Search results for: interest rate swap

Authors: V. E. Bazhenov, A. V. Li, A. A. Komissarov, A. V. Koltygin, S. A. Tavolzhanskii, O. O. Voropaeva, A. M. Mukhametshina, A. A. Tokar, V. A. Bautin

Abstract:

Magnesium-based alloys are considered as effective materials in the development of biodegradable implants. The magnesium alloys containing Mg, Zn, Ca as an alloying element are the subject of the particular interest. These elements are the nutrients for the human body, which provide their high biocompatibility. In this work, we investigated the effect of severe plastic deformation (SPD) on the mechanical and corrosion properties of Mg-Zn-Ca and Mg-Zn-Ca-Mn alloys containing from 2 to 4 wt.% Zn; 0.7 wt.% Ca and up to 1 wt.% Mn. Hot extrusion was used as a method of intensive plastic deformation. The temperature of hot extrusion was set to 220 °C and 300 °C. Metallographic analysis after hot extrusion shows that the grain size in the studied alloys depends on the deformation temperature. The grain size for all of investigated alloys is in the range from 3 to 7 microns, and 3 μm corresponds to the extrusion temperature of 220 °C. Analysis of mechanical properties after extrusion shows that extrusion at a temperature of 220 °C and alloying with Mn increase the strength characteristics and decrease the ductility of studied alloys. A slight anisotropy of properties in the longitudinal and transverse directions was also observed. Measurements of corrosion properties revealed that the addition of Mn to Mg-Zn-Ca alloys reduces the corrosion rate. On the other hand, increasing the Zn content in alloys increases the corrosion rate. The extrusion temperature practically does not affect the corrosion rate. Acknowledgement: The authors gratefully acknowledge the financial support of the Ministry of Science and Higher Education of the Russian Federation in the framework of Increase Competitiveness Program of NUST «MISiS» (No K2-2019-008), implemented by a governmental decree dated 16th of March 2013, N 211.

Keywords: biocompatibility, hot extrusion, magnesium alloys, severe plastic deformation, properties

Procedia PDF Downloads 108

Authors: Mohd Asrul Affendi Bi Abdullah, Nyi Nyi Naing

Abstract:

The purpose of this study was to identify comparable manner between negative binomial death rate (NBDR) and zero inflated negative binomial death rate (ZINBDR) with died patients with (HIV + T B+) and (HIV + T B−). HIV and TB is a serious world wide problem in the developing country. Data were analyzed with applying NBDR and ZINBDR to make comparison which a favorable model is better to used. The ZINBDR model is able to account for the disproportionately large number of zero within the data and is shown to be a consistently better fit than the NBDR model. Hence, as a results ZINBDR model is a superior fit to the data than the NBDR model and provides additional information regarding the died mechanisms HIV+TB. The ZINBDR model is shown to be a use tool for analysis death rate according age categorical.

Keywords: zero inflated negative binomial death rate, HIV and TB, AIC and BIC, death rate

Procedia PDF Downloads 432

Authors: Omolade Adeleke, Jonathan Olusegun Famoroti

Abstract:

This study empirically examined the monetary policy and economic growth in the classical cycles in 8 member countries of the West African Economic and Monetary Union (WAEMU), using the Markov switching model for the Two-phase Regime, covering the period 1980Q1 to 2020Q4. Our estimates suggest that these countries demonstrate to have similar business cycles, and the economies stay more in an expansion regime than a recession regime. The result further shows that the union has an average duration period of 3.1 and 15.9 quarters for contraction and expansion periods, respectively. The business cycle duration, on average, suggests 19 quarters, varying from country to country. Therefore, the formulation of policies that can enhance aggregate demand by member countries in the union is an antidote for recession and is necessary to drive the economy into equilibrium. Also, a low-interest rate and reduced inflation rate would ginger long-run economic growth.

Keywords: monetary policy, business cycle, economic growth, Markov switching

Procedia PDF Downloads 75

Authors: Sheraz Ahmad Choudhary

Abstract:

Health plays a vital role in the growth. The study examined the effect of health indicator on the growth of Pakistan. ARDL model is used to check the growth rate which is affected by the health by using the time series date of Pakistan from 1990 to 2017. Health indicator, fertility rate, life expectancy, foreign direct investment, and infant mortality rate are variables Where the unit root is applied to check the stationarity of the model. consequences find a significant relationship between GDP, foreign direct investment, fertility rate, and life expectancy in the short run, whereas mortality rate effected negatively to economic growth but have significant values. In the long run, foreign direct investment (FDI) and fertility rate(FR) have significantly influenced the GDP. The results show thateconomic growth is positively stimulated by most of the health indicators. The study accomplishes that nations can achieve a high level of economic growth by increasing wellbeing human capital.

Keywords: economic growth, health expenditures, fertility rate, human capital, life expectancy, foreign direct investment, and infant mortality rate

Procedia PDF Downloads 129

Authors: Showkat Ahmad Bhat, M. S. Bhatt

Abstract:

The study evaluates the ex-post impact of institutional credit on agricultural output. It first examines the key factors that influence the accessibility of institutional credit by farm households. For quantitative analysis both program participant and non-participant respondents were drawn and cross-sectional survey data were collected from 412 households in Pulwama District of Jammu & Kashmir (India). Propensity Score Matching Method was employed to analyze the impact of the institutional credit on agricultural output. Results show that institutional credit has a positive and significant impact on the agricultural output measured in terms of farm income and crop productivity. To estimate the accessibility of credit, an examination of both demand side and supply side factors were carried out. The demand for credit was measured with respect to respondents who applied for credit. Supply side credit allocation measured in terms of the proportion of ‘credit amount’ farmers obtained. Logit and Two-limit Tobit Regression Models were used to investigate the determinants that influence the accessibility of formal credit for Demand for and supply of credit respectively. The estimated results suggested that the demand for credit is positively and significantly affected by the factors such as: age of the household head, formal education, membership, cash crop grown, farm size and saving account. All the variables were found significantly increasing the household’s likelihood to demand for and supply of credit from banks. However, the impact of these factors varies considerably across the credit markets. Factors which were found negatively and significantly influencing the accessibility of credit were: ‘square of the age’, household assets and rate of interest. The credit constraints analysis suggested that square of the age; household assets and rate of interest were the three most important factors that increased the probability of being constrained. The study finally discusses these results in detail and draws some recommendations.

Keywords: institutional credit, agriculture, propensity score matching logit model, Tobit model

Procedia PDF Downloads 312

Authors: Shahid Hussain Abro, F. Mufadi, A. Boodi

Abstract:

Microstructural study and phase transformation in steels is a basic and important step during the design of structural steel. There are huge efforts and study has been done so far on phase transformations, due to so many steel grades available commercially the phase development in steel has different consequences. In the present work an effort has been made to study the effect of heating rate on microstructural features of cold heading quality steel. The SEM, optical microscopy, and heat treatment techniques have been applied to observe the microstructural features in the experimental steel. It was observed that heating rate has the strong influence on phase transformation of CHQ steel under investigation. Heating rate increases the austenite formation kinetics with respect to holding time, and this austenite has been transformed to martensite upon cooling. Heating rate also plays a vital role on nucleation sites of austenite formation in the experimental steel.

Keywords: CHQ steel, austenite formation, heating rate, nucleation

Procedia PDF Downloads 410

Authors: Roslina Che Soh

Abstract:

Best interest of the child has been the prevailing principle of the custody legislations of most nations in the world. The tremendous shift from parental rights to parental responsibilities throughout the centuries had made the principle of best interests of the child as the utmost matter which parents must uphold in child upbringing. Despite the commitment to this principle is significantly enshrined in the United Nation Convention on Rights of the Child, the content and application of the principle differs across borders. Differences persist notwithstanding many countries have experienced a substantial shift over the last several decades in the types of custodial arrangements that are thought to best serve children’s interests. The laws in Malaysia similarly uphold this principle but do not provide further deliberation on the principle itself. The principle is entirely developed by the courts through decided cases. Thus, this paper seeks to discuss the extent of the application of best interest of the child principle in custody disputes. In doing so, it attempts to provide an overview of the current laws and the approach of the Civil and the Shariah courts in Malaysia in applying the principle in determining custody disputes. For purposes of comparison, it briefly examines the legislations and the courts practices in Australia and England on this matter. The purpose is to determine the best standard to be adopted by Malaysia and to propose improvement to the laws whenever appropriate.

Keywords: child custody, best interest, Malaysian law, bioinformatics, biomedicine

Procedia PDF Downloads 274

Authors: Ramayanam Suresh, A. Nagaraja Rao, B. Eswara Reddy

Abstract:

Texture features of mammogram images are useful for finding masses or cancer cases in mammography, which have been used by radiologists. Textures are greatly succeeded for segmented images rather than normal images. It is necessary to perform segmentation for exclusive specification of cancer and non-cancer regions separately. Region of interest (ROI) is most commonly used technique for mammogram segmentation. Limitation of this method is that it is unable to explore segmentation for large collection of mammogram images. Therefore, this paper is proposed multi-ROI segmentation for addressing the above limitation. It supports greatly in finding the best texture features of mammogram images. Experimental study demonstrates the effectiveness of proposed work using benchmarked images.

Keywords: texture features, region of interest, multi-ROI segmentation, benchmarked images

Procedia PDF Downloads 310

Authors: Kshitij Sawke, Pradnyavant Kamble, Shrikant Patil

Abstract:

The study investigates the effect on wear rate of laser clad of cast iron with silicon carbide. Metal components fail their desired use because they wear, which causes them to lose their functionality. The laser has been used as a heating source to create a melt pool over the surface of cast iron, and then a layer of hard silicon carbide is deposited. Various combinations of power and feed rate of laser have experimented. A suitable range of laser processing parameters was identified. Wear resistance and wear rate properties were evaluated and the result showed that the wear resistance of the laser treated samples was exceptional to that of the untreated samples.

Keywords: laser clad, processing parameters, wear rate, wear resistance

Procedia PDF Downloads 257

Authors: Fatema-Tuz-Zohra Khanam, Ali Al-Naji, Asanka G. Perera, Kim Gibson, Javaan Chahl

Abstract:

Conventional contact-based vital signs monitoring sensors such as pulse oximeters or electrocardiogram (ECG) may cause discomfort, skin damage, and infections, particularly in neonates with fragile, sensitive skin. Therefore, remote monitoring of the vital sign is desired in both clinical and non-clinical settings to overcome these issues. Camera-based vital signs monitoring is a recent technology for these applications with many positive attributes. However, there are still limited camera-based studies on neonates in a clinical setting. In this study, the heart rate (HR) and respiratory rate (RR) of eight infants at the Neonatal Intensive Care Unit (NICU) in Flinders Medical Centre were remotely monitored using a digital camera applying color and motion-based computational methods. The region-of-interest (ROI) was efficiently selected by incorporating an image decomposition method. Furthermore, spatial averaging, spectral analysis, band-pass filtering, and peak detection were also used to extract both HR and RR. The experimental results were validated with the ground truth data obtained from an ECG monitor and showed a strong correlation using the Pearson correlation coefficient (PCC) 0.9794 and 0.9412 for HR and RR, respectively. The RMSE between camera-based data and ECG data for HR and RR were 2.84 beats/min and 2.91 breaths/min, respectively. A Bland Altman analysis of the data also showed a close correlation between both data sets with a mean bias of 0.60 beats/min and 1 breath/min, and the lower and upper limit of agreement -4.9 to + 6.1 beats/min and -4.4 to +6.4 breaths/min for both HR and RR, respectively. Therefore, video camera imaging may replace conventional contact-based monitoring in NICU and has potential applications in other contexts such as home health monitoring.

Keywords: neonates, NICU, digital camera, heart rate, respiratory rate, image decomposition

Procedia PDF Downloads 104

Authors: Raymond K. Dziwornu

Abstract:

Lending rate of agriculture loan has persistently been high and attributed to risk in the sector. This study examined how food inflation and agriculture lending rate react to each other in Ghana using vector autoregressive approach. Quarterly data from 2006 to 2018 was obtained from the Bank of Ghana quarterly bulletin and the Ghana Statistical Service reports. The study found that a positive standard deviation shock to food inflation causes lending rate of agriculture loan to react negatively in the short run, but positively and steadily in the long run. This suggests the need to direct appropriate policy measures to reduce food inflation and consequently, the cost of credit to the agricultural sector for its growth.

Keywords: food inflation, agriculture, lending rate, vector autoregressive, Ghana

Procedia PDF Downloads 149

Authors: Itiola Kehinde Adeniran

Abstract:

This paper investigated the influence of harnessing entrepreneurial opportunities on the national security in Nigeria with a specific focus on the security situation of the post-amnesty programmes of the Federal Government in Ondo State. The self-administered structured questionnaire was employed to collect data from one hundred and twenty participants through purposive sampling method. Inferential statistics was used to analyze the data, specifically; ordinary least squares linear regression method was employed with the aid of statistical package for social science (SPSS) version 20 in order to determine the influence of independent variable (entrepreneurial opportunities) on dependent variable (national security). The result showed that business opportunities have a significant influence on the rate of criminal activities. The study also revealed that entrepreneurial opportunity creation and discovery as well as providing a model on how these entrepreneurial opportunities could be effectively and efficiently utilized jointly predict better national security, which counted for 69% variance of crime rate reduction. The paper, therefore, recommended that citizens should be encouraged to develop an interest in the skill-based activities in order to change their mindset towards self-employment which can motivate them in identify entrepreneurial opportunities.

Keywords: entrepreneurship, entrepreneurial opportunities, national security, unemployment

Procedia PDF Downloads 328

Authors: Xiaodong Gao, Pingchuan Dong, Qichao Gao

Abstract:

There has been lots of published work focused on asphaltene deposited on the smooth pipe under steady conditions, while particle deposition on the blockage wellbores under transient conditions has not been well elucidated. This work attempts to predict the deposition rate of asphaltene particles in blockage tube through CFD simulation. The Euler-Lagrange equation has been applied during the flow of crude oil and asphaltene particles. The net gravitational force, virtual mass, pressure gradient, saffman lift, and drag forces are incorporated in the simulations process. Validation of CFD simulation results is compared to the benchmark experiments from the previous literature. Furthermore, the effect of blockage location, blockage length, and blockage thickness on deposition rate are also analyzed. The simulation results indicate that the maximum deposition rate of asphaltene occurs in the blocked tube section, and the greater the deposition thickness, the greater the deposition rate. Moreover, the deposition amount and maximum deposition rate along the length of the tube have the same trend. Results of this study are in the ability to better understand the deposition of asphaltene particles in production and help achieve to deal with the asphaltene challenges.

Keywords: asphaltene deposition rate, blockage length, blockage thickness, blockage diameter, transient condition

Procedia PDF Downloads 201

Authors: Samuel Akinlabi Ola, Emeka Segun Nnochiri, Stephen Kayode Aderomose, Paul Ayesemhe Edoh

Abstract:

Fadama soils of Northern Nigeria are generally a problem soil for highway and geotechnical engineers. There has been no consistent conclusion on the effect of the strain rate on the shear strength of soils, thus necessitating the need to clarify this issue with various types of soil. Consolidated undrained tests with pore pressure measurements were conducted at optimum moisture content and maximum dry density using standard proctor compaction. Back pressures were applied to saturate the soil. The shear strength parameters were determined. Analyzing the results and model studies using the Rate Process Theory, functional relationships between the deviator stress and strain rate were determined and expressed mathematically as deviator stress = β0+ β1 log(strain rate) at each cell pressure where β0 and β1 are constants. Also, functional relationships between the pore pressure coefficient Āf and the time to failure were determined and expressed mathematically as pore pressure coefficient, Āf = ψ0+ѱ1log (time to failure) where ψ0 and ѱ1 are constants. For cell pressure between 69 – 310 kN/m2 (10 - 45psi) the constants found for Fadama soil in this study are ψ0=0.17 and ѱ1=0.18. The study also shows the dependence of the angle of friction (ø’) on the rate of strain as it increases from 22o to 25o for an increase in the rate of strain from 0.08%/min to 1.0%/min. Conclusively, the study also shows that within the strain rate utilized in the research, the deviator strength increased with the strain rate while the excess pore water pressure decreased with an increase in the rate of strain.

Keywords: deviator stress, Fadama soils, pore pressure coefficient, rate process

Procedia PDF Downloads 74

Authors: Vitus Onyebuchim Onyemailu, Olive Obianuju Okalibe

Abstract:

The study tried to examine relationship between exchange rate variations on the balance of payments in Nigeria from 1970 to 2012. Using time series on econometric measures such as Granger causality and ordinary least square (OLS), the study found that exchange rate movements especially the depreciation of naira has not contributed significantly on the balance of payments under the year of the study. The granger result conform the Marshall-Lerner short and long run prepositions that exchange rate devaluation enhances balance of payments. On disaggregation exchange rate granger causes current and capital account balances give the Nigeria data from 1970 to 2012. Overall in the long run OLS regression analysis, exchange rate on semi log functional form, exchange rate variation did not record significant effect on balance of payment equation. This height was also maintained in the current or trade balance which does not match the Marshall-Lerner. The capital account balance in reverse reported a significant impact of exchange rate variability on the capital account balance. Finally, on exchange rate determination equation, where many fundamentals were considered including lagged of exchange rate. Thus, the lagged of exchange rate recorded a positive and significant influence on the present exchange rate. This means that players in the financial markets usually out plays authority’s policy’s stances through their speculative tendencies. The work therefore, recommend that effort should be made by the authorities to providing enabling environment for production of goods and services to triumph in order to take advantages of steady devaluation of its currency. This is done by providing infrastructure, provision of science and technology. Thus, when this is done Nigeria would be able to have competitive power against the rest of the world.

Keywords: exchange rate variation, balance of payments, current account, capital account, Marshall-Lerner hypothesis

Procedia PDF Downloads 397

Authors: Raed Alnajjar, Mohd Zakree, Ahmad Nazri

Abstract:

In this study, we apply Discrete Group Search Optimizer (DGSO) for solving Traveling Salesman Problem (TSP). The DGSO is a nature inspired optimization algorithm that imitates the animal behavior, especially animal searching behavior. The proposed DGSO uses a vector representation and some discrete operators, such as destruction, construction, differential evolution, swap and insert. The TSP is a well-known hard combinatorial optimization problem, which seeks to find the shortest path among numbers of cities. The performance of the proposed DGSO is evaluated and tested on benchmark instances which listed in LIBTSP dataset. The experimental results show that the performance of the proposed DGSO is comparable with the other methods in the state of the art for some instances. The results show that DGSO outperform Ant Colony System (ACS) in some instances whilst outperform other metaheuristic in most instances. In addition to that, the new results obtained a number of optimal solutions and some best known results. DGSO was able to obtain feasible and good quality solution across all dataset.

Keywords: discrete group search optimizer (DGSO); Travelling salesman problem (TSP); Variable neighborhood search(VNS)

Procedia PDF Downloads 324

Authors: Dong-Ho Kim, Zheng-Xun Jin, Yong-Woon Cha, Su-Sang Lim, Sang-Won Han, Chang-Taek Hyun

Abstract:

As construction is a labor-intensive industry, it is important to identify and manage labor quantities for accurate progress management of the construction project. However, the progress management that focuses on construction cost calculated based on materials rather than labor quantities has led to a difference in the implementation of cost and progress of the actual construction. In addition, since it is not easy to predict accurate labor quantities in the estimation of labor quantity-based progress rate, there have been limited researches into the progress rate estimation based on labor quantity. Accordingly, this study proposed a process for labor quantity-based progress rate estimation using a standard of estimate to predict accurate progress rate of the construction project in Republic Korea. It is expected that the utilization of the proposed process will help to identify the progress rate closer to that of the actual site management and adjust the workforce in each construction type, thereby contributing to improving construction efficiency.

Keywords: labor based, labor cost, progress management, progress rate, progress payment

Procedia PDF Downloads 344

Authors: Md Serajul Islam

Abstract:

High Dose Rate (HDR) Brachytherapy is used for cancer patients. In our country’s prospect, we are using only cervices and breast cancer treatment by using HDR. The air kerma rate in air at a reference distance of less than a meter from the source is the recommended quantity for the specification of gamma ray source Ir-192 in brachytherapy. The absorbed dose for the patients is directly proportional to the air kerma rate. Therefore the air kerma rate should be determined before the first use of the source on patients by qualified medical physicist who is independent from the source manufacturer. The air kerma rate will then be applied in the calculation of the dose delivered to patients in their planning systems. In practice, high dose rate (HDR) Ir-192 afterloader machines are mostly used in brachytherapy treatment. Currently, HDR-Co-60 increasingly comes into operation too. The essential advantage of the use of Co-60 sources is its longer half-life compared to Ir-192. The use of HDRCo-60 afterloading machines is also quite interesting for developing countries. This work describes the dosimetry at HDR afterloading machines according to the protocols IAEA-TECDOC-1274 (2002) with the nuclides Ir-192 and Co-60. We have used 3 different measurement methods (with a ring chamber, with a solid phantom and in free air and with a well chamber) in dependence of each of the protocols. We have shown that the standard deviations of the measured air kerma rate for the Co-60 source are generally larger than those of the Ir-192 source. The measurements with the well chamber had the lowest deviation from the certificate value. In all protocols and methods, the deviations stood for both nuclides by a maximum of about 1% for Ir-192 and 2.5% for Co-60-Sources respectively.

Keywords: Ir-192 source, cancer, patients, cheap treatment cost

Procedia PDF Downloads 236

Authors: Kedar Hardikar, Joe Varghese

Abstract:

Conductive adhesives have found wide-ranging applications in electronics industry ranging from fixing a defective conductor on printed circuit board (PCB) attaching an electronic component in an assembly to protecting electronics components by the formation of “Faraday Cage.” The reliability requirements for the conductive adhesive vary widely depending on the application and expected product lifetime. While the conductive adhesive is required to maintain the structural integrity, the electrical performance of the associated sub-assembly can be affected by the degradation of conductive adhesive. The degradation of the adhesive is dependent upon the highly varied use case. The conventional approach to assess the reliability of the sub-assembly involves subjecting it to the standard environmental test conditions such as high-temperature high humidity, thermal cycling, high-temperature exposure to name a few. In order to enable projection of test data and observed failures to predict field performance, systematic development of an acceleration factor between the test conditions and field conditions is crucial. Common acceleration factor models such as Arrhenius model are based on rate kinetics and typically rely on an assumption of linear degradation in time for a given condition and test duration. The application of interest in this work involves conductive adhesive used in an electronic circuit of a capacitive sensor. The degradation of conductive adhesive in high temperature and humidity environment is quantified by the capacitance values. Under such conditions, the use of established models such as Hallberg-Peck model or Eyring Model to predict time to failure in the field typically relies on linear degradation rate. In this particular case, it is seen that the degradation is nonlinear in time and exhibits a square root t dependence. It is also shown that for the mechanism of interest, the presence of moisture is essential, and the dominant mechanism driving the degradation is the diffusion of moisture. In this work, a framework is developed to incorporate nonlinear degradation of the conductive adhesive for the development of an acceleration factor. This method can be extended to applications where nonlinearity in degradation rate can be adequately characterized in tests. It is shown that depending on the expected product lifetime, the use of conventional linear degradation approach can overestimate or underestimate the field performance. This work provides guidelines for suitability of linear degradation approximation for such varied applications

Keywords: conductive adhesives, nonlinear degradation, physics of failure, acceleration factor model.

Procedia PDF Downloads 135

Authors: Saru Arora, Anurag Sharma, Harsukhpreet Singh

Abstract:

To meet the growing need of high data rate and bandwidth, various efforts has been made nowadays for the efficient communication systems. Optical Code Division Multiple Access over Free space optics communication system seems an effective role for providing transmission at high data rate with low bit error rate and low amount of multiple access interference. This paper demonstrates the OCDMA over FSO communication system up to the range of 7000 m at a data rate of 5 Gbps. Initially, the 8 user OCDMA-FSO system is simulated and pseudo orthogonal codes are used for encoding. Also, the simulative analysis of various performance parameters like power and core effective area that are having an effect on the Bit error rate (BER) of the system is carried out. The simulative analysis reveals that the length of the transmission is limited by the multi-access interference (MAI) effect which arises when the number of users increases in the system.

Keywords: FSO, PSO, bit error rate (BER), opti system simulation, multiple access interference (MAI), q-factor

Procedia PDF Downloads 365

Authors: Jameelah Omolara Yaqub

Abstract:

One of the main reasons for the existence of central bank is that it is believed that central banks have some influence on private sector decisions which will enable the Central Bank to achieve some of its objectives especially that of stable price and economic growth. By the assumption of the New Keynesian theory that prices are fully flexible in the short run, the central bank can temporarily influence real interest rate and, therefore, have an effect on real output in addition to nominal prices. There is, therefore, the need for the Central Bank to monitor, respond to, and influence private sector decisions appropriately. This thus shows that the Central Bank and the private sector will both affect and be affected by each other implying considerable interdependence between the sectors. The interdependence may be simultaneous or not depending on the level of information, readily available and how sensitive prices are to agents’ expectations about the future. The aim of this paper is, therefore, to determine whether the interdependence between asset prices and monetary policy are simultaneous or not and how important is this relationship. Studies on the effects of monetary policy have largely used VAR models to identify the interdependence but most have found small effects of interaction. Some earlier studies have ignored the possibility of simultaneous interdependence while those that have allowed for simultaneous interdependence used data from developed economies only. This study, therefore, extends the literature by using data from a developing economy where information might not be readily available to influence agents’ expectation. In this study, the direction of relationship among variables of interest will be tested by carrying out the Granger causality test. Thereafter, the interaction between asset prices and monetary policy in Nigeria will be tested. Asset prices will be represented by the NSE index as well as real estate prices while monetary policy will be represented by money supply and the MPR respectively. The VAR model will be used to analyse the relationship between the variables in order to take account of potential simultaneity of interdependence. The study will cover the period between 1980 and 2014 due to data availability. It is believed that the outcome of the research will guide monetary policymakers especially the CBN to effectively influence the private sector decisions and thereby achieve its objectives of price stability and economic growth.

Keywords: asset prices, granger causality, monetary policy rate, Nigeria

Procedia PDF Downloads 220

Authors: Chiung-Yun Chang, Po-Chou Chen, Jiun-Shiang Tzeng, Ka-Wai Mac, Chia-Chi Hsiao, Jo-Chi Jao

Abstract:

This study aimed to measure R2* relaxation rates in the liver of New Zealand White (NZW) rabbits. R2* relaxation rate has been widely used in various hepatic diseases for iron overload by quantifying iron contents in liver. R2* relaxation rate is defined as the reciprocal of T2* relaxation time and mainly depends on the composition of tissue. Different tissues would have different R2* relaxation rates. The signal intensity decay in Magnetic resonance imaging (MRI) may be characterized by R2* relaxation rates. In this study, a 1.5T GE Signa HDxt whole body MR scanner equipped with an 8-channel high resolution knee coil was used to observe R2* values in NZW rabbit’s liver and muscle. Eight healthy NZW rabbits weighted 2 ~ 2.5 kg were recruited. After anesthesia using Zoletil 50 and Rompun 2% mixture, the abdomen of rabbit was landmarked at the center of knee coil to perform 3-plane localizer scan using fast spoiled gradient echo (FSPGR) pulse sequence. Afterward, multi-planar fast gradient echo (MFGR) scans were performed with 8 various echo times (TEs) (2/4/6/8/10/12/14/16 ms) to acquire images for R2* calculations. Regions of interest (ROIs) at liver and muscle were measured using Advantage workstation. Finally, the R2* was obtained by a linear regression of ln(SI) on TE. The results showed that the longer the echo time, the smaller the signal intensity. The R2* values of liver and muscle were 44.8  10.9 s-1 and 37.4  9.5 s-1, respectively. It implies that the iron concentration of liver is higher than that of muscle. In conclusion, R2* is correlated with iron contents in tissue. The correlations between R2* and iron content in NZW rabbit might be valuable for further exploration.

Keywords: liver, magnetic resonance imaging, muscle, R2* relaxation rate

Procedia PDF Downloads 436

Authors: Jing Ning, Kunyuan Gao

Abstract:

The microstructure and phase structure of Al-Er alloys with Er content of 10, 20, 30wt% at cooling rate of 60, 40 and 5℃/h were analyzed using scanning electron microscope (SEM) and X-ray diffraction (XRD). Experimental results showed that for solidification of the hypereutectic Al-Er alloys at different conditions, a halo of α-Al appeared around the primary Al₃Er phase. Analysis of the solidification process indicated that after the primary Al₃Er phase formed, the composition of supercooled liquid phase located outside the coupled zone of eutectic growth below the eutectic line, which leaded to the formation of Al halo. With the increase of Er content, the blocky primary Al₃Er phase expanded from 200μm to 1mm in size. With the decrease of cooling rate, the morphology and phase structure of alloy were different. At the cooling rate of 60℃/h, it was obtained the primary Al3Er phase with L1₂ structure, whose profile was straight. Meanwhile, the eutectic structure was flocculent. At the quite slow cooling rate of 5℃/h, it was obtained the primary Al₃Er phase with hR20 structure with irregular jagged profile, and the eutectic structure was approximately strip-shaped. These characteristics were closely related to the cooling rate of solidification. The XRD analysis showed that for Al₃Er phase, the lattice constant a of L1₂ structure was 4.2158Å, and a, c of hR20 structure were 6.0321Å and 35.6290Å, respectively.

Keywords: Al-Er alloy, composition, cooling rate, microstructure

Procedia PDF Downloads 108

Authors: Timothée Bligny, Clément Codron, Antoine Estruch, Nicolas Girodet, Clément Ginet

Abstract:

Collateralized Debt Obligations are not as widely used nowadays as they were before 2007 Subprime crisis. Nonetheless there remains an enthralling challenge to optimize cash flows associated with synthetic CDOs. A Gaussian-based model is used here in which default correlation and unconditional probabilities of default are highlighted. Then numerous simulations are performed based on this model for different scenarios in order to evaluate the associated cash flows given a specific number of defaults at different periods of time. Cash flows are not solely calculated on a single bought or sold tranche but rather on a combination of bought and sold tranches. With some assumptions, the simplex algorithm gives a way to find the maximum cash flow according to correlation of defaults and maturities. The used Gaussian model is not realistic in crisis situations. Besides present system does not handle buying or selling a portion of a tranche but only the whole tranche. However the work provides the investor with relevant elements on how to know what and when to buy and sell.

Keywords: synthetic collateralized debt obligation (CDO), credit default swap (CDS), cash flow optimization, probability of default, default correlation, strategies, simulation, simplex

Procedia PDF Downloads 274

Authors: Maimuna Nontji

Abstract:

The life cycle of rice plant has three phases of growth; they are the vegetative, reproductive and maturation phase. They greatly affect the life of dynamics metanotrof bacterial as reducer methane emissions in the rice field, both of population and on the rate of growth. The aim of this study was to analyze the population and growth rate of methanotrof isolates which has been isolated in previous studies. Isolates were taken at all the life cycle of rice plant. Population of analysis was conducted by standard plate count method and growth rate was analysed by logarithmic calculation. The results showed that each isolate varied in population and growth rate. The highest population was obtained in the isolates Gowa Methanotrof Reproductive (GMR 8) about 7.06 x 10 11 cfu / ml on 3 days of incubation and the lowest population was obtained in the Gowa Methanotrof Maturation (GMP 5) about 0.27 x 10 11 cfu / ml on 7 day of incubation. Some isolate were demonstrated in long growth rate about 5 days of incubation and another are 3 days.

Keywords: emission, methanotrof, methane, population

Procedia PDF Downloads 449

Authors: Chaiwat Wuthinitikornkit

Abstract:

Foreign Direct Investment (FDI) inevitably affects the landscape of the political economy of the host country. It is, therefore, significant to review and uncover how and in what way(s) FDI shapes the preferences of the interest groups within the host country, as such preferences may, in turn, influence the policies of the host country. By conducting a review of relevant literature, this paper attempts to outline the key forces behind such preferences and identify potential gaps for future studies. This paper argues that while existing theories have specified endowment and political and institutional factors as key explanations behind the preferences of domestic interest groups, other qualitative attributes of the foreign investors' side, such as their nationalities, have yet to be adequately investigated empirically and may potentially also possess explanatory power. This is particularly important in the current global economic landscape, where key global investors hail from origins from both developed and developing countries with diverse political systems and business practices. This paper aims to provide the groundwork for future studies on these potential gaps, which may provide not only contributions to the academic sphere but also practical insight into policymaking and business communities.

Keywords: foreign direct investment, interest groups, international political economy, political economy

Procedia PDF Downloads 90

Authors: Anaelle Gabet, Helene Metivier, Christine De Brauer, Gilles Mailhot, Marcello Brigante

Abstract:

The presence of micropollutants in surface waters has been widely reported around the world, particularly downstream from wastewater treatment plants (WWTPs). Rural WWTPs constitute more than 90 % of the total WWTPs in France. Like conventional ones, they are not able to fully remove micropollutants. Estrogens are excreted by human beings every day and several studies have highlighted their endocrine disruption properties on river wildlife. They are mainly estrone (E1), 17β-estradiol (E2) and 17α-ethinylestradiol (EE2). Rural WWTPs require cheap and robust tertiary processes. UVC activation of H₂O₂ for HO· generation, a very reactive molecule, has demonstrated its effectiveness. However, UVC rays are dangerous to manipulate and energy-consuming. This is why the ability of UVA rays was investigated in this study. Moreover, the use of S₂O₈²⁻ for SO₄·- generation as an alternative to HO· has emerged in the last few years. Such processes have been widely studied on a lab scale. However, pilot-scale works constitute fewer studies. This study was carried out on a 20-L pilot composed of a 1.12-L UV reactor equipped with a polychromatic UVA lamp or a monochromatic (254 nm) UVC lamp fed in recirculation. Degradation rates of a mixture of spiked E1, E2 and EE2 (5 µM each) were followed by HPLC-UV. Results are expressed in UV dose (mJ.cm-2) received by the compounds of interest to compare UVC and UVA. In every system, estrogen degradation rates followed pseudo-first-order rates. First, experiments were carried out in tap water. All estrogens underwent photolysis under UVC rays, although E1 photolysis is higher. However, only very weak photolysis was observed under UVA rays. Preliminary studies on both oxidants have shown that S₂O₈²⁻ photolysis constants are higher than H₂O₂ under both UVA and UVC rays. Therefore, estrogen degradation rates are about ten times higher in the presence of 1 mM of S₂O₈²⁻ than with one mM of H₂O₂ under both radiations. In the same conditions, the mixture of interest required about 40 times higher UV dose when using UVA rays compared to UVC. However, the UVA/S₂O₈²⁻ system only requires four times more UV dose than the conventional UVC/H₂O₂ system. Further studies were carried out in WWTP effluent with the UVC lamp. When comparing these results to the tap water ones, estrogen degradation rates were more inhibited in the S₂O₈²⁻ system than with H₂O₂. It seems that SO₄·- undergo higher quenching by a real effluent than HO·. Preliminary experiments have shown that natural organic matter is mainly responsible for the radical quenching and that HO and SO₄ both had similar second-order reaction rate constants with dissolved organic matter. However, E1, E2 and EE2 second-order reaction rate constants are about ten times lower with SO₄ than with HO. In conclusion, the UVA/S₂O₈²⁻ system showed encouraging results for the use of UVA rays but further studies in WWTP effluent have to be carried out to confirm this interest. The efficiency of other pollutants in the real matrix also needs to be investigated.

Keywords: AOPs, decontamination, estrogens, radicals, wastewater

Procedia PDF Downloads 191

Authors: Taekyun Doo, Cheongmin Ji, Manpyo Hong

Abstract:

Like a closed-circuit television (CCTV), video surveillance system is widely placed for gathering video from unspecified people to prevent crime, surveillance, or many other purposes. However, abuse of CCTV brings about concerns of personal privacy invasions. In this paper, we propose an encryption method to protect personal privacy system in H.264 compressed video bitstream with encrypting only regions of interest (ROI). There is no need to change the existing video surveillance system. In addition, encrypting ROI in compressed video bitstream is a challenging work due to spatial and temporal drift errors. For this reason, we propose a novel drift mitigation method when ROI is encrypted. The proposed method was implemented by using JM reference software based on the H.264 compressed videos, and experimental results show the verification of our proposed methods and its effectiveness.

Keywords: H.264/AVC, video encryption, privacy protection, post compression, region of interest

Procedia PDF Downloads 340

Authors: D. K. Soni

Abstract:

A study of engineering properties of stones, i.e. compressive strength, tensile strength, modulus of elasticity, density, hardness were carried out to explore the possibility of optimum utilization of stone. The laboratory test results on equally dimensioned discs of the stone show a considerable variation in computed split tensile strength with varied rates of deformation. Hence, the effect of strain rate on the tensile strength of a sand stone and lime stone under wet and dry conditions has been studied experimentally using the split tensile strength test technique. It has been observed that the tensile strength of these stone is very much dependent on the rate of deformation particularly in a dry state. On saturation the value of split tensile strength reduced considerably depending upon the structure of rock and amount of water absorption.

Keywords: sedimentary rocks, split tensile test, deformation rate, saturation rate, sand stone, lime stone

Procedia PDF Downloads 409

Authors: Lukasz Kurowski, Paweł Smaga

Abstract:

We explore the procyclicality of monetary policy decisions towards the financial cycle in the 1995−2015 period on a sample of six central banks. Using interest rate paths and the credit-to-GDP gap to construct a monetary policy procyclicality ratio, we provide evidence that monetary policy procyclicality was high in BoE and CNB and low in Riksbank and ECB. The results support the need for coordination between macroprudential and monetary policies, for example, by including financial stability considerations to the inflation targeting strategy.

Keywords: central bank, financial stability, macroprudential policy, monetary policy

Procedia PDF Downloads 372