Search results for: Panel ARDL

Authors: Vilma Deltuvaitė

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Comparisons of financial development across countries are central to answering many of the questions on factors leading to economic development. For this reason this study analyzes the implications of financial system’s development on country’s economic development. The aim of the article: to analyze the impact of financial system’s development on economic development. The following research methods were used: systemic, logical and comparative analysis of scientific literature, analysis of statistical data, time series model (Autoregressive Distributed Lag (ARDL) Model). The empirical results suggest about positive short and long term effect of stock market development on GDP per capita.

Keywords: banking sector, economic development, financial system’s development, stock market, private bond market

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Authors: John Knight, Fuchun Li, Yan Xu

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Based on a new method of the nonparametric estimator of the drift function, we propose a consistent test for the parametric specification of the drift function in the short rate diffusion process using observations from a panel of yields. The test statistic is shown to follow an asymptotic normal distribution under the null hypothesis that the parametric drift function is correctly specified, and converges to infinity under the alternative. Taking the daily 7-day European rates as a proxy of the short rate, we use our test to examine whether the drift of the short rate diffusion process is linear or nonlinear, which is an unresolved important issue in the short rate modeling literature. The testing results indicate that none of the drift functions in this literature adequately captures the dynamics of the drift, but nonlinear specification performs better than the linear specification.

Keywords: diffusion process, nonparametric estimation, derivative security price, drift function and volatility function

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Authors: Wiriranai Brilliant Masara

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The African Peace and Security Architecture is widely celebrated and revered as a paragon of the will to address peace and security challenges in Africa. However, like any other institution, it is embedded with operational and institutional challenges that prevent it from effectively carrying out its mandate and turning goals into achieved results. The article examines the fundamental flaws and weaknesses of the African Peace and Security Architecture by focusing on its institutions, norms, instruments, and its relationship to Africa’s Regional Economic Communities. Therefore, the article reviews the flaws of the five elements of the African Peace and Security Architecture which are the Peace and Security Council, Panel of the Wise, Continental Early Warning System, African Standby Force, and Peace Fund.

Keywords: African Union, African Peace and Security Architecture, peace and security council, continental early warning system, African Standby Force, Panel of the Wise, Peace Fund

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Authors: T. Parhizkar, H. Jafarian, F. Aramoun, Y. Saboohi

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Applying motorized shades have substantial effect on reducing energy consumption in building sector. Moreover, the combination of motorized shades with lighting systems and PV panels can lead to considerable reduction in the energy demand of buildings. In this paper, a model is developed to assess and find an optimum combination from shade designs, lighting control systems (dimming and on/off) and implementing PV panels in shades point of view. It is worth mentioning that annual saving for all designs is obtained during hourly simulation of lighting, solar heat flux and electricity generation with the use of PV panel. From 12 designs in general, three designs, two lighting control systems and PV panel option is implemented for a case study. The results illustrate that the optimum combination causes a saving potential of 792kW.hr per year.

Keywords: motorized shades, daylight, cooling load, shade control, hourly simulation

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Authors: Joaquim Rubens Fontes-Filho, Felipe Buchbinder, Marcelo Desterro

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The study aims to identify the effects of an economic recession on the compensation of executives of listed companies. Market-based and labor environment explanations have received particular attention, both to explain the reasons for a growth in this compensation and to indicate that they may increase agency problems rather than mitigate them. In this sense, labor forces, especially related to the market for executives, contribute to defining the terms of compensation packages and represent a significant external control mechanism to moderate agency problems, but may be of little effect if the executives are entrenched and concentrate enough power to have a say in his/her compensation. Based on a five-year data panel related to executive compensation in 250 listed companies in Brazil, we examine whether the economic recession in the last two years produced any impact in this compensation, controlling for the sector and level of governance of the company.

Keywords: agency problems, executive compensation, control mechanisms, corporate governance

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Authors: Evy Sulistianingsih, Mariatul Kiftiah, Dedi Rosadi, Heni Wahyuni

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This research attempts to analyse palm oil production and rubber production to prosperity of the community of ten districts in West Kalimantan namely Sanggau, Sintang, Sambas, Ketapang, Bengkayang, Landak, Singkawang, Kapuas Hulu, Melawi and Sekadau by panel regression. Gross Domestic Product (GDP) of the districts will be used to be a prosperity indicator on this research. Based on the result of analysis, it can be concluded that palm oil and rubber production statistically give contribution to GDP. Adjusted coefficient determination of Fixed Effect Model indicates that 76% of GDP’s variation can be explained by palm oil and rubber production. In another point of view, there should be a district’s government intervention to regulate the plantations. In addition, there is an obligation of the government to monitor regularly the plantations and to conduct researches in order to govern better planning of lands that have been used to the plantations. So that, the environmental effects that have been caused by the plantation can be diminished.

Keywords: gross domestic product (GDP), panel, palm, welfare

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Authors: Zubda Zia, Zainab Masood

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This study has investigated the relationship between renewable energy, urbanization, industrialization, and economic growth in Pakistan, through the years 1990-2016. All the three explanatory variables play a pivotal role in their contribution to growth in any economy, especially a developing one such as Pakistan. Auto-regressive distributive lag (ARDL) model has been used to determine the co-integration and relationship between the variables. The empirical results indicate that there exists a positive and significant relationship between all the three variables and economic growth and that there is a stable, long-run relationship among them. Policy suggestions that incorporate the results include having a larger share of renewable energy in the energy sector, using urbanization as a means to remove the big city trend and move towards, smaller sustainable cities, etc.

Keywords: economic growth, energy crisis, industrialization, renewable energy, SGDs, urbanization

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Authors: G. C. Surya Bahadur, Ranjana Kothari

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The paper attempts to analyze linkages between corporate governance and firm performance in India. The study employs a panel data of 50 Nifty companies from 2008 to 2012. Using LSDV panel data model and 2SLS model the study reveals that that good corporate governance practices adopted by companies is positively related with financial performance. Board independence, number of board committees and executive compensation are found to have positive relationship while ownership by promoters and financial leverage have negative relationship with performance. There is existence of bi-directional relationship between corporate governance and financial performance. Companies with sound financial performance are more likely to conform to corporate governance norms and standards and implement sound corporate governance system. The findings indicate that companies can enhance business performance and sustainability by embracing sound corporate governance practices.

Keywords: board structure, corporate governance, executive compensation, ownership structure

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Authors: Mohammad Jamalabadi, Noemi Zabari, Lukasz Bratasz

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Panel paintings -complex multi-layer structures consisting of wood support and a paint layer composed of a preparatory layer of gesso, paints, and varnishes- are among the category of cultural objects most vulnerable to relative humidity fluctuations and frequently found in museum collections. The current environmental specifications in museums have been derived using the criterion of crack initiation in an undamaged, usually new gesso layer laid on wood. In reality, historical paintings exhibit complex crack patterns called craquelures. The present paper analyses the structural response of a paint layer with a virtual network of rectangular cracks under environmental loadings using a three-dimensional model of a panel painting. Two modes of loading are considered -one induced by one-dimensional moisture response of wood support, termed the tangential loading, and the other isotropic induced by drying shrinkage of the gesso layer. The superposition of the two modes is also analysed. The modelling showed that minimum distances between cracks parallel to the wood grain depended on the gesso stiffness under the tangential loading. In spite of a non-zero Poisson’s ratio, gesso cracks perpendicular to the wood grain could not be generated by the moisture response of wood support. The isotropic drying shrinkage of gesso produced cracks that were almost evenly spaced in both directions. The modelling results were cross-checked with crack patterns obtained on a mock-up of a panel painting exposed to a number of extreme environmental variations in an environmental chamber.

Keywords: fracture saturation, surface cracking, paintings on wood, wood panels

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Authors: Iqra Ali

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This study uses panel Vector Auto Regression (VAR) to analyses the dynamic link between banking and insurance activities based on the asset size of the insurance industry for 73 countries between 1980 and 2014. Assets in the insurance industry and banking activities usually have a Granger causal link, according to panel Granger-causality tests. Impulse response analyses for the entire sample show that the size of insurance assets responds favorably to a shock to the liquid liabilities and deposits of the financial system but negatively to a shock to deposit money bank assets and private credit offered by commercial banks, other financial institutions, and deposit banks. While the findings for middle- and low-income nations varied significantly, the observations for high-income countries are essentially the same. Furthermore, we find that there is a substantial interplay between banking and insurance activity in civil law nations as opposed to common law ones.

Keywords: vector autoregression, banking, insurance, Granger-causality

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Authors: Anand K. Vinu, Vaishnav Vimal, Sasi Gopalan

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All spacecraft components have a range of allowable temperatures that must be maintained to meet survival and operational requirements during all mission phases. Due to heat absorption, transfer, and emission on one side, the satellite surface presents an asymmetric temperature distribution and causes a change in momentum, which can manifest in spinning and non-spinning satellites in different manners. This problem can cause orbital decays in satellites which, if not corrected, will interfere with its primary objective. The thermal analysis of any satellite requires data from the power budget for each of the components used. This is because each of the components has different power requirements, and they are used at specific times in an orbit. There are three different cases that are run, one is the worst operational hot case, the other one is the worst non-operational cold case, and finally, the operational cold case. Sunlight is a major source of heating that takes place on the satellite. The way in which it affects the spacecraft depends on the distance from the Sun. Any part of a spacecraft or satellite facing the Sun will absorb heat (a net gain), and any facing away will radiate heat (a net loss). We can use the state-of-the-art foldable hybrid insulator/radiator panel. When the panels are opened, that particular side acts as a radiator for dissipating the heat. Here the insulator, in our case, the aerogel, is sandwiched with solar cells and radiator fins (solar cells outside and radiator fins inside). Each insulated side panel can be opened and closed using actuators depending on the telemetry data of the CubeSat. The opening and closing of the panels are dependent on the special code designed for this particular application, where the computer calculates where the Sun is relative to the satellites. According to the data obtained from the sensors, the computer decides which panel to open and by how many degrees. For example, if the panels open 180 degrees, the solar panels will directly face the Sun, in turn increasing the current generator of that particular panel. One example is when one of the corners of the CubeSat is facing or if more than one side is having a considerable amount of sun rays incident on it. Then the code will analyze the optimum opening angle for each panel and adjust accordingly. Another means of cooling is the passive way of cooling. It is the most suitable system for a CubeSat because of its limited power budget constraints, low mass requirements, and less complex design. Other than this fact, it also has other advantages in terms of reliability and cost. One of the passive means is to make the whole chase act as a heat sink. For this, we can make the entire chase out of heat pipes and connect the heat source to this chase with a thermal strap that transfers the heat to the chassis.

Keywords: passive cooling, CubeSat, efficiency, satellite, stationary satellite

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Authors: Jelvin Tom Sebastian, Vinod Yeldho Baby

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In space, electronic devices are constantly attacked with radiation, which causes certain parts to fail or behave in unpredictable ways. To advance the thermal controllability for microsatellites, we need a new approach and thermal control system that is smaller than that on conventional satellites and that demand no electric power. Heat exchange inside the microsatellites is not that easy as conventional satellites due to the smaller size. With slight mass gain and no electric power, accommodating heat using phase change materials (PCMs) is a strong candidate for solving micro satellites' thermal difficulty. In other words, PCMs can absorb or produce heat in the form of latent heat, changing their phase and minimalizing the temperature fluctuation around the phase change point. The main restriction for these systems is thermal conductivity weakness of common PCMs. As PCM is having low thermal conductivity, it increases the melting and solidification time, which is not suitable for specific application like electronic cooling. In order to increase the thermal conductivity nanoparticles are introduced. Adding the nanoparticles in base PCM increases the thermal conductivity. Increase in weight concentration increases the thermal conductivity. This paper numerically investigates the thermal energy storage panel with nanoparticle enhanced phase change material. Silver nanostructure have increased the thermal properties of the base PCM, eicosane. Different weight concentration (1, 2, 3.5, 5, 6.5, 8, 10%) of silver enhanced phase change material was considered. Both steady state and transient analysis was performed to compare the characteristics of nanoparticle enhanced phase material at different heat loads. Results showed that in steady state, the temperature near the front panel reduced and temperature on NePCM panel increased as the weight concentration increased. With the increase in thermal conductivity more heat was absorbed into the NePCM panel. In transient analysis, it was found that the effect of nanoparticle concentration on maximum temperature of the system was reduced as the melting point of the material reduced with increase in weight concentration. But for the heat load of maximum 20W, the model with NePCM did not attain the melting point temperature. Therefore it showed that the model with NePCM is capable of holding more heat load. In order to study the heat load capacity double the load is given, maximum of 40W was given as first half of the cycle and the other is given constant OW. Higher temperature was obtained comparing the other heat load. The panel maintained a constant temperature for a long duration according to the NePCM melting point. In both the analysis, the uniformity of temperature of the TESP was shown. Using Ag-NePCM it allows maintaining a constant peak temperature near the melting point. Therefore, by altering the weight concentration of the Ag-NePCM it is possible to create an optimum operating temperature required for the effective working of the electronics components.

Keywords: carbon-fiber-reinforced polymer, micro/nano-satellite, nanoparticle phase change material, thermal energy storage

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Authors: N. H. Hamid, N. M. Mohamed, S. A. Anuar

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Precast residential houses are normally constructed in Malaysia using precast shear-key wall panel and precast wall panel are designed using BS8110 where there is no provision for earthquake. However, the safety of this house under moderate and strong earthquake is still questionable. Consequently, the full-scale of residential house are designed, constructed, tested and analyzed under in-plane lateral cyclic loading. Hysteresis loops are plotted based on the experimental work and compared with modeling of hysteresis loops using HYSTERES in RUAUMOKO 2D program. Modified Takeda hysteresis model is chosen to behave a similar pattern with experimental work. This program will display the earthquake excitations, spectral displacements, pseudo spectral acceleration, and deformation shape of the structure. It can be concluded that this building is suffering severe cracks and damage under moderate and severe earthquake.

Keywords: precast shear-key, hysteresis loops, spectral displacements, deformation shape

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Authors: Innocent Pangapanga-Phiri, Eric Dada Mungatana

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This study estimates the effect of climate-induced rural-urban migrants (RUM) on maize productivity. It uses panel data gathered by the National Statistics Office and the World Bank to understand the effect of RUM on the technical efficiency of maize production in rural Malawi. The study runs the two-stage Tobit regression to isolate the real effect of rural-urban migration on the technical efficiency of maize production. The results show that RUM significantly reduces the technical efficiency of maize production. However, the interaction of RUM and climate-smart agriculture has a positive and significant influence on the technical efficiency of maize production, suggesting the need for re-investing migrants’ remittances in agricultural activities.

Keywords: climate-smart agriculture, farm productivity, rural-urban migration, panel stochastic frontier models, two-stage Tobit regression

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Authors: Andreea Halunga, Chris D. Orme, Takashi Yamagata

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This paper proposes a heteroskedasticity-robust Breusch-Pagan test of the null hypothesis of zero cross-section (or contemporaneous) correlation in linear panel-data models, without necessarily assuming independence of the cross-sections. The procedure allows for either fixed, strictly exogenous and/or lagged dependent regressor variables, as well as quite general forms of both non-normality and heteroskedasticity in the error distribution. The asymptotic validity of the test procedure is predicated on the number of time series observations, T, being large relative to the number of cross-section units, N, in that: (i) either N is fixed as T→∞; or, (ii) N²/T→0, as both T and N diverge, jointly, to infinity. Given this, it is not expected that asymptotic theory would provide an adequate guide to finite sample performance when T/N is "small". Because of this, we also propose and establish asymptotic validity of, a number of wild bootstrap schemes designed to provide improved inference when T/N is small. Across a variety of experimental designs, a Monte Carlo study suggests that the predictions from asymptotic theory do, in fact, provide a good guide to the finite sample behaviour of the test when T is large relative to N. However, when T and N are of similar orders of magnitude, discrepancies between the nominal and empirical significance levels occur as predicted by the first-order asymptotic analysis. On the other hand, for all the experimental designs, the proposed wild bootstrap approximations do improve agreement between nominal and empirical significance levels, when T/N is small, with a recursive-design wild bootstrap scheme performing best, in general, and providing quite close agreement between the nominal and empirical significance levels of the test even when T and N are of similar size. Moreover, in comparison with the wild bootstrap "version" of the original Breusch-Pagan test our experiments indicate that the corresponding version of the heteroskedasticity-robust Breusch-Pagan test appears reliable. As an illustration, the proposed tests are applied to a dynamic growth model for a panel of 20 OECD countries.

Keywords: cross-section correlation, time-series heteroskedasticity, dynamic panel data, heteroskedasticity robust Breusch-Pagan test

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Authors: Ebrahim Mansoori, Datin Joriah Muhammad

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Recent studies in finance have focused on the effect of external variables on working capital management. This study investigates the effect of corruption indexes on firms' working capital management. A large data set that covers data from 2005 to 2013 from five ASEAN countries, namely, Malaysia, Indonesia, Singapore, Thailand, and the Philippines, was selected to investigate how the level of corruption in these countries affect working capital management. The results of panel data analysis include fixed effect estimations showed that a high level of countries' corruption indexes encourages managers to shorten the CCC length. Meanwhile, the managers reduce the level of investment in cash and cash equivalents when the levels of corruption indexes increase. Therefore, increasing the level of countries' corruption indexes encourages managers to select conservative working capital strategies by reducing the level of NLB.

Keywords: ASEAN, corruption indexes, panel data analysis, working capital management

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Authors: Anwar Hussain, Ahmed Imran, Farida Faisal, Fatima Sultana

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The present research evaluates a comparative assessment of dividend policy and share price across the South Asian countries including Pakistan, India and Sri-Lanka over the period of 2010 to 2014. Academic writers found that dividend policy and share price relationship is not same in south Asian market due to different reasons. Moreover, Panel Models used = for the evaluation of current study. In addition, Redundant fixed effect Likelihood and Hausman test used for determine of Common, Fixed and Random effect model. Therefore Indian market dividend policies play a fundamental role and significant impact on Market Share Prices. Although, present research found that different as compared to previous study that dividend policy have no impact on share price in Sri-Lanka and Pakistan.

Keywords: dividend policy, share price, South Asian countries, panel data analysis, theories and parameters of dividend

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Authors: My Linh Hoang, Van Dung Hoang

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Environmental, Social, and Governance (ESG) factors have become a focus for companies globally, as businesses are now focusing on long-term sustainable goals rather than only operating for the goals of profit maximization. According to recent research, in several countries, companies have shown positive results in their financial performance by improving their ESG performance. The construction industry is one of the most crucial components of social and economic development; as a result, considerations for ESG factors are becoming more and more essential for companies in this sector. In Vietnam, the construction industry has been growing rapidly in recent years; however, it has yet to be discussed and studied extensively in Vietnam how ESG factors create impacts on corporate financial performance in general and construction corporations’ financial performance in particular. This research aims to examine the relationship between ESG factors and financial indicators in construction companies from 2011 to 2021 through panel data analysis of 75 listed construction companies in Vietnam and to provide insights into how these companies can better integrate ESG considerations into their operations to enhance their financial performance. The data was analyzed through 3 main methods: descriptive statistics, correlation coefficient analysis applied to all dependent, explanatory and control variables, and panel data analysis method. In panel data analysis, the study uses the fixed effects model (FEM) and random effects model (REM). The Hausman test will be used to select which model is suitable to be used. The findings indicate that maintaining a strong commitment to ESG principles can have a positive impact on financial performance. Finally, FGLS estimation will be performed when the problem of autocorrelation and variable variance appears in the model. This is significant for all parties involved, including investors, company managers, decision-makers, and industry regulators.

Keywords: ESG, financial performance, construction company, Vietnam

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Authors: Ekkehard Fehling, Paul Capewell

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In recent years, the importance of masonry glued by polyurethane adhesive has increased. In 2021, the Institute of Structural Engineering of the University of Kassel was commissioned to carry out quasi-static in-plane shear tests on prefabricated brick masonry panel systems with 2K PUR adhesive in order to investigate the load-bearing behavior during earthquakes. In addition to the usual measurement of deformations using displacement transducers, all tests were documented using an optical measuring system (“GOM”), which was used to determine the surface strains and deformations of the test walls. To compare the results with conventional mortar walls, additional reference tests were carried out on test specimens with thin-bed mortar joints. This article summarizes the results of the test program and provides a comparison between the load-bearing behavior of masonry bonded with polyurethane adhesive and thin bed mortar in order to enable realistic non-linear modeling.

Keywords: masonry, shear tests, in-plane, polyurethane adhesive

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Authors: Jason Ting Jing Cheng, Lee Foo Wei, Yew Ming Kun, Mo Kim Hung, Yip Chun Chieh

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This research delves into the structural characteristics of distinct construction material, rubberized lightweight foam concrete (RLFC) wall panels, which have been developed as a sustainable alternative for the construction industry. These panels are engineered with a RLFC core, possessing a density of 1150 kg/m3, which is specifically formulated to bear structural loads. The core is enveloped with high-strength fiber cement boards, selected for their superior load-bearing capabilities, and enhanced flexural strength when compared to conventional concrete. A thin bed adhesive, known as TPS, is employed to create a robust bond between the RLFC core and the fiber cement cladding. This study underscores the potential of RLFC wall panels as a viable and eco-friendly option for modern building construction, offering a combination of structural efficiency and environmental benefits.

Keywords: structural performance, rubberized concrete wall panel, fiber cement board, insulation performance

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Authors: Y. H. Mugahed Amran, Raizal S. M. Rashid, Farzad Hejazi, Nor Azizi Safiee, A. A. Abang Ali

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Experimental and analytical studies were accomplished to examine the structural behavior of precast foamed concrete sandwich panel (PFCSP) under vertical in-plane shear load. PFCSP full-scale specimens with total number of six were developed with varying heights to study an important parameter slenderness ratio (H/t). The production technique of PFCSP and the procedure of test setup were described. The results obtained from the experimental tests were analysed in the context of in-plane shear strength capacity, load-deflection profile, load-strain relationship, slenderness ratio, shear cracking patterns and mode of failure. Analytical study of finite element analysis was implemented and the theoretical calculations of the ultimate in-plane shear strengths using the adopted ACI318 equation for reinforced concrete wall were determined aimed at predicting the in-plane shear strength of PFCSP. The decrease in slenderness ratio from 24 to 14 showed an increase of 26.51% and 21.91% on the ultimate in-plane shear strength capacity as obtained experimentally and in FEA models, respectively. The experimental test results, FEA models data and theoretical calculation values were compared and provided a significant agreement with high degree of accuracy. Therefore, on the basis of the results obtained, PFCSP wall has the potential use as an alternative to the conventional load-bearing wall system.

Keywords: deflection curves, foamed concrete (FC), load-strain relationships, precast foamed concrete sandwich panel (PFCSP), slenderness ratio, vertical in-plane shear strength capacity

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Authors: Damien Gondre, Hatem Ben Maad, Abdelkrim Trabelsi, Frédéric Kuznik, Joseph Virgone

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The use of a radiant cooling solution would enable to lower cooling needs which is of great interest when the demand is initially high (hot climate). But, radiant systems are not naturally compatibles with humid climates since a low-temperature surface leads to condensation risks as soon as the surface temperature is close to or lower than the dew point temperature. A radiant cooling system combined to a dehumidification system would enable to remove humidity for the space, thereby lowering the dew point temperature. The humidity removal needs to be especially effective near the cooled surface. This requirement could be fulfilled by a system using a single desiccant fluid for the removal of both excessive heat and moisture. This task aims at providing an estimation of the specification requirements of such system in terms of cooling power and dehumidification rate required to fulfill comfort issues and to prevent any condensation risk on the cool panel surface. The present paper develops a preliminary study on the specification requirements, performances and behavior of a combined dehumidifier/cooling ceiling panel for different operating conditions. This study has been carried using the TRNSYS software which allows nodal calculations of thermal systems. It consists of the dynamic modeling of heat and vapor balances of a 5m x 3m x 2.7m office space. In a first design estimation, this room is equipped with an ideal heating, cooling, humidification and dehumidification system so that the room temperature is always maintained in between 21^◦C and 25^◦C with a relative humidity in between 40% and 60%. The room is also equipped with a ventilation system that includes a heat recovery heat exchanger and another heat exchanger connected to a heat sink. Main results show that the system should be designed to meet a cooling power of 42W.m⁻² and a desiccant rate of 45 g_H2O.h⁻¹. In a second time, a parametric study of comfort issues and system performances has been achieved on a more realistic system (that includes a chilled ceiling) under different operating conditions. It enables an estimation of an acceptable range of operating conditions. This preliminary study is intended to provide useful information for the system design.

Keywords: dehumidification, nodal calculation, radiant cooling panel, system sizing

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Authors: Natnael Debalklie Teshome

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The purpose of the study was to empirically investigate the impacts of export performance and its volatility on economic growth in the Ethiopian economy. To do so, time-series data of the sample period from 1974/75 – 2017/18 were collected from databases and annual reports of IMF, WB, NBE, MoFED, UNCTD, and EEA. The extended Cobb-Douglas production function of the neoclassical growth model framed under the endogenous growth theory was used to consider both the performance and instability aspects of export. First, the unit root test was conducted using ADF and PP tests, and data were found in stationery with a mix of I(0) and I(1). Then, the bound test and Wald test were employed, and results showed that there exists long-run co-integration among study variables. All the diagnostic test results also reveal that the model fulfills the criteria of the best-fitted model. Therefore, the ARDL model and VECM were applied to estimate the long-run and short-run parameters, while the Granger causality test was used to test the causality between study variables. The empirical findings of the study reveal that only export and coefficient of variation had significant positive and negative impacts on RGDP in the long run, respectively, while other variables were found to have an insignificant impact on the economic growth of Ethiopia. In the short run, except for gross capital formation and coefficients of variation, which have a highly significant positive impact, all other variables have a strongly significant negative impact on RGDP. This shows exports had a strong, significant impact in both the short-run and long-run periods. However, its positive and statistically significant impact is observed only in the long run. Similarly, there was a highly significant export fluctuation in both periods, while significant commodity concentration (CCI) was observed only in the short run. Moreover, the Granger causality test reveals that unidirectional causality running from export performance to RGDP exists in the long run and from both export and RGDP to CCI in the short run. Therefore, the export-led growth strategy should be sustained and strengthened. In addition, boosting the industrial sector is vital to bring structural transformation. Hence, the government has to give different incentive schemes and supportive measures to exporters to extract the spillover effects of exports. Greater emphasis on price-oriented diversification and specialization on major primary products that the country has a comparative advantage should also be given to reduce value-based instability in the export earnings of the country. The government should also strive to increase capital formation and human capital development via enhancing investments in technology and quality of education to accelerate the economic growth of the country.

Keywords: export, economic growth, export diversification, instability, co-integration, granger causality, Ethiopian economy

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Authors: Mahmoud Hassan, Walid Oueslati, Damien Rousseliere

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This paper explores the channels through which energy taxes may affect economic growth, using a simultaneous equations model for a balanced panel data of 31 OECD countries over the 1994–2013 period. The empirical results reveal a negative impact of energy taxes on physical investment in the short and long term. This impact is negatively sensitive to the existence and level of public debt. Additionally, the results show that energy taxes have an indirect effect on human capital through their impact on polluting emissions. The taxes on energy products are able to reduce both the flux and the stock of polluting emissions that have a negative impact on human capital skills in the short and long term. Finally, we found that energy taxes could encourage eco-innovation in the short and long term.

Keywords: energy taxes, economic growth, public debt, simultaneous equations model, multiple imputation

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Authors: Aemro Tazeze Terefe, Mengistu K. Aredo, Abule M. Workagegnehu, Wondimagegn M. Tesfaye

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Climate-induced shocks have been shown to reduce agricultural production and cause fluctuation in output in developing countries. When livelihoods depend on rain-fed agriculture, climate-induced shocks translate into consumption shocks. Despite the substantial improvements in household consumption, climate-induced shocks, and other factors adversely affect consumption dynamics at the household level in Ethiopia. Therefore, household consumption dynamics in the context of climate-induced shocks help to guide resilience capacity and establish appropriate interventions and programs. The research employed three-round panel data based on the Ethiopian Socioeconomic Survey with spatial rainfall data to define unique measures of rainfall variability. The linear dynamic panel model results show that the lagged value of consumption, market shocks, and rainfall variability positively affected consumption dynamics. In contrast, production shocks, temperature, and amount of rainfall had a negative relationship. Coping strategies mitigate adverse climate-induced shocks on consumption aftershocks that smooth consumption over time. Support to increase the resilience capacity of households can involve efforts to make existing livelihoods and forms of production or reductions in the vulnerability of households. Therefore, government interventions are mandatory for asset accumulation agendas that support household coping strategies and respond to shocks. In addition, the dynamic linkage between consumption and significant socioeconomic and institutional factors should be taken into account to minimize the effect of climate-induced shocks on consumption dynamics.

Keywords: climate shock, Ethiopia, fixed-effect model, food security

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Authors: Gustavo Funes, Eduardo Peters, Jose Delpiano

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It is widely known that photovoltaic technology has been massively distributed over the last decade despite its low-efficiency ratio. Dust deposition reduces this efficiency even more, lowering the energy production and module lifespan. In this work, we developed an artificial vision algorithm based on CIELAB color space to identify dust over panels in an autonomous way. We performed several experiments photographing three different types of panels, 30W, 340W and 410W. Those panels were soiled artificially with uniform and non-uniform distributed dust. The algorithm proposed uses statistical tools to provide a simulation with a 100% soiled panel and then performs a comparison to get the percentage of dirt in the experimental data set. The simulation uses a seed that is obtained by taking a dust sample from the maximum amount of dust from the dataset. The final result is the dirt percentage and the possible distribution of dust over the panel. Dust deposition is a key factor for plant owners to determine cleaning cycles or identify nonuniform depositions that could lead to module failure and hot spots.

Keywords: dust detection, photovoltaic, artificial vision, soiling

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Authors: Nur Azreena Idris, Soh Kheang Loh, Harrison Lau Lik Nang, Yuen May Choo, Eminour Muzalina Mustafa, Vijaysri Vello, Cheng Yau Tan, Siew Moi Phang

Abstract:

It is estimated that about 0.65-0.67 m3 of palm oil mill effluent (POME) is generated when one tonne of fresh fruit bunches is processed. Owning to the high content of nutrients in POME, it has high potential as a medium for microalgae growth. This study attempted determining the growth rate, biomass productivity and biochemical composition of microalgae (Chlorella sp.) grown in different POME concentrations i.e. 6.25%, 12.5%, 25% and 50% at outdoor conditions using a 200-mL capacity high rate algae pond (HRAP) and 2 closed photobioreactors (PBRs) i.e. annular and flat panel. The strain, Chlorella sp. grown on 12.5% of POME in flat panel PBR exhibited the highest specific growth rate of 0.32/day and biomass productivity (27.1 mg/L/day) followed by those in HRAP and annular PBR. It further showed that a good growth of Chlorella sp. in 12.5% of POME could sufficiently reduce the nutrients of POME such as phosphate (PO4), nitrate (NO3), nitrite (NO2) and chemical oxygen demand (COD). The extracted algal oil from POME culture showed that the saturated fatty acids decreased while polyunsaturated fatty acids increased compared to those cultured in standard culture medium (Bold’s Basal medium). The biochemical compositions of the algae grown in flat panel PBR were the highest with lipid, protein and carbohydrate productivity of 17.91 mg/L/day, 34.65 mg/L/day and 21.44 mg/L/day, respectively. The microalgae cultivation in diluted POME had not only shown potential as biodiesel feedstock based on the fatty acids profile but also the ability to reduce pollutants e.g. PO4, NO3, NO2 and COD in biological wastewater treatment.

Keywords: wastewater treatment, photobioreactors, biomass productivity, specific growth rate

Procedia PDF Downloads 265

Authors: Seetanah Boopen, R. V. Sannassee

Abstract:

The objective of the present study is two-fold. Firstly, to assess the impact of air access liberalization on tourism demand for Mauritius and secondly to analyses the dual impact of the interplay between air access liberalization and marketing promotion efforts on tourism demand. Using an Autoregressive Distributed Lag model, the results suggest that air access liberalization is an important ingredient, albeit to a lesser extent as compared to other classical explanatory variables, of tourism demand. The results also highlight the fact that Mauritius is perceived as a luxurious destination and tourists are deemed price sensitive. Moreover, our dynamic approach interestingly confirms the presence of repeat tourism in the island. Finally, the findings also uncover the positive impact of the interplay between air access liberalization and marketing promotion efforts on fostering tourism demand.

Keywords: air access liberalization, ARDL, SIDS, time series

Procedia PDF Downloads 310

Authors: Zane Brough, Claudio Paoloni

Abstract:

Modern low earth orbit (LEO) satellites that require multi-mission flexibility are highly likely to be repositioned between different operational orbits. While executing this process the satellite may experience high levels of vibration and environmental hazards, exposing the deployed solar panel to dangerous stress levels, fatigue and space debris, hence it is desirable to retract the solar array before satellite repositioning to avoid damage or failure. Furthermore, to accommodate for today's technological world, the power demand of a modern LEO satellite is rapidly increasing, which consequently provides pressure upon the design of the satellites solar array system to conform to the strict volume and mass limitations. A novel concept of deployable/retractable hybrid solar array system, aimed to provide a greater power to volume ratio while dramatically reducing the disadvantages of system mass and cost is proposed. Taking advantage of the new lightweight technology in solar panels, a mechanical system composed of both rigid and flexible solar panels arranged within a petal formation is proposed to yield a stowed to deployment area ratio up to at least 1:7, which improves the power density dramatically. The system consists of five subsystems, the outer ones based on a novel eight-petal configuration that provides a large surface and supports the flexible solar panels. A single cable and spool based hinge mechanism were designed to synchronously deploy/retract the panels in a safe, simple and efficient manner while the mass compared to the previous systems is considerably reduced. The relevant challenge to assure a smooth movement is resolved by a proper minimization of the gearing system and the use of a micro-controller system. A prototype was designed by 3D simulators and successfully constructed and tested. Further design works are in progress to implement an epicyclical gear hinge mechanism, which will further reduce the volume, mass and complexity of the system significantly. The proposed system due to an effective and reliable mechanism provides a large active surface, whilst being very compact. It could be extremely advantageous for use as ground portable solar panel system.

Keywords: mechatronic engineering, satellite, solar panel, deployable/retractable mechanism

Procedia PDF Downloads 378

Authors: Seok-In Bae, Young-Hoon Lee, Ji-Hwan Kim

Abstract:

Due to the asymmetry of the material properties of the Functionally Graded Materials(FGMs) in the thickness direction, neutral surface of the model is not the same as the mid-plane of the symmetric structure. In order to investigate the thermal bucking behavior of FGMs, neutral surface is chosen as a reference plane. In the model, material properties are assumed to be temperature dependent, and varied continuously in the thickness direction of the plate. Further, the effective material properties such as Young’s modulus and Poisson’s ratio are homogenized using Mori-Tanaka scheme which considers the interaction among adjacent inclusions. In this work, the finite element methods are used, and the first-order shear deformation theory of plate are accounted. The thermal loads are assumed to be uniform, linear and non-linear distribution through the thickness directions, respectively. Also, the effects of various parameters for thermal buckling behavior of FGM panel are discussed in detail.

Keywords: functionally graded plate, thermal buckling analysis, neutral surface

Procedia PDF Downloads 401