Growth without finance, finance without growth

The international comparative evidence on the nexus between finance and growth is ambiguous, owing to the many difficulties in isolating finance, separating its growth effect from that of the other factors. To overcome this problem, we study the effects of financial development on growth from 1960 to 2010 in one country – Italy. Thus we have the same political, legal and regulatory framework but also sharply differing development conditions between regions. After World War II Italy achieved an “economic miracle” similar to what China and India are now experiencing, followed by a lengthy phase of decline. Accordingly, we can distinguish the effect of financial development on growth from other potential causal factors while also considering regions with sharply different economic conditions. Our results show that from 1960 to 1980, when the Italian “economic miracle” was still under way, finance played no significant role in favouring the surge in economic growth, which most likely depended on internal consumption. Between 1980 and 2010, by contrast, the great expansion of Italian financial markets and institutions did have a positive effect on regional economic performance, but overall growth rates were nevertheless low. Although our empirical evidence supports the view that finance is more important for growth in less highly developed regions, it also shows that financial development has not helped to overcome the Italian economic divide

Systems engineering approach for pre-conceptual design of DEMO divertor cassette

Abstract This paper presents the pre-conceptual design activities conducted for the European DEMO divertor, focusing on cassette design and Plasma Facing Components (PFC) integration. Following the systems engineering principles, a systematic design method, the Iterative and Participative Axiomatic Design Process (IPADeP), has been adopted. Basing on Axiomatic Design, IPADeP supports the early conceptual design of complex systems. The work moved from the geometrical and interface constraints imposed by the 2015 DEMO configuration model. Then, since different materials will be used for cassette and PFCs, the divertor geometry has been developed taking into account the cooling parameters of the cassette Eurofer steel and the integration of PFCs cooling system. Accordingly, the design process led to a double wall cassette structure with internal reinforcing ribs to withstand cassette coolant pressure and three different kinds of piping schemes for PFCs with dual circuits. These three solutions differs in the feeding pipes layouts and target manifold protection and they have been proposed and evaluated considering heat flux issues, shielding problems, interface requirements with blanket and vacuum vessel and remote maintenance needs. A cassette parametric shell model has been used to perform first structural analyses of the cassette body against coolant pressure. Taking advantages of the parametric surface modelling and its linkage with Finite Element (FE) code, the cassette ribs layout and thickness has been evaluated and optimized, considering at the same time the structural strength needed to withstand the coolant parameters and the maximum stiffness required for cassette preloading and locking needs

EU-DEMO divertor: Cassette design and PFCs integration at pre-conceptual stage

The pre-conceptual design of the DEMO divertor cassette with a novelty, alternative path of the main cooling pipes inside cassette body is presented in this paper, focusing on cassette design and Plasma Facing Components (PFC) integration. The divertor cassette design is reviewed, considering recent updates in the DEMO configuration model as presented by the Programme Management Unit (PMU) in 2018. The new configuration requires the cooling pipes to be integrated inside the cassette body. The components affected by these changes and the impact on the divertor design are analyzed. The study focuses on a new integration system between cassette and cooling pipes. The paper describes the integration on the new cassette geometry and the divertor sub-systems. The design activities related to this system are discussed in detail in terms of CAD modeling and considerations with respect to manufacturing such as welding technologies and non-destructive testing

Eurofusion-DEMO Divertor - Cassette Design and Integration

The Eurofusion-DEMO design will complete the Pre Conceptual Design phase (PCD) with a PCD Gate, named G1, scheduled to take place in Q4 2020 that will focus on assessing the feasibility of the plant and its main components prior to entering into the Conceptual Design phase. In the paper first an overview is given of the Eurofusion-DEMO Divertor Assembly including design and interface description, systems and functional requirements, load specification, system classification, manufacturing procedures and cost estimate. Then critical issues are discussed and potential design solutions are proposed, e.g.: - Neutron material damage limits of the different (structural) materials present in the divertor assembly (as CuCrZr, Eurofer) and in the vacuum vessel (AISI 316 L(N)-IG); - Temperature hot spots in parts of the divertor assembly exposed to high nuclear heating and high heat radiation (from the plasma core or the separatrix) causing difficulties for active or passive cooling (e.g. cassette body structure, liner support structures, mechanical supports, divertor toroidal rails); - Arrangement and design of plasma-facing components and liner with pumping slot in the divertor cassette to enable pumping of exhaust gases from the lower port

Divertor of the European DEMO: Engineering and technologies for power exhaust

In a power plant scale fusion reactor, a huge amount of thermal power produced by the fusion reaction and external heating must be exhausted through the narrow area of the divertor targets. The targets must withstand the intense bombardment of the diverted particles where high heat fluxes are generated and erosion takes place on the surface. A considerable amount of volumetric nuclear heating power must also be exhausted. To cope with such an unprecedented power exhaust challenge, a highly efficient cooling capacity is required. Furthermore, the divertor must fulfill other critical functions such as nuclear shielding and channeling (and compression) of exhaust gas for pumping. Assuring the structural integrity of the neutron-irradiated (thus embrittled) components is a crucial prerequisite for a reliable operation over the lifetime. Safety, maintainability, availability, waste and costs are another points of consideration. In late 2020, the Pre-Conceptual Design activities to develop the divertor of the European demonstration fusion reactor were officially concluded. On this occasion, the baseline design and the key technology options were identified and verified by the project team (EUROfusion Work Package Divertor) based on seven years of R&D efforts and endorsed by Gate Review Panel. In this paper, an overview of the load specifications, brief descriptions of the design and the highlights of the technology R&D work are presented together with the further work still needed

DTT - Divertor Tokamak Test facility: A testbed for DEMO

The effective treatment of the heat and power exhaust is a critical issue in the road map to the realization of the fusion energy. In order to provide possible, reliable, well assessed and on-time answers to DEMO, the Divertor Tokamak Test facility (DTT) has been conceived and projected to be carried out and operated within the European strategy in fusion technology. This paper, based on the invited plenary talk at the 31st virtual SOFT Conference 2020, provides an overview of the DTT scientific proposal, which is deeply illustrated in the 2019 DTT Interim Design Report