Placing the Czech shadow banking sector under the light

The size of the shadow banking sector (SBS) has more than doubled in the Czech Republic over the last decade. This places a potential burden on policy makers. On the one hand, the SBS complements regular banking by expanding access to credit and investments, enabling better risk sharing and maturity transformation, and supporting market liquidity. On the other hand, SBS activities can put the stability of the financial system at risk and amplify its procyclicality by exacerbating the buildup of leverage and asset price bubbles. We implement a FAVAR model of the Czech economy to determine the impact of macroeconomic factors on the SBS. We find that the SBS: (i) is sensitive to changes in market interest rates and term spread; (ii) exhibits great procyclicality; (iii) can act as a complement to regular banking and satisfy some additional demand for credit. We also define some potential risks of continued growth of the SBS, linked to our empirical evidence.Web of Science29128

Innovating innovation policy: the emergence of ‘Responsible Research and Innovation’

Within the policy structures of the European Union (EU), the concept of ‘Responsible Research and Innovation’ (RRI) appears to have a very specific emergence point, via a workshop for invited experts hosted by the European Commission's Directorate-General for Research and Innovation in May 2011. Through a textual analysis of EU documents, this paper will explore the processes through which RRI has been incorporated into Horizon 2020 as a policy framework for the European Research Area which promises that technological innovation will be shaped towards social goods. It concludes by discussing some of the tensions between RRI and policies emanating from other EU institutions, highlighting areas which may impede RRI's progress towards its goals

Pilot scale pyrolysis - determination of critical moisture content for sustainable organic waste pyrolysis

Economic feasibility of large scale organic waste pyrolysis was investigated for Inghams Enterprise (Waitoa) chicken dissolved air flotation sludge (DAF) and activated sludge (biosolids) from the Hamilton municipal waste water treatment plant. Processing data was obtained from pilot plant trials using the Lakeland Steel (Rotorua) continuous auger pyrolysis plant using feedstock at 15, 30, 45 and ~80% moisture contents. Economics were calculated based on estimated capital and operating costs of a large scale facility, revenue from selling char, savings from landfill diversion (including transportation and gate costs), energy savings by recycling syngas product and using waste heat for drying feedstock. For DAF, 15% moisture content gave yields of 21% syngas, 27% char, and 52% oil (dry weight basis). 15% moisture content gave the best processing conditions based on handling properties and degree of autogenesis. The DAF case does not give a payback period due to low scale of operations. For biosolids, 15% moisture content feedstock gave yields of 46% syngas, 31% char, and 21% oil (wet weight). Difficulties were found with plant blockages at 45% and 80% moisture contents. 15% moisture content gave the best processing conditions and the best economic performance with a payback time of 4.6 years for a facility that could process 11,000 tonnes per year

Time dependent properties of thermoplastic protein produced from bloodmeal with sodium sulphite as an anti-crosslinking agent

The aim of this research was to investigate how the time dependent mechanical behaviour of bloodmeal-based thermoplastic was affected by varying sodium sulphite content at two injection moulding temperatures (120°C at exit or 140°C at exit). Thermoplastic protein was prepared by extrusion with 2, 3 or 4g sodium sulphite (SS), 3g sodium dodecyl sulphate, 10 g urea, 20 g triethylene glycol and 40 g water per 100 g bloodmeal, then injection moulded into test specimens. Pull to break, creep and stress relaxation tests were performed on conditioned samples and glass transition temperature (Tg) was determined by dynamic mechanical analysis. Ultimate tensile strength was 7.9, 7.6 and 5.6 MPa for samples moulded at 120°C and 7.6, 6.3 and 5.7 MPa when moulded at 140°C with 2, 3 and 4 g SS respectively. Experimental creep data was modelled with a 4 element model, consisting of a spring and dashpot in parallel, in series with an additional spring and dashpot. Plotting creep compliance versus time showed increasing chain mobility as SS content increased. Relaxation was modelled with the Struik equation for short-time experiments. Relaxation times were 530, 360 and 250 s with 2, 3 and 4 g SS respectively when moulded at the lower temperature. At 140°C, relaxation times were 440, 430 and 190 s for these SS contents. Tg was in the range 57-65°C (1 Hz peak in tanδ) for all samples, but was lowest for samples with 4 g SS. These results show that both increased sodium sulphite and the higher moulding temperature increased chain mobility in the processed plastic

Blends of linear-low-density polyethylene and thermoplastic bloodmeal using maleic anhydride grafted polyethylene as compatibilizer

Linear Low-Density Polyethylene (LLDPE) was blended with Novatein Thermoplastic from bloodmeal (NTP.) The compatibilizing effect of maleic anhydride grafted polyethylene (PE-g-MAH) on mechanical, morphology thermal properties and water absorption were studied and compared with blends without compatibilizer .The amount of polyethylene added was varied between 20% to 70% with 10% of compatibilizer. An improvement in compatibility between NTP and LLDPE was evident across the entire composition range only when using compatibilizer. The tensile strength of blends decreased over that pure LLDPE, but never dropped below that of pure NTP. Results showed that blending NTP with LLDPE decreased water absorption significantly, even more so using a compatibilizer. The result is a more water stable material

Processing peracetic acid treated bloodmeal into bioplastic

Renewable and biodegradable bioplastics can be produced from biopolymers such as proteins. Animal blood is a by-product from meat processing and is rich in protein. It is dried into low value bloodmeal and is used as animal feed or fertiliser. Previous work has shown that bloodmeal can be converted into a thermoplastic using water, urea, sodium dodecyl sulphate (SDS), sodium sulphite and triethylene glycol (TEG). To increase its range of applications and acceptance from consumers, the colour and odour was removed from bloodmeal using peracetic acid (PAA). The aim of this study was to investigate the bioplastic processing of 3-5% (w/w) PAA treated bloodmeal. 3-5% PAA treated bloodmeal powder was compression moulded using different combinations of water, TEG, glycerol, SDS, sodium sulphite, urea, borax, salt and sodium silicate at concentrations up to 60 parts per hundred bloodmeal (pphBM). Partially consolidated extrudates and fully consolidated compression moulded sheets were obtained using a combination of water, TEG and SDS. 4% PAA treated bloodmeal produced the best compression moulded sheets and extrudates and was chosen for investigating the effects of water, TEG and SDS concentration on consolidation, specific mechanical energy input (SME) and product colour during extrusion. Analysis of variance (ANOVA) showed SDS was the most important factor influencing its ability to be extruded because it detangled protein chains and allowed them to form new stabilising interactions required for consolidation. The best extruded sample, which was 98% consolidated and 49% white, contained 40 pphBM water, 10 pphBM TEG and 6 pphBM SDS

Fish powder as a low-cost component in media for producing bacterial cellulose

Some bacteria can produce extracellular bacterial cellulose (BC). This polysaccharide is chemically identical to cellulose produced by plants but has no associated lignin and hemicelluloses. The unique mechanical properties, chemical stability and purity allow BC to be exploited for a range of biomedical applications. However, medium costs limit commercial BC production. The suitability of using fish powder as a low-cost media component for producing BC by submerged culture of Gluconacetobacter xylinus in shake flasks was investigated. Fish powder was made by drying and grinding Koi carp (Cyprinus carpio), a pest fish in New Zealand waterways. Fermentations were done at 30oC in a growth medium containing 50 g/L glucose, the required minerals, and either 5 g/L yeast extract or 15 g/L fish powder, The BC yield on both yeast extract and fish powder was 0.04 g/g glucose, demonstrating fish powder was a suitable low cost ingredient for supplying nitrogen and amino acids in the media

An investigation of milk powder deposition on parallel fins

One method to reduce the energy consumption of industrial milk spray dryers is to recover waste heat from the exhaust dryer air. A significant challenge associated with this opportunity is the air contains a small amount of powder that may deposit on the face and surfaces of a recuperator. This paper introduces a novel lab based test that simulates powder deposition on a bank of parallel plate fins at exhaust dryer air conditions. The fin bank acts like the face of a typical finned tube row in a recuperator. The aim of this study is to look at how deposition on the front of fins is affected by the air conditions. Results show similar characteristics to other milk powder deposition studies that exhibit a dramatic increase in deposition once critical stickiness levels are reached. As powder deposits on the face of the fins, the pressure drop across the bank increases until eventually an asymptote occurs, at which point the rates of deposition and removal are similar. For very sticky conditions, deposition on the face of the fins can cause a rise in the pressure drop by as much as 65%. The pressure drop has also been successfully related to the percentage of open frontal area of the fins with and without deposition. Deposition inside and at the rear of the fin bank was found to be minimal

Decolouring bloodmeal: Consumption and potential recycling of peracetic acid

A method of deodorizing and decolouring bloodmeal using an equilibrium mixture of peracetic acid, hydrogen peroxide, acetic acid and water has been developed to improve its marketability as a source of protein for bioplastics. The objective of this study was to determine what quantity of peracetic acid is required to give reasonable bleaching of the bloodmeal and determine whether there is potential for the wastewater to be recycled. This was carried out by measuring the quantity of chemical species in the initial equilibrium mixture and the resulting wastewater upon bleaching using volumetric analysis. Bleaching efficacy was determined after exposing 100 g bloodmeal to 1.1, 2.5, 3.6, 4.5 and 5.6 wt% peracetic acid solutions as either 300 g total solution or a constant molar equivalent of 2.2 mmol peracetic acid/g bloodmeal and using a chromameter to measure colour change. Addition of 300 g 5.6 wt% peracetic acid solution resulted in effective bleaching. This represented a ratio of 2.20 mmol peracetic acid/g bloodmeal of which 1.4 mmol peracetic acid/g bloodmeal was consumed (63%). If 300 g 300 g of <2.5 wt% solution is added such that there is still 2.2 mmol peracetic acid/g bloodmeal, bleaching is still insufficient. These results suggest that an excess of peracetic is required for bleaching to occur, and that its concentration is paramount to bleaching efficacy. Due to the excess of peracetic acid used in the bleaching process, there is potential for wastewater recycling to be carried out provided that the wastewater is not diluted

Processibility of corn protein blends and resulting properties of the extrudates

During the last decade, the global biofuels industry has experienced exponential growth. By-products such as high protein corn gluten meal (CGM) and high fibre distillers dried grains with solubles (DDGS) have grown in parallel. CGM has been shown to be suitable as a biopolymer; the high fibre content of DDGS reduces its effectiveness, although it is considerably cheaper. In this study, the processing behaviour of CGM and DDGS blends were evaluated and resulting extrudate properties were determined. Prior to processing, urea was used as a denaturant. DDGS:CGM ratios of 0, 33, 50, 66 and 100% were processed in a single screw extruder, which solely used dissipative heating, with a 2 mm circular die. Resulting screw speeds ranged from 216 to 228 rpm, and die exit temperatures ranged from 96 to 150oC. Blends containing DDGS were less uniformly consolidated and resulted in more dissipative heating. Blends showed multiple glass transitions, which is characteristic of mechanically compatible blends. Transmission electron microscopy revealed phase separation on a micro-scale, although distinct CGM or DDGS phases could not be identified. On a macro-scale, optical microscopy suggested that CGM-rich blends were better consolidated, supported by visual observations of a more continuous extrudate formed during extrusion. As with all biological materials, the extruded blends exhibited sorption behaviour over time, the magnitude of which varied according to blend ratio. EMC values ranged from approximately 0% to nearly 50%, depending upon the humidity level and blend ratio. Nonlinear regression was successfully used to model the effects of relative humidity and blend ratio on the equilibrium moisture contents, with a coefficient of determination of 99%. Future work should aim to also characterize the mechanical properties of these blends to assess their suitability as either bioplastic feedstock or pelletized livestock feed