Search results for: debt accumulation

Authors: Aayushi Lyngwa, Bimal Kishore Sahoo

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The study discusses the relationship between cognitive ability and the level of education attained by the tribal street entrepreneurs on their financial literacy. It is driven by the objective of examining the effect of cognitive ability on financial ability on the one hand and determining the effect of the same on financial literacy on the other. A field experiment was conducted on 203 tribal street vendors in the north-eastern Indian state of Mizoram. This experiment's calculations are conditioned by providing each question scores like math score (cognitive ability), financial score and debt score (financial ability). After that, categories for each of the variables, like math category (math score), financial category (financial score) and debt category (debt score), are generated to run the regression model. Since the dependent variable is ordinal, an ordered logit regression model was applied. The study shows that street vendors' cognitive and financial abilities are highly correlated. It, therefore, confirms that cognitive ability positively affects the financial literacy of street vendors through the increase in attainment of educational levels. It is also found that concerning the type of street vendors, regular street vendors are more likely to have better cognitive abilities than temporary street vendors. Additionally, street vendors with more cognitive and financial abilities gained better monthly profits and performed habits of bookkeeping. The study attempts to draw a particular focus on a set-up which is economically and socially marginalized in the Indian economy. Its finding contributes to understanding financial literacy in an understudied area and provides policy implications through inclusive financial systems solutions in an economy limited to tribal street vendors.

Keywords: financial literacy, education, street entrepreneurs, tribals, cognitive ability, financial ability, ordered logit regression.

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Authors: Javier Sanchez Vidal, Ciarán Mac An Bhaird, Brian Lucey

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This study examines the decision by firm owners not to apply for intermediated debt due to a perception that their application will be rejected. Based on a sample of SMEs in 9 European countries over the period 2009-2011, we examine potential explanatory factors for borrower discouragement, including firm, macroeconomic, regulatory and banking industry variables. Compared with firms that applied for bank loans, discouraged borrowers are smaller, younger, have declining turnover and an increasing debt/assets ratio. Perceived willingness of banks to lend rather than the company’s own credit history is more important to encourage applications. Perceptions of refusal are procyclical and may be self-perpetuating. Increased concentration in the banking sector reduces discouragement, indicating the importance of relationship banking. Transmission of macro effects through the banking system and economic environment may also lead to higher levels of discouragement. A good regulatory scheme is also advisable, either for the lenders or the borrowers (overall the good ones).

Keywords: entrepreneurial finance, discouraged borrowers, banking, financial crisis, eurozone

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Authors: Nipun Manirajan, Heeralal Gargama, Sushil Guhe, Manoj Prabhakaran

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In railway industry, train sets are designed based on contractual requirements (mission profile), where reliability targets are measured in terms of mean distance between failures (MDBF). However, during the beginning of revenue services, trains do not achieve the designed mission profile distance (mileage) within the timeframe due to infrastructure constraints, scarcity of commuters or other operational challenges thereby not respecting the original design inputs. Since trains do not run sufficiently and do not achieve the designed mileage within the specified time, car builder has a risk of not achieving the contractual MDBF target. This paper proposes a constant failure rate based model to deal with the situations where mileage accumulation is not a part of the design mission profile. The model provides appropriate MDBF target to be demonstrated based on actual accumulated mileage. A case study of rolling stock running in the field is undertaken to analyze the failure data and MDBF target demonstration during low mileage accumulation. The results of case study prove that with the proposed method, reliability targets are achieved under low mileage accumulation.

Keywords: mean distance between failures, mileage-based reliability, reliability target appropriations, rolling stock reliability

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Authors: Ahsan Khan, Nazish Shah, Muhammad Salman

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The present study deals with the toxicological effects of copper, lead and chromium on brain and liver tissues of grass carp (Ctenopharyngodon idella). The average length of experimental fish was 8.5 ± 5.5 cm and weighed 9.5 ± 6.5 g. Grass carp was exposed to lethal concentration (LC₁₅) of copper, lead and chromium for 24, 48, 72 and 96 hours respectively. (LC₁₅) for copper was 1.5, 1.4, 1.2 and 1mgL⁻¹. Similarly, LC₁₅ of lead was 250, 235, 225 and 216mgL⁻¹ while (LC₁₅) for chromium was 25.5, 22.5, 20 and 18mgL⁻¹ respectively. During the time of exposure against various doses of heavy metals the grass carp showed some behavioral changes. In the initial stages of experiment, the rapid movements and gulping of air were observed. Several times the fish tried to jump to scat from the toxic median. In addition, the accumulation of heavy metals in different tissues of grass carp particularly in liver and brain tissues were observed. Lead was highly accumulated in brain tissue after the exposure of fish for 24 and 48 hours, while highly accumulated in liver tissues after the exposure of fish for 72 and 96 hours. Chromium was highly accumulated in the liver tissues after the exposure of fish for 24 hours while its accumulation was found highly in the brain tissues after the exposure of fish for 48, 72 and 96 hours. Similarly, accumulation of copper concentration was found highly in brain tissues after the exposure of 48 and 96 hours while its accumulation was high in liver tissues after the exposure of 24 and 72 hours. Comparatively maximum accumulation of lead was found in brain and liver tissues of grass carp followed by chromium and copper. Furthermore, accumulation of these metals caused many abnormalities like gliosis, destruction of cell, change in cell shape and shrinkage of cells in brain tissue while in liver tissues aggregation in hepatocytes, widen space between cells and also destruction of cell was observed. These experiments and observations can be useful to monitor the aquatic pollution and quality of aquatic environment system.

Keywords: brain, grass carp, liver, lethal concentration, toxicity

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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: Luan Vardari, Dena Arapi-Vardari

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Financial stability is a critical component of economic growth and development, and it has been recognized as a key policy objective in many countries around the world. In the Western Balkans, financial stability has been a key issue in recent years, with a number of challenges facing the region, including high levels of public debt, weak banking systems, and economic volatility. Corporate finance, which refers to the financial management practices of firms, is an important factor that can impact financial stability. This paper aims to investigate corporate finance's impact on financial stability in Western Balkan countries. This study will use a mixed-methods approach to investigate the impact of corporate finance on financial stability in the Western Balkans. The study will begin with a comprehensive review of the existing literature on corporate finance and financial stability, focusing on the Western Balkan region. This will be followed by an empirical analysis of regional corporate finance practices using data from various industries and firms. The analysis will explore the relationship between corporate finance practices and financial stability, taking into account factors such as regulatory frameworks, economic conditions, and firm size. The results of the study are expected to provide insights into the impact of corporate finance on financial stability in the Western Balkans. Specifically, the study will identify the key corporate finance practices that contribute to financial stability in the region, as well as the challenges and obstacles that firms face in implementing effective corporate finance strategies. The study will also provide recommendations for policymakers and firms looking to enhance financial stability and resilience in the region.

Keywords: financial regulation, debt management, investment decisions, dividend policies, economic volatility, banking systems, public debt, prudent financial management, firm size, policy recommendations

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Authors: Violina R. Angelova, Mariana N. Perifanova-Nemska, Galina P. Uzunova, Elitsa N. Kolentsova

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Comparative research has been conducted to allow us to determine the accumulation of heavy metals (Pb, Zn and Cd) in the vegetative and reproductive organs of safflower, and to identify the possibility of its growth on soils contaminated by heavy metals and efficacy for phytoremediation. The experiment was performed on an agricultural field contaminated by the Non-Ferrous-Metal Works (MFMW) near Plovdiv, Bulgaria. The experimental plots were situated at different distances (0.1, 0.5, 2.0, and 15 km) from the source of pollution. The contents of heavy metals in plant materials (roots, stems, leaves, seeds) were determined. The quality of safflower oils (heavy metals and fatty acid composition) was also determined. The quantitative measurements were carried out with inductively-coupled plasma (ICP). Safflower is a plant that is tolerant to heavy metals and can be referred to the hyperaccumulators of lead and cadmium and the accumulators of zinc. The plant can be successfully used in the phytoremediation of heavy metal contaminated soils. The processing of safflower seeds into oil and the use of the obtained oil will greatly reduce the cost of phytoremediation.

Keywords: heavy metals, accumulation, safflower, polluted soils, phytoremediation

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Authors: Abubakar Dikko

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The research investigates the causes of unemployment in Namibia, Nigeria and South Africa, and the role of Capital Accumulation in reducing the unemployment profile of these economies as proposed by the post-Keynesian economics. This is conducted through extensive review of literature on the NAIRU models and focused on the post-Keynesian view of unemployment within the NAIRU framework. The NAIRU (non-accelerating inflation rate of unemployment) model has become a dominant framework used in macroeconomic analysis of unemployment. The study views the post-Keynesian economics arguments that capital accumulation is a major determinant of unemployment. Unemployment remains the fundamental socio-economic challenge facing African economies. It has been a burden to citizens of those economies. Namibia, Nigeria and South Africa are great African nations battling with high unemployment rates. In 2013, the countries recorded high unemployment rates of 16.9%, 23.9% and 24.9% respectively. Most of the unemployed in these economies comprises of youth. Roughly about 40% working age South Africans has jobs, whereas in Nigeria and Namibia is less than that. Unemployment in Africa has wide implications on households which has led to extensive poverty and inequality, and created a rampant criminality. Recently in South Africa there has been a case of xenophobic attacks which were caused by the citizens of the country as a result of unemployment. The high unemployment rate in the country led the citizens to chase away foreigners in the country claiming that they have taken away their jobs. The study proposes that there is a strong relationship between capital accumulation and unemployment in Namibia, Nigeria and South Africa, and capital accumulation is responsible for high unemployment rates in these countries. For the economies to achieve steady state level of employment and satisfactory level of economic growth and development there is need for capital accumulation to take place. The countries in the study have been selected after a critical research and investigations. They are selected based on the following criteria; African economies with high unemployment rates above 15% and have about 40% of their workforce unemployed. This level of unemployment is the critical level of unemployment in Africa as expressed by International Labour Organization (ILO). The African countries with low level of capital accumulation. Adequate statistical measures have been employed using a time-series analysis in the study and the results revealed that capital accumulation is the main driver of unemployment performance in the chosen African countries. An increase in the accumulation of capital causes unemployment to reduce significantly. The results of the research work will be useful and relevant to federal governments and ministries, departments and agencies (MDAs) of Namibia, Nigeria and South Africa to resolve the issue of high and persistent unemployment rates in their economies which are great burden that slows growth and development of developing economies. Also, the result can be useful to World Bank, African Development Bank and International Labour Organization (ILO) in their further research and studies on how to tackle unemployment in developing and emerging economies.

Keywords: capital accumulation, unemployment, NAIRU, Post-Keynesian economics

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Authors: Farhan Ali

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Use of wastewater for growing vegetables has become a common practice around big cities. Wastewater contains organic material and inorganic elements essential for plant growth but also contain heavy metals, which may be lethal for animals and humans if their concentration increases than permissible limit. To monitor this situation, a survey was conducted to ascertain the addition of heavy metals into agricultural fields through wastewater irrigation and their translocation in to the edible parts of the vegetables. The study highlighted that there is a large accumulation of heavy metals in the soil, which is irrigated with industrial wastewater Laden and people consume vegetables grown in soil irrigated with sewage water to absorb a large amount of these metals. This accumulation of heavy metals in food cause possible health risks for the consumer. Regular monitoring of the levels of pathogens and heavy metals from the waste water drain which effluent are used for growing vegetables and other foodstuffs is essential to monitor excessive accumulation of these metals in the food chain.

Keywords: pathogens, wastewater, concentration, effluent

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Authors: Majid Rasta, Xiaotao Shi, Mian Adnan Kakakhel, Yanqin Bai, Lao Liu, Jia Manke

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Microplastics (MPs; particles <5 mm) pollution is considered as a globally pervasive threat to aquatic ecosystems, and many studies reported this pollution in rivers, wetlands, lakes, coastal waters and oceans. In the aquatic environments, settling and transport of MPs in water column and sediments are determined by different factors such as hydrologic characteristics, watershed pattern, rainfall events, hydraulic conditions, vegetation, hydrodynamics behavior of MPs, and physical features of particles (shape, size and density). In the meantime, hydraulic conditions (such as turbulence, high/low water speed flows or water stagnation) play a key role in the fate of MPs in aquatic ecosystems. Therefore, this study presents a briefly review on the effects of different hydraulic conditions on the fate, transport and accumulation of MPs in aquatic ecosystems. Generally, MPs are distributed horizontally and vertically in aquatic environments. The vertical distribution of MPs in the water column changes with different flow velocities. In the riverine, turbulent flow causing from the rapid water velocity and shallow depth may create a homogeneous mixture of MPs throughout the water column. While low velocity followed by low-turbulent waters can lead to the low level vertical mixing of MP particles in the water column. Consequently, the high numbers of MPs are expected to be found in the sediments of deep and wide channels as well as estuaries. In contrast, observing the lowest accumulation of MP particles in the sediments of straights of the rivers, places with the highest flow velocity is understandable. In the marine environment, hydrodynamic factors (e.g., turbulence, current velocity and residual circulation) can affect the sedimentation and transportation of MPs and thus change the distribution of MPs in the marine and coastal sediments. For instance, marine bays are known as the accumulation area of MPs due to poor hydrodynamic conditions. On the other hand, in the nearshore zone, the flow conditions are highly complex and dynamic. Experimental studies illustrated that maximum horizontal flow velocity in the sandy beach can predict the accumulation of MPs so that particles with high sinking velocities deposit in the lower water depths. As a whole, it can be concluded that the transport and accumulation of MPs in aquatic ecosystems are highly affected by hydraulic conditions. This study provided information about the impacts of hydraulic on MPs pollution. Further research on hydraulics and its relationship to the accumulation of MPs in aquatic ecosystems is needed to increase insights into this pollution.

Keywords: microplastics pollution, hydraulic, transport, accumulation

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Authors: David Glew, Felix Thomas, Matthew Brooke-Peat

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Improving the thermal performance of homes is seen as an essential step in achieving climate change, fuel security, fuel poverty targets. One of the most effective thermal retrofits is to insulate solid walls. However, it has been observed that applying insulation to the internal face of solid walls reduces the surface temperature of the inner wall leaf, which may introduce condensation risk and may interrupt seasonal moisture accumulation and dissipation. This research quantifies the extent to which the risk of condensation and moisture accumulation in the wall increases (which can increase the risk of timber rot) following the installation of six different types of internal wall insulation. In so doing, it compares how risk is affected by both the thermal resistance, thickness, and breathability of the insulation. Thermal bridging, surface temperatures, condensation risk, and moisture accumulation are evaluated using hygrothermal simulation software before and after the thermal upgrades. The research finds that installing internal wall insulation will always introduce some risk of condensation and moisture. However, it identifies that risks were present prior to insulation and that breathable materials and insulation with lower resistance have lower risks than alternative insulation options. The implications of this may be that building standards that encourage the enhanced thermal performance of solid walls may be introducing moisture risks into homes.

Keywords: condensation risk, hygrothermal simulation, internal wall insulation, thermal bridging

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Authors: Lin Wenli, Fu Linchun, Zhang Yi, Wu Ming

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To meet the demands of long-life and high-intelligence for satellites, the electrical power system should be provided with self-health condition evaluation capability. Any over-stress events in operations should be recorded. Based on Linear stresses accumulation damage theory, accumulative damage analysis was performed on thermal-mechanical-electrical united stresses for three components including the solar array, the batteries and the power conditioning unit. Then an overall health percentage evaluation model for satellite electrical power system was built. To obtain the accurate quantity for system health percentage, an automatic feedback closed-loop correction method for all coefficients in the evaluation model was present. The evaluation outputs could be referred as taking earlier fault-forecast and interventions for Ground Control Center or Satellites self.

Keywords: satellite electrical power system, health percentage, linear stresses accumulation damage, evaluation model

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Authors: Nasreen Jeelani, Huining Shi , Di An, Lu Xia, Shuqing An

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Heavy metals contamination in aquatic ecosystem is a major environmental problem since its accumulation along the food chain pose public health risk. The concentration of heavy metals (Cd, Cr, Cu, Ni, Pb and Zn) in soil and plants species collected from different streams of Suoxu River, China was investigated. This aim was to define the level of pollutants in Suoxu River, find which plant species exhibits the greatest accumulation and to evaluate whether these species could be useful for phytoremediation. While total soil Cd, Cr, Cu, Ni, Pb, and Zn concentrations varied, respectively, from 0.09 to 0.23 , 58.6 to 98, 9.72 to 80.5, 15.3 to 41, 15.2 to 27.3 and 35 to 156 (mg-kg-1), those in plants ranged from 0.035 to 0.49, 2.91 to 75.6, 4.79 to 32.4, 1.27 to 16.1, 0.62 to10.2, 18.9 to 84.6 (mg-kg-1), respectively. Based on BCFs and TFs values, most of the studied species have potential for phytostabilization. The plants with most effective in the accumulation of metals in shoots are Phragmatis australis (TF=2.29) and Iris tectorum (TF =2.07) for Pb. While Chenopodium album, (BCF =3.55), Ranunculus sceleratus, (BCF= 3.0), Polygonum hydropiper (BCF =2.46) for Cd and Iris tectorum (BCF=2.0) for Cu was suitable for phytostabilization. Among the plant species screened for Cd, Cr, Cu, Ni, Pb and Zn, most of the species were efficient to take up more than one heavy metal in roots. Our study showed that the native plant species growing on contaminated sites may have the potential uses for phytoremediation.

Keywords: heavy metals, huaihe river catchments, sediment, plants

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Authors: Masaki Ohno, Cervinia Manalo, Tetsuji Okuda, Satoshi Nakai, Wataru Nishijima

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Reverse osmosis (RO) membranes have been widely used for desalination to purify water for drinking and other purposes. Although at present most RO membranes have no resistance to chlorine, chlorine-resistant membranes are being developed. Therefore, direct chlorine treatment or chlorine washing will be an option in preventing biofouling on chlorine-resistant membranes. Furthermore, if particle accumulation control is possible by using chlorine washing, expensive pretreatment for particle removal can be removed or simplified. The objective of this study was to determine the effective hypochlorite washing condition required for controlling biofilm formation and inorganic particle accumulation on RO membrane in a continuous flow channel with RO membrane and spacer. In this study, direct chlorine washing was done by soaking fouled RO membranes in hypochlorite solution and fluorescence intensity was used to quantify biofilm on the membrane surface. After 48 h of soaking the membranes in high fouling potential waters, the fluorescence intensity decreased to 0 from 470 using the following washing conditions: 10 mg/L chlorine concentration, 2 times/d washing interval, and 30 min washing time. The chlorine concentration required to control biofilm formation decreased as the chlorine concentration (0.5–10 mg/L), the washing interval (1–4 times/d), or the washing time (1–30 min) increased. For the sample solutions used in the study, 10 mg/L chlorine concentration with 2 times/d interval, and 5 min washing time was required for biofilm control. The optimum chlorine washing conditions obtained from soaking experiments proved to be applicable also in controlling biofilm formation in continuous flow experiments. Moreover, chlorine washing employed in controlling biofilm with suspended particles resulted in lower amounts of organic (0.03 mg/cm²) and inorganic (0.14 mg/cm²) deposits on the membrane than that for sample water without chlorine washing (0.14 mg/cm² and 0.33 mg/cm², respectively). The amount of biofilm formed was 79% controlled by continuous washing with 10 mg/L of free chlorine concentration, and the inorganic accumulation amount decreased by 58% to levels similar to that of pure water with kaolin (0.17 mg/cm²) as feed water. These results confirmed the acceleration of particle accumulation due to biofilm formation, and that the inhibition of biofilm growth can almost completely reduce further particle accumulation. In addition, effective hypochlorite washing condition which can control both biofilm formation and particle accumulation could be achieved.

Keywords: reverse osmosis, washing condition optimization, hypochlorous acid, biofouling control

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

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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

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Authors: Syed Hassan Amjad

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In today’s competitive environment, in order for a company to exist, it must continually improve its Performance by reducing cost, improving quality and productivity, and easy access to market.The purpose of this thesis is to check the firm financial growth and performance and which type of factors affect the firm financial performance. This paper examines the key determinants of firm financial performance. We will differentiate between financial and non financial drivers of the firm financial performance. For the measurement of the firm financial performance there are many ways but all the measure had been taken in aggregation, such as debt, tax rate, operating expenses, earning per share and economic conditions. This study has also been done in developed countries but these researches show that foreign companies face many difficulties inimproving the firm financial performance. In findings we found that marketing expenditures and international diversification had a positive impact on firm valuation. In research also found that a firm's ownership composition, particularly the level of equity ownership by Domestic Financial Institutions and Dispersed Public Shareholders, and the leverage of the firm, tax rate and economic conditions were important factors affecting its financial performance.

Keywords: debt, tax rate, firm financial performance, operating expenses, dividend per share, economic conditions

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Authors: Xingmao Ma, Wenjie Sun

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Rice paddies are frequently co-contaminated by arsenic (As) and cadmium (Cd), both of which demonstrate a high propensity for accumulation in rice grains and cause global food safety and public health concern. Even though different agricultural management strategies have been explored for their simultaneous control in rice grains, a viable solution is yet to be developed. Interestingly, several nanoagrichemicals, such as the zinc nanofertilizer and copper nanopesticide have displayed strong potential to reduce As or Cd accumulation in rice tissues. In order to determine whether these nanoagrichemicals can lower the accumulation of both As and Cd in rice, a series of bench studies were performed. Our results show that zinc oxide nanoparticles at 100 mg/Kg significantly lowered both As, and Cd in rice roots and shoots in flood irrigated rice seedlings, while equivalent amount of zinc ions only reduced As concentration in rice shoots. Zinc ions significantly increased Cd concentration in rice shoots by almost 30%. The results demonstrate a unique 'nano-effect' of zinc oxide nanoparticles, which is ascribed to the slow releasing of zinc ions from nanoparticles and the formation of different transformation products in these two treatments. We also evaluated the effect of nanoscale soil amendment, silicon oxide nanoparticles (SiO₂NPs) on the simultaneous reduction in both flooding and alternate wet and dry irrigation scheme. The effect of SiO₂NPs on As and Cd accumulation in rice tissues was strongly affected by the irrigation scheme. While 2000 mg/kg of SiO₂NPs significantly reduced As in rice roots and insignificantly reduced As in rice shoots in flooded rice, it increased As concentration in rice shoots in alternate wet and dry irrigation. In both irrigation scenarios, SiO₂NPs significantly reduced Cd concentration in rice roots, but only reduced Cd concentration in rice shoots in alternate wet and dry irrigation. Our results demonstrate a marked effect of nanoagrichemicals on the accumulation of As and Cd in rice and can be a potential solution to simultaneously control both in certain conditions.

Keywords: arsenic, cadmium, rice, nanoagrichemicals

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

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Changes in the global risk appetite cause co-movement in emerging market risk premiums. However, the sensitivity of the changes in risk premium to the global risk appetite may vary across emerging markets. In this study, how the global risk appetite affects Credit Default Swap (CDS) premiums in emerging markets are analyzed using Principal Component Analysis (PCA) and rolling regressions. The PCA results indicate that the first common component derived by the PCA accounts for almost 76 percent of the common variation in CDS premiums. Additionally, the explanatory power of the first factor seems to be high over the sample period. However, the sensitivity to the global risk factor tends to change over time and across countries. In this regard, fixed effects panel regressions are used to identify the macroeconomic factors driving the heterogeneity across emerging markets. The panel regression results point to the significance of government debt to GDP and international reserves to GDP in explaining sensitivity. Accordingly, countries with lower government debt and higher reserves tend to be less subject to the variations in the global risk appetite.

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

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

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

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

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Authors: Olivier Mesly

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This article examines the likelihood of deception on the part of borrowers wishing to obtain credit from institutional or private lenders. In our first study, we identify five explanatory variables that account for nearly forty percent of the propensity to act deceitfully: a poor credit history, debt, risky behavior, and to a much lesser degree, irrational behavior and disconnection from the bundle of needs, goals, and preferences. For the second study, we remodeled the initial questionnaire to adapt it to the needs of institutional bankers and borrowers, especially those that engage in money on-line peer-to-peer lending, a growing business fueled by the COVID pandemic. We find that the three key psychological variables that help to indirectly predict the likelihood of deceitful behaviors and possible default on loan reimbursement, i.e., risky behaviors, ir-rationality, and dis-connection, interact with each other to form a loop. This study presents two benefits: first, we provide evidence that it is to some degree possible to tighten control over lending practices. Second, we offer a pragmatic tool: a questionnaire, that lenders can use or adapt to gauge potential borrowers’ deceit, notably by combining their results with standard hard-data measures of risk.

Keywords: bundle of needs, default, debt, deception, risk, peer-to-peer lending

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Authors: H. E. Ferrari, R. Farengo, C. F. Clauser

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Tungsten (W) will be used in ITER as one of the plasma facing components (PFCs). The W could migrate to the plasma center. This could have a potentially deleterious effect on plasma confinement. Electron cyclotron resonance heating (ECRH) can be used to prevent W accumulation. We simulated a series of H mode discharges in ASDEX U with PFC containing W, where central ECRH was used to prevent W accumulation in the plasma center. The experiments showed that the W density profiles were flat after a sawtooth crash, and become hollow in between sawtooth crashes when ECRH has been applied. It was also observed that a saturated kink mode was active in these conditions. We studied the effect of saturated kink like instabilities on the redistribution of W impurities. The kink was modeled as the sum of a simple analytical equilibrium (large aspect ratio, circular cross section) plus the perturbation produced by the kink. A numerical code that follows the exact trajectories of the impurity ions in the total fields and includes collisions was employed. The code is written in Cuda C and runs in Graphical Processing Units (GPUs), allowing simulations with a large number of particles with modest resources. Our simulations show that when the W ions have a thermal velocity distribution, the kink has no effect on the W density. When we consider the plasma rotation, the kink can affect the W density. When the average passing frequency of the W particles is similar to the frequency of the kink mode, the expulsion of W ions from the plasma core is maximum, and the W density shows a hollow structure. This could have implications for the mitigation of W accumulation.

Keywords: impurity transport, kink instability, tungsten accumulation, tungsten dynamics

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Authors: Vongsathorn Ngampuak, Yutachai Chookaew, Wipawee Dejtisakdi

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Dunaliella salina has great potential as a system for generating commercially valuable products, including beta-carotene, pharmaceuticals, and biofuels. Our goal is to improve this potential by enhancing growth rate and other properties of D. salina under optimal growth conditions. We used ethyl methane sulfonate (EMS) to generate random mutants in D. salina KU11, a strain classified in Thailand. In a preliminary experiment, we first treated D. salina cells with 0%, 0.8%, 1.0%, 1.2%, 1.44% and 1.66% EMS to generate a killing curve. After that, we randomly picked 30 candidates from approximately 300 isolated survivor colonies from the 1.44% EMS treatment (which permitted 30% survival) as an initial test of the mutant screen. Among the 30 survivor lines, we found that 2 strains (mutant #17 and #24) had significantly improved growth rates and cell number accumulation at stationary phase approximately up to 1.8 and 1.45 fold, respectively, 2 strains (mutant #6 and #23) had significantly decreased growth rates and cell number accumulation at stationary phase approximately down to 1.4 and 1.35 fold, respectively, while 26 of 30 lines had similar growth rates compared with the wild type control. We also analyzed cell size for each strain and found there was no significant difference comparing all mutants with the wild type. In addition, mutant #24 had shown an increase of biomass accumulation approximately 1.65 fold compared with the wild type strain on day 5 that was entering early stationary phase. From these preliminary results, it could be feasible to identify D. salina mutants with significant improved growth rate, cell accumulation and biomass production compared to the wild type for the further study; this makes it possible to improve this microorganism as a platform for biotechnology application.

Keywords: Dunaliella salina, ethyl methyl sulfonate, growth rate, biomass

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Authors: E. Kuley, M. Durmuş, E. Balikci, G. Ozyurt, Y. Uçar, F. Kuley, F. Ozogul, Y. Ozogul

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Ammonia and biogenic amine production of fish spoilage bacteria in sardine infusion decarboxylase broth and antimicrobial effect of olive by products (olive leaf extract:OL, olive cake: OC and black water:BW) was monitored using HPLC method. Fish spoilage bacteria produced all biogenic amine tested, mainly histamine and serotonin. Ammonia was accumulated more than 13.60 mg/L. Histamine production was in range 37.50 mg/L by Ser. liquefaciens and 86.71 mg/L by Ent. cloacae. The highest putrescine and cadaverine production was observed by Ent. cloacae (17.80 vs. 17.69 mg/L). The presence of OL, OC and BW in the broth significantly affected biogenic amine accumulation by bacteria. The antibacterial effect of olive by products depended on bacterial strains. OL and OC resulted in significant inhibition effect on HIS accumulation by bacteria apart from Ser. liquefaciens and Prot. mirabilis. The study result revealed that usefulness of OL and OC to prevent the accumulation of this amine which may affect human health.

Keywords: Antimicrobials, biogenic amine, fish spoilage bacteria, olive-by products

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Authors: Abdul-Nasser El-Kassar, Walid Elgammal, Hisham Jawhar

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This paper studies the determinants of the dividends payout ratio. The factors affecting the dividends payout ratio are to be identified. The study focuses only on the cement and construction industry within the MENA region in an attempt to isolate any incoherent behavior. The factors under consideration are: sales growth, ROE, ROA, ROS, debt to equity ratio, firm size, and free cash flow. Data were collected from official stock exchange markets in addition to annual reports. The study considered all firms that paid dividend in each of the three consecutive years starting from 2010 till 2012. Out of the 123 listed firms that work in cement and construction industry in MENA region, only 19 paid dividends in the three consecutive years 2010-12. Our sample consists of the 19 firms (57 observations) which are selected according to purposive sampling. Moreover, the study uses the homogeneous subcategory within the purposive sampling since only similar firms in the construction industry had been examined. The outcome of the study provides a vital insight into the determinants of dividends payout ratio of companies in MENA region. The results showed that the dividend payout ratio has a strong and positive relationship with return on assets and strong but negative relationship with return on equity. On the other hand, the results detected weak relationships between dividend payout ratio and sale growth, debt to equity ratio, firm size, and free cash flow. The study suggests that board of directors tend to compensate shareholders and minimize the agency cost by distributing a high portion of profits in form of dividends whenever return on equity decreases. Also, when the performance of the firm improves, and hence return on assets increases, boards of directors are more generous in distributing profits.

Keywords: dividends payout ratio, profitability firm size, free cashflow, debt to equity ratio

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Authors: Kishor P. Kadam

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Foreign direct investment policy (FDI) is defined as an investment involving a long term relationship and reflecting a long duration interest and control of a resident entity in the home country (foreign direct investor or parent firm) in the host country. India has been one of the most translucent and open-minded FDI regimes among the emerging and developing economies. There is clear cut mentioned about the sectoral caps for foreign investment. The policy problems that have been identified by time to time surveys as acting as additional hurdles for FDI are laws, regulatory systems and government monopolies that do not have contemporary relevance. Foreign investment policies in the post-reforms period have emphasized greater encouragement and mobilization of non-debt creating private inflows for plunging reliance on debt flows. This paper will focus on how foreign direct investment policy changed from 1990-91 up to now. A time series data of 25 years is used for analysing the policy changes. It is observed that India has more liberal policy. The growth in number of Greenfield investments in India has been more impressive than the number of M&A deals whereas equity capital for incorporated bodies FDI inflows has been increased continuously 2014-15. India has made major changes in FDI Policy, and it has positive impact on economic development.

Keywords: FDI, India, economic development, government

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Authors: M. Bartal

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A large empirical evidence points to sizable lifetime earnings losses associated with the displacement of tenured workers. The causes of these losses are still not well-understood. Existing explanations are heavily based on human capital depreciation during non-employment spells. In this paper, a new avenue is explored. Evidence on the role of household liquidity constraints in accounting for the persistence of post-displacement earning losses is provided based on SIPP data. Then, a directed search and matching model with endogenous human capital and wealth accumulation is introduced. The model is computationally tractable thanks to its block-recursive structure and highlights a non-trivial, yet intuitive, interaction between wealth and human capital. Constrained workers tend to accept jobs with low firm-sponsored training because the latter are (endogenously) easier to find. This new channel provides a plausible explanation for why young (highly constrained) workers suffer persistent scars after displacement. Finally, the model is calibrated on US data to show that the interplay between wealth and human capital is crucial to replicate the observed lifecycle pattern of earning losses. JEL— E21, E24, J24, J63.

Keywords: directed search, human capital accumulation, job displacement, wealth accumulation

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Authors: Brian Tung, Yam Wing Siu, Tsun Se Cheong

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Purpose: This research aims to explore how personal and environmental factors, especially the socio-economic changes and behavioral changes fostered by the COVID-19 outbreak pandemic, affect the financial vulnerability of a specific segment of people in financial distress. Innovative research methodology of machine learning will be applied to data collected from over 300 local individuals in Hong Kong seeking counseling or similar services in recent years. Results: First, machine learning has found that too much exposure to digital services and information on digitized services may lead to adverse effects on respondents’ financial vulnerability. Second, the improvement in financial literacy level provides benefits to the financially vulnerable group, especially those respondents who have started with a lower level. Third, serious addiction to digital technology can lead to worsened debt servicing ability. Machine learning also has found a strong correlation between debt servicing situations and income-seeking behavior as well as spending behavior. In addition, if the vulnerable groups are able to make appropriate investments, they can reduce the probability of incurring financial distress. Finally, being too active in borrowing and repayment can result in a higher likelihood of over-indebtedness. Conclusion: Findings can be employed in formulating a better counseling strategy for professionals. Debt counseling services can be more preventive in nature. For example, according to the findings, with a low level of financial literacy, the respondents are prone to overspending and unable to react properly to the e-marketing promotion messages pop-up from digital services or even falling into financial/investment scams. In addition, people with low levels of financial knowledge will benefit from financial education. Therefore, financial education programs could include tech-savvy matters as special features.

Keywords: personal finance, digitization of the economy, COVID-19 pandemic, addiction to digital technology, financial vulnerability

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Authors: Hamidou Diallo, Marianne Guille

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This paper identifies leading triggers of deficient episodes in terms of GDP growth based on a sample of countries at different stages of development over 1994-2017. Using logit models, we build early warning systems (EWS), and our results show important differences between developing countries (DCs) and advanced economies (AEs). For AEs, the main predictors of the probability of entering in a GDP growth deficient episode are the deterioration of external imbalances and the vulnerability of fiscal position while DCs face different challenges that need to be considered. The key indicators for them are first, the low ability to pay their debts, and second, their belonging or not to a common currency area. We also build homogeneous pools of countries inside AEs and DCs. The evolution of the proportion of AE countries in the riskiest pool is marked first, by three distinct peaks just after the high-tech bubble burst, the global financial crisis, and the European sovereign debt crisis, and second by a very low minimum level in 2006 and 2007. In contrast, the situation of DCs is characterized first by the relative stability of this proportion and then by an upward trend from 2006, that can be explained by a more unfavorable socio-political environment leading to shortcomings in the fiscal consolidation.

Keywords: currency area, early warning system, external imbalances, fiscal vulnerability, GDP growth, public debt

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Authors: Elizabeth Spink

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Providing safe and affordable drinking water to low-income households in developing countries remains a challenge. Policy goals of increasing household piped-water access and cost recovery for utility providers are often at odds. Nonpayment of utility bills is frequently cited as a constraint to improving the quality of utility service. However, nonpayment is widely tolerated, and households often accumulate significant debt to the utility provider. This study examines the effect of enforcement of water bill payment through supply disconnections in Livingstone, Zambia. This research uses a dynamic model of household monthly payments and accumulation of arrears, which determine the probability of disconnection, and simulates the effect of exogenous changes in enforcement levels. This model is empirically tested using an event-study framework of exogenous increases in enforcement capacity that occur during administrative rezoning events, which reduce the number of households that one enforcement agent is responsible for. The results show that households are five percentage points more likely to make a payment in the months following a rezoning event, but disconnections for low-income households increase as well, resulting in little change in revenue collected by the water utility. The results suggest that high enforcement of water bill payments toward credit-constrained households may be ineffective and lead to reduced piped-water access.

Keywords: enforcement, nonpayment, piped-water access, water utilities

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Authors: Prajwal Raj Gyawali, Aastha Dahal

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The tension between human rights and loans provided by international development banks with hidden conditions in the pretext of development is a complex issue with significant implications for the rights of citizens in borrowing countries. It is important for all parties involved, including international banks, borrowing countries, and affected communities, to consider and respect human rights in the negotiation and implementation of development projects. Yet, it is rare for human rights actors or communities to have a seat at the negotiation table when loans are finalized. In our research, we conducted negotiation simulations in law schools to examine how international loan negotiations would play out if human rights actors and communities had seats at the table. We ran the negotiation simulations in Bangladesh, Nepal and India. We found that the presence of community groups and human rights actors makes a difference in loan outcomes. While the international development loan was accepted as opposed to rejected by negotiators in three countries, the cultural values of the respective countries played a significant part in terms of the final agreement. We present the findings and their implications for the design of human rights courses in law schools as well as larger policy implications for expanding the participation of actors in international development loan negotiations.

Keywords: law, development, debt, human rights

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