Search results for: catalytic decomposition

Authors: K. Aranyarat, S. Maksasithorn, K. Suriye, S. Kunjara Na Ayudhya, J. Panpranot

Abstract:

The effect of N2 pretreatment on the catalytic activity of tungsten-based catalysts was investigated in the metathesis of ethylene and trans-2-butene at 450oC and atmospheric pressure. The presence of tungsten active species was confirmed by UV-Vis and Raman spectroscopy. Compared to the WO3-based catalysts treated in air, higher amount of WO4 2-tetrahedral species and lower amount of WO3 crystalline species were observed on the N2-treated ones. These contribute to the higher conversion of 2-butene and propylene selectivity during 10 h time-on-stream. Moreover, N2 treatment led to lower amount of coke formation as revealed by TPO of the spent catalysts.

Keywords: Metathesis, Pretreatment, Propylene, Tungsten.

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Authors: K. Mondal, S. Talapatra, M. Terrones, S. Pokhrel, C. Frizzel, B. Sumpter, V. Meunier, A. L. Elias

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Worldwide energy independence is reliant on the ability to leverage locally available resources for fuel production. Recently, syngas produced through gasification of carbonaceous materials provided a gateway to a host of processes for the production of various chemicals including transportation fuels. The basis of the production of gasoline and diesel-like fuels is the Fischer Tropsch Synthesis (FTS) process: A catalyzed chemical reaction that converts a mixture of carbon monoxide (CO) and hydrogen (H₂) into long chain hydrocarbons. Until now, it has been argued that only transition metal catalysts (usually Co or Fe) are active toward the CO hydrogenation and subsequent chain growth in the presence of hydrogen. In this paper, we demonstrate that carbon nanotube (CNT) surfaces are also capable of hydro-deoxygenating CO and producing long chain hydrocarbons similar to that obtained through the FTS but with orders of magnitude higher conversion efficiencies than the present state-of-the-art FTS catalysts. We have used advanced experimental tools such as XPS and microscopy techniques to characterize CNTs and identify C-O functional groups as the active sites for the enhanced catalytic activity. Furthermore, we have conducted quantum Density Functional Theory (DFT) calculations to confirm that C-O groups (inherent on CNT surfaces) could indeed be catalytically active towards reduction of CO with H₂, and capable of sustaining chain growth. The DFT calculations have shown that the kinetically and thermodynamically feasible route for CO insertion and hydro-deoxygenation are different from that on transition metal catalysts. Experiments on a continuous flow tubular reactor with various nearly metal-free CNTs have been carried out and the products have been analyzed. CNTs functionalized by various methods were evaluated under different conditions. Reactor tests revealed that the hydrogen pre-treatment reduced the activity of the catalysts to negligible levels. Without the pretreatment, the activity for CO conversion as found to be 7 µmol CO/g CNT/s. The O-functionalized samples showed very activities greater than 85 µmol CO/g CNT/s with nearly 100% conversion. Analyses show that CO hydro-deoxygenation occurred at the C-O/O-H functional groups. It was found that while the products were similar to FT products, differences in selectivities were observed which, in turn, was a result of a different catalytic mechanism. These findings now open a new paradigm for CNT-based hydrogenation catalysts and constitute a defining point for obtaining clean, earth abundant, alternative fuels through the use of efficient and renewable catalyst.

Keywords: CNT, CO hydro-deoxygenation, DFT, liquid fuels, XPS, XTL.

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Authors: Chang-Hung Hsu, Chun-Yao Lee, Guan-Lin Liao, Yung-Tsan Jou, Jin-Maun Ho, Yu-Hua Hsieh, Yi-Xing Shen

Abstract:

This article simulates the wind generator set which has two fault bearing collar rail destruction and the gear box oil leak fault. The electric current signal which produced by the generator, We use Empirical Mode Decomposition (EMD) as well as Fast Fourier Transform (FFT) obtains the frequency range-s signal figure and characteristic value. The last step is use a kind of Artificial Neural Network (ANN) classifies which determination fault signal's type and reason. The ANN purpose of the automatic identification wind generator set fault..

Keywords: Wind-driven generator, Fast Fourier Transform, Neural network

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Authors: XueSong Yu, JiaFeng Liu, XiangLong Tang, JianHua Huang

Abstract:

For improving the efficiency of human 3D tracking, we present an algorithm to track 3D Arm Motion. First, the Hierarchy Limb Model (HLM) is proposed based on the human 3D skeleton model. Second, via graph decomposition, the arm motion state space, modeled by HLM, can be discomposed into two low dimension subspaces: root nodes and leaf nodes. Finally, Rao-Blackwellised Particle Filter is used to estimate the 3D arm motion. The result of experiment shows that our algorithm can advance the computation efficiency.

Keywords: Hierarchy Limb Model; Rao-Blackwellised Particle Filter; 3D tracking

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Authors: Jianwen Li, Hongfang Ma, Weixin Qian, Haitao Zhang, Weiyong Ying

Abstract:

Methanol-to-propylene conversion was carried out in a continuous-flow fixed-bed reactor over nano-sized HZSM-5 zeolites. The HZSM-5 catalysts were synthesized with different Si/Al ratio and silicon sources, and treated with NaOH. The structural property, morphology, and acidity of catalysts were measured by XRD, N₂ adsorption, FE-SEM, TEM, and NH₃-TPD. The results indicate that the increment of Si/Al ratio decreased the acidity of catalysts and then improved propylene selectivity, while silicon sources had slight impact on the acidity but affected the product distribution. The desilication after alkali treatment could increase intracrystalline mesopores and enhance propylene selectivity.

Keywords: Alkali treatment, HZSM-5, methanol-to-propylene, synthesis condition.

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Authors: Hassan Manouzi

Abstract:

We present in this paper a useful strategy to solve stochastic partial differential equations (SPDEs) involving stochastic coefficients. Using the Wick-product of higher order and the Wiener-Itˆo chaos expansion, the SPDEs is reformulated as a large system of deterministic partial differential equations. To reduce the computational complexity of this system, we shall use a decomposition-coordination method. To obtain the chaos coefficients in the corresponding deterministic equations, we use a least square formulation. Once this approximation is performed, the statistics of the numerical solution can be easily evaluated.

Keywords: Least squares, Wick product, SPDEs, finite element, Wiener chaos expansion, gradient method.

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Authors: Basant Kumar, Animesh Anand, S.P. Singh, Anand Mohan

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This paper presents a new spread-spectrum watermarking algorithm for digital images in discrete wavelet transform (DWT) domain. The algorithm is applied for embedding watermarks like patient identification /source identification or doctors signature in binary image format into host digital radiological image for potential telemedicine applications. Performance of the algorithm is analysed by varying the gain factor, subband decomposition levels, and size of watermark. Simulation results show that the proposed method achieves higher watermarking capacity.

Keywords: Watermarking, spread-spectrum, discrete wavelettransform, telemedicine

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Authors: D. Gazdič, I. Hájková, M. Fridrichová

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This paper involved the performance of a hightemperature X-Ray powder diffraction analysis (XRD) of a sample of chemical gypsum generated in the production of titanium white; this gypsum originates by neutralizing highly acidic water with limestone suspension. Specifically, it was gypsum formed in the first stage of neutralization when the resulting material contains, apart from gypsum, a number of waste products resulting from the decomposition of ilmenite by sulphuric acid. So it can be described as red titanogypsum. By conducting the experiment using XRD apparatus Bruker D8 Advance with a Cu anode (λkα=1.54184 Å) equipped with high-temperature chamber Anton Paar HTK 16, it was possible to identify clearly in the sample each phase transition in the system of CaSO4·xH2O.

Keywords: Anhydrite, Gypsum, Bassanite, Hematite, XRD, Powder, High-Temperature.

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Authors: Konstantinos Metaxiotis, Konstantinos Liagkouras

Abstract:

The objective of this study is to examine the performance of three well-known multiobjective evolutionary algorithms for solving optimization problems. The first algorithm is the Non-dominated Sorting Genetic Algorithm-II (NSGA-II), the second one is the Strength Pareto Evolutionary Algorithm 2 (SPEA-2), and the third one is the Multiobjective Evolutionary Algorithms based on decomposition (MOEA/D). The examined multiobjective algorithms are analyzed and tested on the ZDT set of test functions by three performance metrics. The results indicate that the NSGA-II performs better than the other two algorithms based on three performance metrics.

Keywords: MOEAs, Multiobjective optimization, ZDT test functions, performance metrics.

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Authors: Sirichai Chantara-arpornchai, Apanee Luengnaruemitchai, Samai Jai-In

Abstract:

In this study, the transesterification of palm oil with methanol for biodiesel production was studied by using CaO–ZnO as a heterogeneous base catalyst prepared by incipient-wetness impregnation (IWI) and co-precipitation (CP) methods. The reaction parameters considered were molar ratio of methanol to oil, amount of catalyst, reaction temperature, and reaction time. The optimum conditions–15:1 molar ratio of methanol to oil, a catalyst amount of 6 wt%, reaction temperature of 60 °C, and reaction time of 8 h–were observed. The effects of Ca loading, calcination temperature, and catalyst preparation on the catalytic performance were studied. The fresh and spent catalysts were characterized by several techniques, including XRD, TPR, and XRF.

Keywords: CaO, ZnO, biodiesel, heterogeneous catalyst, trans-esterification.

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Authors: R. Croitoru, L. A. M. van den Broek, A. E. Frissen, C. M. Davidescu, F. Peter, C. G. Boeriu

Abstract:

Commercially available lipases (Candida antarctica lipase B, Novozyme 435, Thermomyces lanuginosus lipase, and Lipozyme TL IM), as well as sol-gel immobilized lipases, have been screened for their ability to acylate regioselectively xylitol, sorbitol, and mannitol with a phenolic ester in a binary mixture of t-butanol and dimethylsulfoxide. HPLC and MALDI-TOF MS analysis revealed the exclusive formation of monoesters for all studied sugar alcohols. The lipases immobilized by the sol-gel entrapment method proved to be efficient catalysts, leading to high conversions (up to 60%) in the investigated acylation reactions. From a sequence of silane precursors with different nonhydrolyzable groups in their structure, the presence of octyl and i-butyl group was most beneficial for the catalytic activity of sol-gel entrapped lipases in the studied process.

Keywords: Lipase, phenolic ester, specificity, sugar alcohol, transesterification.

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Authors: K. Vakhshouri, M.M. Y. Motamed Hashemi

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A rigorous two-dimensional model is developed for simulating the operation of a less-investigated type steam reformer having a considerably lower operating Reynolds number, higher tube diameter, and non-availability of extra steam in the feed compared with conventional steam reformers. Simulation results show that reasonable predictions can only be achieved when certain correlations for wall to fluid heat transfer equations are applied. Due to severe operating conditions, in all cases, strong radial temperature gradients inside the reformer tubes have been found. Furthermore, the results show how a certain catalyst loading profile will affect the operation of the reformer.

Keywords: Steam reforming, direct reduction, heat transfer, two-dimensional model, simulation.

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Authors: Sudip K. Ganguly

Abstract:

In order to meet environmental norms, Indian fuel policy aims at producing ultra low sulphur diesel (ULSD) in near future. A catalyst for meeting such requirements has been developed and kinetics of this catalytic process is being looked into. In the present investigations, effect of mass transfer on kinetics of ultra deep hydrodesulphurization (UDHDS) to produce ULSD has been studied to determine intrinsic kinetics over a pre-sulphided catalyst. Experiments have been carried out in a continuous flow micro reactor operated in the temperature range of 330 to 3600C, whsv of 1 hr-1 at a pressure of 35 bar, and its parameters estimated. Based on the derived rate expression and estimated parameters optimum operation range has been determined for this UDHDS catalyst to obtain ULSD product.

Keywords: Diesel, hydrodesulphurization, kinetics, mass transfer.

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Authors: Velid Demir, Mesut Akgün

Abstract:

The lanthanum and zinc oxide were synthesized and then loaded with 6 wt% over γ-Al2O3 using the wet impregnation method. The samples were calcined at 900 °C to ensure a coherent structure with high catalytic performance. Characterization of the catalysts was verified by X-ray diffraction (XRD) and Fourier-transform infrared spectroscopy (FTIR). The effect of catalysts on biodiesel content from jatropha oil was studied under supercritical conditions. The results showed that ZnO/γ-Al2O3 was the superior catalyst for jatropha oil with 98.05% biodiesel under reaction conditions of 7 min reaction time, 1:40 oil to methanol molar ratio, 6 wt% of catalyst loading, 90 bar of reaction pressure, and 300 °C of reaction temperature, compared to 95.50% with La2O3/γ-Al2O3 at the same parameters. For this study, ZnO/γ-Al2O3 was the most suitable catalyst due to performance and cost considerations.

Keywords: Biodiesel, heterogeneous catalyst, Jatropha oil, supercritical methanol, transesterification.

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Authors: Raj Kumar Rajak, Bharat Mishra

Abstract:

Bio-battery represents an entirely new long term, reasonable, reachable and ecofriendly approach to production of sustainable energy. Types of batteries have been developed using MnO₂ in various ways. MnO₂ is suitable with physical, chemical, electrochemical, and catalytic properties, serving as an effective cathodic depolarizer and may be considered as being the life blood of the battery systems. In the present experimental work, we have studied the effect of generation of power by bio-battery using different concentrations of MnO₂. The tests show that it is possible to generate electricity using cow’s urine as an electrolyte. After ascertaining the optimum concentration of MnO₂, various battery parameters and performance indicates that cow urine solely produces power of 695 mW, while a combination with MnO₂ (40%) enhances power of bio-battery, i.e. 1377 mW. On adding more and more MnO₂ to the electrolyte, the power suppressed because inflation of internal resistance. The analysis of the data produced from experiment shows that MnO₂ is quite suitable to energize the bio-battery.

Keywords: Bio-batteries, cow’s urine, manganese dioxide, non-conventional.

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Authors: Ayşen Edirneligil, Mehmet Mucuk

Abstract:

In developing countries, one of the most important restrictions about the economic growth is the lack of national savings which are supposed to finance the investments. In order to overcome this restriction and achieve the higher rate of economic growth by increasing the level of output, countries choose the external borrowing. However, there is a dispute in the literature over the correlation between external debt and economic growth. The aim of this study is to examine the effects of external debt on Turkish economic growth by using VAR analysis with the quarterly data over the period of 2002:01-2014:04. In this respect, Johansen Cointegration Test, Impulse- Response Function and Variance Decomposition Tests will be used for analyses. Empirical findings show that there is no cointegration in the long run.

Keywords: Economic growth, external debt, time series analysis, Turkish economy.

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Authors: Yueming Wang, Zenghui Zhang, Rendong Ying, Peilin Liu

Abstract:

Sparse representation has long been studied and several dictionary learning methods have been proposed. The dictionary learning methods are widely used because they are adaptive. In this paper, a new dictionary learning method for audio is proposed. Signals are at first decomposed into different degrees of Intrinsic Mode Functions (IMF) using Empirical Mode Decomposition (EMD) technique. Then these IMFs form a learned dictionary. To reduce the size of the dictionary, the K-means method is applied to the dictionary to generate a K-EMD dictionary. Compared to K-SVD algorithm, the K-EMD dictionary decomposes audio signals into structured components, thus the sparsity of the representation is increased by 34.4% and the SNR of the recovered audio signals is increased by 20.9%.

Keywords: Dictionary Learning, EMD, K-means Method, Sparse Representation.

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Authors: Liberty L Mguni, Reinout Meijboom, Kalala Jalama

Abstract:

The effect of calcination temperature and MgO crystallite sizes on the structure and catalytic performance of TiO2 supported nano-MgO catalyst for the trans-esterification of soybean oil has been studied. The catalyst has been prepared by deposition precipitation method, characterised by XRD and FTIR and tested in an autoclave at 225oC. The soybean oil conversion after 15 minutes of the trans-esterification reaction increased when the calcination temperature was increased from 500 to 600oC and decreased with further increase in calcination temperature. Some glycerolysis activity was also detected on catalysts calcined at 600 and 700oC after 45 minutes of reaction. The trans-esterification reaction rate increased with the decrease in MgO crystallite size for the first 30 min.

Keywords: Calcination temperature, crystallite size, MgO/TiO2, transesterification

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Authors: Sadegh Papari, Mohammad Kazemeini, Moslem Fattahi

Abstract:

In the present study, a heterogeneous and homogeneous gas flow dispersion model for simulation and optimisation of a large-scale catalytic slurry reactor for the direct synthesis of dimethyl ether (DME) from syngas and CO2, using a churn-turbulent regime was developed. In the heterogeneous gas flow model the gas phase was distributed into two bubble phases: small and large, however in the homogeneous one, the gas phase was distributed into only one large bubble phase. The results indicated that the heterogeneous gas flow model was in more agreement with experimental pilot plant data than the homogeneous one.

Keywords: Modelling, Slurry bubble column, Dimethyl ether synthesis, Homogeneous gas flow, Heterogeneous gas flow

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Authors: A. A. Samat, N. A. Abdullah, M. A. M. Ishak, N. Osman

Abstract:

Powder of La0.6Sr0.4CoO3-α (LSCO) was synthesized by a combined citrate-EDTA method. The as-synthesized LSCO powder was calcined, respectively at temperatures of 800, 900 and 1000 °C with different heating/cooling rates which are 2, 5, 10 and 15 °C min-1. The effects of heat treatments on the phase formation of perovskite phase of LSCO were investigated by powder X-ray diffraction (XRD). The XRD patterns revealed that the rate of 5 °C min-1 is the optimum heating/cooling rate to obtain a single perovskite phase of LSCO with calcination temperature of 800 °C. This result was confirmed by a thermogravimetric analysis (TGA) as it showed a complete decomposition of intermediate compounds to form oxide material was also observed at 800 °C.

Keywords: La0.6Sr0.4CoO3-α, heat treatment, perovskite-type oxide, XRD.

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Authors: A. Nikkar, M. Mighani

Abstract:

In this study, a new reliable technique use to handle the foam drainage equation. This new method is resulted from VIM by a simple modification that is Reconstruction of Variational Iteration Method (RVIM). The drainage of liquid foams involves the interplay of gravity, surface tension, and viscous forces. Foaming occurs in many distillation and absorption processes. Results are compared with those of Adomian’s decomposition method (ADM).The comparisons show that the Reconstruction of Variational Iteration Method is very effective and overcome the difficulty of traditional methods and quite accurate to systems of non-linear partial differential equations.

Keywords: Reconstruction of Variational Iteration Method (RVIM), Foam drainage, nonlinear partial differential equation.

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Authors: Wen-Bao Qiao, Jean-Charles Créput

Abstract:

To accelerate the solution for large scale traveling salesman problems (TSP), a parallel 2-opt local search algorithm with simple implementation based on Graphics Processing Unit (GPU) is presented and tested in this paper. The parallel scheme is based on technique of data decomposition by dynamically assigning multiple K processors on the integral tour to treat K edges’ 2-opt local optimization simultaneously on independent sub-tours, where K can be user-defined or have a function relationship with input size N. We implement this algorithm with doubly linked list on GPU. The implementation only requires O(N) memory. We compare this parallel 2-opt local optimization against sequential exhaustive 2-opt search along integral tour on TSP instances from TSPLIB with more than 10000 cities.

Keywords: Doubly linked list, parallel 2-opt, tour division, GPU.

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Authors: Phang Chang, Phang Piau

Abstract:

Wavelet transform or wavelet analysis is a recently developed mathematical tool in applied mathematics. In numerical analysis, wavelets also serve as a Galerkin basis to solve partial differential equations. Haar transform or Haar wavelet transform has been used as a simplest and earliest example for orthonormal wavelet transform. Since its popularity in wavelet analysis, there are several definitions and various generalizations or algorithms for calculating Haar transform. Fast Haar transform, FHT, is one of the algorithms which can reduce the tedious calculation works in Haar transform. In this paper, we present a modified fast and exact algorithm for FHT, namely Modified Fast Haar Transform, MFHT. The algorithm or procedure proposed allows certain calculation in the process decomposition be ignored without affecting the results.

Keywords: Fast Haar Transform, Haar transform, Wavelet analysis.

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Authors: Sanchita Chauhan, V.K. Srivastava

Abstract:

Catalytic converters are used for minimizing the release of pollutants to the atmosphere. It is during the warm-up period that hydrocarbons are seen to be released in appreciable quantities from these converters. In this paper the conversion of a fast oxidizing hydrocarbon propylene is analysed using two numerical methods. The quasi steady state method assumes the accumulation terms to be negligible in the gas phase mass and energy balance equations, however this term is present in the solid phase energy balance. The unsteady state model accounts for the accumulation term to be present in the gas phase mass and energy balance and in the solid phase energy balance. The results derived from the two models for gas concentration, gas temperature and solid temperature are compared.

Keywords: Propylene, catalyst, quasi steady state, unsteady state.

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Authors: Anwar Jarndal

Abstract:

In this paper, a genetic-neural-network (GNN) based large-signal model for GaN HEMTs is presented along with its parameters extraction procedure. The model is easy to construct and implement in CAD software and requires only DC and S-parameter measurements. An improved decomposition technique is used to model self-heating effect. Two GNN models are constructed to simulate isothermal drain current and power dissipation, respectively. The two model are then composed to simulate the drain current. The modeling procedure was applied to a packaged GaN-on-Si HEMT and the developed model is validated by comparing its large-signal simulation with measured data. A very good agreement between the simulation and measurement is obtained.

Keywords: GaN HEMT, computer-aided design & modeling, neural networks, genetic optimization.

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Authors: Elteyeb Eljack, Takashi Ohta

Abstract:

Proper orthogonal decomposition (POD) is used to reconstruct spatio-temporal data of a fully developed turbulent channel flow with density variation at Reynolds number of 150, based on the friction velocity and the channel half-width, and Prandtl number of 0.71. To apply POD to the fully developed turbulent channel flow with density variation, the flow field (velocities, density, and temperature) is scaled by the corresponding root mean square values (rms) so that the flow field becomes dimensionless. A five-vector POD problem is solved numerically. The reconstructed second-order moments of velocity, temperature, and density from POD eigenfunctions compare favorably to the original Direct Numerical Simulation (DNS) data.

Keywords: Pattern Recognition, POD, Coherent Structures, Low dimensional modelling.

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Authors: Ekaterina Artiukhina, Panagiotis Grammelis

Abstract:

Torrefaction of biomass pellets is considered as a useful pretreatment technology in order to convert them into a high quality solid biofuel that is more suitable for pyrolysis, gasification, combustion, and co-firing applications. In the course of torrefaction, the temperature varies across the pellet, and therefore chemical reactions proceed unevenly within the pellet. However, the uniformity of the thermal distribution along the pellet is generally assumed. The torrefaction process of a single cylindrical pellet is modeled here, accounting for heat transfer coupled with chemical kinetics. The drying sub-model was also introduced. The nonstationary process of wood pellet decomposition is described by the system of non-linear partial differential equations over the temperature and mass. The model captures well the main features of the experimental data.

Keywords: Torrefaction, biomass pellets, model, heat and mass transfer.

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Authors: Jung-Ho Moon, Tae Kwon Ha

Abstract:

In the present study, the effect of Si, Al, Ti, Zr, and Nb addition on the microstructure and hot workability of cast M42 tool steels, basically consisting of 1.0C, 0.2Mn, 3.8Cr, 1.5W, 8.5Co, 9.2Mo, and 1.0V in weight percent has been investigated. Tool steels containing Si of 0.25 and 0.5wt.%, Al of 0.06 and 0.12wt.%, Ti of 0.3wt.%, Zr of 0.3wt.%, and Nb of 0.3wt.% were cast into ingots of 140mm ´ 140mm ´ 330mm by vacuum induction melting. After solution treatment at 1150^oC for 1.5hr followed by furnace cooling, hot rolling at 1180^oC was conducted on the ingots. Addition of titanium, zirconium and niobium was found to retard the decomposition of the eutectic carbides and result in the deterioration of hot workability of the tool steels, while addition of aluminum and silicon showed relatively well decomposed carbide structure and resulted in sound hot rolled plates.

Keywords: High speed steels, alloying elements, eutectic carbides, microstructure, hot workability.

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Authors: Yongxin Yuan, Hao Liu

Abstract:

In this paper, we first give the representation of the general solution of the following least-squares problem (LSP): Given matrices X ∈ Rn×p, B ∈ Rp×p and A0 ∈ Rr×r, find a matrix A ∈ Rn×n such that XT AX − B = min, s. t. A([1, r]) = A0, where A([1, r]) is the r×r leading principal submatrix of the matrix A. We then consider a best approximation problem: given an n × n matrix A˜ with A˜([1, r]) = A0, find Aˆ ∈ SE such that A˜ − Aˆ = minA∈SE A˜ − A, where SE is the solution set of LSP. We show that the best approximation solution Aˆ is unique and derive an explicit formula for it. Keyw

Keywords: Inverse problem, Least-squares solution, model updating, Singular value decomposition (SVD), Optimal approximation.

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Authors: Dimitris Georgoutsos, Petros M. Migiakis

Abstract:

The concurrent era is characterised by strengthened interactions among financial markets and increased capital mobility globally. In this frames we examine the effects the international financial integration process has on the European bond markets. We perform a comparative study of the interactions of the European and international bond markets and exploit Cointegration analysis results on the elimination of stochastic trends and the decomposition of the underlying long run equilibria and short run causal relations. Our investigation provides evidence on the relation between the European integration process and that of globalisation, viewed through the bond markets- sector. Additionally the structural formulation applied, offers significant implications of the findings. All in all our analysis offers a number of answers on crucial queries towards the European bond markets integration process.

Keywords: financial integration, bond markets, cointegration

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