Dissertations / Theses on the topic 'Metals of economic interest'
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1
Nikolic, Marko, and Miriam Homsi. "Negative Interest Rates Effect Economic Stability." Thesis, Mälardalens högskola, Akademin för ekonomi, samhälle och teknik, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-40911.
Abstract:
Today's monetary policy is a historic one, where the introduction of negative interest rates has started a new "age" of unconventional monetary policy and some argue that there is a need for further unconventional monetary tools. The purpose of this thesis is to analyze negative interest rates, how they came to be, what long-term eect they have on economic stability and if its possible to get out. We do this by analyzing existing theoretical and empirical research, including a theoretical model based on household consumption, a cost of money function and an illustration of the liquidity trap. Thereby the thesis concludes that the short term positive eects of negative interest rate policy get exhausted in the long-term as the negative eects increase over time, thus creating an environment of excessive borrowing both by consumers and governments that might lead to instability and economic downturn in the long-term. Furthermore, the negative interest rate policy is creating a diculty of getting out of the negative interest rate environment because the consumers and the rms have gotten used to the "cheap money" and might have hard time nancing day to day operations in normal interest rate world.
2
Гордієнко, Віта Павлівна, Вита Павловна Гордиенко, Vita Pavlivna Hordiienko, Тетяна Олексіївна Семененко, Татьяна Алексеевна Семененко, Tetiana Oleksiivna Semenenko, and V. Tretynyk. "Interest rate and economic growth in Ukraine." Thesis, Sumy State University, 2020. https://essuir.sumdu.edu.ua/handle/123456789/81029.
Abstract:
Дослідження присвячене аналізу процентної ставки в контексті економічне зростання в Україні.Исследование посвящено анализу процентной ставки в контексте экономический рост в Украине.
The study is devoted to the analysis of interest rates in the context of economic growth in Ukraine.
3
Lin, Syaru Shirley, and 林夏如. "National identity, economic interest and Taiwan's cross-strait economic policy 1994-2009." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2010. http://hub.hku.hk/bib/B43761896.
4
Lin, Syaru Shirley. "National identity, economic interest and Taiwan's cross-strait economic policy 1994-2009." Click to view the E-thesis via HKUTO, 2010. http://sunzi.lib.hku.hk/hkuto/record/B43761896.
5
Lekkos, Ilias. "Empirical evidence on interest rate dynamics : evidence from USD, DM, GBP and JPY interest rates." Thesis, Lancaster University, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.268125.
6
Hughes, Paul. "Electro-biosorpative recovery of economic metals from waste streams." Thesis, Ulster University, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.674966.
Abstract:
With increased industrial uses of precious metals, their price has increased considerably over the past decade. It has been suggested that biosorption may be exploited in the remediation of waste-water by removing contaminating entities but more recently the emphasis on exploitation of this phenomenon has been re-directed to the more lucrative sequestration and recovery of precious and semi-precious species, e.g. gold, silver and platinum. Locally sourced biomass materials including distillery yeast (Saccharomyces cerevisiae) obtained from the Old Bushmills Distillery, peat and seaweed (Fucus serratus), were shown to be suitable biosorbent materials and were able to sequester several metals from solution. The distillery yeast was found to work well with equilibrium dialysis, which allowed convenient separation of biomass from the sorbate. A biosorption process using electric fields to assist contact between membrane-enclosed biomass and the relevant sorbate solution was described and termed "Electric FieldMediated Biosorption". In this system, the biomass was enclosed in a dialysismembrane with an electrode, a counter electrode was placed in the sorbate solution and an established potential across the electrodes facilitated electrokinetic movement of the sorbate to the biosorbant material. This system was adapted to increase the contact between the distillery yeast biomass and the sorbate solution by immobilising the biomass in a PV A matrix. This modified-EFMB system better presented the biomass to the sorbate solution forcing ions into contact with the biomass. The PV A allowed better physical handling and this durability increased the life-time of the PV A matrix system, reducing the cost of replacing damaged and fouled dialysis membranes. During the study, the generation of gold nanoparticles was observed and the EFMB system may provide an alternative to the Turkavitch et al. method. The range of metals that the system is capable of actively sequestering demonstrates the functionality, efficiency and application range of the system
7
Güell, Serra Mireia. "Theoretical studies of systems of biochemical interest containing Fe and Cu transition metals." Doctoral thesis, Universitat de Girona, 2009. http://hdl.handle.net/10803/7941.
Abstract:
La presència de la química teòrica i computacional està augmentant en quasi tots els camps de la recerca en química. Els càlculs teòrics poden ajudar a entendre millor l'estructura, les propietats i la reactivitat de compostos metàl·lics d'àrees tan diferents com la química inorgànica, organometàl·lica i bioinorgànica. No obstant això, és imprescindible utilitzar la metodologia adequada per obtenir resultats teòrics fiables. Els estudis d'aquesta tesi es poden dividir en dos grups diferents. El primer grup inclou l'estudi teòric del mecanisme de reacció de diversos sistemes que contenen coure i tenen diferents estructures Cun-O2. Aquests estudies s'han dut a terme amb l'objectiu de profunditzar en la natura dels processos oxidants químics i biològics promoguts per sistemes que contenen coure. En la segona part de la tesi, s'estudia la fiabilitat de diferents tècniques utilitzades per estudiar l'estructura electrònica i la reactivitat de sistemes que contenen coure, ferro i altres metalls de transició.The presence of computational and theoretical chemistry is increasing in chemical research in nearly all fields. Theoretical calculations can help to better explain structure, properties, and reactivity in metallic compounds, in such diverse areas as inorganic, organometallic and bioinorganic chemistry. However, it is essential to use the suitable methodology in order to obtain reliable theoretical results. The studies of this Thesis can be divided into two different groups. The first group includes the theoretical study of the reaction mechanism of several copper-containing systems with different Cun-O2 structures. These studies are carried out with the aim of providing some insight into the nature of the chemical and biological copper-promoted oxidative processes with 1:1 and 2:1 Cu(I)/O2-derived species. In the second part of this Thesis the reliability of different theoretical approaches used to study the electronic structure and reactivity of systems containing copper, iron or other transition metals is evaluated.
8
Ilunga, Ngoy Serge. "Impact des termites sur les cycles biogéochimiques du cuivre et du cobalt dans le Katanga (RDC) - Application à la prospection minière." Electronic Thesis or Diss., Université de Lorraine, 2022. https://docnum.univ-lorraine.fr/ulprive/DDOC_T_2022_0207_ILUNGA_NGOY.pdf.
Abstract:
La compréhension de l'apport du rôle des termites sur le transport des métaux d'intérêt économique au sein de l'ensemble lithosphère - pédosphère - termitières, se révèle d'un grand intérêt pour une caractérisation géochimique et géologique d'anomalies en prospection minière. En effet, les termites jouent un rôle fonctionnel remarquable dans la structuration des sols, entrainant des enrichissements chimiques liés au transport vertical de minéraux, échangés entre les horizons situés en profondeur et les termitières érigées en surface. Cette thèse a pour objectif de mettre en lumière l'impact des termites sur les cycles biogéochimiques du Cu et du Co dans une région potentiellement riche en ressources minérales (Katanga, RDC), dans un objectif d'utilisation optimisée des termitières en prospection minière. Cette objectif requiert une caractérisation des phases minérales et organiques à diverses échelles. Pour y parvenir, il a été question en premier lieu, de faire une cartographie géochimique des termitières de deux genres dominants de la région, Macrotermes et Cubitermes, à l'échelle paysagère sur une zone ayant fait l'objet d'une cartographie géologique et géochimique sur sols et roches. Cette cartographie a permis de mettre en évidence à l'échelle régionale des faciès lithogéochimiques traduisant la géologie des formations sous-jacentes et ce en fonction des habitudes alimentaires de chaque genre de termite. La distribution spatiale des termitières a également permis de suivre l'évolution des teneurs en Cu et Co au sein des termitières en fonction de la géologie de la zone d'étude. La combinaison des données acquises sur la constitution minéralogique et géochimique des matériaux constituant les termitières de Macrotermes falciger et la caractérisation morphologique et chimique de leurs principaux constituants à l'échelle microscopique a permis l'identification des phases porteuses des métaux d'intérêts dans les matériaux de ces termitières. De même la comparaison de la signature géochimique des termitières de M. falciger et de leurs matériels parentaux a permis d'établir un lien lithogéochimique, identifiant ainsi la source d'approvisionnement en profondeur utilisée par les individus de M. falciger. Enfin, la conjugaison de résultats d'une part sur la caractérisation géochimique de quatre fractions granulométriques (0-20 µm ; 20-63 µm ; 63-200 µm ; 200-2000 µm) des termitières et d'autre part sur l'évaluation de l'impact des termites sur la constitution d'agrégats dans les termitières et/ou sols, a permis de préciser les fractions granulométriques les plus informatives sur la présence et la minéralisation des phases porteuses des métaux d'intérêt du Katanga dans les matériaux de termitières. L'application de toutes ces méthodes et tous les éléments recueillis ont permis de proposer un schéma des cycles biogéochimiques de Cu et Co dans ce système soulignant l'utilisation des termitières en prospection minière efficace et efficienteKnowledge of the influence of termites on transport of metals of economic interest within the complex of lithosphere, pedosphere and termite mounds is of great interest for geochemical and geological characterization of anomalies in mining prospection. Termites have an important functional role in the structuring of soils, causing chemical enrichment through the vertical transport of minerals exchanged between the deeper horizons and the termite mounds built at the surface. Our objective in this thesis is to evaluate the influence of termites on Cu and Co biogeochemical cycles in a mineral-rich region (Katanga, DRC), with the aim to optimize the utilization of termite mounds in mining prospection. This objective requires a characterization of mineral and organic phases at various scales. To achieve this, firstly, a geochemical mapping of termite mounds of two dominant genera of the region, Macrotermes and Cubitermes, was carried out at the landscape scale in an area that received a geological and soil and rock geochemical mapping. The utilization of termite mounds allowed the identification of lithogeochemical facies reflecting the subjacent geology on a regional scale according to the feeding habits of each termite genus. The spatial distribution of termite mounds also allowed us to follow Cu and Co content evolution according to study area geology. The combination of mineralogical and geochemical data acquired on Macrotermes falciger termite mounds and morphological and chemical characterization of their main constituents at microscopic scale allowed to identify carrier phases of interest metals in termite mounds materials. Similarly, the comparison of geochemical signatures of M. falciger termite mounds and their parent materials allowed to establish a lithogeochemical relationship, identifying the source of provisioning at depth by M. falciger. Finally, the association of geochemical characterization results of termite mounds for four granulometric fractions (0-20 µm; 20-63 µm; 63-200 µm; 200-2000 µm) and results on evaluation of the impact of termites on the constitution of aggregates in termite mounds and/or soils, allowed to specify the most informative granulometric fractions on the presence and mineralization of carrier phases of interest metals in Katanga in termite mound materials. The application of all these methods and all elements collected allowed us to propose a Cu and Co biogeochemical cycle scheme in this system, underlying the use of termite mounds in effective and efficient mining prospection
9
Humala, Acuña Alberto. "Markov switching modelling of interest rate pass-through." Thesis, University of Warwick, 2005. http://wrap.warwick.ac.uk/34676/.
Abstract:
The first paper, "Interest rate pass-through and financial crises: do switching regimes matter? The case of Argentina", analyses the dynamic relationship between a money market (interbank) rate and different short-term lending rates by measuring their passthrough. Neither linear single-equation modelling nor linear multi-equation systems capture efficiently this relationship. Several financial crises alter the speed and degree of response to interbank rate shocks. Hence, a Markov switching VAR model shows the pass-through increases considerably for all market interest rates in a high-volatility scenario. The model identifies correctly the periods in which regime shifts occur, and associates them to financial crises. The second paper, "Modelling interest rate pass-through with endogenous switching regimes in Argentina", extends the scope of the Markov switching modelling by including time-varying transition probabilities. Interest rate spreads are used as leading indicators. The model allows devaluation expectations and country risks, (measured by rate spreads) to signal regime switching. Estimation results suggest that the passthrough tends to overshoot with financial instability, but to decrease if that condition is sufficiently large and long-lived. Likewise, results show a quite heterogeneous credit market, with a highly efficient transmission mechanism in the corporate segment, but considerably less in the consumer segment. The final paper, "Regime switching in interest rate pass-through and dynamic bank modelling with risks", builds a theoretical model of dynamic bank optimisation, which provides rationale to a regime-switching behaviour in the interest rate pass-through. It is shown that a regime-switching interbank rate induces a nonlinear behaviour in lending and deposit rates and (by further introducing interbank-alike regime-switching risk premiums) in the pass-through. Thus, the pass-through process is consistent with a nonlinear behaviour even if there are no asymmetric adjustment costs in the response to interbank rate shocks. An empirical application to France and Germany provide results that support these conclusions.
10
Tse, Ching-biu Alan. "The Hong Kong Government's interest rate policy : a political and economic perspective /." [Hong Kong : University of Hong Kong], 1986. http://sunzi.lib.hku.hk/hkuto/record.jsp?B12323378.
11
Tice, Julian H. "Using non-linear/chaotic dynamics for interest rate determination." Thesis, Online version, 1998. http://ethos.bl.uk/OrderDetails.do?did=1&uin=uk.bl.ethos.310826.
12
Rhee, Joonhee. "Three models of the term structure of interest rates." Thesis, University of Warwick, 1998. http://wrap.warwick.ac.uk/36336/.
Abstract:
In this dissertation, we consider the stochastic volatility of short rates, the jump property of short rates, and market expectation of changes in interest rates as the crucial factors in explaining the term structure of interest rates. In each chapter, we model the term structure of interest rates in accordance with these factors.
13
Bavasso, Antonio. "Communications in EU law : antitrust, market power and public interest." Thesis, University College London (University of London), 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.249286.
14
Yoon, Yeo Hun. "Stabilization program in a small semi-open economy with foreign debts and controlled interest rates." Connect to resource, 1987. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1262692922.
15
Yi, Chong-ŭn. "International integration, growth, and the World Real Interest Rate." Thesis, Queen Mary, University of London, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.299727.
16
ALMEIDA, BARBARA LUCIA DE. "SYNTHESIS AND CHARACTERIZATION OF POLYAMINES, ADENOSINE 5`TRIPHOSPHATE, PHOSPHOCREATINE COMPOUNDS AND SOME BIOLOGICAL INTEREST METALS." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2008. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=12171@1.
Abstract:
CONSELHO NACIONAL DE DESENVOLVIMENTO CIENTÍFICO E TECNOLÓGICOEste trabalho descreve a síntese e caracterização de compostos de Cu(II), Co(II) e Cd(II). As técnicas de caracterização utilizadas foram análise elementar, termogravimetria, UV-vis, espectroscopia de infravermelho, RMN (para complexos de Cd(II)), EPR (para complexos de cobre (II)) e difração de raio X, quando obtidos cristais. A primeira parte do trabalho foi a síntese de um novo complexo: [Cu(PCr)(H2O)], e os resultados sugerem que a PCr age como um ligante tridentado (o átomo de nitrogênio do grupo guanidino e os átomos de oxigênio dos grupos fosfato e carboxilato como sendo os átomos doadores). A quarta posição na esfera de coordenação é ocupada por uma molécula de água. Estes resultados foram confirmados através de cálculos computacionais (DFT/B3LYP:6- 311G procedimento teórico) e mostram que o cobre(II) está tetracoordenado com uma geometria quadrática plana. A segunda parte deste trabalho foi a síntese de quatro novos complexos do tipo [Cu(ATP)(poliamina)], contendo como ligante as poliaminas (PA): etilenodiamina, 1,3- diaminopropano, espermidina, espermina e o ATP. Os valores dos parâmetros paralelos de EPR para os complexos mostram que o íon cobre(II) está complexado através dos oxigênios dos fosfatos do ATP. Os dados da TG indicam que nos omplexos estão presentes moléculas de água de hidratação. A parte final deste trabalho foi o estudo das interações dos sistemas entre as poliaminas e os tetraclorometalatos. Quatorze novos compostos de Cu(II), Co(II) e Cd(II) de estequiometria [MCl4(poliamina)] contendo, além das poliaminas já citadas, a poliamina putrescina foram preparados. Um complexo de Co(II) com a estequiometria [CoCl2(H2O)4]Put.2HCl, foi preparado e formou cristais.
This work describes the synthesis and characterization of Cu (II), Co(II) e Cd(II) compounds. The characterization was performed by means of elemental and thermogravimetric analysis, UV-vis, IR, RMN (for Cd(II) compounds), EPR (for Cu(II) compounds) and X-ray diffractometry (for crystals). The first part of this work was the synthesis of one new complex : [Cu(PCr)(H2O)] and the results suggest that PCr is acting as a tridentate ligand (the nitrogen atom of the guanidine group and the oxygen atom of the phosphate group and the carboxylate group being the donor atoms). The fourth position is occupied by a water molecule. These results were confirmed through computational calculations (DFT/B3LYP:6-311G theoretical procedure) and show that Cu(II) is tetracoordinated and arranged in a tetrahedric geometry. The second part of the study was the synthesis and characterization of four new complexes of the type [Cu(ATP)(polyamine)] containing as ligands the polyamines (PA): ethylenediamine, 1,3-diaminepropane, spermidine or spermine and ATP. The EPR parallel parameters values for the complexes show that Cu(II) is complexed through the oxygen atoms from the phosphates groups of ATP. TG data indicate that each complex has the presence of one water molecule of hydration. The final part of this work was the study of the interactions occurring in systems between tetrachlorometalates and the polyamines. Fourteen new compounds of Cu(II), Co(II) and Cd(II) of stoichiometry [MCl4(polyamine)] were prepared, containing all the polyamines cited before plus putrescine were prepared. One complex of Co(II) with the stoichiometry [CoCl2(H2O)4] Put.2HCl, has formed single crystals.
17
Pang, Kin. "Calibration of interest rate term structure and derivative pricing models." Thesis, University of Warwick, 1997. http://wrap.warwick.ac.uk/36270/.
Abstract:
We argue interest rate derivative pricing models are misspecified so that when they are fitted to historical data they do not produce prices consistently with the market. Interest rate models have to be calibrated to prices to ensure consistency. There are few published works on calibration to derivatives prices and we make this the focus of our thesis. We show how short rate models can be calibrated to derivatives prices accurately with a second time dependent parameter. We analyse the misspecification of the fitted models and their implications for other models. We examine the Duffle and Kan Affine Yield Model, a class of short rate models, that appears to allow easier calibration. We show that, in fact, a direct calibration of Duffle and Kan Affine Yield Models is exceedingly difficult. We show the non-negative subclass is equivalent to generalised Cox, Ingersoll and Ross models that facilitate an indirect calibration of nonnegative Duffle and Kan Affine Yield Models. We examine calibration of Heath, Jarrow and Morton models. We show, using some experiments, Heath, Jarrow and Morton models cannot be calibrated quickly to be of practical use unless we restrict to special subclasses. We introduce the Martingale Variance Technique for improving the accuracy of Monte Carlo simulations. We examine calibration of Gaussian Heath Jarrow and Morton models. We provide a new non-parametric calibration using the Gaussian Random Field Model of Kennedy as an intermediate step. We derive new approximate swaption pricing formulae for the calibration. We examine how to price resettable caps and floors with the market- Libor model. We derive a new relationship between resettable caplets and floorlets prices. We provide accurate approximations for the prices. We provide practical approximations to price resettable caplets and floorlets directly from quotes on standard caps and floors. We examine how to calibrate the market-Libor model.
18
Wei, C. X. George. "Interest, mentality, and strategy Americans and China's economic reconstruction, 1944-1949 /." access full-text, 1996. http://libweb.cityu.edu.hk/cgi-bin/ezdb/umi-r.pl?9704457.pdf.
19
Berardi, Andrea. "Term structure of interest rates, non-neutral inflation and economic growth." Thesis, London Business School (University of London), 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.266078.
20
Davies, Orlan. "The Uncovered Interest Rate Parity at the Turn of the 20th Century." Scholarship @ Claremont, 2013. http://scholarship.claremont.edu/cmc_theses/663.
Abstract:
High interest rate currencies tend to appreciate despite what is be implied by the uncovered interest parity. It is thought that the uncovered interest parity does not hold due to various risks, costs, liquidity issues, and monetary policies. There have been extensive studies into the cause of this phenomenon yet none have examined the period before the formation of the Federal Reserve in 1913. This study examines whether or not the uncovered interest parity holds between the UK, the US, France, Germany, the Netherlands, Belgium, Italy, Spain, and Portugal during this time period to determine if the absence of capital controls and monetary policies allow for the uncovered interest parity to hold. In the end, none of the 213 regressions testing all the country pairs across varying horizons came close to providing support for the uncovered interest parity.
21
Cao, Shuo. "Essays on the term structure of interest rates." Thesis, University of Glasgow, 2016. http://theses.gla.ac.uk/7324/.
Abstract:
This PhD thesis contains three main chapters on macro finance, with a focus on the term structure of interest rates and the applications of state-of-the-art Bayesian econometrics. Except for Chapter 1 and Chapter 5, which set out the general introduction and conclusion, each of the chapters can be considered as a standalone piece of work. In Chapter 2, we model and predict the term structure of US interest rates in a data rich environment. We allow the model dimension and parameters to change over time, accounting for model uncertainty and sudden structural changes. The proposed timevarying parameter Nelson-Siegel Dynamic Model Averaging (DMA) predicts yields better than standard benchmarks. DMA performs better since it incorporates more macro-finance information during recessions. The proposed method allows us to estimate plausible realtime term premia, whose countercyclicality weakened during the financial crisis. Chapter 3 investigates global term structure dynamics using a Bayesian hierarchical factor model augmented with macroeconomic fundamentals. More than half of the variation in the bond yields of seven advanced economies is due to global co-movement. Our results suggest that global inflation is the most important factor among global macro fundamentals. Non-fundamental factors are essential in driving global co-movements, and are closely related to sentiment and economic uncertainty. Lastly, we analyze asymmetric spillovers in global bond markets connected to diverging monetary policies. Chapter 4 proposes a no-arbitrage framework of term structure modeling with learning and model uncertainty. The representative agent considers parameter instability, as well as the uncertainty in learning speed and model restrictions. The empirical evidence shows that apart from observational variance, parameter instability is the dominant source of predictive variance when compared with uncertainty in learning speed or model restrictions. When accounting for ambiguity aversion, the out-of-sample predictability of excess returns implied by the learning model can be translated into significant and consistent economic gains over the Expectations Hypothesis benchmark.
22
Ferman, Marcelo. "A macro-finance approach to the term structure of interest rates." Thesis, London School of Economics and Political Science (University of London), 2011. http://etheses.lse.ac.uk/450/.
Abstract:
This thesis contributes to the literature that analyses the term structure of interest rates from a macroeconomic perspective. Chapter 1 studies the transmission of monetary policy shocks to the US macroeconomy and term structure. Based on estimates of a Macro-Affine model, it shows that monetary policy shocks trigger relevant movements in bond premia, which in turn feed back into the macroeconomy. This channel of monetary transmission shows up importantly in the pre-Volcker period, but becomes irrelevant later. This chapter concludes with an analysis of the macroeconomic implications of shocks to expectations about future monetary policy actions. Chapter 2 proposes a regime-switching approach to explain why the U.S. nominal yield curve on average has been steeper since the mid-1980s than during the Great Inflation of the 1970s. It shows that, once the possibility of regime switches in the short-rate process is incorporated into investors' beliefs, the average slope of the yield curve generally will contain a new component called 'level risk'. Level risk estimates were found to be large and negative during the Great Inflation, but became moderate and positive afterwards. These findings are replicated in a Markov-Switching DSGE model, where the monetary policy rule shifts between an active and a passive regime with respect to inflation fluctuations. Chapter 3 develops a DSGE model in which banks use short-term deposits to provide firms with long-term credit. The demand for long-term credit arises because firms borrow in order to finance their capital stock which they only adjust at infrequent intervals. The model shows that maturity transformation in the banking sector in general attenuates the output response to a technological shock. Implications of long-term nominal contracts are also examined in a New Keynesian version of the model. In this case, maturity transformation reduces the real effects of a monetary policy shock.
23
Londoño, María del Pilar. "Institutional arrangements that affect free trade agreements : economic rationality versus interest groups /." Rotterdam : Rotterdam : Erasmus Research Institute of Management (ERIM), Erasmus University Rotterdam ; Erasmus University Rotterdam [Host], 2006. http://hdl.handle.net/1765/7578.
24
Tse, Ching-biu Alan, and 謝淸標. "The Hong Kong Government's interest rate policy: a political and economic perspective." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1986. http://hub.hku.hk/bib/B31974934.
25
Smithin, John. "The rate of interest, economic growth, and inflation. An alternative theoretical perspective." Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 2002. http://epub.wu.ac.at/1458/1/document.pdf.
Abstract:
The premise of this paper is that in a monetary production economy, policy decisions of the central bank, or more generally the 'monetary authority', set the tone not only for nominal interest rates but also for 'real' interest rates defined in the usual way. This is a different question than that of which institution(s) acquire the status of monetary authority at any particular stage of socioeconomic or technological development. Rather the suggestion is that the existence of some such social structure is a prerequisite if anything resembling capitalist monetary production is to be viable. The paper demonstrates that a coherent macroeconomic theory can be elaborated on this basis, including an explanation of economic growth, the business cycle, inflation, the functional distribution of income, the 'Keynesian' problem of the impact of demand growth on economic growth, endogenous money, cumulative causation, and endogenous technical change. (author's abstract)Series: Working Papers Series "Growth and Employment in Europe: Sustainability and Competitiveness"
26
Mills, Paul Spencer. "Should interest exist? : non-usurious finance in economic thought, theory and practice." Thesis, University of Cambridge, 1995. https://www.repository.cam.ac.uk/handle/1810/275241.
27
Shelile, Teboho. "The term structure of interest rates and economic activity in South Africa." Thesis, Rhodes University, 2007. http://hdl.handle.net/10962/d1002729.
Abstract:
Many research papers have documented the positive relationship between the slope of the yield curve and future real economic activity in different countries and different time periods. One explanation of this link is based on monetary policy. The forecasting ability of the term spread on economic growth is based on the fact that interest rates reflect the expectations of investors about the future economic situation when deciding about their plans for consumption and investment. This thesis examined the predictive ability of the term structure of interest rates on economic activity, and the effects of different monetary policy regimes on the predictive ability of the term spread. The South African experience offers a unique opportunity to examine this issue, as the country has experienced numerous monetary policy frameworks since the 1970s. The study employed the Generalised Method Moments technique, since it is considered to be more efficient than Ordinary Least Squares. Results presented in this thesis established that the term structure successfully predicted real economic activity during the entire research period with the exception of the last sub-period (2000-2004) when using the multivariate model. In the periods of financial market liberalisation and interest rates deregulation the term structure was found to be a better predictor of economic activity in South Africa. These findings emphasise the importance of considering the prevailing economic environment in testing the term structure theory.
28
Nitzsche, Dirk. "The term structure of interest rates in the UK and Germany." Thesis, University of Newcastle Upon Tyne, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.307921.
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Kamati, Reinhold. "Monetary policy transmission mechanism and interest rate spreads." Thesis, University of Glasgow, 2014. http://theses.gla.ac.uk/5883/.
Abstract:
In contemporary times, monetary policy is evaluated by examining monetary policy shocks represented by changes in nominal interest rates rather than changes in the money supply. In this thesis, we studied three interrelated concepts: the monetary policy transmission mechanism, interest rate spreads and the spread adjusted monetary policy rule. Chapter 1 sets out a theoretical background by reviewing the evolution of monetary policy from money growth targeting to the standard approach of interest rate targeting (pegging) in the new consensus. The new consensus perspective models the economy with a system of three equations: the dynamic forward-looking IS-curve for aggregate demand, an inflation expectation-augmented Phillips curve and the interest rate rule. Monetary policy is defined as fixing the nominal interest rate in order to exert influences on macroeconomic outcomes such as output and expected inflation while allowing the money supply to be determined by interest rate and inflation expectations. Having set out this background, Chapter 2 empirically investigates long-standing questions: how does monetary policy (interest rate policy) affect the economy and how effective is it? This chapter seeks to answer these questions by modelling a monetary policy framework using macroeconomics data from Namibia. Using the new consensus macroeconomic view, this empirical analysis starts from the assumption that money is endogenous, and thus it identifies the bank rate (i.e. Namibia’s repo rate) as the policy instrument which starts the monetary transmission mechanism. We estimated a SVAR and derived structural impulse response functions and cumulative impulse response functions, which showed how output, inflation and bank credit responded to structural shocks, specifically the monetary policy and credit shocks in the short run and the long run. We found that in the short run quarterly real GDP, inflation and private credit declined significantly in response to monetary policy shocks in Namibia. Monetary policy shocks as captured by an unsystematic component of changes in the repo rate considerably caused a sharp decrease for more than three quarters ahead after the first impact in quarterly real GDP. Furthermore, structural impulse response functions showed that real GDP and inflation increased in response to one standard deviation in the private credit shock. In the long run, the cumulative impulse response functions showed that inflation declined and remained below the initial level while responses in other variables were statistically insignificant. South African monetary policy shock caused significant negative responses in private; however, the impacts on quarterly GDP were barely statistically significant in the short run. In all, this empirical evidence shows that the monetary policy of changing the level of repo rate is effective in stabilising GDP, inflation rate and private credit in the short run; and in the long run domestic monetary policy significantly stabilises inflation too. The structural forecast error variance decompositions show that the variations of output attributed to interest rate shock show that the interest rate channel is relatively strong compared with the credit channel. This is substantiated by the fact that repo rate shocks account for a large variation in output compared with the variation attributed to private credit shock. We conclude in this chapter that domestic monetary policy through the repo rate is effective, while the effects from the South African policy rate are not emphatically convincing in Namibia. Therefore, the Central Bank should keep independent monetary policy actions in order to achieve the goals of price stability. In Chapter 3 we investigate the subject of ‘interest rate spreads’, which are seen as the transmitting belts of monetary policy effects in the economy. While it is widely acknowledged that the monetary policy transmission mechanism is very important, it is also clear that the successes of monetary policy stabilisation are influenced by the size of spreads in the economy. Interest spreads are double-edged swords, as they amplify and also dampen monetary effects in the economy. Hence, we investigate the unit root process with structural breaks in interest rate spreads, and the macroeconomic and financial fundamentals that seem to explain large changes in spreads in Namibia. Firstly, descriptive statistics show that spreads always exist and gravitate around the mean above zero and that their paths are significantly amplified during crisis periods. Secondly, the Lanne, Saikkonen and Lutkepohl (2002) unit root test for processes with structural breaks shows that spreads have unit root with structural breaks. Most significant endogenous structural breaks identified coincide with the 1998 East Asia financial crisis period, while the global financial crisis only caused a significant structural break in quarterly GDP. Thirdly, using the definitions of the changes in base spread and retail spread, we find that inflation, unconditional inflation, economic growth rate and interest rate volatilities, and changes in the bank rate and risk premium and South Africa’s spread are some of the significant macroeconomic factors that explain changes in interest rate spread in Namibia. Whether we define interest spread as the retail spread, that is, the difference between average lending rate and average deposit rate, or the base spread, which is the difference between prime lending rate and the bank rate, our empirical results indicate that there macroeconomics and financial fundamentals play a statistically significant role in the determination of interest rate spreads. In the last chapter, we estimate the monetary policy rule augmented with spread - the so called Spread-adjusted Taylor Rule (STR). The simple Spread-adjusted Taylor rule is suggested in principle to be used as simple monetary policy strategy that responds to economic or financial shocks, e.g. rising spreads. In an environment of stable prices or weak demand, rising spreads have challenged current new consensus monetary policy strategy. As a result, the monetary policy framework that attaches weight to inflation and output to achieve price stability has been deemed unable to respond sufficiently to financial stress in the face of financial instability. In response to this challenge, the STR explicitly takes into account the spread to address the weakness of the standard monetary policy reaction in the face of financial instability. We apply the Bayesian method to estimate the posterior distributions of parameters in the simple STR. We use theory-based informed priors and empirical Bayesian priors to estimate the posterior means of the STR model. Our results from this empirical estimation show that monetary policy reaction function can be adjusted with credit spread to caution against tight credit conditions and therefore realise the goal of financial stability and price stability simultaneously. The estimated coefficients obtained from the spread-adjusted monetary policy are consistent with the calibrated parameters suggested by (McCulley & Toloui, 2008) and (Curdia & Woodford, 2009). We find that, on average, a higher credit spread is associated with the probability that the policy target will be adjusted downwards by 55 basis points in response to a marginal increase of one per cent in equilibrium spread. This posterior mean is likely to vary between -30 and -79 basis points with 95% credible intervals. Altogether in this chapter we found that a marginal increase in the rate of inflation above the target by one per cent is associated with probability that the repo rate target will be raised by an amount within the range of 42 to 75 basis points, while little can be said about central banks’ reaction to a marginal increase in output.
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Murbach, Adma. "Avaliação do Regime de Metas de Inflação no Brasil : 1999 a 2015 /." Araraquara, 2016. http://hdl.handle.net/11449/144430.
Abstract:
Orientador: André Luiz CorrêaBanca: Alexandre Sartoris Neto
Banca: Vladimir Sipriano Camillo
Resumo: O objetivo deste trabalho é analisar o regime de metas de inflação no Brasil no período compreendido entre julho de 1999 e setembro de 2015, com interesse especial em avaliar se o principal instrumento utilizado para alcançar as metas, a taxa básica de juros do país foi o principal responsável para que essas tenham sido alcançadas ou se outra variável, como a taxa de câmbio colaborou para que isso ocorresse. Dentre os trabalhos já realizados sobre o assunto, encontrou-se colaboração empírica que mostra que a inflação responde melhor a um choque da taxa de câmbio do que a um choque da taxa de juros.
Abstract: The objective of this research is to analyze the regime of inflation targeting in Brazil in the period between July 1999 and September 2015, with particular concern in measuring whether the main tool to achieve the goals, the basic rate of the country's interest was mainly responsible to it has been reached or if another variable as the exchange rate contributed to this happened. Among the work already done on the subject, we find empirical collaboration shows that inflation responds better to a shock in the exchange rate than a shock in interest rates.
Mestre
31
Galindo-Paliza, Luis Miguel Alejandro. "The demand for money, interest rates and the exchange rate in Mexico." Thesis, University of Newcastle Upon Tyne, 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.241548.
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Morell, Joseph. "Macro-finance essays on the term structure of interest rates." Thesis, University of Kent, 2017. https://kar.kent.ac.uk/67200/.
Abstract:
This thesis contributes to the literature that analyses the term structure of interest rates from a macro-finance perspective. Chapter 1 of this thesis provides a structural interpretation behind the decline in the US term spread's predictive power with regards to future real output growth. Our analysis is conducted through use of a Dynamic Stochastic General Equilibrium New-Keynesian model that is estimated on both macroeconomic and financial data. Our findings indicate that it is changes to the composition of shocks hitting the US economy that has caused the term spread, through the endogenous monetary policy response, to cease being a useful indicator of future output growth. Chapter 2 examines the importance of shifts in the expectations of agents in the form of "news shocks" in explaining the variation in the slope of the term structure of interest rates. The methodology employed in this chapter is a medium-scale Dynamic Stochastic General Equilibrium model that has been augmented to permit a role for both anticipated and unanticipated components in the usual array of structural shocks. In order to quantify the relative importance of each structural shock, the model is estimated via Bayesian methods on US data. We find the anticipated Total Factor Productivity shock to be quantitatively unimportant in driving US term spread fluctuations since, conditional on this shock, our model is unable to generate the observed leading procyclical movement of the spread found in the data. We do, however, find a limited role for the anticipated wage mark-up shock in that it accounts for a small share of the variation in consumption, hours and real wages. However, it is the unanticipated shocks that account for the major share of variation in the term spread as well as other key macro aggregates. The third and final chapter of this thesis examines the ability of the industry-standard Dynamic Stochastic General Equilibrium model to jointly explain both macroeconomic and financial data. We compute a second-order solution to our model in order to derive predic- tions for risk premia on equities and real, nominal and corporate bonds. Our central result is that by appending the Smets and Wouters (2007) model with Epstein-Zin preferences, long-run nominal risk and a credit market friction, we are able to generate realistic moments for the financial series under consideration without distorting the fit of our business cycle statistics.
33
Luke, Iain Ronald Mackenzie. "Moral thinking and the self-interest axiom in the history of economic analysis." Thesis, University of Cambridge, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.624794.
34
Berglund, André, and Carl Svensson. "On the risk relation between Economic Value of Equity and Net Interest Income." Thesis, KTH, Matematisk statistik, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-208175.
Abstract:
The Basel Committee has proposed a new Pillar 2 regulatory framework for evaluating the interest rate risk of a bank's banking book appropriately called Interest Rate Risk in the Banking Book. The framework requires a bank to use and report two different interest rate risk measures: Economic Value of Equity (EVE) risk and Net Interest Income (NII) risk. These risk measures have previously been studied separately but few models have been proposed to investigate the relationship between them. Based on previous research we assume that parts of the banking book can be approximated using a portfolio strategy of rolling bonds and propose a model for relating the connection between the portfolio maturity structure, EVE risk and NII risk. By simulating from both single- and multi-factor Vasicek models and measuring risk as Expected Shortfall we illustrate the resulting risk profiles. We also show how altering certain theoretical assumptions seem to have little effect on these risk profiles.Baselkommittén har föreslagit ett nytt Pelare 2-regelverk för att utvärdera ränterisken i en banks bankbok kallat Interest Rate Risk in the Banking Book. Regelverket kräver att en bank beräknar och rapporterar två olika mått på ränterisk: Ekonomiskt Värde av Eget Kapital-risk (EVE-risk) samt Räntenettorisk (NII-risk). Dessa två mått har tidigare studerats separat men få modeller har föreslagits för att studera relationen dem emellan. Baserat på tidigare forskning så antar vi att delar av bankboken kan approximeras som en rullande obligationsportfölj och föreslår en modell för att relatera sambandet mellan portföljens löptidsstruktur, EVE-risk och NII-risk. Genom att simulera korträntor från Vasicek-modeller med olika antal faktorer så undersöker vi de resulterande riskerna mätt som Expected Shortfall. Vi visar också att vissa av de teoretiska antagandena verkar ha liten påverkan på riskprofilen.
35
Traill, Thomson Josephine Ann. "Economic policies for nature conservation in the UK : Sites of Special Scientific Interest." Thesis, University of Edinburgh, 1995. http://hdl.handle.net/1842/27548.
Abstract:
This thesis examines the decision process leading to conservation policies in the UK. Focusing on Sites of Special Scientific Interest (SSSIs), it explores the hypothesis of conventional economic theory that economic regulation is determined by interest groups competing for political influence (Becker, 1983). During the 1980s, increased public awareness of issues concerning nature conservation has resulted in a tightening of legislation. This resulted in substantial increases in budget allocation towards these measures to compensate for the transfer of private property rights from individual farmers and landowners to the public to internalise externalities arising from current agricultural practices. Individual farmer concerns over SSSIs were shown to focus on the imposition on their private property rights and freedom to derive benefit streams from their land. These concerns were successfully expressed by farming and landowning organisations and resulted in the reform of legislation in 1990 which sought to devolve decisions over implementation of policy to local regions. It was found that the policy-making process relies on a small number of key interest groups. The conflict between the private interests of farmers and landowners and the public interests of environmental and conservation groups was identified. The bias towards status quo private property rights in the UK limits the extent to which conservation and environmental interests can be secured in land use policy. However, the influence of the EU, which has a stronger commitment to enviromnental policy than the UK national government, will increasingly challenge this bias in favour of public conservation and environmental interests. Finally, it was found that a multi-disciplinary approach is required to secure a comprehensive understanding of policy for conservation of natural resources and thus successful policy implementation. In order to examine the above research issues an integrated survey was conducted which focused on three target populations: farmers; local organisations; and, policy-makers. It was found that the overall framework of national UK policy is determined at the European level. UK based interest groups then negotiate within this framework to determine the UK's interpretation and consequent implementation of EU Directives. The research illustrated that a purely economic approach, which focuses on the competition between interest groups over the redistribution of public resources, is insufficient because it abstracts from the complexity of the policy-making process itself. While interest groups were shown to provide the government with essential information, it was demonstrated that the government consists of individual decision-makers (civil servants) who have their own agendas.
36
Tang, Jian-Jing. "Interest rates and financial market integration : a long-run perspective on China." Thesis, London School of Economics and Political Science (University of London), 2016. http://etheses.lse.ac.uk/3318/.
Abstract:
This thesis takes interest rates as the topic of interest, and studies financial market integration in China. Paper I studies structural determinants and temporal coefficients of interest rates scattered over 6th -20th century China. Detailed findings concern intrinsic loan features (such as maturity and creditor type, among others) and how they affected the interest rate level. Overall, interest rates decreased in the markets under study, with fluctuations corresponding with dynastic cycles, up-and-down. The two interest rate troughs are found around the 9th -11th century of the Song dynasty and the 19th century of the late Qing period. Significant events of political economy (wars and recovery, international relations and trade, etc.) significantly affected interest rates, but mostly through temporary shocks; economic development and its ensuing financial advancement (in institution, innovation, markets, etc.) tended to show qualitative and long-run impact on financial markets and interest rates. Part II estimates financial integration regarding 14th-20th century China. Firstly estimated is pair-wise integration based on time-series data in 18th-20th century China. Before 1840, distance was the major (but not the only) determinant of financial integration. The maximum range of financial integration at the time was up to 1,400 kilometres, which was slightly farther than that of commodity (grain) integration and confirms the macro-region theory of Skinner in that there was little cross-regional market interplay. However, the overall integration performance for the period before 1840 was limited, with large gaps between distance groups regarding both interest divergence and adjustment speed. A national financial market did not seem to emerge until the 19th century, when both local and cross-regional capital markets became more homogeneous (with converging interest rate gaps and synchronising arbitrage speed). However, the final wars (the 2nd anti-Japanese war and the 2nd civil war in China) before the People’s Republic of China (PRC) stopped this integration process. Secondly, overall integration among 23 provincial markets scattered over 57 years in the Ming and Qing period may be explained by three factors: education, population, and the relative position of the local market to all other markets. The spatial autoregressive coefficients were negative, suggesting that a local provincial market was negatively related to all other markets. Education and population represent the influence of innovation and commerce on overall integration respectively. They are positively associated with interest rate gaps, hence negatively connected to integration. However, such negative relationships might denote financial development in local markets, which lowered local interest rates and temporarily enlarged the interest rate gaps. Neither arable land nor warfare involvement was significant in explaining overall financial integration.
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UDDIN, MD TASLIM. "Essays on Economic Integration of Immigrants." Doctoral thesis, Università Politecnica delle Marche, 2020. http://hdl.handle.net/11566/274547.
Abstract:
I ricchezza per essere economicamente sicure e creare opportunità per le prossime generazioni. Un'attenzione particolare alla posizione patrimoniale delle famiglie immigrate illumina il modo in cui gli immigrati sono integrati economicamente nella società ospitante e fornisce una prospettiva unica sul loro benessere finanziario.
Sulla base dell'indagine italiana sul reddito e la ricchezza delle famiglie 2006-2016 (SHIW), studiamo le differenze nell'accumulo di ricchezza tra immigrati e nativi. Le analisi di regressione quantile indicano che gli immigrati detengono una ricchezza netta significativamente inferiore rispetto alle loro controparti native in tutta la distribuzione della ricchezza. Il divario di ricchezza persiste anche dopo aver controllato le caratteristiche demografiche e altri fattori di influenza tra cui reddito, livello di istruzione, profilo di rischio, ecc. Rispetto ai nativi, gli immigrati hanno meno probabilità di partecipare ai mercati finanziari formali e anche le loro scelte di portafoglio differiscono da quelle dei nativi. La probabilità di detenere attività rischiose, titoli di stato, proprietà della casa e imprese è ridotta dallo status di immigrato. Le case sono il più grande investimento che tutte le famiglie fanno e di gran lunga la componente principale della composizione patrimoniale della famiglia. Il mutuo ipotecario è la chiave per diventare proprietario di una casa. Indaghiamo la differenza di prezzo dei mutui tra immigrati e nativi in Italia utilizzando un set di dati unico e di grandi dimensioni sul contratto di prestito concesso. Scopriamo che gli immigrati pagano sostanzialmente più dei nativi per i mutui. Il differenziale dei tassi di interesse persiste elevato e significativo anche dopo aver controllato diversi fattori di rischio, caratteristiche dei mutui e caratteristiche personali dei mutuatari. La decomposizione di Oaxaca-Blinder rivela che l'80 per cento del tasso di interesse differenziale osservato non dipende dalle caratteristiche osservabili. Le prove empiriche fornite qui indicano che questi differenziali sono probabilmente causati dalla discriminazione. I nostri risultati suggeriscono che mancano notevoli progressi verso l'integrazione economica degli immigrati in Italia e politiche aggiuntive che potrebbero aiutare a facilitare il processo di integrazione e contribuire a ridurre la disuguaglianza di ricchezza attraverso la promozione di prodotti finanziari in particolare per gli immigrati, un facile accesso al credito mercati e la rimozione degli ostacoli all'accesso ai mercati del credito.All households need wealth for economically secure and create opportunities for the next generations. A focus on the wealth position of immigrant households illuminates how immigrants are economically integrated into the host society and provides a unique perspective on their financial well-being. Based on the 2006-2016 Italian Survey of Household Income and Wealth (SHIW), we study the differences in wealth accumulation between immigrants and natives. The quantile regression analyses indicate that immigrants hold significantly less net wealth than their native counterparts throughout the wealth distribution. The wealth gap persists even after controlling for demographic characteristics and other influencing factors including income, level of education, risk profile, etc. When compared to natives, immigrants are less likely to participate in the formal financial markets and their portfolio choices also differ from those of the native-born. The likelihood of holding risky assets, government securities, homeownership, and businesses are reduced by immigrant status. Homes are the largest investment that all households make and by far the principal component of the household’s wealth composition. Mortgage loan is the key to become a homeowner. We investigate the pricing difference of mortgages between immigrants and natives in Italy using a unique and large dataset on the granted loan contract. We find that immigrants pay substantially higher than natives for mortgages. The interest rates differential persists high and significant even after controlling for different risk factors, mortgage characteristics and personal characteristics of borrowers. The Oaxaca-Blinder decomposition reveals that 80 percent of the observed differential interest rate does not depend on the observable characteristics. The empirical evidence provided here indicates that these differentials are likely caused by discrimination. Our findings suggest that there is lack of notable advances toward economic integration of immigrants in Italy and additional policies which might help to ease the process of integration and contribute to reducing the wealth inequality through promoting of financial products especially for immigrants, easy access to the credit markets, and the removal of obstacles to the access to the credit markets.
38
Henry, Olan Thomas John. "The rational expectations hypothesis of the term structure : an economic analysis of the U.S. treasury yield curve 1952-1991." Thesis, University of Reading, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.262456.
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Rodríguez-Arana, Muñoz Jaime. "Users and Services of General Energy Interest." Derecho & Sociedad, 2016. http://repositorio.pucp.edu.pe/index/handle/123456789/118152.
Abstract:
Modern Administrative Law must be considered within the Social and Democratic Rule of Law. Citizens, as users of services of general interest, are at the centre of all the categories of Regulatory Law. They have a legal status that enables them to be present in the decisions that affect them and they can contest decisions that harm their rights.El Derecho Administrativo moderno debe enmarcarse en el Estado Social y Democrático de Derecho. Los ciudadanos, usuarios de los servicios de interés general, ocupan un lugar central en todas las categorías del Derecho Regulatorio. Disponen de un estatuto jurídico que les permite estar presentes en las decisiones que le afectan y poder impugnar las decisiones que lesionen sus derechos.
40
Rojas-Cuellar, Tania Raquel. "Utilisation of cellulose waste for the production of a chemical intermediate of economic interest." Thesis, University of Manchester, 2015. https://www.research.manchester.ac.uk/portal/en/theses/utilisation-of-cellulose-waste-for-the-production-a-chemical-intermediate-of-economic-interest(81b2984b-adf0-48a9-8e06-f3e9da548c19).html.
Abstract:
Currently biomass is considered to be one of the main options to substitute the fossil fuels. Nevertheless, bioenergy is not the only alternative use for organic waste materials. In recent years, the utilisation of cellulolytic waste from industries, such as the paper industry and agriculture (in fields and in processing plants), is considered to be a good source of renewable carbon to produce chemical intermediates, such as glucose, lactic acid, ethanol and acetic acid, which can be returned to the productive chain. However, the principal obstacle in the use of this material for enzymatic degradation lies in the nature of the cellulose polymer. There are still many engineering, technological and chemistry related issues which remain to be resolved. The main objective of this study is to enable the production of glucose from the enzymatic hydrolysis of cellulose waste, arising from the waste of a recycle paper plant (paper crumb) by using Trichoderma reesei strain directly, instead of the commonly used mixture enzymes. This procedure, known as the single-step glucose production process, aims to reduce the costs associated in the use of pure enzymes and pre-treatments that are usually necessary to carry out the enzymatic degradation. The paper crumb is high in cellulose fibres (32%) with an alkaline characteristic, which carries a wide variety of impurities. This study recommends using existing knowledge with regards the enzymatic activity of the fungus and demonstrates its ability to degrade this substrate; regardless of the complex matrix linked to the cellulose polymer. Due to the nature of paper crumb a number of issues had to be solved during the development of the single-step production process. Firstly, the identification of an analytical method to monitor the enzymatic degradation of the paper crumb without interference of the inorganic compounds present in the substrate. The glucose analyser GL6 proved to be most suitable in this study. Secondly; the verification of the fungus’ ability to grow in this substrate by using PDA/Paper crumb plate, which allowed its adaptation gradually and reduced the time to produce enzymes. Finally, the evaluation of the enzymatic activity under acid and alkaline conditions was undertaken. It is demonstrated that the single-step process is feasible under acid conditions. The study also found that the fermentation time was the key parameter (up to 9 h.) to avoid the consumption of the glucose. The results show that the single-step process produces the same amount of glucose as the multi-step process (0.4 g/l), however the lower glucose production making it less economically attractive and less feasible to be expanded into an industrial scale. Nevertheless, the findings of this research contribute to establishing the basics for the optimisation of the glucose production process as an alternative for cellulose waste management. This adds economic value to the organic waste minimisation, which will lead to reduce cost in production processes.
41
Andrews, Michael Jeffrey. "Fuel of interest and fire of genius: essays on the economic history of innovation." Diss., University of Iowa, 2017. https://ir.uiowa.edu/etd/5702.
Abstract:
This dissertation, which consists of four chapters, uses historical patent data to understand invention in the United States. The first chapter studies how institutions of higher education affect invention. The second chapter seeks to understand the importance of informal social interactions for the creation of new ideas. The third chapter answers the question of what types of individuals are most likely to become inventors. The fourth chapter discusses various historical patent datasets in detail.
In Chapter 1, I exploit historical natural experiments to identify the causal effect of the establishment of new colleges on local patenting. Using losing finalist counties that did not receive a new college as counterfactuals, I find that the establishment of a new college caused 33% more patents per year in college counties relative to the losing finalists. To understand the role of a college education in driving patenting in college towns, I use a novel dataset of graduates from college yearbooks and find that a college's graduates and faculty account for a very small share of the patents granted in that college's county. Changes in county population account for 45-65% of the increase in patenting in college counties.
In Chapter 2, I exploit a different historical policy to understand the importance of informal social interactions for invention. More specifically, I examine the effects of state-level alcohol prohibition in the U.S. Prior to the enactment of statewide alcohol laws, each county determined its own alcohol policies. Thus, statewide prohibition differentially treated counties depending on whether they were wet or dry prior to statewide adoption. The imposition of statewide prohibition reduces the number of patents by 15% per year in previously wet counties relative to previously dry counties. The effect is largest in the first three years after the imposition of prohibition and diminishes thereafter. Consistent with this decrease being driven by a disruption of informal social interactions, the patenting rate for men decreased more than that for women in previously wet counties.
In Chapter 3, my coauthors and I match the Annual Reports of the Commissioner of Patents from 1870 to 1940 to the corresponding U.S. Federal Population Censuses. This matching procedure provides a rich set of demographic information on a comprehensive set of inventors, allowing us to answer the fundamental question of who invents. We first document that patentees are more likely to be older, white, male and to be living in a state other than the one in which they were born. These patterns are very persistent over space and time. We then attempt to identify correlates of the demographics of patentees focusing on county-level economic and demographic characteristics. Beyond the most obvious, such as the fraction of a particular demographic group in that county, very little explains differences in the demographics of inventors across counties.
In Chapter 4, I compare the strengths and weaknesses of four historical patent datasets and consider the suitability of each for use in economic research. I describe in detail differences in terms of the type and reliability of included information and potential sample selection issues. I show that while there are differences across datasets, overall they paint a remarkably consistent picture of invention in U.S. history.
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Thirumurthy, Harsha. "Household saving behavior and the real interest rate: an empirical study." Oberlin College Honors Theses / OhioLINK, 1998. http://rave.ohiolink.edu/etdc/view?acc_num=oberlin1354811060.
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Peralta, Salvador Elena. "Thermodynamic aspects of selective complexation of heavy metal ions of environmental interest: fundamentals and applications." Doctoral thesis, Universitat Autònoma de Barcelona, 2012. http://hdl.handle.net/10803/107940.
Abstract:
El reconocimiento de iones metálicos y de lantánidos es de fundamental importancia en muchas áreas de química y bioquímica. El enlace metal - azufre es una interacción fundamental en los sistemas bioquímicos y en aplicaciones de separación selectiva para la extracción de metales pesados y metales preciosos de la fase líquida.
En esta tesis se presenta un estudio innovador sobre la termodinámica de la formación de complejos por varios tioéteres lineales y macrocíclicos con Zn(II), Cd(II) y Hg(II) en disolventes orgánicos, tales como acetonitrilo (AN) y dimetil sulfóxido (DMSO). El objetivo principal es poner a prueba su potencial como agentes complejantes y eficientes extractantes selectivos de iones metálicos de importancia ambiental y racionalizar el proceso de reconocimiento en un medio que tiene una constante dieléctrica relativamente baja y menos estructurado que el agua.
Los valores de las constantes de estabilidad son obtenidos mediante potenciometría utilizando Ag(I) como ion competitivo. En el caso del mercurio, las titulaciones calorimétricas evidencian que las constantes de estabilidad son muy altas, y por esta razón, se han determinado con la polarografía. La valoración calorimétrica ha sido utilizado para determinar la entalpía de reacción (ΔH°), la cual permite calcular el término entrópico (TΔSo), términos que definen de la termodinámica de formación de complejos. Los resultados muestran una mayor selectividad para el Hg, respecto a otros metales, de todos los ligandos estudiados en la AN.
La aplicación en sistemas de distribución líquido-líquido de Hg (II) se ha llevado a cabo para la formación de complejos entre el macrociclo tioéter 9AneS3 en hexano y una solución acuosa conteniendo Hg(NO3)2. Los resultados mostraron la distribución de 9AneS3 entre las fases acuosa y orgánica. El análisis de los datos con el programa LETAGROP-DISTR han demostrado la formación de complejos acuosos 1:2 y en menor medida, 1:3 de Hg (II):9AneS3. Por otro lado, ha sido desarrollado un sistema de pre-concentración de metales utilizando una esponja de celulosa o poliuretano impregnada con 9AneS3 y sucesivamente ha sido utilizada la técnica de “field portable XRF” (FP-XRF), la cual permite la determinación de la concentración de mercurio. Los resultados muestran que la esponja de celulosa tratada puede proporcionar más de un orden de magnitud (40 a 50 veces) en la concentración de Hg en relación con la esponja no tratada.
Finalmente, para la obtención de complejos que emiten altamente en el UV-visible se estudiaron ligandos macrocíclicos capaces de formar una cavidad adecuada y eficaz para los iones lantánidos eliminando las moléculas del disolvente de la primera esfera de coordinación. Esto es importante en el campo de la luminiscencia, que está ampliamente estudiada para los lantánidos. Por esta razón, se determinaron en AN las constantes de formación para una serie de los lantánidos y la BTPA (N-donador) como agente complejante.Metal ion and lanthanide recognition is of fundamental importance to many areas of chemistry and biochemistry. Metal - sulphur bond is a fundamental interaction in biochemical systems and in selective separation applications for the heavy and precious metals extraction from liquid phase. The studies reported in this thesis present the first thermodynamic investigation concerning the complex formation by several linear and macrocyclic thioethers and the Zn(II), Cd(II), and Hg(II) ions in organic solvents, such as acetonitrile (AN) and dimethyl sulfoxide (DMSO). The main objective is to test their potential as efficient complexing agents and selective extractants for environmentally important metal ions and rationalize the recognition process in a medium which has a relatively low dielectric constant and it is less structured than water. The stability constants are evaluated by potentiometry using Ag(I) as competitive ion. In the case of mercury, calorimetric titrations evidence that stability constants are extremely high, and for this reason, they have been determined by means of polarography. Titration calorimetry has been used to determine the reaction enthalpy (∆H°) and to calculate the entropic term (T∆S°) allowing the definition of the picture of the complexation thermodynamics. The results show a higher selectivity for Hg, with respect to other metals, of all the ligands studied in AN. Application to liquid-liquid distribution systems of Hg(II) has been carried out by the complex formation between the thioether derivative macrocycle 9AneS3 in hexane and aqueous Hg(NO3)2. The results showed the distribution of 9aneS3 between the organic and aqueous phase. Therefore, aqueous insoluble 9AneS3 becomes soluble in presence of aqueous Hg(II) because of corresponding aqueous soluble Hg(II)-9AneS3 complex formation. The analysis of data with LETAGROP-DISTR program has shown the formation of 1:2 and in less extent 1:3 Hg(II):9AneS3 aqueous complexes. On the other hand, a pre-concentration system including a 9AneS3 impregnated cellulose and polyurethane sponge uses field portable XRF technique which allows the determination of mercury concentration. The results show that the treated cellulose sponge can provide more than one order of magnitude (40 to 50 fold) on Hg concentration with respect to the untreated sponge. Finally, a way to obtaining highly emissive complexes is to employ flexible macrocyclic ligands capable of forming a suitable cavity for lanthanide ions and effectively eliminating solvent molecules from the first coordination sphere. This is important in the field of luminescence, which is extensively studied for the lanthanides. For this reason, formation constants for a series of lanthanide and the flexible BTPA (N-donor) as complexing agent were determined in AN.
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Tzavalis, Elias. "Tests and applications of the rational expectations hypothesis of the term structure of interest rates." Thesis, London Business School (University of London), 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.361604.
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Wu, Andrew Man Kit. "Efficient lattice methods for pricing interest rate options and other derivative securities under stochastic volatility." Thesis, University of Strathclyde, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.248776.
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Julia, Draeb. "Reexamining the Expectations Hypothesis of the Term Structure of Interest Rates: an Out-of-Sample Forecasting Perspective." Miami University / OhioLINK, 2021. http://rave.ohiolink.edu/etdc/view?acc_num=miami1623251442890825.
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Nilsson, Lisa. "Using Interest Rate Spreads to Predict Economic Development Empirical Results for the U.S. 1980-2007." St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/05609599001/$FILE/05609599001.pdf.
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Lund, Camilla Elisabeth. "Changing perceptions of the national interest in economic and defence policy under Mitterrand, 1981-1989." Thesis, University of Cambridge, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.389842.
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Carvalho, Osires. "Production and market structure for minor metals : an economic view from the non-ferrous industry." Thesis, Imperial College London, 1991. http://hdl.handle.net/10044/1/46700.
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Mavura, Mike Tigere. "The European Union trade, development and cooperation agreement (TDCA) with South Africa : promoting development or self interest?" Thesis, Rhodes University, 2007. http://hdl.handle.net/10962/d1007572.
Abstract:
This research analyses development cooperation between the European Union (EU) and South Africa with the objective of determining which between the two entities, ultimately benefits more out of this arrangement The research goes beyond the altruistic reasons offered by the EU as the rationale for development cooperation to investigate whether South Africa's development is actually being promoted by this cooperation. Further, the research investigates whether there is also EU self-interest that informs this development cooperation. This research is conceptualised within the development aid debate framework. The research argues that this development cooperation is important to South Africa even though its impact is in real terms has not been extensive due to a number of factors. It further contends that there are EU political, security and economic interests amongst others that are being promoted by this development cooperation. The research concludes by asserting that this development cooperation promotes the mutual interests of the EU and South Africa. This conclusion challenges the paradigms of the debate on development aid which is premised in black and white terms of development aid promoting either donor or recipient interests.