated asymmetric error correction models provide new evidence for slower transmission of exchange rate depreciations into the country’s trade balance, which in turn appears to offer partial support for the Dutch disease hypothesis. This finding suggests that policy-makers cannot hope to use currency devaluation to improve the trade balance. It is recommended that policy-makers focus attention on diversification of the economy away from dependence on crude oil exports into productive manufacturing and non-oil exports, which will be vital in making the economy more competitive.

  12. On the spillover of exchange rate risk into default risk

    Directory of Open Access Journals (Sweden)

    Božović Miloš

    2009-01-01

    Full Text Available In order to reduce the exchange-rate risk, banks in emerging markets are typically denominating their loans in foreign currencies. However, in the event of a substantial depreciation of the local currency, the payment ability of a foreign-currency borrower may be reduced significantly, exposing the lender to additional default risk. This paper analyses how the exchange-rate risk of foreign currency loans spills over into default risk. We show that in an economy where foreign currency loans are a dominant source of financing economic activity, depreciation of the local currency establishes a negative feedback mechanism that leads to higher default probabilities, reduced credit supply, and reduced growth. This finding has some important implications that may be of special interest for regulators and market participants in emerging economies.

  13. THE IMPACT OF THE EXCHANGE RATE ON THE COMMERCIALS FLOWS

    Directory of Open Access Journals (Sweden)

    Mihaela IAVORSCHI

    2015-04-01

    Full Text Available The liberalization of capital movements between states and of the trade of goods and services, are one of the most important phenomena in the current world economy. The purpose of the present study, in the case of Romania, is to answer the question whether the interventions by means of the exchange rate of the national currency contributes to the fluidization and improvement of the commercial trades. The study demonstrates that the leu devaluation does not lead to a substantial increase of the exports. As a mechanism of influence of the commercials flows, the exchange rate has a short-term influence and the economy requires structural reforms, meant to stimulate the growth of the economic competitiveness.

  14. VaR: Exchange Rate Risk and Jump Risk

    Directory of Open Access Journals (Sweden)

    Fen-Ying Chen

    2010-01-01

    Full Text Available Incorporating the Poisson jumps and exchange rate risk, this paper provides an analytical VaR to manage market risk of international portfolios over the subprime mortgage crisis. There are some properties in the model. First, different from past studies in portfolios valued only in one currency, this model considers portfolios not only with jumps but also with exchange rate risk, that is vital for investors in highly integrated global financial markets. Second, in general, the analytical VaR solution is more accurate than historical simulations in terms of backtesting and Christoffersen's independence test (1998 for small portfolios and large portfolios. In other words, the proposed model is reliable not only for a portfolio on specific stocks but also for a large portfolio. Third, the model can be regarded as the extension of that of Kupiec (1999 and Chen and Liao (2009.

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

    OpenAIRE

    Eichler, Stefan

    2012-01-01

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

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

    OpenAIRE

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

    2017-01-01

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

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

    OpenAIRE

    Cebir, Bilgen

    2012-01-01

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

  18. Comparative Advantage, Exchange Rates, and G-7 Sectoral Trade Balances

    OpenAIRE

    Stephen S. Golub

    1994-01-01

    This paper uses a Ricardian framework to clarify the role of microeconomic and macroeconomic factors governing the time series and cross-section behavior of sectoral trade balances. Unit labor costs and trade balances are calculated for several sectors for the seven major industrial countries. The time series and cross-section variation in sectoral unit labor costs is decomposed into relative productivity, wage differentials, and exchange rate variations. The main findings are that changes ov...

  19. Endogenous trade participation with incomplete exchange rate pass-through

    OpenAIRE

    Imura, Yuko

    2013-01-01

    This paper investigates the implications of endogenous trade participation for international business cycles, trade flow dynamics and exchange rate pass-through when price adjustments are staggered across firms. I develop a two-country dynamic stochastic general equilibrium model wherein firms make state-dependent decisions on entry and exit in the export market and the frequency of price adjustment is time-dependent. Consistent with recent empirical findings, producers of traded goods in thi...

  20. Exchange Rate Movement and Foreign Direct Investment in Asean Economies

    OpenAIRE

    Lily, Jaratin; Kogid, Mori; Mulok, Dullah; Thien Sang, Lim; Asid, Rozilee

    2014-01-01

    The inflows of foreign direct investment (FDI) are important for a country's economic development, but the world market for FDI has become more competitive. This paper empirically analyses the exchange rate movements and foreign direct investment (FDI) relationship using annual data on ASEAN economies, that is, Malaysia, the Philippines, Thailand, and Singapore. By employing ARDL bounds test approach, the empirical results show the existence of significant long-run cointegration between excha...

  1. Discrete exchange rate changes with real wage resistance

    OpenAIRE

    Tapio Palokangas

    1992-01-01

    Fixed exchange rate policy is examined when money wages are determined by collective bargaining for fixed periods. The main results are as follows. If the interest elasticity of aggregate demand is high and the contract periods in the labour market are long, then in the short run, a devaluation produces expansion but in the long run, contraction. Expectations on a future devaluation cause expansion before the occurrence of the devaluation and at the moment of the occurrence, domestic expendit...

  2. Predicting High Frequency Exchange Rates using Machine Learning

    OpenAIRE

    Palikuca, Aleksandar; Seidl,, Timo

    2016-01-01

    This thesis applies a committee of Artificial Neural Networks and Support Vector Machines on high-dimensional, high-frequency EUR/USD exchange rate data in an effort to predict directional market movements on up to a 60 second prediction horizon. The study shows that combining multiple classifiers into a committee produces improved precision relative to the best individual committee members and outperforms previously reported results. A trading simulation implementing the committee classifier...

  3. Essays on Currency Competition, Institutional Restrictions and Exchange Rates

    OpenAIRE

    Bhattacharya, Arghya

    2017-01-01

    This dissertation consists of three essays on currency competition, institutional restrictions and exchange rates. When faced with currency competition, a country's government has two tools at its disposal: reduce the level of inflation or place institutional barriers to the use of foreign currency. In the first chapter, I propose a two-country, two-currency New Monetarist model to study currency competition. I model institutional barriers as a `tax' on the real value of foreign currency hol...

  4. Exchange rate system and policy in the present world

    OpenAIRE

    Grubišić Zoran

    2005-01-01

    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 advantag...

  5. 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.

  6. 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.

  7. Short-run Exchange-Rate Dynamics: Theory and Evidence

    DEFF Research Database (Denmark)

    Carlson, John A.; Dahl, Christian Møller; Osler, Carol L.

    Recent research has revealed a wealth of information about the microeconomics of currency markets and thus the determination of exchange rates at short horizons. This information is valuable to us as scientists since, like evidence of macroeconomic regularities, it can provide critical guidance...... of currency markets, it accurately reflects the constraints and objectives faced by the major participants, and it fits key stylized facts concerning returns and order flow. With respect to macroeconomics, the model is consistent with most of the major puzzles that have emerged under floating rates....

  8. Universal model for water costs of gas exchange by animals and plants.

    Science.gov (United States)

    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.

  9. 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.)

  10. The exchangeable cations in soils flooded with sea water

    NARCIS (Netherlands)

    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

  11. Random walk theory and exchange rate dynamics in transition economies

    Directory of Open Access Journals (Sweden)

    Gradojević Nikola

    2010-01-01

    Full Text Available This paper investigates the validity of the random walk theory in the Euro-Serbian dinar exchange rate market. We apply Andrew Lo and Archie MacKinlay's (1988 conventional variance ratio test and Jonathan Wright's (2000 non-parametric ranks and signs based variance ratio tests to the daily Euro/Serbian dinar exchange rate returns using the data from January 2005 - December 2008. Both types of variance ratio tests overwhelmingly reject the random walk hypothesis over the data span. To assess the robustness of our findings, we examine the forecasting performance of a non-linear, nonparametric model in the spirit of Francis Diebold and James Nason (1990 and find that it is able to significantly improve upon the random walk model, thus confirming the existence of foreign exchange market imperfections in a small transition economy such as Serbia. In the last part of the paper, we conduct a comparative study on how our results relate to those of other transition economies in the region.

  12. Predictability of Exchange Rates in Sri Lanka: A Test of the Efficient Market Hypothesis

    OpenAIRE

    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...

  13. Moment generating function approach to pricing interest rate and foreign exchange rate claims

    NARCIS (Netherlands)

    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

  14. Effective Exchange Rates in Central and Eastern European Countries: Cyclicality and Relationship with Macroeconomic Fundamentals

    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.

  15. Cecal intubation time between cap-assisted water exchange and water exchange colonoscopy: a randomized-controlled trial.

    Science.gov (United States)

    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.

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

    Directory of Open Access Journals (Sweden)

    Syed Tehseen JAWAID

    2012-08-01

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

  17. GROUNDWATER-SURFACE WATER EXCHANGE AND IMPLICATIONS FOR LARGE RIVER RESTORATION

    Science.gov (United States)

    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...

  18. The Effect of Rain on Air-Water Gas Exchange

    Science.gov (United States)

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

    1997-01-01

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

  19. Testing nonlinearities between Brazilian exchange rate and inflation volatilities

    Directory of Open Access Journals (Sweden)

    Christiane R. Albuquerque

    2006-12-01

    Full Text Available There are few studies, directly addressing exchange rate and inflation volatilities, and lack of consensus among them. However, this kind of study is necessary, especially under an inflation-targeting system where the monetary authority must know well price behavior. This article analyses the relation between exchange rate and inflation volatilities using a bivariate GARCH model, and therefore modeling conditional volatilities, fact largely unexplored by the literature. We find a semi-concave relation between those series, and this nonlinearity may explain their apparently disconnection under a floating exchange rate system. The article also shows that traditional tests, with non-conditional volatilities, are not robust.Existem poucos estudos, e pouco consenso, sobre a relação entre as volatilidades cambial e da inflação. Todavia, tais estudos são necessários, especialmente em um regime de metas de inflação onde a autoridade monetária deve conhecer detalhadamente o comportamento dos preços. Existem poucos estudos, e pouco consenso, sobre a relação entre as volatilidades cambial e da inflação. Todavia, tais estudos são necessários, especialmente em um regime de metas de inflação onde a autoridade monetária deve conhecer detalhadamente o comportamento dos preços. Este artigo analisa a relação entre aquelas volatilidades usando um modelo Garch bivariado, modelando, portanto, as volatilidades condicionais, enfoque pouco explorado pela literatura. Encontramos uma relação semi-côncava entre as séries, e esta não-linearidade pode explicar o aparente descolamento das mesmas em períodos de regime cambial flutuante. O artigo também mostra que os testes tradicionais, com volatilidades não-condicionais, não são robustos.

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

    Science.gov (United States)

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

    2011-01-01

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

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

    Science.gov (United States)

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

    2012-07-01

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

  2. An Optimal Commitment Model of Exchange Rate Stabilization

    OpenAIRE

    Kyung-Soo Kim

    2006-01-01

    Recently East Asian countries that have amassed large US dollar reserves face a growing threat of big losses from a sudden decline in the dollar. This threat evokes an issue of the optimal commitment of exchange rate stabilization once raised by Isard (1995) who interpreted the cost of breaking the parity as the capital gain awarded to speculators, in the event the domestic currency is devalued. The only difference in this paper is revaluation. This paper models the central bank��s optima...

  3. MONETARY TRANSMISSION CHANNELS IN FLEXIBLE MONETARY AND EXCHANGE RATE REGIMES: THE CASE OF SELECTED TRANSITION ECONOMIES

    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.

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

    OpenAIRE

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

    1998-01-01

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

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

    OpenAIRE

    Mohsin S. Khan; Peter J. Montiel

    1987-01-01

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

  6. 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

  7. The exchange reaction between deuterium and water vapour on platinum deposited over a hydrophobic support

    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

  8. ECONOMETRIC APPROACH TO DIFFERENCE EQUATIONS MODELING OF EXCHANGE RATES CHANGES

    Directory of Open Access Journals (Sweden)

    Josip Arnerić

    2010-12-01

    Full Text Available Time series models that are commonly used in econometric modeling are autoregressive stochastic linear models (AR and models of moving averages (MA. Mentioned models by their structure are actually stochastic difference equations. Therefore, the objective of this paper is to estimate difference equations containing stochastic (random component. Estimated models of time series will be used to forecast observed data in the future. Namely, solutions of difference equations are closely related to conditions of stationary time series models. Based on the fact that volatility is time varying in high frequency data and that periods of high volatility tend to cluster, the most successful and popular models in modeling time varying volatility are GARCH type models and their variants. However, GARCH models will not be analyzed because the purpose of this research is to predict the value of the exchange rate in the levels within conditional mean equation and to determine whether the observed variable has a stable or explosive time path. Based on the estimated difference equation it will be examined whether Croatia is implementing a stable policy of exchange rates.

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

    Science.gov (United States)

    Waring, M S; Siegel, J A

    2008-06-01

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

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

    OpenAIRE

    Kiguel, Miguel A.; Liviatan, Nissan

    1994-01-01

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

  11. Effects of health information exchange adoption on ambulatory testing rates.

    Science.gov (United States)

    Ross, Stephen E; Radcliff, Tiffany A; Leblanc, William G; Dickinson, L Miriam; Libby, Anne M; Nease, Donald E

    2013-01-01

    To determine the effects of the adoption of ambulatory electronic health information exchange (HIE) on rates of laboratory and radiology testing and allowable charges. Claims data from the dominant health plan in Mesa County, Colorado, from 1 April 2005 to 31 December 2010 were matched to HIE adoption data on the provider level. Using mixed effects regression models with the quarter as the unit of analysis, the effect of HIE adoption on testing rates and associated charges was assessed. Claims submitted by 306 providers in 69 practices for 34 818 patients were analyzed. The rate of testing per provider was expressed as tests per 1000 patients per quarter. For primary care providers, the rate of laboratory testing increased over the time span (baseline 1041 tests/1000 patients/quarter, increasing by 13.9 each quarter) and shifted downward with HIE adoption (downward shift of 83, prates or imputed charges in either provider group. Ambulatory HIE adoption is unlikely to produce significant direct savings through reductions in rates of testing. The economic benefits of HIE may reside instead in other downstream outcomes of better informed, higher quality care.

  12. 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.

  13. Probing water structure and transport in proton exchange membranes

    NARCIS (Netherlands)

    Ling, X.

    2018-01-01

    Proton exchange membrane fuel cells (PEMFCs) have attracted tremendous attention as alternative energy sources because of their high energy density and practically zero greenhouse gas emission - water is their only direct by-product. Critical to the function of PEMFCs is fast proton and water

  14. Ion exchange separation of low boric acid concentrations from water

    International Nuclear Information System (INIS)

    Kysela, J.; Brabec, J.; Peterka, F.

    1975-01-01

    Boric acid poisoning of the moderator of the TR-O experimental heavy water reactor was studied. The possibility is discussed of removing boric acid from heavy water by means of a strong basic anion exchanger, below the residual concentration of 0.01 mg B/l. Measurements of the usable capacities of the strong basic anion exchanger Zerollit FF showed that the penetration of boric acid during the sorption period does not exceed the value of 0.015 mg B/l. The dependence was found of capacity on the boric acid concentration in the solution. Analytical methods used to determine B in water are also described. (author)

  15. 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.

  16. 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.

  17. THE RELATIONSHIP BETWEEN THE EXCHANGE RATE AND THE INFLATION: EMPIRICAL SURVEY FOR ROMANIA

    OpenAIRE

    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...

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

    OpenAIRE

    von Hagen, Jürgen; Zhou, Jizhong

    2003-01-01

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

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

    OpenAIRE

    2014-01-01

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

  20. Long-run and Short-run Determinants of the Real Exchange Rate in Zambia

    OpenAIRE

    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...

  1. The exchange rate arrangements-government finance relationship and the impact on debt management

    OpenAIRE

    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...

  2. 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?

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

    Science.gov (United States)

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

    2005-06-01

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

  4. Effects of exchange rate volatility on export volume and prices of forest products

    Science.gov (United States)

    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...

  5. The Effect of Monetary Policy on Exchange Rates : How to Solve the Puzzles

    NARCIS (Netherlands)

    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

  6. A firm-specific exposure analyis of the exchange-rate exposure of Dutch firms

    NARCIS (Netherlands)

    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

  7. Capital Controls and Foreign Investor Subsidies Implicit in South Africa's Dual Exchange Rate System

    NARCIS (Netherlands)

    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

  8. Measuring the Effect of Exchange Rate Movements on Stock Market Returns Volatility: GARCH Model

    Directory of Open Access Journals (Sweden)

    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.

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

    NARCIS (Netherlands)

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

    2002-01-01

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

  10. An Examination of the Impacts of Exchange Rate Volatility on Sectoral Trade in the Mercosur

    OpenAIRE

    Larson, Donald W.; Bittencourt, Maurício Vaz Lobo; Thompson, Stanley R.

    2005-01-01

    This study captures the lack of macroeconomic policy coordination among Mercosur countries, through the impact of real bilateral exchange rate volatility on trade. A sectoral gravity model is estimated under two different measures of exchange rate volatility. Results show that the reduction in exchange rate volatility can increase bilateral trade.

  11. Inflation Persistence under Semi-Fixed Exchange Rate Regimes:The European Evidence 1974-1998

    NARCIS (Netherlands)

    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

  12. 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.

  13. Return Rates for Needle Exchange Programs: A Common Criticism Answered

    Directory of Open Access Journals (Sweden)

    Ksobiech Kate

    2004-04-01

    Full Text Available Abstract This study searched the available needle exchange program (NEP literature for return rate data. A total of 26 articles were found. The overall worldwide return rate was 90%, although this ranged from a low of 15% to a high of 112%. U.S. NEP return rates were gathered from only eight studies, indicating a clear need for more data, although U.S. return rates were comparable to those from NEPs outside of the U.S. One underlying assumption made by opponents of NEPs is that IDUs will not return needles to the distribution site, thereby potentially increasing the risk of health problems to the surrounding community from exposure to contaminated needles. This study's results suggest that NEPs are relatively successful in taking in used needles, although it is generally unclear where the needles were originally acquired, and if IDUs return their own needles, or are returning needles for a social network. Ways for AIDS Service Organizations to capitalize on these brief encounters with IDUs, as well as public policy implications of the findings, are discussed.

  14. Impacts of Korea's Exchange Rate Uncertainty on Exports

    Directory of Open Access Journals (Sweden)

    Kwon Sik Kim

    2003-12-01

    Full Text Available This paper examines the effects of two types of uncertainty related to the real effective exchange rate (REER in Korea for export trends. To decompose uncertainties into two types of component, I propose an advanced generalized Markov switching model, as developed by Hamilton (1989 and then expanded by Kim and Kim (1996. The proposed model is useful in uncovering two sources of uncertainty: the permanent component of REER and the purely transitory component. I think that the two types of uncertainties have a different effect on export trends in Korea. The transitory component of REER has no effect on the export trend at 5-percent significance, but the permanent component has an effect at this level. In addition, the degree of uncertainty, consisting of low, medium and high uncertainty in the permanent component, and low, medium and high uncertainty in transitory component of REER, also has different effects on export trends in Korea. Only high uncertainty in permanent components effects export trends. The results show that when the policy authority intends to prevent the shrinkage of exports due to the deepening of uncertainties in the foreign exchange market, the economic impacts of its intervention could appear differently according to the characteristics and degree of the uncertainties. Therefore, they imply that its economic measures, which could not grasp the sources of uncertainties properly, may even bring economic costs.

  15. 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.

  16. 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.

  17. Exchange rate and trade balance: J-curve effect

    Directory of Open Access Journals (Sweden)

    Petrović Pavle

    2010-01-01

    Full Text Available This paper shows that exchange rate depreciation in Serbia improves trade balance in the long run, while giving rise to a J-curve effect in the short run. These results add to the already existent empirical evidence for a diverse set of other economies. Both Johansen's and autoregressive distributed lag approach are respectively used giving similar long-run estimates showing that real depreciation improves trade balance. Corresponding errorcorrection models as well as impulse response functions indicate that, following currency depreciation, trade balance first deteriorates before it later improves, i.e. exhibiting the J-curve pattern. These results are relevant for policy making both in Serbia and in a number of other emerging Europe countries as they face major current account adjustments after BoP crises of 2009.

  18. Exchange-rate policy in eastern Europe and EU integration

    Directory of Open Access Journals (Sweden)

    Jozef M. Van Brabant

    2001-09-01

    Full Text Available The paper examines potential conflicts between rapid EU integration of economies in transition (EiTs and their pursuing catch-up by focusing on exchange-rate policies. After justifying the proposed inquiry, official pronouncements on ER policies that EUcandidates are expected to pursue in the run-up to and upon their accession are summarized, and the salient features of recent debates on ER regimes recalled. Inasmuch as EiTs must modernize and reconcile this obligation with EU membership, in spite of the EU's cohesion experience, the paper combines real and nominal convergence issues with institutional changes upon EU accession to draw a novel perspective on the desirable postaccession transition regime for EiTs with a fairly active ER policy and the EU's cohesion strategy. Core components of such a strategy are advocated.

  19. 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

  20. Discontinuous gas exchange, water loss, and metabolism in Protaetia cretica (Cetoniinae, Scarabaeidae).

    Science.gov (United States)

    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.

  1. On the nonlinear influence of Reserve Bank of Australia interventions on exchange rates

    OpenAIRE

    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...

  2. Development of a Waste Water Regenerative System - Using Sphagnum Moss Ion-exchange

    Science.gov (United States)

    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.

  3. 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

  4. 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.

  5. Supercritical water oxidation of ion exchange resins: Degradation mechanisms

    Energy Technology Data Exchange (ETDEWEB)

    Leybros, A.; Roubaud, A. [CEA Marcoule, DEN DTCD SPDE LFSM, F-30207 Bagnols Sur Ceze (France); Guichardon, P. [Ecole Cent Marseille, F-13451 Marseille 20 (France); Boutin, O. [Aix Marseille Univ, UMR CNRS 6181, F-13545 Aix En Provence 4 (France)

    2010-07-01

    Spent ion exchange resins are radioactive process wastes for which there is no satisfactory industrial treatment. Supercritical water oxidation could offer a viable treatment alternative to destroy the organic structure of resins and contain radioactivity. IER degradation experiments were carried out in a continuous supercritical water reactor. Total organic carbon degradation rates in the range of 95-98% were obtained depending on operating conditions. GC-MS chromatography analyses were carried out to determine intermediate products formed during the reaction. Around 50 species were identified for cationic and anionic resins. Degradation of poly-styrenic structure leads to the formation of low molecular weight compounds. Benzoic acid, phenol and acetic acid are the main compounds. However, other products are detected in appreciable yields such as phenolic species or heterocycles, for anionic IERs degradation. Intermediates produced by intramolecular rearrangements are also obtained. A radical degradation mechanism is proposed for each resin. In this overall mechanism, several hypotheses are foreseen, according to HOO center dot radical attack sites. (authors)

  6. 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.

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

    NARCIS (Netherlands)

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

    2005-01-01

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

  8. Advantages of chemical exchange-sensitive spin-lock (CESL) over chemical exchange saturation transfer (CEST) for hydroxyl- and amine-water proton exchange studies.

    Science.gov (United States)

    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.

  9. VOLATILIZATION RATES FROM WATER TO INDOOR AIR ...

    Science.gov (United States)

    Contaminated water can lead to volatilization of chemicals to residential indoor air. Previous research has focused on only one source (shower stalls) and has been limited to chemicals in which gas-phase resistance to mass transfer is of marginal significance. As a result, attempts to extrapolate chemical emissions from high-volatility chemicals to lower volatility chemicals, or to sources other than showers, have been difficult or impossible. This study involved the development of two-phase, dynamic mass balance models for estimating chemical emissions from washing machines, dishwashers, and bathtubs. An existing model was adopted for showers only. Each model required the use of source- and chemical-specific mass transfer coefficients. Air exchange (ventilation) rates were required for dishwashers and washing machines as well. These parameters were estimated based on a series of 113 experiments involving 5 tracer chemicals (acetone, ethyl acetate, toluene, ethylbenzene, and cyclohexane) and 4 sources (showers, bathtubs, washing machines, and dishwashers). Each set of experiments led to the determination of chemical stripping efficiencies and mass transfer coefficients (overall, liquid-phase, gas-phase), and to an assessment of the importance of gas- phase resistance to mass transfer. Stripping efficiencies ranged from 6.3% to 80% for showers, 2.6% to 69% for bathtubs, 18% to 100% for dishwashers, and 3.8% to 100% for washing machines. Acetone and cyclohexane al

  10. Water and Wastewater Rate Hikes Outpace CPI

    Energy Technology Data Exchange (ETDEWEB)

    Stratton, Hannah [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Fuchs, Heidi [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Chen, Yuting [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Dunham, Camilla [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Williams, Alison [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2017-08-31

    Water and wastewater treatment and delivery is the most capital-intensive of all utility services. Historically underpriced, water and wastewater rates have exhibited unprecedented growth in the past fifteen years. Steep annual increases in water and wastewater rates that outpace the Consumer Price Index (CPI) have increasingly become the norm across the United States. In this paper, we analyze water and wastewater rates across U.S. census regions between 2000 and 2014. We also examine some of the driving factors behind these rate increases, including drought, water source, required infrastructure investment, population patterns, and conservation effects. Our results demonstrate that water and wastewater prices have consistently increased and have outstripped CPI throughout the study period nationwide, as well as within each census region. Further, evaluation of the current and upcoming challenges facing water and wastewater utilities suggests that sharp rate increases are likely to continue in the foreseeable future.

  11. 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)

  12. Australian Universities' Strategic Goals of Student Exchange and Participation Rates in Outbound Exchange Programmes

    Science.gov (United States)

    Daly, Amanda; Barker, Michelle

    2010-01-01

    International student exchange programmes are acknowledged as one aspect of a broader suite of internationalisation strategies aimed at enhancing students' intercultural understanding and competence. The decision to participate in an exchange programme is dependent on both individual and contextual factors such as student exchange policies and…

  13. On factors influencing air-water gas exchange in emergent wetlands

    Science.gov (United States)

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

    2018-01-01

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

  14. Gas exchange under water. Acclimation of terrestrial plants to submergence

    NARCIS (Netherlands)

    Mommer, L.

    2005-01-01

    Gas exchange between the plant and the environment is severely hampered when plants are submerged, leading to oxygen and energy deficits. A straightforward way to reduce these shortages of oxygen and carbohydrates would be prolonged photosynthesis under water, but this has received only little

  15. Modeling Equity for Alternative Water Rate Structures

    Science.gov (United States)

    Griffin, R.; Mjelde, J.

    2011-12-01

    The rising popularity of increasing block rates for urban water runs counter to mainstream economic recommendations, yet decision makers in rate design forums are attracted to the notion of higher prices for larger users. Among economists, it is widely appreciated that uniform rates have stronger efficiency properties than increasing block rates, especially when volumetric prices incorporate intrinsic water value. Yet, except for regions where water market purchases have forced urban authorities to include water value in water rates, economic arguments have weakly penetrated policy. In this presentation, recent evidence will be reviewed regarding long term trends in urban rate structures while observing economic principles pertaining to these choices. The main objective is to investigate the equity of increasing block rates as contrasted to uniform rates for a representative city. Using data from four Texas cities, household water demand is established as a function of marginal price, income, weather, number of residents, and property characteristics. Two alternative rate proposals are designed on the basis of recent experiences for both water and wastewater rates. After specifying a reasonable number (~200) of diverse households populating the city and parameterizing each household's characteristics, every household's consumption selections are simulated for twelve months. This procedure is repeated for both rate systems. Monthly water and wastewater bills are also computed for each household. Most importantly, while balancing the budget of the city utility we compute the effect of switching rate structures on the welfares of households of differing types. Some of the empirical findings are as follows. Under conditions of absent water scarcity, households of opposing characters such as low versus high income do not have strong preferences regarding rate structure selection. This changes as water scarcity rises and as water's opportunity costs are allowed to

  16. Isotopically decoupled vibrational spectra and proton exchange rates for crystalline NH3 and ammonia hydrate

    Science.gov (United States)

    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.

  17. 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.

  18. A meta-analysis of leaf gas exchange and water status responses to drought.

    Science.gov (United States)

    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.

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

    OpenAIRE

    Antzoulatos, Angelos A.; Wilfling, Bernd

    2003-01-01

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

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

    OpenAIRE

    Bankim Chadha; Eswar Prasad

    1997-01-01

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

  1. THE DETERMINATION OF THE COSTA RICA COLON/USD EXCHANGE RATE

    OpenAIRE

    Yu Hsing

    2009-01-01

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

  2. Gas exchanges and water use efficiency in the selection of tomato genotypes tolerant to water stress.

    Science.gov (United States)

    Borba, M E A; Maciel, G M; Fraga Júnior, E F; Machado Júnior, C S; Marquez, G R; Silva, I G; Almeida, R S

    2017-06-20

    Water stress can affect the yield in tomato crops and, despite this, there are few types of research aiming to select tomato genotypes resistant to the water stress using physiological parameters. This experiment aimed to study the variables that are related to the gas exchanges and the efficiency in water use, in the selection of tomato genotypes tolerant to water stress. It was done in a greenhouse, measuring 7 x 21 m, in a randomized complete block design, with four replications (blocks), being five genotypes in the F 2 BC 1 generation, which were previously obtained from an interspecific cross between Solanum pennellii versus S. lycopersicum and three check treatments, two susceptible [UFU-22 (pre-commercial line) and cultivar Santa Clara] and one resistant (S. pennellii). At the beginning of flowering, the plants were submitted to a water stress condition, through irrigation suspension. After that CO 2 assimilation, internal CO 2 , stomatal conductance, transpiration, leaf temperature, instantaneous water use efficiency, intrinsic efficiency of water use, instantaneous carboxylation efficiency, chlorophyll a and b, and the potential leaf water (Ψf) were observed. Almost all variables that were analyzed, except CO 2 assimilation and instantaneous carboxylation efficiency, demonstrated the superiority of the wild accession, S. pennellii, concerning the susceptible check treatments. The high photosynthetic rate and the low stomatal conductance and transpiration, presented by the UFU22/F 2 BC 1 #2 population, allowed a better water use efficiency. Because of that, these physiological characteristics are promising in the selection of tomato genotypes tolerant to water stress.

  3. Probabilistic estimation of residential air exchange rates for ...

    Science.gov (United States)

    Residential air exchange rates (AERs) are a key determinant in the infiltration of ambient air pollution indoors. Population-based human exposure models using probabilistic approaches to estimate personal exposure to air pollutants have relied on input distributions from AER measurements. An algorithm for probabilistically estimating AER was developed based on the Lawrence Berkley National Laboratory Infiltration model utilizing housing characteristics and meteorological data with adjustment for window opening behavior. The algorithm was evaluated by comparing modeled and measured AERs in four US cities (Los Angeles, CA; Detroit, MI; Elizabeth, NJ; and Houston, TX) inputting study-specific data. The impact on the modeled AER of using publically available housing data representative of the region for each city was also assessed. Finally, modeled AER based on region-specific inputs was compared with those estimated using literature-based distributions. While modeled AERs were similar in magnitude to the measured AER they were consistently lower for all cities except Houston. AERs estimated using region-specific inputs were lower than those using study-specific inputs due to differences in window opening probabilities. The algorithm produced more spatially and temporally variable AERs compared with literature-based distributions reflecting within- and between-city differences, helping reduce error in estimates of air pollutant exposure. Published in the Journal of

  4. Multifractality and value-at-risk forecasting of exchange rates

    Science.gov (United States)

    Batten, Jonathan A.; Kinateder, Harald; Wagner, Niklas

    2014-05-01

    This paper addresses market risk prediction for high frequency foreign exchange rates under nonlinear risk scaling behaviour. We use a modified version of the multifractal model of asset returns (MMAR) where trading time is represented by the series of volume ticks. Our dataset consists of 138,418 5-min round-the-clock observations of EUR/USD spot quotes and trading ticks during the period January 5, 2006 to December 31, 2007. Considering fat-tails, long-range dependence as well as scale inconsistency with the MMAR, we derive out-of-sample value-at-risk (VaR) forecasts and compare our approach to historical simulation as well as a benchmark GARCH(1,1) location-scale VaR model. Our findings underline that the multifractal properties in EUR/USD returns in fact have notable risk management implications. The MMAR approach is a parsimonious model which produces admissible VaR forecasts at the 12-h forecast horizon. For the daily horizon, the MMAR outperforms both alternatives based on conditional as well as unconditional coverage statistics.

  5. International Energy Prices(Exchange Rate and PPP)

    Energy Technology Data Exchange (ETDEWEB)

    Jo, Sung Han; Yoo, Dong Heon [Korea Energy Economics Institute, Euiwang (Korea)

    2000-11-01

    Energy is to be specially important to the Korean economy. In the past the major purpose of Korea's energy policies was to ensure that the energy was supplied at the low cost to encourage and sustain economic development and growth. Therefore, energy prices are distorted by government intervention. And this was the cause of inefficiency in usage of energy. In order to improve the energy efficiency and reduce the environmental impact of energy consumption, new energy pricing should be needed to the energy industry and the Korean economy. It is necessary to compare the domestic energy prices with other countries to improve the energy pricing system including tax, the relative structure of energy price, etc. In order to compare the domestic energy prices to those of other countries, the exchange rate, purchasing power parity and Big Mac index are used for calculation of common currency. We select 12 countries, which are Belgium, France, Germany, Greece, Ireland, Italy, Portugal, Spain, Switzerland, Taiwan, Mexico and England. The oil products(gasoline, diesel, heavy fuel oil and light fuel oil), natural gas and electricity are selected to compare the price. (author). 12 refs., 13 tabs.

  6. 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.

  7. Process for exchanging hydrogen isotopes between gaseous hydrogen and water

    International Nuclear Information System (INIS)

    Hindin, S.G.; Roberts, G.W.

    1977-01-01

    A process is described for exchanging isotopes (particularly tritium) between water and gaseous hydrogen. Isotope depleted gaseous hydrogen and water containing a hydrogen isotope are introduced into the vapour phase in a first reaction area. The steam and gaseous hydrogen are brought into contact with a supported metal catalyst in this area in a parallel flow at a temperature range of around 225 and 300 0 C. An effluent flow comprising a mixture of isotope enriched gaseous hydrogen and depleted steam is evacuated from this area and the steam condensed into liquid water [fr

  8. 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

  9. 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.

  10. 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.

  11. Separation of hydrogen isotope by hydrogen-water exchange

    International Nuclear Information System (INIS)

    Isomura, Shohei; Kaetsu, Hayato; Nakane, Ryohei

    1979-01-01

    The deuterium exchange reaction between gaseous hydrogen and liquid water is studied by use of three kinds of trickle bed exchange columns packed with hydrophobic catalysts supporting platinum. All columns have the effective lengths of 30 cm. They are 17 mm, 30 mm, and 95 mm in diameters, respectively. The separation experiments are carried out by the once-through methods. The separation efficiencies of the columns are evaluated by the parameters such as the height equivalent to a theoretical plate (H. E. T. P.) and the mass transfer co-efficient. It is found that the operating condition of the exchange column is optimum when the superficial hydrogen flow velocity is 0.3 m/sec. (author)

  12. The Behavior of Interest Rate Differentials Under Shifting Exchange Rate Regimes: The Experience of Chile, Colombia and Israel

    OpenAIRE

    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 ...

  13. 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

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

    OpenAIRE

    Desiraju, Ramarao; Shrikhande, Milind

    1996-01-01

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

  15. ANALYSIS OF EXCHANGE RATE LINKED SUBSIDIES FOR NON-PRICE EXPORT PROMOTION: THE CASE OF COTTON

    OpenAIRE

    Paudel, Laxmi; Adhikari, Murali; Houston, Jack E.; Kinnucan, Henry W.

    2002-01-01

    An equilibrium displacement framework was developed to evaluate the effect of exchange rate linked subsidies for non-price export promotion for US cotton. Study results show that an increase in promotion expenditure increased the dollar value and producer welfare of cotton growers. The gross gain to the domestic cotton producers from the exchange-rate linked subsidy scheme was positive. These evidences support exchange rate linked subsidies for US cotton export promotion.

  16. The Equilibrium Real Exchange Rate of the Malagasy Franc; Estimation and Assessment

    OpenAIRE

    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...

  17. Do central banks respond to exchange rate movements? Some new evidence from structural estimation

    OpenAIRE

    Wei Dong

    2013-01-01

    This paper investigates the impact of exchange rate movements on the conduct of monetary policy in Australia, Canada, New Zealand and the United Kingdom. We develop and estimate a structural general equilibrium two-sector model with sticky prices and wages and limited exchange rate pass-through. Different specifications for the monetary policy rule and the real exchange rate process are examined. The results indicate that the Reserve Bank of Australia, the Bank of Canada and the Bank of Engla...

  18. The source of real and nominal exchange rate fluctuations in Thailand: Real shock or nominal shock

    OpenAIRE

    Le Thanh, Binh

    2015-01-01

    This paper examines the source of exchange rate fluctuations in Thailand. We employed a structural vector auto-regression (SVAR) model with the long-run neutrality restriction of Blanchard and Quah (1989) to investigate the changes in real and nominal exchange rates from 1994 to 2015. In this paper, we assume that there are two types of shocks which related to exchange rate movements: real shocks and nominal shocks. The empirical analysis indicates that real shocks are the fundamental compon...

  19. Exchange Rate Exposure and Its Determinants: A Firm and Industry Analysis of the UK Companies

    OpenAIRE

    He, Jiao

    2010-01-01

    This study assesses whether the unexpected exchange rate movements volatilize the UK firms’ stock return based on the firm- and industry-level analysis, and examines whether the magnitude of the exchange rate exposure is determined by the firm-specific factors. Using a sample of 244 UK companies listed in the FTSE 350 during the test period between December 1999 and December 2009, the result documents that the exchange rate fluctuation does affect the firm value. Among the five introduced ex...

  20. Real Exchange Rate Variability: An Empirical Analysis of the Developing Countries Case

    OpenAIRE

    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...

  1. Macroeconomic Effects of Nominal Exchange Rate Regimes: New Insights into the Role of Price Dynamics

    OpenAIRE

    Kollmann, Robert

    2004-01-01

    This Paper analyses the effects of pegged and floating exchange rates using a two-country dynamic general equilibrium model that is calibrated to the US and a European aggregate. The model assumes shocks to money, productivity and the interest parity condition. It captures the fact that the sharp increase in nominal exchange rate volatility after the abandonment of the Bretton Woods (BW) system was accompanied by a commensurate rise in real exchange rate volatility, but had no pronounced effe...

  2. Exchange Rate Regimes and Macroeconomic Stability in Central and Eastern Europe

    OpenAIRE

    Paul De Grauwe; Gunther Schnabl

    2004-01-01

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

  3. The Effect of RMB Exchange Rate Volatility on Import and Export Trade in China

    OpenAIRE

    Wanhui Jiang

    2014-01-01

    The exchange rate volatility always plays a key role in import and export trade. This paper investigates the effect of nominal RMB exchange rate volatility on economic growth in China from 1981 to 2012. Through the ADF stationary test, the co-integration test, and the associated econometric model and the empirical analysis, the paper concludes that in the long run, exchange rate change has a positive impact on import and export trade. Therefore, it is necessary to take relevant policies and m...

  4. 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.

  5. An Econometric Analysis of the Impact of Real Effective Exchange Rate on Economic Activities in Nepal

    OpenAIRE

    NARA BAHADUR THAPA

    2002-01-01

    This paper tests the relationship between REER and GDP on the Nepalese economy. In the literature, two channels of transmission exist for the real exchange rate to affect economic activities; these are the aggregate demand channel and the aggregate supply channel. The traditional view has it that the real exchange rate operates through the aggregate demand channel. This means that the depreciation of the real exchange rate enhances the international competitiveness of domestic goods, boosts n...

  6. An Empirical Assessment of the Real Exchange Rate and Poverty in Nigeria

    OpenAIRE

    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...

  7. A CONSISTENT ESTIMATE FOR THE IMPACT OF SINGAPORE'S EXCHANGE RATE ON COMPETITIVENESS

    OpenAIRE

    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...

  8. THREATS AND BENEFITS OF EXCHANGE RATE REGIMES FOR UKRAINE IN TERMS OF EUROPEAN INTEGRATION

    OpenAIRE

    Svitlana Glushchenko; Svitlana Tkalenko

    2016-01-01

    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 compet...

  9. Choice of optimal exchange rate system For the Republic of Croatia

    OpenAIRE

    Dražen Koški

    2008-01-01

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

  10. Inflation, Exchange Rates and Interest Rates in Ghana: an Autoregressive Distributed Lag Model

    Directory of Open Access Journals (Sweden)

    Dennis Nchor

    2015-01-01

    Full Text Available This paper investigates the impact of exchange rate movement and the nominal interest rate on inflation in Ghana. It also looks at the presence of the Fisher Effect and the International Fisher Effect scenarios. It makes use of an autoregressive distributed lag model and an unrestricted error correction model. Ordinary Least Squares regression methods were also employed to determine the presence of the Fischer Effect and the International Fisher Effect. The results from the study show that in the short run a percentage point increase in the level of depreciation of the Ghana cedi leads to an increase in the rate of inflation by 0.20%. A percentage point increase in the level of nominal interest rates however results in a decrease in inflation by 0.98%. Inflation increases by 1.33% for every percentage point increase in the nominal interest rate in the long run. An increase in inflation on the other hand increases the nominal interest rate by 0.51% which demonstrates the partial Fisher effect. A 1% increase in the interest rate differential leads to a depreciation of the Ghana cedi by approximately 1% which indicates the full International Fisher effect.

  11. Benthic solute exchange and carbon mineralization in two shallow subtidal sandy sediments: Effect of advective pore-water exchange

    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...

  12. Chromate ion-exchange study for cooling water

    International Nuclear Information System (INIS)

    Sengupta, A.K.

    1985-01-01

    In spite of high chromate selectivity, the ion-exchange process for Cr(IV) recovery from cooling tower blowdown is yet to be commercially popular. Possible degradation of the ion-exchange resin by the oxidative action of Cr(IV) during ion exchange has been considered as the prime obstacle. Resins have been manufactured with fairly acceptable properties to withstand both physical attrition and chemical oxidation. Demonstrated during the course of this research is early, gradual Cr(VI) breakthrough during fixed-bed column runs at acidic pH in the presence of competing sulfate and chloride anions. The advantage of high chromate selectivity is essentially lost due to the early Cr(VI) breakthrough because the column runs are always terminated after a pre-determined level of Cr(VI) has appeared in the treated water. Experimental results provide sufficient evidence that this is not due to poor column kinetics or electrolyte penetration. The chromate ion-exchange mechanism has been investigated in order to explain the foregoing anomalies for the chromate-exchange process. The knowledge of chromate ion-exchange mechanism has been used to overcome the shortcoming of gradual Cr(VI) breakthrough. This study shows that: (a) a continuous counter-current ion-exchange system theoretically offers much higher Cr(VI) removal capacity compared to conventional single-unit fixed-bed system for any pre-determined level of Cr(VI) breakthrough; (b) by modifying the resin composition, the gradual Cr(VI) breakthrough can be greatly eliminated

  13. The specification of cross exchange rate equations used to test Purchasing Power Parity

    OpenAIRE

    Hunter, J; Simpson, M

    2004-01-01

    The Article considers the speciÞcation of models used to test Pur- chasing Power Parity when applied to cross exchange rates. SpeciÞcally, conventional dynamic models used to test stationarity of the real exchange rate are likely to be misspeciÞed, except when the parameters of each ex- change rate equation are the same

  14. Photolithography and Fluorescence Correlation Spectroscopy used to examine the rates of exchange in reverse micelle systems

    Science.gov (United States)

    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.

  15. The Influence of International Parity on the Exchange Rate: Purchasing Power Parity and International Fisher Effect

    OpenAIRE

    Oana Mionel

    2012-01-01

    This article assesses the impact of the inflation and interest rates on the exchange rates. The analysis tests the relation between the inflation rate and the exchange rate by applying the Purchasing Power Parity Theory, while the relation between the interest rate and the inflation rate is tested by applying the International Fisher Effect Theory. In order to test the Purchasing Power Parity the study takes into account the period of time between 1990 – 2009, and the following countries – th...

  16. 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.

  17. Dynamical analyses of the time series for three foreign exchange rates

    Science.gov (United States)

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

    2012-05-01

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

  18. 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)

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

    Science.gov (United States)

    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.

  20. Estimating Exchange Rate Exposure over Various Return Horizons: Focusing on Major Countries in East Asia

    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.

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

    Science.gov (United States)

    Berg, Peter; Pace, Michael L.

    2017-12-01

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

  2. 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

  3. Uncertainty quantification of surface-water/groundwater exchange estimates in large wetland systems using Python

    Science.gov (United States)

    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

  4. 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.

  5. 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...

  6. Subscale Water Based Phase Change Material Heat Exchanger Development

    Science.gov (United States)

    Sheth, Rubik; Hansen, Scott

    2016-01-01

    Supplemental heat rejection devices are required in many spacecraft as the radiators are not sized to meet the full heat rejection demand. One means of obtaining additional heat rejection is through the use of phase change material heat exchangers (PCM HX's). PCM HX's utilize phase change to store energy in unfavorable thermal environments (melting) and reject the energy in favorable environments (freezing). Traditionally, wax has been used as a PCM on spacecraft. However, water is an attractive alternative because it is capable of storing about 40% more energy per unit mass due to its higher latent heat of fusion. The significant problem in using water as a PCM is its expansion while freezing, leading to structural integrity concerns when housed in an enclosed heat exchanger volume. Significant investigation and development has taken place over the past five years to understand and overcome the problems associated with water PCM HX's. This paper reports on the final efforts by Johnson Space Center's Thermal Systems Branch to develop a water based PCM HX. The test article developed and reported on is a subscale version of the full-scale water-based PCM HX's constructed by Mezzo Technologies. The subscale unit was designed by applying prior research on freeze front propagation and previous full-scale water PCM HX development. Design modifications to the subscale unit included use of urethane bladder, decreased aspect ratio, perforated protection sheet, and use of additional mid-plates. Testing of the subscale unit was successful and 150 cycles were completed without fail.

  7. Foreign exchange risk management : how are the largest non-financial companies in Norway managing their foreign exchange rate exposure?

    OpenAIRE

    Eriksen, Krister; Wedøe, Ola

    2010-01-01

    The purpose of this thesis is to investigate how the largest non-financial companies in Norway manage their foreign exchange rate exposure. This is investigated through the use of a survey distributed to a sample the largest non-financial firms in Norway. According to our results, the largest non-financial companies in Norway have a predefined strategy for managing foreign exchange risk, which is defined by the board of directors or by the management in the organisation. The companies’ mai...

  8. Reaction rate constant for uranium in water and water vapor

    Energy Technology Data Exchange (ETDEWEB)

    TRIMBLE, D.J.

    1998-11-09

    The literature on uranium oxidation in water and oxygen free water vapor was reviewed. Arrhenius rate equations were developed from the review data. These data and equations will be used as a baseline from which to compare reaction rates measured for K Basin fuel.

  9. Water exchange method for colonoscopy: learning curve of an experienced colonoscopist in a U.S. community practice setting.

    Science.gov (United States)

    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.

  10. Effects of the anion salt nature on the rate constants of the aqueous proton exchange reactions.

    Science.gov (United States)

    Paredes, Jose M; Garzon, Andres; Crovetto, Luis; Orte, Angel; Lopez, Sergio G; Alvarez-Pez, Jose M

    2012-04-28

    The proton-transfer ground-state rate constants of the xanthenic dye 9-[1-(2-methyl-4-methoxyphenyl)]-6-hydroxy-3H-xanthen-3-one (TG-II), recovered by Fluorescence Lifetime Correlation Spectroscopy (FLCS), have proven to be useful to quantitatively reflect specific cation effects in aqueous solutions (J. M. Paredes, L. Crovetto, A. Orte, J. M. Alvarez-Pez and E. M. Talavera, Phys. Chem. Chem. Phys., 2011, 13, 1685-1694). Since these phenomena are more sensitive to anions than to cations, in this paper we have accounted for the influence of salts with the sodium cation in common, and the anion classified according to the empirical Hofmeister series, on the proton transfer rate constants of TG-II. We demonstrate that the presence of ions accelerates the rate of the ground-state proton-exchange reaction in the same order than ions that affect ion solvation in water. The combination of FLCS with a fluorophore undergoing proton transfer reactions in the ground state, along with the desirable feature of a pseudo-dark state when the dye is protonated, allows one unique direct determination of kinetic rate constants of the proton exchange chemical reaction. This journal is © the Owner Societies 2012

  11. 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)

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

    Science.gov (United States)

    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.

  13. 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

  14. PPP and the real exchange rate-real interest rate differential puzzle revisited: evidence from non-stationary panel data

    OpenAIRE

    Georgios E. Chortareas; Rebecca L. Driver

    2001-01-01

    This paper examines the evidence for two of the relationships that underpin (explicitly or implicitly) much of international macroeconomics. The first is purchasing power parity (PPP), or the hypothesis that there exists a constant long-run equilibrium real exchange rate. The second establishes a relationship between real exchange rates and real interest rate differentials. The tests are conducted on a panel of 18 OECD economies using the United States as a numeraire for the post-Bretton Wood...

  15. PRO-QUEST: a rapid assessment method based on progressive saturation for quantifying exchange rates using saturation times in CEST.

    Science.gov (United States)

    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.

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

    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.

  17. Gas exchange and hydraulics in seedlings of Hevea brasiliensis during water stress and recovery.

    Science.gov (United States)

    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.

  18. Universal model for water costs of gas exchange by animals and plants

    OpenAIRE

    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...

  19. 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.

  20. Some Tests of Random Walk Hypothesis for Bulgarian Foreign Exchange Rates

    OpenAIRE

    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.

  1. Exchange Rate – Relative Price Nonlinear Cointegration Relationship in Malaysia

    OpenAIRE

    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...

  2. 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.

  3. Exchangeable pulmonary water space evaluation using giant liposomes

    International Nuclear Information System (INIS)

    Santos, A.C.; Ribeiro, M.J.; Ferreira, N.; De Lima, J.J.P.

    1998-01-01

    The present work aims to study the potential use of liposomes for the evaluation of pulmonary exchangeable water space, important parameter in some pulmonary oedema situations. This study is based upon the delivery of a diffusible water radiotracer into pulmonary capillary network, which equilibrates with interstitial water space of the lung and returns to the blood circulation. The time constant of this phenomena depends on the magnitude of the water space under study. The release of the diffusible radiotracer in lung capillaries is performed using liposomes with specific formulation. The giant liposomes (15-30μm diameter) used in this study are instable at 37 deg. C. They are biocompatible, biodegradable, with low toxicity and showed no immunogenicity. A water tracer labelled with 99m Tc, encapsulated in the aqueous phase of giant liposomes, has been used. Liposomes were prepared in sterile conditions and with apyrogenic materials. The lipid films composition is L-α-diestearoylphosphatidylcholine (DSPC), L-α-phosphatidyl-DL-glycerol (EPG) and cholesterol (CHOL) (60%/10%/30% mass ratio). After iv injection at +-20 deg. C in the femoral vein of Wistar rats (300g-600g) or albine rabbits (4.5-5Kg), the thermolabile liposomes will be entrapped in lung capillaries and release the radiotracer locally. When the radiodrug is diffusible we will evaluate the volume of the exchangeable pulmonary water analyzing the activity/time curves. These curves are slower for greater water spaces. When the radiotracer is non-diffusible, the disappearance curves are not influenced by the extravascular water space. (author)

  4. Studies of the hydrous titanium oxide ion exchanger. 4. Rate of the isotopic exchange of sodium ions between the exchanger in the Na+ form and aqueous solution

    International Nuclear Information System (INIS)

    Inoue, Yasushi; Yamazaki, Hiromichi; Kasuga, Fuminori

    1995-01-01

    The isotopic exchange rate of Na + between hydrous titanium(IV) oxides, precipitated at pH 6 and 13, in the Na + form and aqueous solution of sodium salt was determined radiochemically. The rate in the exchanger precipitated at pH 6 is controlled by the diffusion of Na + in the exchanger particles (particle diffusion). The diffusion coefficient and its activation energy are 1.9 x 10 -11 m 2 s -1 (pH 12, 5.0degC) and 29 kJ mol -1 (pH 12), respectively. The rate in the exchanger precipitated at pH 13 is also controlled by the particle diffusion. The rate is much slower than that in the other; this can be explained by assuming the existence of two kinds of independently diffusing ions (fast and slow species) in the exchanger. The diffusion coefficients are of the order of 10 -12 and 10 -13 m 2 s -1 for the fast and the slow species, respectively. Their activation energies are 48-60 kJ mol -1 at pH 12. The marked difference in kinetics between two exchanges was interpreted in terms of the difference in the acid-base property and in the microstructure of the matrix. (author)

  5. The relationship between the forward– and the realized spot exchange rate in South Africa / Petrus Marthinus Stephanus van Heerden

    OpenAIRE

    Van Heerden, Petrus Marthinus Stephanus

    2010-01-01

    The inability to effectively hedge against unfavourable exchange rate movements, using the current forward exchange rate as the only guideline, is a key inhibiting factor of international trade. Market participants use the current forward exchange rate quoted in the market to make decisions regarding future exchange rate changes. However, the current forward exchange rate is not solely determined by the interaction of demand and supply, but is also a mechanistic estimation, whi...

  6. Sodium isotopic exchange rate between crystalline zirconium phosphate and molten NaNO/sub 3/

    Energy Technology Data Exchange (ETDEWEB)

    Inoue, Y; Yamada, Y [Tohoku Univ., Sendai (Japan). Faculty of Engineering

    1975-12-01

    The isotopic exchange rate of sodium ion between crystalline zirconium phosphate and molten NaNO/sub 3/ has been measured at 312/sup 0/C and 362/sup 0/C by batch method. The equilibrium was reached within 20 minutes at either temperature, and the rate was very rapid as compared with that of sodium-potassium ion exchange.

  7. 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...

  8. Exchange Rate and Industrial Commodity Volatility Transmissions, Asymmetries and Hedging Strategies

    NARCIS (Netherlands)

    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

  9. Comment on 'A Forecasting Equation for the Canada-US Dollar Real Exchange Rate'

    OpenAIRE

    Kollmann, Robert

    1993-01-01

    This paper is a comment on the paper 'A Forecasting Equation for the Canada-US Dollar Exchange Rate' (Robert Amano and Simon van Norden, Bank of Canada). The comment was published in: The Exchange Rate and the Economy, Proceedings of 1992 Bank of Canada Conference; Bank of Canada, 1993, Ottawa (ISBN 0-660-15195-2), pp. 266-271.

  10. 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

  11. Stochastic Discount Factor Approach to International Risk-Sharing: Evidence from Fixed Exchange Rate Episodes

    NARCIS (Netherlands)

    Hadzi-Vaskov, M.; Kool, C.J.M.

    2007-01-01

    This paper presents evidence of the stochastic discount factor approach to international risk-sharing applied to fixed exchange rate regimes. We calculate risk-sharing indices for two episodes of fixed or very rigid exchange rates: the Eurozone before and after the introduction of the Euro, and

  12. 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....

  13. 76 FR 6128 - Energy Exchange International, LLC; Supplemental Notice That Initial Market-Based Rate Filing...

    Science.gov (United States)

    2011-02-03

    ... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2730-000] Energy Exchange International, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... proceeding Energy Exchange International, LLC's application for market-based rate authority, with an...

  14. Trade openness, real exchange rates and job reallocation : Evidence from Belgium

    NARCIS (Netherlands)

    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

  15. A Bayesian analysis of the unit root in real exchange rates

    NARCIS (Netherlands)

    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

  16. Differences between foreign exchange rate regimes: the view from the tails

    NARCIS (Netherlands)

    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

  17. THE EVOLUTION OF CURRENCY RELATIONS IN THE LIGHT OF MAJOR EXCHANGE RATE ADJUSTMENT THEORIES

    Directory of Open Access Journals (Sweden)

    Sergiy TKACH

    2014-07-01

    Full Text Available This paper examines the impact of major exchange rate adjustment theories on the global monetary system. The reasons of the previous organization forms of monetary relations collapse at the global level are defined. The main achievements and failures of major exchange rate theories are described.

  18. Determinants of the ZAR/USD exchange rate and policy implications: A simultaneous-equation model

    Directory of Open Access Journals (Sweden)

    Yu Hsing

    2016-12-01

    Full Text Available This paper examines the determinants of the South African rand/US dollar (ZAR/USD exchange rate based on demand and supply analysis. Applying the EGARCH method, the paper finds that the ZAR/USD exchange rate is positively associated with the South African government bond yield, US real GDP, the US stock price and the South African inflation rate and negatively influenced by the 10-year US government bond yield, South African real GDP, the South African stock price, and the US inflation rate. The adoption of a free floating exchange rate regime has reduced the value of the rand vs. the US dollar.

  19. Heterogeneous effects of oil shocks on exchange rates: evidence from a quantile regression approach.

    Science.gov (United States)

    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.

  20. East Asia’s Foreign Exchange Rate Policies

    Science.gov (United States)

    2009-07-16

    At the other extreme, Japan, the Philippines, and South Korea have usually allowed their currencies to float freely in foreign exchange ( forex ...China, Indonesia, Malaysia, Singapore, Taiwan, Thailand, and Vietnam allow their currency to adjust in value in forex markets so long as the...There were also reports that Korea sold more dollars for won in early April 2008.7 At the time, some forex analysts claimed that the new South Korean