Search results for: macroeconomic stabilization

Authors: Wesam Hamed

Abstract:

This paper contributes to the existing literature by investigating the impact of political risks on the capital adequacy ratio in the banking sector of Gulf Cooperation Council (GCC) countries, which is the first attempt for this nexus to the best of our knowledge. The dynamic panel data model (System‐GMM) showed that political risks significantly decrease the capital adequacy ratio in the banking sector. For this purpose, we used political risks, bank-specific, profitability, and macroeconomic variables that are utilized from the data stream database for the period 2005-2017. The results also actively support the “too big to fail” hypothesis. Finally, the robustness results confirm the conclusions derived from the baseline System‐GMM model.

Keywords: capital adequacy ratio, system GMM, GCC, political risks

Procedia PDF Downloads 117

Authors: Sylvain Chardon, Timotéo Payre, Hugo Grardel, Yann Quentel, Mathieu Thomachot, Gérald Aigouy, Frank Claeyssen

Abstract:

With the increasing digitalization of society, access to data has become vital and strategic for individuals and nations. In this context, the number of satellite constellation projects is growing drastically worldwide and is a next-generation challenge of the New Space industry. So far, existing satellite constellations have been using radio frequencies (RF) for satellite-to-ground communications, inter-satellite communications, and feeder link communication. However, RF has several limitations, such as limited bandwidth and low protection level. To address these limitations, space optical communication will be the new trend, addressing both very high-speed and secured encrypted communication. Fast Steering Mirrors (FSM) are key components used in optical communication as well as space imagery and for a large field of functions such as Point Ahead Mechanisms (PAM), Raster Scanning, Beam Steering Mirrors (BSM), Fine Pointing Mechanisms (FPM) and Line of Sight stabilization (LOS). The main challenges of space FSM development for optical communication are to propose both a technology and a supply chain relevant for high quantities New Space approach, which requires secured connectivity for high-speed internet, Earth planet observation and monitoring, and mobility applications. CTEC proposes a mini-FSM technology offering a stroke of +/-6 mrad and a resonant frequency of 1700 Hz, with a mass of 50 gr. This FSM mechanism is a good candidate for giant constellations and all applications on board NanoSats and CubeSats, featuring a very high level of miniaturization and optimized for New Space high quantities cost efficiency. The use of piezo actuators offers a high resonance frequency for optimal control, with almost zero power consumption in step and stay pointing, and with very high-reliability figures > 0,995 demonstrated over years of recurrent manufacturing for Optronics applications at CTEC.

Keywords: fast steering mirror, feeder link, line of sight stabilization, optical communication, pointing ahead mechanism, raster scan

Procedia PDF Downloads 50

Authors: Linda Kauškale, Ineta Geipele

Abstract:

Due to the rapidly changing external environment, portfolio management strategies became closely interconnected with real estate industry development and macroeconomic development tendencies. The aim of the research is to analyze sustainable real estate market development influencing factors, with particular focus on its economic and management aspects that influences real estate investment decisions as well. Scientific literature and article analysis, data analysis, expert evaluation, and other quantitative and qualitative research methods were used in the research. Developed real estate market sustainability model and index analysis approach can be applied by investors and real estate companies in real estate asset management and can help in risk minimization activities in international entrepreneurship. Future research directions have been identified in the research as well.

Keywords: indexes, investment decisions, real estate market, sustainability

Procedia PDF Downloads 327

Authors: Sandra Ghavam Shirazi, Mohsen Ramezan Shirazi, Mohammadreza Golhashem

Abstract:

Nowadays by development of construction in modern world new techniques are introduced to civil engineering. As for geotechnical problems and demands of soil improvement, engineers are searching for decisive methods to ensure the safety of projects. As a popular material Geotextiles are used in almost every aspect of civil engineering. There is a vast variety of geotextiles and each kind has their own unique characteristics therefor to select the proper geotextile for a specific project their properties must be carefully examined. This review gathers and evaluates different parameters of geotextiles that are used in geotechnical field.

Keywords: geotextile, soft soils, fabric, stabilization, fiber

Procedia PDF Downloads 374

Authors: Ahmed BenSaïda

Abstract:

This paper investigates the association between financial technology (FinTech) growth and bank performance in the Gulf Cooperation Council (GCC) region. Application is conducted on a panel dataset containing the annual observations of banks covering the period from 2012 to 2021. FinTech growth is set as an explanatory variable on three proxies of bank performance. These proxies are the return on assets (ROA), return on equity (ROE), and net interest margin (NIM). Moreover, several control variables are added to the model, including bank-specific and macroeconomic variables. The results are significant as all the proxies of the bank performance are negatively affected by the growth of FinTech startups. Consequently, banks are urged to proactively invest in FinTech startups and engage in partnerships to avoid the risk of disruption.

Keywords: financial technology, bank performance, GCC countries, panel regression

Procedia PDF Downloads 48

Authors: Omid Pourabdollah, Mohsen Misaghian

Abstract:

Overtopping is known as one the most important reasons for the failure of earth dams. In some cases, it has resulted in heavy damages and losses. Therefore, enhancing the safety of earth dams against overtopping has received much attention in the past four decades. In this paper, at first, the overtopping phenomena and its destructive consequences will be introduced. Then, overtopping failure mechanism of embankments will be described. Finally, different types of protection systems for stabilization of earth dams against overtopping will be presented. These include timber cribs, riprap and gabions, reinforced earth, roller compacted concrete, and the precast concrete blocks.

Keywords: embankment dam, overtopping, roller compacted concrete, wedge concrete block

Procedia PDF Downloads 124

Authors: Md. Shoffikul Islam, Hongqing Hu

Abstract:

Immobilizing trace elements by reducing their mobility and bioavailability through amendment application, especially biochar (BC), is a cost-effective and efficient method to address their toxicity in the soil environment. However, the low molecular weight organic acids (LMWOAs) in the rhizosphere could affect BC's efficiency to immobilize trace metals as the LMWOAs could either mobilize or fix metals in the soils. Therefore, understanding the BC's and LMWOAs' interaction mechanisms on metals stabilization in the rhizosphere is crucial. The present study examined the impact of BC derived from rice husk, tartaric acid (TA), and oxalic acid (OA), and the combination of BC and TA/OA on the changes of cadmium (Cd), lead (Pb), and zinc (Zn) among their geochemical forms through incubation experiment. The changes of zeta potential and X-ray diffraction (XRD) pattern of BC and BC-amended soils to investigate the probable mechanisms of trace elements' immobilization by BC under the attacks of TA and OA were also examined. The rice husk BC at 5% (w/w) was mixed with the air-dry soil (an Anthrosols) contaminated with Cd, Pb, and Zn in the plastic pot. The TA and OA each at 2, 5, 10, and 20 mM kg-1 (w/v) were added separately into the pot. All the ingredients were mixed thoroughly with the soil. A control (CK) treatment was also prepared without BC, TA, and OA addition. After 7, 15, and 60 days of incubation with 60% (w/v) moisture level at 25 °C, the incubated soils were determined for pH and EC and were sequentially extracted to assess the metals' transformation in soil. The electronegative charges and XRD peaks of BC and BC-amended soils were also measured. The BC, low level of TA (2 mM kg-1 soil), and BC plus the low concentration of TA (BC-TA2) addition considerably declined the acid-soluble Cd, Pb, and Zn in which BC-TA2 was found to be the most effective treatment. The trends were reversed concerning the high levels of TA (>5-20 mM kg-1 soil), all levels of OA (2-20 mM kg-1 soil), and the BC plus high levels of TA/OA treatments. BC-TA2 changed the highest amounts of acid-soluble and reducible metals to the oxidizable and residual fractions with time. The most increased electronegative charges of BC-TA2 indicate its (BC-TA2) highest metals' immobilizing efficiency, probably through metals adsorption and fixation with the negative charge sites. The XRD study revealed the presence of P, O, CO32-, and Cl1- in BC, which might be responsible for the precipitation of CdCO3, pyromorphite, and hopeite concerning Cd, Pb, and Zn immobilization, respectively. The findings demonstrated that the low level of TA increased metals immobilization, while the high levels of TA and all levels of OA enhanced their mobilization. The BC-TA2 was the best treatment in stabilizing metals in soil.

Keywords: biochar, immobilization, low molecular weight organic acids, trace elements contaminated soil

Procedia PDF Downloads 50

Authors: Mounir Bekaik, Messaoud Ramdani

Abstract:

We present in this work a new technique of stabilization for fault nonlinear systems. The approach we adopt focus on a fuzzy Luenverger observer. The T-S approximation of the nonlinear observer is based on fuzzy C-Means clustering algorithm to find local linear subsystems. The MOESP identification approach was applied to design an empirical model describing the subsystems state variables. The gain of the observer is given by the minimization of the estimation error through Lyapunov-krasovskii functional and LMI approach. We consider a three tank hydraulic system for an illustrative example.

Keywords: nonlinear system, fuzzy, faults, TS, Lyapunov-Krasovskii, observer

Procedia PDF Downloads 301

Authors: Ana C. R. P. Ferreira, Adriano H. P. Pereira

Abstract:

Given the frequent variation of mineral properties throughout the Araxá pyrochlore deposit, even if a good homogenization work has been carried out before feeding the processing plants, an operation with quality and performance’s high variety standard is expected. These results could be improved and standardized if the blend composition parameters that most influence the processing route are determined, and then the types of raw materials are grouped by them, finally presenting a great reference with operational settings for each group. Associating the physical and chemical parameters of a unit operation through benchmarking or even an optimal reference of metallurgical recovery and product quality reflects in the reduction of the production costs, optimization of the mineral resource, and guarantee of greater stability in the subsequent processes of the production chain that uses the mineral of interest. Conducting a comprehensive exploratory data analysis to identify which characteristics of the ore are most relevant to the process route, associated with the use of Machine Learning algorithms for grouping the raw material (ore) and associating these with reference variables in the process’ benchmark is a reasonable alternative for the standardization and improvement of mineral processing units. Clustering methods through Decision Tree and K-Means were employed, associated with algorithms based on the theory of benchmarking, with criteria defined by the process team in order to reference the best adjustments for processing the ore piles of each cluster. A clean user interface was created to obtain the outputs of the created algorithm. The results were measured through the average time of adjustment and stabilization of the process after a new pile of homogenized ore enters the plant, as well as the average time needed to achieve the best processing result. Direct gains from the metallurgical recovery of the process were also measured. The results were promising, with a reduction in the adjustment time and stabilization when starting the processing of a new ore pile, as well as reaching the benchmark. Also noteworthy are the gains in metallurgical recovery, which reflect a significant saving in ore consumption and a consequent reduction in production costs, hence a more rational use of the tailings dams and life optimization of the mineral deposit.

Keywords: mineral clustering, machine learning, process optimization, pyrochlore processing

Procedia PDF Downloads 107

Authors: Nirav Jadav, M. G.Vanza

Abstract:

Black cotton soils mainly exhibit the property of swelling/shrinkage when they react to moisture variations. This property causes development of cracks in the structures resting on these soils, which poses instability to the structures. Soil stabilization is a technique to enhance the geotechnical characteristics of Black cotton soils by changing their properties. Due to rapid growth in construction industry, a lot of waste material is being generated every day, which poses the problem of its disposal. If the waste material can be utilized for soil stabilization, it will mitigate the problems of its disposal. The tests results evaluate that the strength of the Black cotton soils increased by the use of C&D waste material. This study determines various Index and engineering properties of soil and compare for different proportions of soil and C&D Waste. For finding properties of soil and C&D Waste, various test is carried out like sieve analysis, hydrometer test, specific gravity test, Atterberg’s limit test, Standard proctor test and soil Triaxial unconsolidated undrained test. It also takes into account the characteristics alteration due to addition of C&D Waste in active and passive pressure. This study presents the efficacy for use of C&D Waste as a stabilizing material to be mixed with backfill soil in retaining walls. Standard proctor test was conducted at proportions S1W0 (soil = 100%, Waste = 0%), S7W1 (soil = 87.5%, waste = 12.5%), S3W1, S5W3 and S1W1. From these, S5W3 showed optimum results, so this proportion was considered for Soil Triaxial UU-Test. Also, S1W0 was considered too. When 37.5% of soil is replaced by C&D Waste, the Optimum moisture content (OMC) decrease by 11.48%, further, increase C&D Waste in soil OMC remains constant, and maximum dry density (MDD) were observed to be increased by 9.27%, further increased C&D Waste in soil MDD reduces. Carried out strength test, which shows cohesion decreased by 162% and the internal friction angle increased by 49.4% with compare to virgin soil. The study focuses on the potential use of C&D Waste as a stabilizing material in the retaining wall backfill. The active earth pressure decreases, and the passive earth pressure increases in the S5W3 mixture compared to the S1W0 mixture at the same depth.

Keywords: black cotton soil, construction demolition waste, compaction test, strength test

Procedia PDF Downloads 52

Authors: J-C. Leneveu, A. Chereau, L. Mansart, T. Mesbah, M. Wyka

Abstract:

Extracting and interpreting information from Big Data represent a stake for years to come in several sectors such as finance. Currently, numerous methods are used (such as Technical Analysis) to try to understand and to anticipate market behavior, with mixed results because it still seems impossible to exactly predict a financial trend. The increase of available data on Internet and their diversity represent a great opportunity for the financial world. Indeed, it is possible, along with these standard financial data, to focus on exogenous data to take into account more macroeconomic factors. Coupling the interpretation of these data with standard methods could allow obtaining more precise trend predictions. In this paper, in order to observe the influence of exogenous data price independent of other usual effects occurring in classical markets, behaviors of Bitcoin users are introduced in a model reconstituting Bitcoin value, which is elaborated and tested for prediction purposes.

Keywords: big data, bitcoin, data mining, social network, financial trends, exogenous data, global economy, behavioral finance

Procedia PDF Downloads 332

Authors: Mehdi Shekarbeigi

Abstract:

The consolidation of loose substrates as well as substrate layers through promoting stabilizing materials is one of the most commonly used road construction techniques. Cement, lime, and flax, as well as asphalt emulsion, are common materials used for soil stabilization to enhance the soil’s strength and durability properties. Cement could be simply used to stabilize permeable materials such as sand in a relatively short time threshold. In this research, typical Portland cement is selected for the stabilization of isotropic sand; the effect of static and cyclic loading on the behavior of these soils has been examined with various percentages of Portland cement. Thus, firstly, a soil’s general features are investigated, and then static tests, including direct cutting, density and single axis tests, and California Bearing Ratio, are performed on the samples. After that, the dynamic behavior of cement on silica sand with the same grain size is analyzed. These experiments are conducted on cement samples of 3, 6, and 9 of the same rates and ineffective limiting pressures of 0 to 1200 kPa with 200 kPa steps of the face according to American Society for Testing and Materials D 3999 standards. Also, to test the effect of temperature on molds and frost samples, 0, 5, 10, and 20 are carried out during 0, 5, 10, and 20-second periods. Results of the static tests showed that increasing the cement percentage increases the soil density and shear strength. The single-axis compressive strength increase is higher for samples with higher cement content and lower densities. The results also illustrate the relationship between single-axial compressive strength and cement weight parameters. Results of the dynamic experiments indicate that increasing the number of loading cycles and melting and freezing cycles enhances permeability and decreases the applied pressure. According to the results of this research, it could be stated that samples containing 9% cement have the highest amount of shear modulus and, therefore, decrease the permeability of soil. This amount could be considered as the optimal amount. Also, the enhancement of effective limited pressure from 400 to 800kPa increased the shear modulus of the sample by an average of 20 to 30 percent in small strains.

Keywords: cement, isotropic sands, static load, three-axis cycle, melting and freezing cycles

Procedia PDF Downloads 45

Authors: Rogelio Luck, Yucheng Liu

Abstract:

This paper proposes the continuous-time singular value decomposition (SVD) for the impulse response function, a special kind of Green’s functions e⁻⁽ᵗ⁻ ᵀ⁾, in order to find a set of singular functions and singular values so that the convolutions of such function with the set of singular functions on a specified domain are the solutions to the inhomogeneous differential equations for those singular functions. A numerical example was illustrated to verify the proposed method. Besides the continuous-time SVD, a discrete-time SVD is also presented for the impulse response function, which is modeled using a Toeplitz matrix in the discrete system. The proposed method has broad applications in signal processing, dynamic system analysis, acoustic analysis, thermal analysis, as well as macroeconomic modeling.

Keywords: singular value decomposition, impulse response function, Green’s function , Toeplitz matrix , Hankel matrix

Procedia PDF Downloads 123

Authors: S. A. Gayvoronsky, T. A. Ezangina

Abstract:

The robust control system objects with interval-undermined parameters is considers in this paper. Initial information about the system is its characteristic polynomial with interval coefficients. On the basis of coefficient estimations of quality indices and criterion of the maximum stability degree, the methods of synthesis of a robust regulator parametric is developed. The example of the robust stabilization system synthesis of the rope tension is given in this article.

Keywords: interval polynomial, controller synthesis, analysis of quality factors, maximum degree of stability, robust degree of stability, robust oscillation, system accuracy

Procedia PDF Downloads 273

Authors: Marek Długosz, Paweł Skruch

Abstract:

One of purposes of home automation systems is to provide appropriate comfort to the users by suitable air temperature control and stabilization inside the rooms. The control of temperature level is not a simple task and the basic difficulty results from the fact that accurate parameters of the object of control, that is a building, remain unknown. Whereas the structure of the model is known, the identification of model parameters is a difficult task. In this paper, a control algorithm allowing the present temperature to be reached inside the building within the specified time without the need to know accurate parameters of the building itself is presented.

Keywords: control, home automation system, wireless networking, automation engineering

Procedia PDF Downloads 579

Authors: Piotr Wadolowski, Grzegorz Krzesinski, Piotr Gutowski

Abstract:

The aim of the presented work is to recognize the impact of mini-plate application approach on the stress and displacement within the stabilization devices and surrounding bones. The mini-plate osteosynthesis technique is widely used by craniofacial surgeons as an improved replacement of wire connection approach. Many different types of metal plates and screws are used to the physical connection of fractured bones. Below investigation is based on a clinical observation of patient hospitalized with mini-plate stabilization system. Analysis was conducted on a solid mandible geometry, which was modeled basis on the computed tomography scan of the hospitalized patient. In order to achieve most realistic connected system behavior, the cortical and cancellous bone layers were assumed. The temporomandibular joint was simplified to the elastic element to allow physiological movement of loaded bone. The muscles of mastication system were reduced to three pairs, modeled as shell structures. Finite element grid was created by the ANSYS software, where hexahedral and tetrahedral variants of SOLID185 element were used. A set of nonlinear contact conditions were applied on connecting devices and bone common surfaces. Properties of particular contact pair depend on screw - mini-plate connection type and possible gaps between fractured bone around osteosynthesis region. Some of the investigated cases contain prestress introduced to the mini-plate during the application, what responds the initial bending of the connecting device to fit the retromolar fossa region. Assumed bone fracture occurs within the mandible angle zone. Due to the significant deformation of the connecting plate in some of the assembly cases the elastic-plastic model of titanium alloy was assumed. The bone tissues were covered by the orthotropic material. As a loading were used the gauge force of magnitude of 100N applied in three different locations. Conducted analysis shows significant impact of mini-plate application methodology on the stress distribution within the miniplate. Prestress effect introduces additional loading, which leads to locally exceed the titanium alloy yield limit. Stress in surrounding bone increases rapidly around the screws application region, exceeding assumed bone yield limit, what indicate the local bone destruction. Approach with the doubled mini-plate shows increased stress within the connector due to the too rigid connection, where the main path of loading leads through the mini-plates instead of plates and connected bones. Clinical observations confirm more frequent plate destruction of stiffer connections. Some of them could be an effect of decreased low cyclic fatigue capability caused by the overloading. The executed analysis prove that the mini-plate system provides sufficient support to mandible fracture treatment, however, many applicable solutions shifts the entire system to the allowable material limits. The results show that connector application with the initial loading needs to be carefully established due to the small material capability tolerances. Comparison to the clinical observations allows optimizing entire connection to prevent future incidents.

Keywords: mandible fracture, mini-plate connection, numerical analysis, osteosynthesis

Procedia PDF Downloads 246

Authors: L. Aparecida Bastos, J. Leige Lopes, J. Crepaldi, R. Monteiro da Silva

Abstract:

The objective of this study is to analyze the evolution of some social and economic indicators of Mercosur´s economies from 1980 to 2012, based on the statistics of the Latin American Integration Association (LAIA). The objective is to observe if after the accession of these economies to Mercosur (the first accessions occurred in 1994) these indicators showed better performance, in order to demonstrate if economic integration contributed to improved trade, macroeconomic performance, and level of social and economic development of member countries. To this end, the methodologies used will be a literature review and descriptive statistics. The theoretical framework that guides the work are the theories of Integration: Classical Liberal, Marxist and structural-proactive. The results reveal that most social and economic indicators showed better performance in those economies that joined Mercosur after 1994. This work is the result of an investigation already completed.

Keywords: economic integration, Mercosur, social indicators, economic indicators

Procedia PDF Downloads 267

Authors: I. Erins, J. Erina

Abstract:

The aim of the present article is to determine the impact of the external and internal factors of bank performance on the profitability indicators of the CEE countries banks in the period from 2006 to 2012. On the basis of research conducted abroad on bank and macroeconomic profitability indicators, in order to obtain research results, the authors evaluated return on average assets (ROAA) and return on average equity (ROAE) indicators of the CEE countries banks. The authors analyzed profitability indicators of banks using descriptive methods, SPSS data analysis methods as well as data correlation and linear regression analysis. The authors concluded that most internal and external indicators of bank performance have no direct effect on the profitability of the banks in the CEE countries. The only exceptions are credit risk and bank size which affect one of the measures of bank profitability–return on average equity.

Keywords: banks, CEE countries, profitability ROAA, ROAE

Procedia PDF Downloads 336

Authors: C. S. Bianca Sabrina, N. Egidio Raimundo, L. Alexandre Baratella, C. H. João Paulo

Abstract:

This paper aims to present a study, with the theoretical concepts and applications of the Quadcopter, using the MATLAB simulator. In order to use this tool, the study of the stability of the drone through a Proportional - Integral - Derivative (PID) controller will be presented. After the stability study, some tests are done on the simulator and its results will be presented. From the mathematical model, it is possible to find the Newton-Euler angles, so that it is possible to stabilize the quadcopter in a certain position in the air, starting from the ground. In order to understand the impact of the controllers gain values on the stabilization of the Euler-Newton angles, three conditions will be tested with different controller gain values.

Keywords: controllers, drones, quadcopter, stability

Procedia PDF Downloads 169

Authors: Javad Saeidaskari, Mohammad Hassan Baziar

Abstract:

Soil structures have been frequently damaged during piping, earthquake and other types of failures. As far as adverse circumstances were developed subsequent to piping or other similar failure types, hydraulic parameters of soil such as hydraulic conductivity should be considered. As a result, acquiring an approach to diminish soil permeability is inevitable. There are many ground improvement methods to reduce seepage, which are classified under soil treatment and stabilization methods. Recently, one of the soil improvement methods is known as nanogeotechnology. This study aims to investigate the influence of Cloisite 30B nanoclay on permeability of compacted clayey sand soils. The samples are prepared by mixing two soil types, including Kaolin clay and Firouzkooh sand, in 1:9 and 1:5 clay:sand (by mass) proportions. In experimental procedure, initially, the optimum water content and maximum dry unit weight of each samples were obtained for compaction. Then, series of permeability tests were conducted by triaxial apparatus on prepared specimens with identical relative density of 95% of maximum dry density and water content of 1% wet of optimum for different weight percentages of nanoclay (1% to 4%). Therefore, in this paper, the effect of time on treated specimen was appraised, as well as two approaches of manual mixing and ball milling were compared to reveal the importance of dispersion issue. The results show that adding nanoclay up to 3%, as its optimum content, causes notable reduction in permeability (1.60e-03 to 5.51e-05 cm/s and 3.32e-04 to 8.44e-07 cm/s in samples with 1:9 and 1:5 mixture proportions, respectively). The hydraulic conductivity of treated clayey sand (1:5 mixture proportion with 3% nanoclay) decreases gradually from 8.44e-07 to 3.00e-07 cm/s within 90 days and then tends to be consistent. The influence of mixing method on permeability results shows that the utilization of ball mill mixing effectively leads to lower values than those of manual mixing, in other words, by adding 3% nanoclay, hydraulic conductivity of specimen declines from 8.44e-07 to 2.00e-07 cm/s. In order to evaluate the interaction between soil particles and, to ensure proper dispersion of nanoparticles through clayey sand mixture, they were magnified by means of scanning electron microscope (SEM). In conclusion, the nanoclay particles in vicinity of moisture can cause soil stabilization to prevent water penetration, which eventually result in lower usage of clay and operation costs.

Keywords: nanoclay, cloisite 30b, clayey sand, hydraulic conductivity

Procedia PDF Downloads 321

Authors: Asror Nigmonov Asqar Ogli, Sitora Inoyatova Amonovna

Abstract:

It has been a decade when the crowdfunding and P2P lending opportunities were created. Today, the market of these modern alternative investments is becoming increasingly complex to navigate. There are overwhelming amount of peer-to-peer lending platforms both in developed and emerging economies. This study looks into this market via the cross country empirical study. In this respect, it tests the effect of various macroeconomic factors on P2P loan lending. Based on the existing literature that largely lacks empirical investigations, it builds regression model that aims to explore the relationship between economy and P2P lending. Though the author found it extremely difficult to compare the findings with earlier studies, this paper had identified certain tendencies in the data and had certain policy implications. However, the paper could not find any significant effect of economic variables on P2P lending. The paper can be considered as a starting point in empirical investigation of P2P lending and highlights room further research based on limitations of the study.

Keywords: peer-to-peer lending, crowdfunding, marketplace lending, alternative finance, fintech

Procedia PDF Downloads 164

Authors: Nora Yusma Bte Mohamed Yusoff, Hussain Ali Bekhet

Abstract:

The rationalization of a gradual subsidies reforms plan has been set out by the Malaysian government to achieve the high-income nation target. This paper attempts to analyze the impacts of energy subsidy reform policy on fiscal deficit and macroeconomics variables in Malaysia. The Computable General Equilibrium (CGE) Model is employed. Three simulations based on different groups of scenarios have been developed. Importantly, the overall results indicate that removal of fuel subsidy has significantly improved the real GDP and reduced the government fiscal deficit. On the other hand, the removal of the fuel subsidy has increased most of the local commodity prices, especially energy commodities. The findings of the study could provide some imperative inputs for policy makers, especially to identify the right policy mechanism. This is especially ensures the subsidy savings from subsidy removal could be transferred back into the domestic economy in the form of infrastructure development, compensation and increases in others sector output contributions towards a sustainable economic growth.

Keywords: CGE, deficit, energy, reform, subsidy

Procedia PDF Downloads 236

Authors: Khalid Mujaljal, Hassan Alhajhoj

Abstract:

This paper empirically investigates the influence of oil price fluctuations on the key macroeconomic variables of the Kingdom of Saudi Arabia using unrestricted VAR methodology. Two analytical tools- Granger-causality and variance decomposition are used. The Granger-causality test reveals that almost all specifications of oil price shocks significantly Granger-cause GDP and demonstrates evidence of causality between oil price changes and money supply (M3) and consumer price index percent (CPIPC) in the case of positive oil price shocks. Surprisingly, almost all specifications of oil price shocks do not Granger-cause government expenditure. The outcomes from variance decomposition analysis suggest that positive oil shocks contribute about 25 percent in causing inflation in the country. Also, contribution of symmetric linear oil price shocks and asymmetric positive oil price shocks is significant and persistent with 25 percent explaining variation in world consumer price index till end of the period.

Keywords: Granger causality, oil prices changes, Saudi Arabian economy, variance decomposition

Procedia PDF Downloads 296

Authors: Salako Rotimi, Oshungade Stephen, Ojewoye Opeyemi

Abstract:

The maintenance of price stability is one of the macroeconomic challenges facing Nigeria as a nation. This paper attempts to build a co-integration multivariate time series model for inflation movement in Nigeria using data extracted from the abstract of statistics of the Central Bank of Nigeria (CBN) from 2008 to 2017. The Johansen cointegration test suggests at least one co-integration vector describing the long run relationship between Consumer Price Index (CPI), Food Price Index (FPI) and Non-Food Price Index (NFPI). All three series show increasing pattern, which indicates a sign of non-stationary in each of the series. Furthermore, model predictability was established with root-mean-square-error, mean absolute error, mean average percentage error, and Theil’s unbiased statistics for n-step forecasting. The result depicts that the long run coefficient of a consumer price index (CPI) has a positive long-run relationship with the food price index (FPI) and non-food price index (NFPI).

Keywords: economic, inflation, model, series

Procedia PDF Downloads 214

Authors: Piotr Jerzy Rugor, Julia Wajoras

Abstract:

The presented work regards a single-stage aerodynamically controlled solid propulsion rocket. Steering a rocket to fly along a predetermined trajectory can be beneficial for minimizing aerodynamic losses and achieved by implementing an active control system on board. In this particular case, a canard configuration has been chosen, although other methods of control have been considered and preemptively analyzed, including non-aerodynamic ones. The objective of this work is to create a system capable of guiding the rocket, focusing on roll stabilization. The paper describes initial analysis of the problem, covers the main challenges of missile guidance and presents data acquired during the experimental study.

Keywords: active canard control system, rocket design, numerical simulations, flight optimization

Procedia PDF Downloads 170

Authors: M. Cizmesija, N. Erjavec, V. Bahovec

Abstract:

While the European Union (EU) harmonized methodology is a benchmark of worldwide used business survey (BS) methodology, the choice of variables that are components of the confidence indicators, as the leading indicators, is not strictly determined and unique. Therefore, the aim of this paper is to investigate and to quantify the relationship between all business survey variables in manufacturing industry and industrial production as a reference macroeconomic series in Croatia. The assumption is that there are variables in the business survey, that are not components of Industrial Confidence Indicator (ICI) and which can accurately (and sometimes better then ICI) predict changes in Croatian industrial production. Empirical analyses are conducted using quarterly data of BS variables in manufacturing industry and Croatian industrial production over the period from the first quarter 2005 to the first quarter 2013. Research results confirmed the assumption: three BS variables which is not components of ICI (competitive position, demand and liquidity) are the best leading indicator then ICI, in forecasting changes in Croatian industrial production instantaneously, with one, two or three quarter ahead.

Keywords: balance, business survey, confidence indicators, industrial production, forecasting

Procedia PDF Downloads 446

Authors: Uyi Kizito Ehigiamusoe

Abstract:

The paper examines the impact of money market on economic growth in Nigeria using data for the period 1980-2012. Econometrics techniques such as Ordinary Least Squares Method, Johanson’s Co-integration Test and Vector Error Correction Model were used to examine both the long-run and short-run relationship. Evidence from the study suggest that though a long-run relationship exists between money market and economic growth, but the present state of the Nigerian money market is significantly and negatively related to economic growth. The link between the money market and the real sector of the economy remains very weak. This implies that the market is not yet developed enough to produce the needed growth that will propel the Nigerian economy because of several challenges. It was therefore recommended that government should create the appropriate macroeconomic policies, legal framework and sustain the present reforms with a view to developing the market so as to promote productive activities, investments, and ultimately economic growth.

Keywords: economic growth, investments, money market, money market challenges, money market instruments

Procedia PDF Downloads 321

Authors: M. R. Bindhu, M. Umadevi

Abstract:

Silver nanoparticles have been synthesized by Daucus carota extract as reducing agent was reported here. The involvement of phytochemicals in the Daucus carota extract in the reduction and stabilization of silver nanoparticles has been established using XRD and UV-vis studies. The UV-vis spectrum of the prepared silver nanoparticles showed surface plasmon absorbance peak at 450 nm. The obtained silver nanoparticles were almost spherical in shape with the average size of 15 nm. Crystalline nature of the nanoparticles was evident from bright spots in the SAED pattern and peaks in the XRD pattern. This new, simple and natural method for biosynthesis of silver nanoparticles offers a valuable contribution in the area of green synthesis and nanotechnology avoiding the presence of hazardous and toxic solvents and waste.

Keywords: Daucus carota, green synthesis, silver nanoparticles, surface plasmon resonance

Procedia PDF Downloads 435

Authors: S. Houssaini, L. Bahi

Abstract:

The motorway segment between Tangier and Oued R’mel has experienced, since the beginning of building works, significant instability and landslides linked to a number of geological, hydrogeological and geothermic factors affecting the different formations. The landslides observed are not fully understood, despite many studies conducted on this segment. This study aims at producing new methods to better explain the phenomena behind the landslides, taking into account the geotechnical and geothermic contexts. This analysis builds up on previous studies and geotechnical data collected in the field. The final body of data collected shall be processed through the Plaxis software for a better and customizable view of the landslide problems in the area, which will help to find solutions and stabilize land in the area.

Keywords: landslides, modeling, risk, stabilization

Procedia PDF Downloads 169

Authors: Anna M. Pretorius

Abstract:

The emerging markets category for portfolio investment was introduced in 1986 in an attempt to promote capital market development in less developed countries. Investors traditionally diversified their portfolios by investing in different developed markets. However, high growth opportunities forced investors to consider emerging markets as well. Examples include the rapid growth of the “Asian Tigers” during the 1980s, growth in Latin America during the 1990s and the increased interest in emerging markets during the global financial crisis. As such, portfolio flows to emerging markets have increased substantially. In 2002 7% of all equity allocations from advanced economies went to emerging markets; this increased to 20% in 2012. The stronger links between advanced and emerging markets led to increased synchronization of asset price movements. This increased level of stock market integration for emerging markets is confirmed by various empirical studies. Against the background of increased interest in emerging market assets and the increasing level of integration of emerging markets, this paper focuses on the determinants of stock market integration of emerging market countries. Various studies have linked the level of financial market integration with specific economic variables. These variables include: economic growth, local inflation, trade openness, local investment, budget surplus/ deficit, market capitalization, domestic bank credit, domestic institutional and legal environment and world interest rates. The aim of this study is to empirically investigate to what extent trade-related determinants have an impact on stock market integration. The panel data sample include data of 16 emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Hungary, India, Malaysia, Pakistan, Peru, Philippines, Poland, Russian Federation, South Africa, Thailand and Turkey for the period 1998-2011. The integration variable for each emerging stock market is calculated as the explanatory power of a multi-factor model. These factors are extracted from a large panel of global stock market returns. Trade related explanatory variables include: exports as percentage of GDP, imports as percentage of GDP and total trade as percentage of GDP. Other macroeconomic indicators – such as market capitalisation, the size of the budget deficit and the effectiveness of the regulation of the securities exchange – are included in the regressions as control variables. An initial analysis on a sample of developed stock markets could not identify any significant determinants of stock market integration. Thus the macroeconomic variables identified in the literature are much more significant in explaining stock market integration of emerging markets than stock market integration of developed markets. The three trade variables are all statistically significant at a 5% level. The market capitalisation variable is also significant while the regulation variable is only marginally significant. The global financial crisis has highlighted the urgency to better understand the link between the financial and real sectors of the economy. This paper comes to the important finding that, apart from the level of market capitalisation (as financial indicator), trade (representative of the real economy) is a significant determinant of stock market integration of countries not yet classified as developed economies.

Keywords: emerging markets, financial market integration, panel data, trade

Procedia PDF Downloads 273