146 research outputs found
Threshold Effect and Financial Intermediation in Economic Development
This paper analyzes the theoretical finance-growth nexus. Using the Neoclassical growth framework, we raise a new issue where our finance-growth nexus has multiple stationary states with threshold effect. Threshold effect prevents the economy to reach long-run steady state equilibrium of capital and hence financial economists in developing countries should be aware of such an impediment. We show that the development of banking sector should be more supported than financial market, since banking sector is better than financial market in order to reduce threshold effect and ensure the existence and uniqueness of a higher long-run steady state equilibrium of capital stock.Threshold Effect; Financial Intermediation; Economic Growth; Developing Countries
Threshold Effect and Financial Intermediation in Economic Development
This paper reformulates the finance-growth nexus in the case of developing countries. Using the Neoclassical growth framework, our contribution is threefold. First, we show that entrepreneurship is a growth-enhancing factor in both financial intermediary equilibrium and financial market equilibrium. Second, we show that agent's saving is one of the determinants of the optimal proportion of long-term investment and hence, we characterize the role of bank as financial intermediary. Third, our model is characterized by the existence of multiple steady states equilibrium with threshold effect that impedes the economy to reach a long-run higher steady state equilibrium. Furthermore, we show that financial intermediary is better than financial market, in order to reduce threshold effect and to ensure the long-run steady state equilibrium of capital stock.Threshold Effect, Financial Intermediary, Economic Growth, Developing Countries
The Insertion of Small-scale Farmers into market auction, Can it really improve the Indonesian gurem farmers’ welfare? The perspective of the auction price formation and farmers’ motivation factors
The condition of small-scale farmers in Indonesia is getting worse that is caused by an unfair low price that reflects to the low level of revenue for their income. This happens either because the dependency on trader/middlemen for selling the produce and the low accessibility of farmers to the market. The existence of auction mechanisms created by the Indonesian government auctions is still dominated by traders/middlemen, so that the increasing of prices have not affected to the farmers. Alternatively, by linking directly farmers to the auction mechanism will be analyzed in a descriptive and a qualitative ways from the point of view of price formation in the auction and the farmers’ determining factors to participate in the auction. The analysis conducts policy recommendations for ongoing agricultural auction development with the direct participation of small-scale farmers in the mechanism.Small-scale Farmers, Auction mechanism, price formation, farmer’s motivation, International Development,
Etude de l’élaboration de matériaux composites PVC/bois à partir de déchets de menuiserie : formulation, caractérisation, durabilité et recyclabilité
L’étude des paramètres d’élaboration de composites PVC/bois a permis de montrer que le processus de mise en oeuvre, le taux et le type de fibres de bois influencent plus les propriétés mécaniques du matériau que les traitements de compatibilisation. Un nouvel agent de liaison a été proposé : l’acide gallique, polyphénol présent dans plusieurs essences de bois. Il a permis d’augmenter nettement les propriétés mécaniques du matériau grâce à une bonne adhésion à l’interface fibre/matrice. Le renfort végétal augmente la sensibilité du composite aux rayonnements UV et à l’eau provoquant un changement de couleur en surface et une perte des propriétés mécaniques. L’ajout de certains pigments a permis de ralentir la dégradation due aux UV et l’ajout d’acide gallique, celle due à l’eau, sans toutefois les supprimer. Il a été démontré enfin que cinq cycles de vieillissement thermo-mécanique ne modifient pas les propriétés mécaniques de ces composites : leur recyclage est possible tel quel. ABSTRACT : The study of the elaboration of PVC-wood composites showed that the manufacturing process, the wood fibres amount, size and species had more influence on the mechanical properties of the material than any coupling agent previously studied. A new coupling agent was introduced: gallic acid, polyphenol present in some wood species. Its use improved the fibre/matrix interfacial adhesion and the mechanical properties of the material. It was found that the composite weathering resistance was decreased by the wood fibres leading to surface colour change and loss of the mechanical properties (due to water action). The incorporation of some pigments decreased the UV degradation and the addition of gallic acid decreased the degradation by water. But, neither of them stopped the degradation. Five cycles of thermo-mechanical ageing did not modify the mechanical properties of these composites. Thus, it is possible to recycle the PVC/wood composite as it i
The north cycladic detachment system and associated mineralization, Mykonos, Greece: Insights on the evolution of the Aegean domain
International audienceIn the Aegean back-arc domain, some 30-35 Ma ago, an increase of the rate of slab retreat led to the initiation of post-orogenic extension, largely accommodated by large-scale structures such as the North Cycladic Detachment System (NCDS). Although this extension is still active nowadays, an E-W compressional regime developed in the Late Miocene with the propagation of the North Anatolian Fault. On Mykonos island (Cyclades), the NE-SW back-arc extension is particularly well expressed with the Livada and Mykonos detachments that belong to the NCDS and that are associated with NW-SE barite veins emplaced during the synkinematic cooling of the Mykonos intrusion. This study shows that the formation of the mineralization occurred when the pluton crossed the ductile-to-brittle transition during its exhumation below the NCDS at ~11-10 Ma. In addition, the kinematics of mineralized structures evolved with time: (1) most of the displacement was accommodated by the top-to-the-NE Livada and Mykonos detachments accompanied by the formation of mineralized normal faults that were (2) reworked in a strike-slip regime with an E-W direction of shortening and a persistent NE-SW stretching and (3) a latepost-mineralization E-W compressional stage with a minor reworking of shallow-dipping faults (locally including the detachments themselves). We interpret this increase of the E-W shortening component recorded during the mineraldeposition as a consequence of the initiation of the westward motion of Anatolia from 10 Ma, thus 4 Ma before the propagation of the North Anatolian Fault in the Dardanelles Strait and the localization of the strain on the Aegean Sea margins
Threshold Effect and Financial Intermediation in Economic Development
This paper analyzes the importance of financial intermediation on economic growth. Using the Neoclassical growth framework, we raise a new issue where our model has multiple stationary states with threshold effect. We further confirm that financial intermediation is better than self-financing system in order to ensure the existence and uniqueness of long-run steady state equilibrium of capital stock, as well as to decrease threshold level. The presence of threshold effect is an important finding in studying the finance-growth nexus, since it prevents the economy to raise sufficient initial capital
From ductile to brittle, late- to post-orogenic evolution of the Betic Cordillera: Structural insights from the northeastern Internal zones
International audienceRelations between Alpine detachment-bounded metamorphic domes, crustal-scale strike-slip fault zones and sedimentary basins in the Internal zones of the Betic cordillera are still matter of debate. Current tectonic interpretations of these basins vary from late-orogenic extensional structures to compressional ones associated with strike-slip motions along major still active faults. Structural investigations including new field mapping, meso-scale faults recognition, palaeostress analysis of brittle small-scale faults systems were performed in the sedimentary cover of the Almanzora corridor and the HuĂ©rcal-Overa basins, located either in the hanging wall unit of the Filabres extensional shear zone or at the termination of the Alhama de Murcia sinistral fault zone. In parallel, a detailed study of the ductile and the ductile-brittle deformation was carried out in the footwall unit of the Filabres extensional shear zone, in the Nevado-FĂlabride complex. Three main brittle events were recognised in the basin cover including two extensional events that occurred prior to a weak tectonic inversion of the basin during a third, still active event. The first one, D1b is characterized by the development a first stress regime consistent with ~NW-SE extensional tectonics. Besides, the consistency between the latest ductile and the brittle kinematics for the Filabres extensional shear zone and the activity of meso-scale fault systems that primarily control the main SW-NE depocentres allow concluding to a top-to-the-NW continuum of strain during the final exhumation of the Nevado-Filábride complex. The resulting overall half-graben architecture of the basins is then related to the combination of the formation of the metamorphic domes that added a local control superimposed on the regional deformation. Indeed, after a consistent top-to-the-west shearing prevailing during most of the Nevado-Filábride exhumation, final exhumation stages were in turn, characterised by important kinematics changes with a subordinate top-to-the-NW sense of shear (D1b). The onset of sedimentation in the basins occurred shortly after the crossing of the ductile-brittle transition in the underlying metamorphic domes at ca. 14 Ma into SW-NE fault-bounded troughs. Tectonic subsidence was then maintained during D2b while extensional kinematics changed to N-S or even locally to SSW-NNE. Extensional tectonics then lasted most of the Tortonian during the final tectonic denudation increments of the Sierra de los Filabres achieved at ca. 9-8 Ma. Intramontane basins are therefore genuinely extensional and clearly related to the latest exhumation stages of the Nevado-Filábride complex in the back-arc domain. Conversely, at ca. 8 Ma, basins started to record a ~N-S to NNW-SSE compressional stress regime (D3b) and ceased to be active depocentres while shortening within the Internal zones then recorded only the Iberia/Africa convergence. The weak inversion of the basins however resulted either in the reactivation of originally extensional faults such as the Alhama de Murcia fault or the basin individualisation and a progressive water exchange reduction with the Atlantic ocean and is thus proposed to be directly responsible for the Late Miocene salinity crises
The Ikaria high-temperature Metamorphic Core Complex (Cyclades, Greece): Geometry, kinematics and thermal structure
International audienceThis work attempted at clarifying the structure of Ikaria using primarily intensive geological mapping combined with structural analysis and a geothermometry approach of Raman spectrometry of carbonaceous material. Foliation over the whole island defines a structural dome cored by high-grade to partially-molten rocks. Its exhumation was completed by two top-to-the-N ductile extensional shear zones, operating in the ductile and then the brittle fields, through a single extensional event coeval with progressive strain localization. The thermal structure of the dome with regard to position of ductile shear zones was retrieved using the Raman spectroscopy of carbonaceous material. Peak-metamorphic temperatures range from 390 °C in the upper parts of the structure down to 625 °C in the core of the dome in the vicinity of migmatites and S-type granite. Pioneer in situ U-Th-Pb analyses on monazite performed on the leucosome parts of these rock yielded a 15.7 ± 0.2 Ma age. Ikaria Island thus completes the series of Miocene migmatite-cored Metamorphic Core Complex in the central part of the Aegean domain where a genuine high-temperature zone can be defined as the central Aegean HT zone. There, the extreme stretching of the continental crust is associated with dominantly top-to-the-N kinematics
Recovery of succinic acid in fermentation broth via reactive LL extraction: effect of chemical kinetics and solvent choice
In this paper, a study of kinetics effects on the reactive liquid-liquid extraction column is proposed. In a first part, design parameters of reactive liquid-liquid extraction column are derived from a method proposed by Mizzi (2016). In a second part, using a kinetic model, the performances of the column are studied with different configuration and design parameters. This study allows a comparison of the performances of the column in terms of conversion rate, recovery rate and purity. For the chosen examples, the kinetic limitation is very strong. So the unit operations of reactive liquid-liquid extraction with a high retention capacity will be privileged: a cascade of decanter mixers. In conclusion, this article shows that the choice of solvent and the parameters of the column as the solvent flowrate, the number of theoretical stage, liquid hold up or kinetics of the reaction have an important influence on the performances of the column and sometimes on the feasibility of the separation
Geometry, thermal structure and kinematics of the metamorphic dome of Ikaria (eastern Cyclades, Greece): implication for Aegean tectonics
International audienceThe Aegean domain has been characterized since the Oligocene by extensional tectonics caused by the southward retreat of the African slab subducting beneath Eurasia. Structures and associated kinematics relative to this extensional tectonics are well constrained in the western Cyclades and the Menderes massif of western Turkey. Major extensional detachments such as the North Cycladic Detachment System (NCDS) or the Simav Detachment have accommodated the exhumation of a series of metamorphic core complexes (MCC) from Andros-Tinos-Mykonos in the west to the northern Menderes massif in the east. However, the transition between the NCDS and the Simav Detachment is currently not understood. This transition is located above a large-scale tear in the Aegean slab and its effects on the kinematics of deformation and P-T-t evolution of the overlying thinned crust are not known. The geology of Ikaria Island, located in this region, remains poorly known and the few existing studies are strikingly conflicting. This work attempts to clarify the geology of Ikaria by a new geological mapping and structural field study coupled with a thermometric study by Raman spectrometry of carbonaceous material (RSCM). Foliation over the whole island defines a structural dome, lately intruded by intrusive granitic bodies. Lineation shows a ca. N-S ductile stretching associated with an overall top-to-the-North sense of shear. Final exhumation of the dome was thus completed by a system of two top-to-the-North detachments, operating in the ductile and then the brittle fields. The proposed tectono-metamorphic evolution of the dome is consistent with the evolution of the northern Aegean area, suggesting that Ikaria belongs to the Aegean MCC and that the NCDS continues eastward. Besides, the distribution of RSCM temperatures within the dome and the presence of migmatites in the western part of the island comply with the description of migmatite-cored MCC such as Naxos or Mykonos. A better comprehension of the geology of the island also permits to discuss the correlations of tectonic events and nappes between the Cyclades and the neighboring Menderes massif in western Turkey
- …