Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 8669

Search results for: optimum currency area

8669 Reconnecting The Peripheral Wagons to the Euro Area Core Locomotive

Authors: Igor Velickovski, Aleksandar Stojkov, Ivana Rajkovic

Abstract:

This paper investigates drivers of shock synchronization using quarterly data for 27 European countries over the period 1999-2013 and taking into account the difference between core (‘the euro area core locomotive’) and peripheral euro area and transition countries (‘the peripheral wagons’). Results from panel error-correction models suggest that core of the euro area has not been strong magnetizer of the shock convergence of periphery and transition countries since the euro inception as a result of the offsetting effects of the various factors that affected the shock convergence process. These findings challenge the endogeneity hypothesis in the optimum currency area framework and rather support the specialisation paradigm which is concerning evidence for the future stability of the euro area.

Keywords: dynamic panel models, shock synchronisation, trade, optimum currency area

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8668 The Role of Accounting in the Run-Added Tax in Iran

Authors: Zahra Karimi

Abstract:

Money is not the only medium of economic exchanges, but also affects the national identity of citizens and national sovereignty of the government. Hence, money can be used as a tool to strengthen the national and political identity of nations. In other words, the value of the national currency can be affecting citizen’s view to the economic situation of their country and national identity. Government with the maintenance of the value of the national currency must increase the confidence of its citizens into national currency and prevents that "currency substitution phenomenon" occurred and people turn to foreign currencies. Hence, this article intends to explain the zeros elimination from the national currency and study of experience of other countries and discussion history analyzed benefits and harms of zeroes elimination from the national currency, And then to evaluate the effect or lack of effect of removing of zeros from the national currency on inflation answer the question whether it is appropriate and on time to delete three zeros from the Riyal of Iran is or not?

Keywords: zeros elimination from the national currency, value of the national currency, Riyal, inflation, Iran, money, government

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8667 Study of Antibacterial Effects on Indian Currency

Authors: Aniruddha Hore, Saptarshi Mitra, Sujoy Bose, Sandip Ghosh, Avijit Ghosh

Abstract:

Indian currency is the official currency of India. With the advancement of science and technology, several modes of cashless transactions have been introduced but still, a large section of our society is dependent on the transaction through currency notes. The composition of the Indian currency generally comprises cotton rags, balsam and parts of silk. These currency notes are a threat to us as they transmit bacteria and other microbial contamination through touch which when transmitted results in the contamination of harmful diseases in the humans, therefore, causing several microbial diseases such as food poisoning, tuberculosis etc. Therefore, it is important to make the Indian currency antibacterial.  The main focus of the study is to develop an antibacterial chemical agent which comprises certain natural as well as chemical components as a solution that will be used to activate the antibacterial properties of the natural fibers present in the currency. Investigations showed that the natural ingredients such as lemon extracts, industrial vinegar and ginger extract would show an antibacterial property on the surface of the currency notes. Zeoline was added to activate the fibroin fibers of the notes to show antibacterial properties that kill about 99.9% of the bacteria including E. coli and S. aureus. The application of the natural extracts on the currency notes showed specific changes as it was noticeably clearer than before. The antibacterial properties of the natural and chemical components used showed resistance to bacterial contamination on the currency surface. The treated currency was seen to be preventing the growth of bacteria for a certain period of time due to the chemical component applied therefore resulting in showing antibacterial nature.

Keywords: Indian currency, antibacterial property of Indian Currency; surface coating, currency disinfectant

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8666 The Potential of Dinar (Gold) Currency as the Main Object Transaction in Indonesia

Authors: Muhammad Ilham Agus Salim, Mohammad Ali

Abstract:

In this article, we have elaborated a study over the nature of Islamic financial transaction by comparing between Dinar and IDR currency in Indonesia. We have found the interesting issue among scholars and practitioners in which Dinar would be a single currency ASEAN Economic Community (AEC), then becoming motivation and added value research. The assessment among dinar volatility analysis for three years ago and IDR fluctuation as well as outlook qualitative test regarding dinar are components of analysis that weak Indonesian currency should be altered to be better coinage. The value of dinar more stable than IDR and also eligible as a currency e.g. limited quantities, easy to carry, durable, easy to saved, and has the same quality. On the other hand, the existing of IDR has defeated by inflation. The EViews program explained that Dinar at current level still fluctuate, but in the first different have fixed variant. The result of analysis describing that dinar has potential as the medium exchange, because the material of dinar is relevant and feasible since 14 century until present. Therefore, dinar should be considered to solve Indonesia crisis today.

Keywords: medium of exchange, dinar & IDR currency, volatility analysis, EViews program

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8665 Investigation of Compliance of the Prevailing Import Murabah'a to Sharia

Authors: Aqeel Akhtar

Abstract:

One of prevailing modes of finance in emerging Islamic banking system is Murabah’a; a financial transaction in which cost and profit both must be recognized by buyer. Otherwise the transaction would become invalid. In this mainstream, import Murabah’a transaction is divergent in such a way that the cost is not recognized and identified due to execution of import transaction in foreign currency i.e. US Dollar and the next transaction of Murabaha’a with the client is executed in local currency. Since this transaction is executed in dual currency i.e. bank pays supplier in foreign currency and executes Murabah’a with its client in local currency and it is not allowed in according to Islamic Injunctions as mentioned in hadith narrated by Hazrat Ibn-e-Umar (May Allah be pleased with them) used to sell his camels with Dirhams and take dinars instead and vice versa. Upon revealing before the Prophet (SAW), he was advised that it must not be contingent in the agreement and the ready rate would be applied and possession of one of the consideration is compulsory. The solution in this regard is that the import Murabah’a transaction should be in single currency, however, other currency can be paid in payment at the time of payment in a very indispensable situation provided that ready rate would be applied. Moreover, some of other solutions have also been given in this regard.

Keywords: shariah compliance, import murabaha, islamic banking, product development

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8664 Design and Development of an Algorithm to Predict Fluctuations of Currency Rates

Authors: Nuwan Kuruwitaarachchi, M. K. M. Peiris, C. N. Madawala, K. M. A. R. Perera, V. U. N Perera

Abstract:

Dealing with businesses with the foreign market always took a special place in a country’s economy. Political and social factors came into play making currency rate changes fluctuate rapidly. Currency rate prediction has become an important factor for larger international businesses since large amounts of money exchanged between countries. This research focuses on comparing the accuracy of mainly three models; Autoregressive Integrated Moving Average (ARIMA), Artificial Neural Networks(ANN) and Support Vector Machines(SVM). series of data import, export, USD currency exchange rate respect to LKR has been selected for training using above mentioned algorithms. After training the data set and comparing each algorithm, it was able to see that prediction in SVM performed better than other models. It was improved more by combining SVM and SVR models together.

Keywords: ARIMA, ANN, FFNN, RMSE, SVM, SVR

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8663 Determination Optimum Strike Price of FX Option Call Spread with USD/IDR Volatility and Garman–Kohlhagen Model Analysis

Authors: Bangkit Adhi Nugraha, Bambang Suripto

Abstract:

On September 2016 Bank Indonesia (BI) release regulation no.18/18/PBI/2016 that permit bank clients for using the FX option call spread USD/IDR. Basically, this product is a combination between clients buy FX call option (pay premium) and sell FX call option (receive premium) to protect against currency depreciation while also capping the potential upside with cheap premium cost. BI classifies this product as a structured product. The structured product is combination at least two financial instruments, either derivative or non-derivative instruments. The call spread is the first structured product against IDR permitted by BI since 2009 as response the demand increase from Indonesia firms on FX hedging through derivative for protecting market risk their foreign currency asset or liability. The composition of hedging products on Indonesian FX market increase from 35% on 2015 to 40% on 2016, the majority on swap product (FX forward, FX swap, cross currency swap). Swap is formulated by interest rate difference of the two currency pairs. The cost of swap product is 7% for USD/IDR with one year USD/IDR volatility 13%. That cost level makes swap products seem expensive for hedging buyers. Because call spread cost (around 1.5-3%) cheaper than swap, the most Indonesian firms are using NDF FX call spread USD/IDR on offshore with outstanding amount around 10 billion USD. The cheaper cost of call spread is the main advantage for hedging buyers. The problem arises because BI regulation requires the call spread buyer doing the dynamic hedging. That means, if call spread buyer choose strike price 1 and strike price 2 and volatility USD/IDR exchange rate surpass strike price 2, then the call spread buyer must buy another call spread with strike price 1’ (strike price 1’ = strike price 2) and strike price 2’ (strike price 2’ > strike price 1‘). It could make the premium cost of call spread doubled or even more and dismiss the purpose of hedging buyer to find the cheapest hedging cost. It is very crucial for the buyer to choose best optimum strike price before entering into the transaction. To help hedging buyer find the optimum strike price and avoid expensive multiple premium cost, we observe ten years 2005-2015 historical data of USD/IDR volatility to be compared with the price movement of the call spread USD/IDR using Garman–Kohlhagen Model (as a common formula on FX option pricing). We use statistical tools to analysis data correlation, understand nature of call spread price movement over ten years, and determine factors affecting price movement. We select some range of strike price and tenor and calculate the probability of dynamic hedging to occur and how much it’s cost. We found USD/IDR currency pairs is too uncertain and make dynamic hedging riskier and more expensive. We validated this result using one year data and shown small RMS. The study result could be used to understand nature of FX call spread and determine optimum strike price for hedging plan.

Keywords: FX call spread USD/IDR, USD/IDR volatility statistical analysis, Garman–Kohlhagen Model on FX Option USD/IDR, Bank Indonesia Regulation no.18/18/PBI/2016

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8662 A Speeded up Robust Scale-Invariant Feature Transform Currency Recognition Algorithm

Authors: Daliyah S. Aljutaili, Redna A. Almutlaq, Suha A. Alharbi, Dina M. Ibrahim

Abstract:

All currencies around the world look very different from each other. For instance, the size, color, and pattern of the paper are different. With the development of modern banking services, automatic methods for paper currency recognition become important in many applications like vending machines. One of the currency recognition architecture’s phases is Feature detection and description. There are many algorithms that are used for this phase, but they still have some disadvantages. This paper proposes a feature detection algorithm, which merges the advantages given in the current SIFT and SURF algorithms, which we call, Speeded up Robust Scale-Invariant Feature Transform (SR-SIFT) algorithm. Our proposed SR-SIFT algorithm overcomes the problems of both the SIFT and SURF algorithms. The proposed algorithm aims to speed up the SIFT feature detection algorithm and keep it robust. Simulation results demonstrate that the proposed SR-SIFT algorithm decreases the average response time, especially in small and minimum number of best key points, increases the distribution of the number of best key points on the surface of the currency. Furthermore, the proposed algorithm increases the accuracy of the true best point distribution inside the currency edge than the other two algorithms.

Keywords: currency recognition, feature detection and description, SIFT algorithm, SURF algorithm, speeded up and robust features

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8661 Foreign Debt and Firm Performance: Evidence from French Non-Financial Firms

Authors: Salma Mefteh-Wali, Marie-Josephe Rigobert

Abstract:

We investigate the impact of foreign currency debt on firm performance for a sample of non-financial French firms studied over the period 2002 to 2012. As foreign currency debt is both a financing and hedging instrument against foreign exchange risk, we mobilize optimal hedging theory and capital structure theory. When we study the impact on firm value, our main results show that before and after the financial crisis of 2008, foreign debt had the same behavior as domestic debt. We find that during the crisis period, foreign debt positively affects firm value. Investors perceive foreign debt as a natural hedging instrument that is likely to reduce the costs of underinvestment, alleviate cash flow volatility, limit the costs of financial distress, and generate tax shield benefits. Also, our results show that foreign leverage negatively affects the firm performance proxied by ROA and ROE, during and after the financial crisis. However, this impact is positive in the pre-crisis period.

Keywords: foreign currency derivatives, foreign currency debt, foreign currency hedging, firm performance

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8660 Predicting the Lack of GDP Growth: A Logit Model for 40 Advanced and Developing Countries

Authors: Hamidou Diallo, Marianne Guille

Abstract:

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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8659 Structural Analysis and Detail Design of APV Module Structure Using Topology Optimization Design

Authors: Hyun Kyu Cho, Jun Soo Kim, Young Hoon Lee, Sang Hoon Kang, Young Chul Park

Abstract:

In the study, structure for one of offshore drilling system APV(Air Pressure Vessle) modules was designed by using topology optimum design and performed structural safety evaluation according to DNV rules. 3D model created base on design area and non-design area separated by using topology optimization for the environmental loads. This model separated 17 types for wind loads and dynamic loads and performed structural analysis evaluation for each model. As a result, the maximum stress occurred 181.25MPa.

Keywords: APV, topology optimum design, DNV, structural analysis, stress

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8658 Optimum Design of Heat Exchanger in Diesel Engine Cold EGR for Pollutants Reduction

Authors: Nasser Ghassembaglou, Armin Rahmatfam, Faramarz Ranjbar

Abstract:

Using of cold EGR method with variable venturi and turbocharger has a very significant affection on the reduction of NOX and grime simultaneously. EGR cooler is one of the most important parts in the cold EGR circuit. In this paper optimum design of cooler for working in different percents of EGR and for determining of optimum temperature of exhausted gases, growth of efficiency, reduction of weight, reduction of dimension and expenditures, and reduction of sediment and optimum performance by using gas oil which has significant amounts of brimstone are investigated and optimized.

Keywords: cold EGR, NOX, cooler, gas oil

Procedia PDF Downloads 388
8657 Optimization of Interface Radio of Universal Mobile Telecommunication System Network

Authors: O. Mohamed Amine, A. Khireddine

Abstract:

Telecoms operators are always looking to meet their share of the other customers, they try to gain optimum utilization of the deployed equipment and network optimization has become essential. This project consists of optimizing UMTS network, and the study area is an urban area situated in the center of Algiers. It was initially questions to become familiar with the different communication systems (3G) and the optimization technique, its main components, and its fundamental characteristics radios were introduced.

Keywords: UMTS, UTRAN, WCDMA, optimization

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8656 Landfill Leachate Wastewater Treatment by Fenton Process

Authors: Rewadee Anuwattana, Pattamaphorn Phuangngamphan, Narumon Soparatana, Supinya Sutthima, Worapong Pattayawan, Saroj Klangkongsub, Songkiat Roddang, Pluek Wongpanich

Abstract:

The leachate wastewater is high contaminant water; hence it needs to be treated. The objective of this research was to determine the Chemical Oxygen Demand (COD) concentration, Phosphate (PO₄³⁻), Ammonia (NH₃) and color in leachate wastewater in the landfill area. The experiments were carried out in the optimum condition by pH, the Fenton reagent dosage (concentration of dosing Fe²⁺ and H₂O₂). The optimum pH is 3, the optimum [Fe²⁺]/[COD] and [H₂O₂]/[COD₀] = 0.03 and 0.03, respectively. The Biochemical Oxygen Demand (BOD₅)/Chemical Oxygen Demand (COD) ratio can be adjusted to 1 for landfill leachate wastewater (BOD₅/COD = 0.11). From the results, the Fenton process shall be investigated further to achieve the removal of phosphates in addition to COD and color.

Keywords: landfill leachate treatment, open dumpsite, Fenton process, wastewater treatment

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8655 Optimization of Tilt Angle for Solar Collectors: A Case Study for Bursa, Turkey

Authors: N. Arslanoglu

Abstract:

This paper deals with the optimum tilt angle for the solar collector in order to collect the maximum solar radiation. The optimum angle for tilted surfaces varying from 0 to 90 in steps of 1was computed. In present study, a theoretical model is used to predict the global solar radiation on a tilted surface and to obtain the optimum tilt angle for a solar collector in Bursa, Turkey. Global solar energy radiation on the solar collector surface with an optimum tilt angle is calculated for specific periods. It is determined that the optimum slope angle varies between 0 (June) and 59 (December) throughout the year. In winter (December, January, and February) the tilt should be 55, in spring (March, April, and May) 19.6, in summer (June, July, and August) 5.6, and in autumn (September, October, and November) 44.3. The yearly average of this value was obtained to be 31.1 and this would be the optimum fixed slope throughout the year.

Keywords: Bursa, global solar radiation, optimum tilt angle, tilted surface

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8654 E-Payments, COVID-19 Restrictions, and Currency in Circulation: Thailand and Turkey

Authors: Zeliha Sayar

Abstract:

Central banks all over the world appear to be focusing first and foremost on retail central bank digital currency CBDC), i.e., digital cash/money. This approach is predicated on the belief that the use of cash has decreased, owing primarily to technological advancements and pandemic restrictions, and that a suitable foundation for the transition to a cashless society has been revealed. This study aims to contribute to the debate over whether digital money/CBDC can be a substitute or supplement to physical cash by examining the potential effects on cash demand. For this reason, this paper compares two emerging countries, Turkey, and Thailand, to demystify the impact of e-payment and COVID-19 restrictions on cash demand by employing fully modified ordinary least squares (FMOLS), dynamic ordinary least squares (DOLS), and the canonical cointegrating regression (CCR). The currency in circulation in two emerging countries, Turkey and Thailand, was examined in order to estimate the elasticity of different types of retail payments. The results demonstrate that real internet and mobile, cart, contactless payment, and e-money are long-term determinants of real cash demand in these two developing countries. Furthermore, with the exception of contactless payments in Turkey, there is a positive relationship between the currency in circulation and the various types of retail payments. According to findings, COVID-19 restrictions encourage the demand for cash, resulting in cash hoarding.

Keywords: CCR, DOLS, e-money, FMOLS, real cash

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8653 Expected Present Value of Losses in the Computation of Optimum Seismic Design Parameters

Authors: J. García-Pérez

Abstract:

An approach to compute optimum seismic design parameters is presented. It is based on the optimization of the expected present value of the total cost, which includes the initial cost of structures as well as the cost due to earthquakes. Different types of seismicity models are considered, including one for characteristic earthquakes. Uncertainties are included in some variables to observe the influence on optimum values. Optimum seismic design coefficients are computed for three different structural types representing high, medium and low rise buildings, located near and far from the seismic sources. Ordinary and important structures are considered in the analysis. The results of optimum values show an important influence of seismicity models as well as of uncertainties on the variables.

Keywords: importance factors, optimum parameters, seismic losses, seismic risk, total cost

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8652 A Regulatory Analysis on Legal Problems of BitCoin

Authors: Fady Tawakol

Abstract:

BitCoin is a decentralized cryptocurrency that can be used without the need of traditional central banks to accomplish any e-commerce trade. The use of such currency could facilitate new economic interactions and linkages. However, without effective and efficient regulations, cryptocurrency transactions are mostly used by criminals to commit crimes such as money laundering, theft, and blackmailing. And because law is one step behind technological developments, this paper discusses the importance of regulations and supervision for the BitCoin-system, to provide unified regulatory solutions for our digital future in the Middle East. It will provide a detailed analysis of the legal nature of BitCoin along with, its regulation with respect to criminal and civil law.

Keywords: BitCoin, financial protection, crypto currency, money laundering

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8651 Optimum Stratification of a Skewed Population

Authors: D. K. Rao, M. G. M. Khan, K. G. Reddy

Abstract:

The focus of this paper is to develop a technique of solving a combined problem of determining Optimum Strata Boundaries (OSB) and Optimum Sample Size (OSS) of each stratum, when the population understudy is skewed and the study variable has a Pareto frequency distribution. The problem of determining the OSB is formulated as a Mathematical Programming Problem (MPP) which is then solved by dynamic programming technique. A numerical example is presented to illustrate the computational details of the proposed method. The proposed technique is useful to obtain OSB and OSS for a Pareto type skewed population, which minimizes the variance of the estimate of population mean.

Keywords: stratified sampling, optimum strata boundaries, optimum sample size, pareto distribution, mathematical programming problem, dynamic programming technique

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8650 Reuse of Municipal Solid Waste Incinerator Fly Ash for the Synthesis of Zeolite: Effects of Different Operation Conditions

Authors: Jyh-Cherng Chen, Yi-Jie Lin

Abstract:

This study tries to reuse the fly ash of municipal solid waste incinerator (MSWI) for the synthesis of zeolites. The fly ashes were treated with NaOH alkali fusion at different temperatures for 40 mins and then synthesized the zeolites with hydrothermal method at 105oC for different operation times. The effects of different operation conditions and the optimum synthesis parameters were explored. The specific surface area, surface morphology, species identification, adsorption capacity, and the reuse potentials of the synthesized zeolites were analyzed and evaluated. Experimental results showed that the optimum operation conditions for the synthesis of zeolite from the mixed fly ash were Si/Al=20, alkali/ash=1.5, alkali fusion reaction with NaOH at 800oC for 40 mins, hydrolysis with L/S=200 at 105oC for 24 hr, and hydrothermal synthesis at 105oC for 48 hr. The largest specific surface area of synthesized zeolite could be increased to 943.05m2/g. The influence of different operation parameters on the synthesis of zeolite from mixed fly ash followed the sequence of Si/Al > hydrolysis L/S> hydrothermal time > alkali fusion temperature > alkali/ash ratio. The XRD patterns of synthesized zeolites were identified to be similar with the ZSM-23 zeolite. The adsorption capacities of synthesized zeolite for pollutants were increased as rising the specific surface area of synthesized zeolite. In summary, MSWI fly ash can be treated and reused to synthesize the zeolite with high specific surface area by the alkali fusion and hydrothermal method. The zeolite can be reuse for the adsorption of various pollutants. They have great potential for development.

Keywords: alkali fusion, hydrothermal, fly ash, zeolite

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8649 How to Applicate Knowledge Management in Security Environment within the Scope of Optimum Balance Model

Authors: Hakan Erol, Altan Elibol, Ömer Eryılmaz, Mehmet Şimşek

Abstract:

Organizations aim to manage information in a most possible effective way for sustainment and development. In doing so, they apply various procedures and methods. The very same situation is valid for each service of Armed Forces. During long-lasting endeavors such as shaping and maintaining security environment, supporting and securing peace, knowledge management is a crucial asset. Optimum Balance Model aims to promote the system from a decisive point to a higher decisive point. In this context, this paper analyses the application of optimum balance model to knowledge management in Armed Forces and tries to find answer to the question how Optimum Balance Model is integrated in knowledge management.

Keywords: optimum balance model, knowledge management, security environment, supporting peace

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8648 Analysis of Heat Exchanger Area of Two Stage Cascade Refrigeration System Using Taguchi

Authors: A. D. Parekh

Abstract:

The present work describes relative contributions of operating parameters on required heat transfer area of three heat exchangers viz. evaporator, condenser and cascade condenser of two stage R404A-R508B cascade refrigeration system using Taguchi method. The operating parameters considered in present study includes (1) condensing temperature of high temperature cycle and low temperature cycle (2) evaporating temperature of low temperature cycle (3) degree of superheating in low temperature cycle (4) refrigerating effect. Heat transfer areas of three heat exchangers are studied with variation of above operating parameters and also optimum working levels of each operating parameter has been obtained for minimum heat transfer area of each heat exchanger using Taguchi method. The analysis using Taguchi method reveals that evaporating temperature of low temperature cycle and refrigerating effect contribute relatively largely on the area of evaporator. Condenser area is mainly influenced by both condensing temperature of high temperature cycle and refrigerating effect. Area of cascade condenser is mainly affected by refrigerating effect and the effects of other operating parameters are minimal.

Keywords: cascade refrigeration system, Taguchi method, heat transfer area, ANOVA, optimal solution

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8647 Analysis of Heat Exchanger Area of Two Stage Cascade Refrigeration System Using Taguchi Methodology

Authors: A. D. Parekh

Abstract:

The present work describes relative contributions of operating parameters on required heat transfer area of three heat exchangers viz. evaporator, condenser and cascade condenser of two stage R404A-R508B cascade refrigeration system using Taguchi method. The operating parameters considered in present study includes (1) condensing temperature of high temperature cycle and low temperature cycle (2) evaporating temperature of low temperature cycle (3) degree of superheating in low temperature cycle (4) refrigerating effect. Heat transfer areas of three heat exchangers are studied with variation of above operating parameters and also optimum working levels of each operating parameter has been obtained for minimum heat transfer area of each heat exchanger using Taguchi method. The analysis using Taguchi method reveals that evaporating temperature of low temperature cycle and refrigerating effect contribute relatively largely on the area of evaporator. Condenser area is mainly influenced by both condensing temperature of high temperature cycle and refrigerating effect. Area of cascade condenser is mainly affected by refrigerating effect and the effects of other operating parameters are minimal.

Keywords: cascade refrigeration system, Taguchi method, heat transfer area, ANOVA, optimal solution

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8646 Adsorption of Cerium as One of the Rare Earth Elements Using Multiwall Carbon Nanotubes from Aqueous Solution: Modeling, Equilibrium and Kinetics

Authors: Saeb Ahmadi, Mohsen Vafaie Sefti, Mohammad Mahdi Shadman, Ebrahim Tangestani

Abstract:

Carbon nanotube has shown great potential for the removal of various inorganic and organic components due to properties such as large surface area and high adsorption capacity. Central composite design is widely used method for determining optimal conditions. Also due to the economic reasons and wide application, the rare earth elements are important components. The analyses of cerium (Ce(III)) adsorption as one of the Rare Earth Elements (REEs) adsorption on Multiwall Carbon Nanotubes (MWCNTs) have been studied. The optimization process was performed using Response Surface Methodology (RSM). The optimum amount conditions were pH of 4.5, initial Ce (III) concentration of 90 mg/l and MWCNTs dosage of 80 mg. Under this condition, the optimum adsorption percentage of Ce (III) was obtained about 96%. Next, at the obtained optimum conditions the kinetic and isotherm studied and result showed the pseudo-second order and Langmuir isotherm are more fitted with experimental data than other models.

Keywords: cerium, rare earth element, MWCNTs, adsorption, optimization

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8645 Economic Characteristics of Bitcoin: "An Analytical Study"

Authors: Abdelhalem Shahen

Abstract:

The world is now experiencing a digital revolution and greatly accelerated technological developments, in addition to the transition from the economy in its traditional form to the digital economy, which has resulted in the emergence of new tools that are appropriate to those developments, and from this, this paper attempts to explore the economic characteristics of the bitcoin currency that circulated recently. Due to the many advantages that distinguish it from money in its traditional forms, which have a range of economic effects. The study found that Bitcoin is among the technological innovations, which contain a set of characteristics that are worth studying, those that make it the focus of attention, such as the digital currency, the peer-to-peer property, Lower and Faster Transaction Costs, transparency, decentralized control, privacy, and Double-Spending, as well as security and Cryptographic, and finally mining.

Keywords: Digital Economics, Digital Currencies, Bitcoin, Features of Bitcoin

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8644 Entropy Risk Factor Model of Exchange Rate Prediction

Authors: Darrol Stanley, Levan Efremidze, Jannie Rossouw

Abstract:

We investigate the predictability of the USD/ZAR (South African Rand) exchange rate with sample entropy analytics for the period of 2004-2015. We calculate sample entropy based on the daily data of the exchange rate and conduct empirical implementation of several market timing rules based on these entropy signals. The dynamic investment portfolio based on entropy signals produces better risk adjusted performance than a buy and hold strategy. The returns are estimated on the portfolio values in U.S. dollars. These results are preliminary and do not yet account for reasonable transactions costs, although these are very small in currency markets.

Keywords: currency trading, entropy, market timing, risk factor model

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8643 Microbial Load, Prevalence and Antibiotic Resistance of Microflora Isolated from the Ghanaian Paper Currency Note: A Potential Health Threat

Authors: Simon Nyarko

Abstract:

This study examined the microbial flora contamination of the Ghanaian paper currency notes and antibiotic resistance in Ejura Municipal, Ashanti Region, Ghana. This is a descriptive cross-sectional study designed to assess the profile of microflora contamination of the Ghanaian paper currency notes and antibiotic-resistant in the Ejura Municipality. The research was conducted in Ejura, a town in the Ejura Sekyeredumase Municipal of the Ashanti region of Ghana. 70 paper currency notes which were freshly collected from the bank, consisting of 15 pieces of GH ¢1, GH ¢2, and GH ¢5, 10 pieces of GH ¢10 and GH ¢20, and 5 pieces of GH ¢50, were randomly sampled from people by exchanging their money in usage with those freshly secured from the bank. The surfaces of each GH¢ note were gently swabbed and sent to the lab immediately in sterile Zip Bags and sealed, and tenfold serial dilution was inoculated on plate count agar (PCA), MacConkey agar (MCA), mannitol salt agar (MSA), and deoxycholate citrate agar (DCA). For bacterial identification, the study used appropriate laboratory and biochemical tests. The data was analyzed using SPSS-IBM version 20.0. It was found that 95.2 % of the 70 GH¢ notes tested positive for one or more bacterial isolates. On each GH¢ note, mean counts on PCA ranged from 3.0 cfu/ml ×105 to 4.8 cfu/ml ×105. Of 124 bacteria isolated. 36 (29.03 %), 32 (25.81%), 16 (12.90 %), 20 (16.13%), 13 (10.48 %), and 7 (5.66 %) were from GH¢1, GH¢2, GH¢10, GH¢5, GH¢20, and GH¢50, respectively. Bacterial isolates were Escherichia coli (25.81%), Staphylococcus aureus (18.55%), coagulase-negative Staphylococcus (15.32%), Klebsiella species (12.10%), Salmonella species (9.68%), Shigella species (8.06%), Pseudomonas aeruginosa (7.26%), and Proteus species (3.23%). Meat shops, commercial drivers, canteens, grocery stores, and vegetable shops contributed 25.81 %, 20.16 %, 19.35 %, 17.74 %, and 16.94 % of GH¢ notes, respectively. There was 100% resistance of the isolates to Erythromycin (ERY), and Cotrimoxazole (COT). Amikacin (AMK) was the most effective among the antibiotics as 75% of the isolates were susceptible to it. This study has demonstrated that the Ghanaian paper currency notes are heavily contaminated with potentially pathogenic bacteria that are highly resistant to the most widely used antibiotics and are a threat to public health.

Keywords: microflora, antibiotic resistance, staphylococcus aureus, culture media, multi-drug resistance

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8642 The Hidden Role of Interest Rate Risks in Carry Trades

Authors: Jingwen Shi, Qi Wu

Abstract:

We study the role played interest rate risk in carry trade return in order to understand the forward premium puzzle. In this study, our goal is to investigate to what extent carry trade return is indeed due to compensation for risk taking and, more important, to reveal the nature of these risks. Using option data not only on exchange rates but also on interest rate swaps (swaptions), our first finding is that, besides the consensus currency risks, interest rate risks also contribute a non-negligible portion to the carry trade return. What strikes us is our second finding. We find that large downside risks of future exchange rate movements are, in fact, priced significantly in option market on interest rates. The role played by interest rate risk differs structurally from the currency risk. There is a unique premium associated with interest rate risk, though seemingly small in size, which compensates the tail risks, the left tail to be precise. On the technical front, our study relies on accurately retrieving implied distributions from currency options and interest rate swaptions simultaneously, especially the tail components of the two. For this purpose, our major modeling work is to build a new international asset pricing model where we use an orthogonal setup for pricing kernels and specify non-Gaussian dynamics in order to capture three sets of option skew accurately and consistently across currency options and interest rate swaptions, domestic and foreign, within one model. Our results open a door for studying forward premium anomaly through implied information from interest rate derivative market.

Keywords: carry trade, forward premium anomaly, FX option, interest rate swaption, implied volatility skew, uncovered interest rate parity

Procedia PDF Downloads 359
8641 Determination of the Optimum Size of Building Stone Blocks: Case Study of Delichai Travertine Mine

Authors: Hesam Sedaghat Nejad, Navid Hosseini, Arash Nikvar Hassani

Abstract:

Determination of the optimum block size with high profitability is one of the significant parameters in designation of the building stone mines. The aim of this study was to determine the optimum dimensions of building stone blocks in Delichai travertine mine of Damavand in Tehran province through combining the effective parameters proven in determination of the optimum dimensions in building stones such as the spacing of joints and gaps, extraction tools constraints with the help of modeling by Gemcom software. To this end, following simulation of the topography of the mine, the block model was prepared and then in order to use spacing joints and discontinuities as a limiting factor, the existing joints set was added to the model. Since only one almost horizontal joint set with a slope of 5 degrees was available, this factor was effective only in determining the optimum height of the block, and thus to determine the longitudinal and transverse optimum dimensions of the extracted block, the power of available loader in the mine was considered as the secondary limiting factor. According to the aforementioned factors, the optimal block size in this mine was measured as 3.4×4×7 meter.

Keywords: building stone, optimum block size, Delichay travertine mine, loader power

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8640 Optimal Design of Composite Cylindrical Shell Based on Nonlinear Finite Element Analysis

Authors: Haider M. Alsaeq

Abstract:

The present research is an attempt to figure out the best configuration of composite cylindrical shells of the sandwich type, i.e. the lightest design of such shells required to sustain a certain load over a certain area. The optimization is based on elastic-plastic geometrically nonlinear incremental-iterative finite element analysis. The nine-node degenerated curved shell element is used in which five degrees of freedom are specified at each nodal point, with a layered model. The formulation of the geometrical nonlinearity problem is carried out using the well-known total Lagrangian principle. For the structural optimization problem, which is dealt with as a constrained nonlinear optimization, the so-called Modified Hooke and Jeeves method is employed by considering the weight of the shell as the objective function with stress and geometrical constraints. It was concluded that the optimum design of composite sandwich cylindrical shell that have a rigid polyurethane foam core and steel facing occurs when the area covered by the shell becomes almost square with a ratio of core thickness to facing thickness lies between 45 and 49, while the optimum height to length ration varies from 0.03 to 0.08 depending on the aspect ratio of the shell and its boundary conditions.

Keywords: composite structure, cylindrical shell, optimization, non-linear analysis, finite element

Procedia PDF Downloads 318