Search results for: macroeconomic stabilization

Authors: Angrita Denziana, Haninun, Hepiana Patmarina, Ferdinan Fatah

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The aims of the study are to determine the effect of the company's financial performance with Return on Asset (ROA) and Return on Equity (ROE) indicators. The macroeconomic factors with the indicators of Indonesia interest rate (SBI) and exchange rate on stock returns of non-financial companies listed in IDX. The results of this study indicate that the variable of ROA has negative effect on stock returns, ROE has a positive effect on stock returns, and the variable interest rate and exchange rate of SBI has positive effect on stock returns. From the analysis data by using regression model, independent variables ROA, ROE, SBI interest rate and the exchange rate very significant (p value < 0.01). Thus, all the above variable can be used as the basis for investment decision making for investment in Indonesia Stock Exchange (IDX) mainly for shares in the non- financial companies.

Keywords: ROA, ROE, interest rate, exchange rate, stock return

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Authors: Agim Kukelii, Gevorg Sargsyan

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This study, focusing on the base regional area (county level), estimates the effect of natural disaster damages on aggregate personal income, aggregate wages, wages per worker, aggregate employment, and aggregate income transfer. The study further estimates the dynamics of personal income, employment, and wages under natural disaster shocks. Southeast Texas, located at the center of Golf Coast, is hit by meteorological and hydrological caused natural disasters yearly. On average, there are more than four natural disasters per year that cane an estimated damage average of 2.2% of real personal income. The study uses the panel data method to estimate the average effect of natural disasters on the area’s economy (personal income, wages, employment, and income transfer). It also uses Panel Vector Autoregressive (PVAR) model to study the dynamics of macroeconomic variables under natural disaster shocks. The study finds that the average effect of natural disasters is positive for personal income and income transfer and is negative for wages and employment. The PVAR and the impulse response function estimates reveal that natural disaster shocks cause a decrease in personal income, employment, and wages. However, the economy’s variables bounce back after three years. The novelty of this study rests on several aspects. First, this is the first study to investigate the effects of natural disasters on macroeconomic variables at a regional level. Second, the study uses direct measures of natural disaster damages. Third, the study estimates that the time that the local economy takes to absorb the natural disaster damages shocks is three years. This is a relatively good reaction to the local economy, therefore, adding to the “resiliency” hypothesis. The study has several implications for policymakers, businesses, and households. First, this study serves to increase the awareness of local stakeholders that natural disaster damages do worsen, macroeconomic variables, such as personal income, employment, and wages beyond the immediate damages to residential and commercial properties, physical infrastructure, and discomfort in daily lives. Second, the study estimates that these effects linger on the economy on average for three years, which would require policymakers to factor in the time area need to be on focus.

Keywords: natural disaster damages, macroeconomics effects, PVAR, panel data

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Authors: Ali Sinan Soğancı

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Expansive soils are often encountered in many parts of the world, especially in arid and semi-arid fields. Such kind of soils, generally including active clay minerals in low water content, enlarge in volume by absorbing the water through the surface and cause a great harm to the light structures such as channel coating, roads and airports. The expansive soils were encountered on the path of Apa-Hotamış conveyance channel belonging to the State Hydraulic Works in the region of Konya. In the research done in this area, it is predicted that the soil has a swollen nature and the soil should be filled with proper granular equipment by digging the ground to 50-60 cm. In this study, for purpose of helping the other research to be done in the same area, it is thought that instead of replacing swollen soil with the granular soil, by stabilizing it with polypropylene fiber and using it its original place decreases effect of swelling percent, in this way the cost will be decreased. Therefore, a laboratory tests were conducted to study the effects of polypropylene fiber on swelling characteristics of expansive soil. Test results indicated that inclusion of fiber reduced swell percent of expansive soil. As the fiber content increased, the unconfined compressive strength was increased. Finally, it can be say that stabilization of expansive soils with polypropylene fiber is an effective method.

Keywords: expansive soils, polypropylene fiber, stabilization, swelling percent

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Authors: Ahmad Haidar

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Modern economic systems are characterized by growing complexity, and addressing their challenges requires innovative approaches. This study examines the implications of artificial intelligence (AI) on unemployment in Europe from a macroeconomic perspective, employing data modeling techniques to understand the relationship between AI integration and labor market dynamics. To understand the AI-unemployment nexus comprehensively, this research considers factors such as sector-specific AI adoption, skill requirements, workforce demographics, and geographical disparities. The study utilizes a panel data model, incorporating data from European countries over the last two decades, to explore the potential short-term and long-term effects of AI implementation on unemployment rates. In addition to investigating the direct impact of AI on unemployment, the study also delves into the potential indirect effects and spillover consequences. It considers how AI-driven productivity improvements and cost reductions might influence economic growth and, in turn, labor market outcomes. Furthermore, it assesses the potential for AI-induced changes in industrial structures to affect job displacement and creation. The research also highlights the importance of policy responses in mitigating potential negative consequences of AI adoption on unemployment. It emphasizes the need for targeted interventions such as skill development programs, labor market regulations, and social safety nets to enable a smooth transition for workers affected by AI-related job displacement. Additionally, the study explores the potential role of AI in informing and transforming policy-making to ensure more effective and agile responses to labor market challenges. In conclusion, this study provides a comprehensive analysis of the macroeconomic implications of AI on unemployment in Europe, highlighting the importance of understanding the nuanced relationships between AI adoption, economic growth, and labor market outcomes. By shedding light on these relationships, the study contributes valuable insights for policymakers, educators, and researchers, enabling them to make informed decisions in navigating the complex landscape of AI-driven economic transformation.

Keywords: artificial intelligence, unemployment, macroeconomic analysis, european labor market

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Authors: Ali Sinan Soğancı

Abstract:

Expansive soils are often encountered in many parts of the world, especially in arid and semi-arid fields. Such kind of soils, generally including active clay minerals in low water content, enlarge in volume by absorbing the water through the surface and cause a great harm to the light structures such as channel coating, roads and airports. The expansive soils were encountered on the path of Apa-Hotamış conveyance channel belonging to the State Hydraulic Works in the region of Konya. In the research done in this area, it is predicted that the soil has a swollen nature and the soil should be filled with proper granular equipment by digging the ground to 50-60 cm. In this study, for purpose of helping the other research to be done in the same area, it is thought that instead of replacing swollen soil with the granular soil, by stabilizing it with polypropylene fiber and using it its original place decreases effect of swelling percent, in this way the cost will be decreased. Therefore, a laboratory tests were conducted to study the effects of polypropylene fiber on swelling characteristics of expansive soil. Test results indicated that inclusion of fiber reduced swell percent of expansive soil. As the fiber content increased, the unconfined compressive strength was increased. Finally, it can be say that stabilization of expansive soils with polypropylene fiber is an effective method.

Keywords: expansive soils, polypropylene fiber, stabilization, swelling percent

Procedia PDF Downloads 519

Authors: Millicent N. Khumalo, Phesheya E. Dlamini

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Shrub-encroachment leads to a gain or loss of soil organic carbon (SOC) in previously open rangelands. The stabilization mechanisms controlling the storage of soil organic carbon (SOC) within aggregates of shrub-encroached grassland soils are poorly understood, especially in shallow plinthic soils. In this study, physical fractionation of surface soils (0- 10 cm) collected from open and shrub-encroached grasslands was conducted to determine the distribution of SOC within macro-and- microaggregates. Soil aggregates were classified into four fractions by a wet-sieving procedure, namely >2000 (large macro-aggregates), 212-2000 (small macro-aggregates), 50-212 (microaggregates) and < 50µm (silt+clay). In both shrub-encroached and open grassland soils, SOC was greater in the silt+clay fraction. In this fraction, SOC was on average 133% greater in shrub-encroached compared to open grassland. The greater SOC within the silt+clay fraction is due to the greater surface area and thus more exchange sites for carbon absorption. This implies that the SOC physically protected within the silt+clay is stored long-term.

Keywords: aggregate fractions, shrub-encroachment, soil organic carbon, stabilization

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Authors: Youngseok Kim, Chul Park, Jonghwa Yi, Sangsik Choi

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The 2-MHz Side Scan SONAR (SSS) attached to the boat for inspection of underwater structures is affected by shaking. It is difficult to determine the exact scale of damage of structure. In this study, a motion sensor is attached to the inside of the 2-MHz SSS to get roll, pitch, and yaw direction data, and developed the image stabilization tool to correct the sonar image. We checked that reliable data can be obtained with an average error rate of 1.99% between the measured value and the actual distance through experiment. It is possible to get the accurate sonar data to inspect damage in underwater structure.

Keywords: image stabilization, motion sensor, safety inspection, sonar image, underwater structure

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Authors: Akinbuluma Ayodeji Theophilus, Adewale Olutaiwo

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When building roads and paved surfaces, a strong foundation is always essential. A durable material that can withstand years of traffic while staying trustworthy must be used to build the foundation. A frequent problem in the construction of roads and pavements is the lack of high-quality, long-lasting materials for the pavement structure (base, subbase, and subgrade). Hence, this study examined the stabilization of lateritic soil samples from Ijoko with cement kiln dust and lime. The study adopted the experimental design. Laboratory tests were conducted on classification, swelling potential, compaction, California bearing ratio (CBR), and unconfined compressive tests, among others, were conducted on the laterite sample treated with cement kiln dust (CKD) and lime in incremental order of 2% up to 10% of dry weight soft soil sample. The results of the test showed that the studied soil could be classified as an A-7-6 and CL soil using the American Association of State Highway and transport officials (AASHTO) and the unified soil classification system (USCS), respectively. The plasticity (PI) of the studied soil reduced from 30.5% to 29.9% at the application of CKD. The maximum dry density on the application of CKD reduced from 1.9.7 mg/m3 to 1.86mg/m3, and lime application yielded a reduction from 1.97mg/m3 to 1.88.mg/m3. The swell potential on CKD application was reduced from 0.05 to 0.039%. The study concluded that soil stabilizations are effective and economic way of improving road pavement for engineering benefit. The degree of effectiveness of stabilization in pavement construction was found to depend on the type of soil to be stabilized. The study therefore recommended that stabilized soil mixtures should be used to subbase material for flexible pavement since is a suitable.

Keywords: lateritic soils, sand, cement, stabilization, road pavement

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Authors: Irina E. Sukovataya, Oleg S. Sutormin, Valentina A. Kratasyuk

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Effect of viscosity of media on kinetic parameters of the coupled enzyme system NADH:FMN-oxidoreductase–luciferase was investigated with addition of organic solvents (glycerol and sucrose), because bioluminescent enzyme systems based on bacterial luciferases offer a unique and general tool for analysis of the many analytes and enzymes in the environment, research, and clinical laboratories and other fields. The possibility of stabilization and increase of activity of the coupled enzyme system NADH:FMN-oxidoreductase–luciferase activity in vicious aqueous-organic mixtures have been shown.

Keywords: coupled enzyme system of bioluminescence bacteria NAD(P)H:FMN-oxidoreductase–luciferase, glycerol, stabilization of enzymes, sucrose

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Authors: Rabah Younes

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The reduction of available land resources and the increased cout associated with the use of high quality materials have led to the need for local soils to be used in geotechnical construction, however; poor engineering properties of these soils pose difficulties for constructions project and need to be stabilized to improve their properties in other works unsuitable soils with low bearing capacity , high plasticity coupled with high instability are frequently encountered hence, there is a need to improve the physical and mechanical characteristics of these soils to make theme more suitable for construction this can be done by using different mechanical and chemical methods clayey soil stabilization has been practiced for sometime but mixing additives, such us cement, lime and fly ash to the soil to increase its strength.

Keywords: clay, soil stabilization, naturaln pozzolana, atterberg limits, compaction, compressive strength shear strength, curing

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Authors: G. Petruzzelli, F. Pedron, M. Grifoni, A. Pera, I. Rosellini, B. Pezzarossa

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The addition of lime as Ca(OH)2 to sewage sludge to destroy pathogens (Escherichia coli), was evaluated also in relation to heavy metal bioavailability. The obtained results show that the use of calcium hydroxide at the dose of 3% effectively destroyed pathogens ensuring the stability at high pH values over long period and the duration of the sewage sludge stabilization. In general, lime addition decreased the total extractability of heavy metals indicating a reduced bioavailability of these elements. This is particularly important for a safe utilization in agricultural soils to reduce the possible transfer of heavy metals to the food chain.

Keywords: biological sludge, Ca(OH)2, copper, pathogens, sanitation, zinc

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Authors: Carla E. O. de Moraes, Gladson O. Antunes, Mauro A. Rincon

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The aim of this paper is to study the internal stabilization of the Bernoulli-Euler equation numerically. For this, we consider a square plate subjected to a feedback/damping force distributed only in a subdomain. An algorithm for obtaining an approximate solution to this problem was proposed and implemented. The numerical method used was the Finite Difference Method. Numerical simulations were performed and showed the behavior of the solution, confirming the theoretical results that have already been proved in the literature. In addition, we studied the validation of the numerical scheme proposed, followed by an analysis of the numerical error; and we conducted a study on the decay of the energy associated.

Keywords: Bernoulli-Euler plate equation, numerical simulations, stability, energy decay, finite difference method

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Authors: Mohamed Chakroun

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In this paper, we analyze the macroeconomic impacts of Oman’s strategy to transition to a green economy by 2050. Our objective is to determine the most effective climate policy instrument to facilitate this transition. By utilizing a Dynamic Stochastic General Equilibrium (DSGE) model, we assess the effectiveness of three climate policy tools: a carbon tax, subsidies to green assets, and taxes on brown assets. Our results indicate that a combination of a carbon tax, along with differentiated taxes and subsidies on green and brown assets, proves to the most effective policy in reducing emissions while maintaining macroeconomic stability. The findings of this study demonstrate the need for policymakers to balance the immediate goals of reducing emissions with the economic costs involved. Implementing a gradual transition strategy may be preferable as it allows for mitigating the negative economic impacts while facilitating the shift towards a green economy.

Keywords: green economy, carbon tax, DSGE model, climate policy, sustainable growth

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Authors: Simran Kaur, Paul J. Van Geel

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A coupled Thermal-Mechanical-Biological (TMB) model was developed for the analysis of impacts of temperatures on waste stabilization at a Municipal Solid Waste (MSW) landfill in Quebec, Canada using COMSOL Multiphysics, a finite element-based software. For waste placed in landfills in Northern climates during winter months, it can take months or even years before the waste approaches ideal temperatures for biodegradation to occur. Therefore, the proposed model links biodegradation induced strain in MSW to waste temperatures and corresponding heat generation rates as a result of anaerobic degradation. This provides a link between the thermal-biological and mechanical behavior of MSW. The thermal properties of MSW are further linked to density which is tracked and updated in the mechanical component of the model, providing a mechanical-thermal link. The settlement of MSW is modelled based on the concept of viscoelasticity. The specific viscoelastic model used is a single Kelvin – Voight viscoelastic body in which the finite element response is controlled by the elastic material parameters – Young’s Modulus and Poisson’s ratio. The numerical model was validated with 10 years of temperature and settlement data collected from a landfill in Ste. Sophie, Quebec. The coupled TMB modelling framework, which simulates placement of waste lifts as they are placed progressively in the landfill, allows for optimization of several thermal and mechanical parameters throughout the depth of the waste profile and helps in better understanding of temperature dependence of MSW stabilization. The model is able to illustrate how waste placed in the winter months can delay biodegradation-induced settlement and generation of landfill gas. A delay in waste stabilization will impact the utilization of the approved airspace prior to the placement of a final cover and impact post-closure maintenance. The model provides a valuable tool to assess different waste placement strategies in order to increase airspace utilization within landfills operating under different climates, in addition to understanding conditions for increased gas generation for recovery as a green and renewable energy source.

Keywords: coupled model, finite element modeling, landfill, municipal solid waste, waste stabilization

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Authors: P. Mbecke

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Developmental social welfare implemented through developmental social work is being applauded internationally as an approach that facilitates social development theory and practice. However, twenty-two years into democracy, there are no tangible evidences that the much-desired developmental social welfare approach has assisted the post-apartheid macroeconomic policy frameworks in addressing poverty and inequality, thus, the derailment of the post-apartheid development approach in South Africa. Based on the implementation research theory, and the literature review technique, this paper recognizes social work as a principal role-player in social development. It recommends the redesign and implementation of an effective developmental social welfare approach with specific strategies, programs, activities and sufficient resources aligned to and appropriate in delivering on the promises of the government’s macroeconomic policy frameworks. Such approach should be implemented by skilled and dedicated developmental social workers in order to achieve transformation in South Africa.

Keywords: apartheid, developmental social welfare, developmental social work, inequality, poverty alleviation, social development, South Africa

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Authors: J. Fajardo, J. Guerra, E. Gonzales

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This paper will outline a study of Brazil's industrial base of defense (IDB), through a bibliographic research method, combined with an analysis of macroeconomic data from several available public data platforms. This paper begins with a brief study about Brazilian national industry, including analyzes of productivity, income, outcome and jobs. Next, the research presents a study on the defense industry in Brazil, presenting the main national companies that operate in the aeronautical, army and naval branches. After knowing the main points of the Brazilian defense industry, data on the productivity of the defense industry of the main countries and competing companies of the Brazilian industry were analyzed, in order to summarize big cases in Brazil with a comparative analysis. Concerned the methodology, were used bibliographic research and the exploration of historical data series, in order to analyze information, to get trends and to make comparisons along the time. The research is finished with the main trends for the development of the Brazilian defense industry, comparing the current situation with the point of view of several countries.

Keywords: economics of defence, industry, trends, market

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Authors: Pau Rausell-Koster, Jordi Sanjuan-Belda

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The economic crisis of 2008 had a special impact on cultural consumption in Spain. It fell by almost 30% in a few years, and its share of total family spending decreased from 3.19% in 2007 to 2.38% in 2015. In 2017, unlike other indicators, cultural consumption levels were still far from recovering their pre-crisis values. In times of economic difficulties, the satisfaction of primary subsistence needs takes priority over that of social, cultural and experiential needs, among which cultural consumption would mostly be framed. However, its evolution cannot be attributed exclusively to macroeconomic trends. In parallel to these, technological advances mainly related to the Internet have been disseminated in recent years, which have a very marked impact on the consumption patterns of some cultural sectors. Thus, the aim of this study is to define the causes of the decline in cultural consumption in Spain in recent years, and analyse what type of products, territories and population profiles suffered it especially. From the data analysis of the Family Budget Survey, the study seeks to improve the understanding of the determinants of cultural consumption and their behaviour in the face of macroeconomic trends, as well as identify and extract some policy implications regarding to the upcoming crisis caused by COVID-19.

Keywords: consume patterns, cultural consumption, economic crisis, economic trends

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Authors: E. Bittar, A. Quiñonez, F. Mencia, E. Aguero, M. Delgado, V. Arriola, R. López

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In the western region of Paraguay, the poor condition of the roads has negatively affected the development of this zone, where the absence of petrous material has led engineers to opt for the stabilization of soils with lime or cement as the main structure for bases and subbases of these roads. In several areas of this region, high sulfate contents have been found both in groundwater and in soils, which, when reacted with lime or cement, generate a new problem instead of solving it. On the other hand, the use of industrial waste as granulated slag and fly ash proved to be a sustainable practice widely used in the manufacture of cement, and now also, in the stabilization of soils worldwide. Works related to soils containing sulfates stabilized either with granulated slag or fly ash and lime shown a good performance in their mechanical behaviour. This research seeks to evaluate the mechanical behaviour of soils with high contents of sulfates stabilized with lime by curing them both, at the normalized temperature (23 ± 2 °C) and at 40 ± 2 °C. Moreover, it attempts to asses if the addition of rice husk ash has a positive influence on the new geomaterial. The 40 ± 2 °C curing temperature was selected trying to simulate the average local temperature in summer and part of spring session whereas rice husk ash is an affordable waste produced in the region. An extensive experimental work, which includes unconfined compression, durability and free swell tests were carried out considering different dry unit weights, lime content and the addition of 20% of rice husk ash. The results showed that the addition of rice husk ash increases the resistance and durability of the material and decreases the expansion of this, moreover, the specimens cured at a temperature of 40 ± 2 °C showed higher resistance, better durability and lower expansion compared to those cured at the normalized temperature of 23 ± 2 °C.

Keywords: durability, expansion, lime stabilization, rice husk ash, sulfate

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Authors: Lukas Reznak, Maria Reznakova

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Recession of an economy has a profound negative effect on all involved stakeholders. It follows that timely prediction of recessions has been of utmost interest both in the theoretical research and in practical macroeconomic modelling. Current mainstream of recession prediction is based on standard OLS models of continuous GDP using macroeconomic data. This approach is not suitable for two reasons: the standard continuous models are proving to be obsolete and the macroeconomic data are unreliable, often revised many years retroactively. The aim of the paper is to explore a different branch of recession forecasting research theory and verify the findings on real data of the Czech Republic and Germany. In the paper, the authors present a family of discrete choice probit models with parameters estimated by the method of maximum likelihood. In the basic form, the probits model a univariate series of recessions and expansions in the economic cycle for a given country. The majority of the paper deals with more complex model structures, namely dynamic and bivariate extensions. The dynamic structure models the autoregressive nature of recessions, taking into consideration previous economic activity to predict the development in subsequent periods. Bivariate extensions utilize information from a foreign economy by incorporating correlation of error terms and thus modelling the dependencies of the two countries. Bivariate models predict a bivariate time series of economic states in both economies and thus enhance the predictive performance. A vital enabler of timely and successful recession forecasting are reliable and readily available data. Leading indicators, namely the yield curve and the stock market indices, represent an ideal data base, as the pieces of information is available in advance and do not undergo any retroactive revisions. As importantly, the combination of yield curve and stock market indices reflect a range of macroeconomic and financial market investors’ trends which influence the economic cycle. These theoretical approaches are applied on real data of Czech Republic and Germany. Two models for each country were identified – each for in-sample and out-of-sample predictive purposes. All four followed a bivariate structure, while three contained a dynamic component.

Keywords: bivariate probit, leading indicators, recession forecasting, Czech Republic, Germany

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Authors: Vijay Kumar, Ron Bird

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The study investigates the effect of bank-specific, industry-specific and macroeconomic variables on the profitability of conventional and Islamic banks. Our sample comprises 1,781 bank-year observations of 205 banks from four countries in the Asian region for the period 2004-2014. Our results suggest that credit quality, cost management and bank size are the keys factors that contribute positively to bank profitability in Asia. The banks with high non-performing loans and high cost-to-income ratio are more likely to be exposed to losses. The impacts of the bank-specific variables are stronger than are the industry-specific and macroeconomic variables. We find that Malaysian banks are the least profitable compared to the banks in Bangladesh, Indonesia and Pakistan. There is strong evidence to suggest that conventional banks are more profitable than Islamic banks. Our results suggest that the impact of capital adequacy ratio and bank size and loan to deposit ratio vary across Islamic and conventional banks and across different subsamples.

Keywords: capital adequacy ratio, Islamic banks, non-performing loan ratio, ownership

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Authors: Yi-Fei Yang, Nai-Bao He, Shao-Bang Xing

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This study investigates the permanent magnet synchronous linear motor (PMSLM) chaotic motion under the specific physical parameters, the stability and the security of motor-driven system will be unavoidably influenced. Therefore, it is really necessary to investigate the methods of controlling or suppressing chaos in PMSLM. Firstly, we derive a chaotic model of PMSLM in the closed-loop system. Secondly, in order to realize the local asymptotic stabilization of the mechanical subsystem and the global stabilization of the motor-driven system including electrical subsystem, we propose an improved uniting control lyapunov functions by introducing backstepping approach. Finally, an illustrated example is also given to show the electiveness of the obtained results.

Keywords: linear motor, lyapunov functions, chao control, hybrid controller

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Authors: Alain Villemeur

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The relationships between the profit share in income on the one hand and the growth rates of output and employment on the other hand have been studied for 17 advanced economies since 1961. The vast majority (98%) of annual values for the profit share fall between 20% and 40%, with an average value of 33.9%. For the 17 advanced economies, Gross Domestic Product and productivity growth rates tend to fall as the profit share in income rises. For the employment growth rates, the relationships are complex; nevertheless, over long periods (1961-2000), it appears that the more job-creating economies are Australia, Canada, and the United States; they have experienced a profit share close to 1/3. This raises a number of questions, not least the value of 1/3 for the profit share and its role in macroeconomic fundamentals. To explain these facts, an endogenous growth model is developed. This growth and distribution model reconciles the great ideas of Kaldor (economic growth as a chain reaction), of Keynes (effective demand and marginal efficiency of capital) and of Ricardo (importance of the wage-profit distribution) in an economy facing creative destruction. A production function is obtained, depending mainly on the growth of employment, the rate of net investment and the profit share in income. In theory, we show the existence of incentives: an incentive for job creation when the profit share is less than 1/3 and another incentive for job destruction in the opposite case. Thus, increasing the profit share can boost the employment growth rate until it reaches the value of 1/3; otherwise lowers the employment growth rate. Three key findings can be drawn from these considerations. The first reveals that the best GDP and productivity growth rates are obtained with a profit share of less than 1/3. The second is that maximum job growth is associated with a 1/3 profit share, given the existence of incentives to create more jobs when the profit share is less than 1/3 or to destroy more jobs otherwise. The third is the decline in performance (GDP growth rate and productivity growth rate) when the profit share increases. In conclusion, increasing the profit share in income weakens GDP growth or productivity growth as a long-term trend, contrary to the trickle-down hypothesis. The employment growth rate is maximum for a profit share in income of 1/3. All these lessons suggest macroeconomic policies considering the profit share in income.

Keywords: advanced countries, GDP growth, employment growth, profit share, economic policies

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Authors: Li Li, Kai-Hsuan Chu

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It is well known that the real estate price depends on a lot of factors. Each house current value is dependent on the location, room number, transportation, living convenience, year and surrounding environments. Although, there are different experienced models for housing agent to estimate the price, it is a case by case study without overall dynamic variation investigation. However, many economic parameters may more or less influence the real estate price variation. Here, the influences of most macroeconomic parameters on real estate price are investigated individually based on least-square scheme and grey correlation strategy. Then those parameters are classified into leading indices, simultaneous indices and laggard indices. In addition, the leading time period is evaluated based on least square method. The important leading and simultaneous indices can be used to establish an artificial intelligent neural network model for real estate price variation prediction. The real estate price variation of Taipei, Taiwan during 2005 ~ 2017 are chosen for this research data analysis and validation. The results show that the proposed method has reasonable prediction function for real estate business reference.

Keywords: real estate price, least-square, grey correlation, macroeconomics

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Authors: Aydın Kavak, Özkan Coruk, Adnan Aydıner

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Long-term performance of pavement structures is significantly impacted by the stability of the underlying soils. In situ subgrades often do not provide enough support required to achieve acceptable performance under traffic loading and environmental demands. NovoCrete® is a powder binder-mineral for cement stabilized road pavements soils. NovoCrete® combined with Portland cement at optimum water content increases the crystallize formations during the hydration process, resulting in higher strengths, neutralizes pH levels, and provides water impermeability. These changes in soil properties may lead to transforming existing unsuitable in-situ materials into suitable fill materials. The main features of NovoCrete® are: They are applicable to all types of soil, reduce premature cracking and improve soil properties, creating base and subbase course layers with high bearing capacity by reducing hazardous materials. It can be used also for stabilization of recyclable aggregates and old asphalt pavement aggregate, etc. There are many applications in Germany, Turkey, India etc. In this paper, a few field application in Turkey will be discussed. In the road construction works, this binder material is used for cement stabilization works. In the applications 120-180 kg cement is used for 1 m3 of soil with a 2 % of binder NovoCrete® material for the stabilization. The results of a plate loading test in a road construction site show 1 mm deformation which is very small under 7 kg/cm2 loading. The modulus of subgrade reaction increase from 611 MN/m3 to 3673 MN/m3.The soaked CBR values for stabilized soils increase from 10-20 % to 150-200 %. According to these data weak subgrade soil can be used as a base or sub base after the modification. The potential reduction in the need for quarried materials will help conserve natural resources. The use of on-site or nearby materials in fills, will significantly reduce transportation costs and provide both economic and environmental benefits.

Keywords: soil, stabilization, cement, binder, Novocrete, additive

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Authors: Ichiro Takahashi

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One conundrum that macroeconomic theory faces is to explain how an economy can revive from depression, in which the aggregate demand has fallen substantially below its productive capacity. This paper examines an autonomous stabilizing mechanism using an agent-based Wicksell-Keynes macroeconomic model. This paper focuses on the effects of the number of firms and the length of the gestation period for investment that are often assumed to be one in a mainstream macroeconomic model. The simulations found the virtual economy was highly unstable, or more precisely, collapsing when these parameters are fixed at one. This finding may even suggest us to question the legitimacy of these common assumptions. A perpetual decline in capital stock will eventually encourage investment if the capital stock is short-lived because an inactive investment will result in insufficient productive capacity. However, for an economy characterized by a roundabout production method, a gradual decline in productive capacity may not be able to fall below the aggregate demand that is also shrinking. Naturally, one would then ask if our economy cannot rely on an external stimulus such as population growth and technological progress to revive investment, what factors would provide such a buoyancy for stimulating investments? The current paper attempts to answer this question by employing the artificial macroeconomic model mentioned above. The baseline model has the following three features: (1) the multi-period gestation for investment, (2) a large number of heterogeneous firms, (3) demand-constrained firms. The instability is a consequence of the following dynamic interactions. (a) A multiple-period gestation period means that once a firm starts a new investment, it continues to invest over some subsequent periods. During these gestation periods, the excess demand created by the investing firm will spill over to ignite new investment of other firms that are supplying investment goods: the presence of multi-period gestation for investment provides a field for investment interactions. Conversely, the excess demand for investment goods tends to fade away before it develops into a full-fledged boom if the gestation period of investment is short. (b) A strong demand in the goods market tends to raise the price level, thereby lowering real wages. This reduction of real wages creates two opposing effects on the aggregate demand through the following two channels: (1) a reduction in the real labor income, and (2) an increase in the labor demand due to the principle of equality between the marginal labor productivity and real wage (referred as the Walrasian labor demand). If there is only a single firm, a lower real wage will increase its Walrasian labor demand, thereby an actual labor demand tends to be determined by the derived labor demand. Thus, the second positive effect would not work effectively. In contrast, for an economy with a large number of firms, Walrasian firms will increase employment. This interaction among heterogeneous firms is a key for stability. A single firm cannot expect the benefit of such an increased aggregate demand from other firms.

Keywords: agent-based macroeconomic model, business cycle, demand constraint, gestation period, representative agent model, stability

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Authors: Bo Yang, Hali̇l Ceylan, Ali Ulvi̇ Uzer

Abstract:

This experimental study was performed to investigate the effect of biofuel co-products (BCPs) with sulfur-free lignin addition on the unconsolidated on strength and durability behavior in pavement soil stabilization subjected to freezing–thawing cycles. For strength behavior, a series of unconfined compression tests were conducted. Mass losses were also calculated after freezing–thawing cycles as criteria for durability behavior. To investigate the effect of the biofuel co-products on the durability behavior of the four type’s soils, mass losses were calculated after 12 freezing–thawing cycles. The co-products tested are promising additives for improving durability under freeze-thaw conditions, and each type has specific advantages.

Keywords: durability, mass lose, freezing–thawing test, bio-energy co-product, soil stabilization

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Authors: Timur Mukhametkaliyev

Abstract:

The earthen material possesses low compression strength, and it is highly sensitive to the water content. Different binders can be added (Portland cement or lime) to improve the durability and the mechanical characteristics of earthen material, but the production of these binders has high embodied energy and results in an increase in world CO₂ emission. Geopolymers are binders which can be synthesized at low temperature in alkaline solutions from raw materials consisting of amorphous aluminosilicates. Geopolymers are an attractive substitution of Portland cement and can be used as an excellent stabilization for earthen material. In this study, earthen material stabilized with geopolymer binder for use in construction 3D printing was developed. Construction 3D printing offers freedom of design, waste minimisation, customisation, reduced labour, and automation. For successful 3D printing, the properties of used material are the most important aspects because they require adaptability for extrusion and controlled time of hardening for the binder.

Keywords: 3D printing, building construction, geopolymer, architecture

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Authors: Magdi M. E. Zumrawi, Nehla Mansour

Abstract:

This paper aims to assess the efficiency of using geogrid reinforcement for subgrade stabilization. The literature of applying geogrid reinforcement technique for pavements built on soft subgrades and the previous experiences were reviewed. Laboratory tests were conducted on soil reinforced with geogrids in one or several layers. The soil specimens were compacted in four layers with or without geogrid sheets. The California Bearing Ratio (CBR) test, in soaking condition, was performed on natural soil and soil-geogrid specimens. The test results revealed that the CBR value is much affected by the geogrid sheet location and the number of sheets used in the soil specimen. When a geogrid sheet was placed at the 1^st layer of the soil, there was an increment of 26% in the CBR value. Moreover, the CBR value was significantly increased by 62% when geogrid sheets were placed at all four layers. The high CBR value is attributed to interface friction and interlock involved in the geogrid/ soil interactions. It could be concluded that geogrid reinforcement is successful and more economical technique.

Keywords: geogrid, reinforcement, stabilization, subgrade

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Authors: Oguzhan Cepni, Doruk Kucuksarac, M. Hasan Yilmaz

Abstract:

Risk premium of emerging markets are moving altogether depending on the momentum and shifts in the global risk appetite. However, the magnitudes of these changes in the risk premium of emerging market economies might vary. In this paper, we focus on how global risk factor affects credit default swaps (CDS) premiums of emerging markets using principal component analysis (PCA) and rolling regressions. PCA results indicate that the first common component accounts for almost 76% of common variation in CDS premiums of emerging markets. Additionally, the explanatory power of the first factor seems to be high over sample period. However, the sensitivity to the global risk factor tends to change over time and across countries. In this regard, fixed effects panel regressions are employed to identify the macroeconomic factors driving the heterogeneity across emerging markets. There are two main macroeconomic variables that affect the sensitivity; government debt to GDP and international reserves to GDP. The countries with lower government debt and higher reserves tend to be less subject to the variations in the global risk appetite.

Keywords: emerging markets, principal component analysis, credit default swaps, sovereign risk

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Authors: Sameh A. S. Thabit Alariqi

Abstract:

Our previous studies aimed to investigate the biodegradation of γ-sterilized polyolefins in composting and microbial culture environments at different doses and γ-dose rates. It was concluded from the previous studies that the pretreatment of γ-irradiation can accelerate the biodegradation of neat polymer matrix in biotic conditions significantly. A similar work was carried out to study the stabilization of γ-sterilized polyolefins using different mixtures of stabilizers which are approved for food-contact applications. Ethylene-propylene (EP) copolymer has been melt-mixed with hindered amine stabilizers (HAS), phenolic antioxidants and hydroperoxide decomposers. Results were discussed by comparing the stabilizing efficiency, combination and consumption of stabilizers and the synergistic and antagonistic effects was explained through the interaction between the stabilizers. In this attempt, we have aimed to study the influence of the synergistic and antagonistic mixtures of oligomeric stabilizers on the biodegradation of the γ-irradiated polyolefins in composting and microbial culture. Neat and stabilized films of EP copolymer irradiated under γ-radiation and incubated in compost and fungal culture environments. The changes in functional groups, surface morphology, mechanical properties and intrinsic viscosity in polymer chains were characterized by FT-IR spectroscopy, SEM, instron, and viscometric measurements respectively. Results were discussed by comparing the effect of different stabilizers, stabilizers mixtures on the biodegradation of the γ-irradiated polyolefins. It was found that the biodegradation significantly depends on the components of stabilization system, mobility, interaction, and consumption of stabilizers.

Keywords: biodegradation, γ-irradiation, polyolefins, stabilization

Procedia PDF Downloads 388