Assessing the effectiveness of the exchange rate movements on the Greek current account deficit : a cointegration analysis

Using the Johansen Cointegration analysis, Error Correction Modeling (ECM) and Granger Causality on annual data over the 1963 – 2003 period, it is shown that there is a long and short run relationship between the Greek current account deficit and the real effective exchange rate of the Greek currency with the currencies of European Union (EU-15) countries, which are partners of Greece in EU-15. The empirical evidence reveals one – way causality from current account deficit to GDP, RER, GDP11, M3 and BD. The specification and diagnostic tests yield satisfactory results, indicating that the ECM estimates are consistent with the empirical framework.peer-reviewe

Testing the degree of openness of the Greek capital account : a cointegration analysis

The issue of capital mobility and the related issue of financial market integration is one of the most pronounced cases of contradiction between casual empiricism and conventional wisdom, in the one hand, and the results of formal empirical testing on the other. The question of the degree of capital mobility is an important one in economic analysis. This is because the assumptions one makes about the degree to which capital is mobile internationally can significantly influence the conclusions of the analysis. Over the past decade developing countries have experienced a continuing process of financial market liberalization and growing financial flows. Measuring the degree of capital mobility – defined as the degree of linkage between domestic and foreign interest rates – is central to our understanding and assessment of financial liberalization and its consequences. There are some methodological issues concerning the degree of capital mobility: The connection between capital mobility and market integration seems to be clear; if markets are integrated then capital will move more freely. Feldstein and Horioka (1980) have proposed to measure capital mobility using the degree of correlation between saving and investment rates. The Ferdstein-Horioka criterion also implies that capital mobility can be measured on the basis of differential (nominal and real) rates of interest. However, other researchers argued that the saving-investment correlation is not a proper measure of the degree of capital mobility and market integration (Goldstein et al, 1991), Frankel and MacArthur (1988). In this paper, following Edwards and Khan (1985), the domestic interest rate is hypothesized to depend on weighted average of domestic and foreign factos. The approach that was used is maximum likelihood cointegration analysis of Johansen (1988), and Johansen and Juseliu (1990). The results support the impact of both domestic and international influences on the domestic rate in the case of Greek economy. The evidence based on the Edwards and Khan (1985) approach seems to support the hypothesis of high (but not perfect) capital mobility in the Greek economy. The capital is highly mobile.peer-reviewe

Chapter 10 Carbonation of calcium carbide residue

In this chapter, the background information about the manufacturing of calcium carbide, sources of calcium carbide residue (CCR), chemical and mineralogical properties of CCR, current as well as potential utilization of CCR, current disposal practices, and the different treatment techniques for carbon sequestration and production of viable products for various industrial applications were discussed. The utilization aspects varied from the construction industry to civil works, waste management industry, and future horizons, whereby the production of high value-added products is emphasized through some examples. A newly developed natural carbonation process was discussed. The MGF has many advantages such as (a) the process is fit the recent environmental applications; (b) the ability to optimize the required reaction time; (c) eliminating the need for additional thermal and mineralogical experiments required to determine carbon sequestration efficiency and ensure sustainable use of CO2 during the application process. Indirect carbonation techniques for producing pure calcium carbonate and other valuable products such as xonotlite and calcium formate were discussed. The system-based design approach, where the process is augmented with techniques to prevent aggregation during the carbonation process, such as the jet flow system, and the chemical-based approach, where chemical reagents were used to leach specific metal ions, were evaluated. Finally, the production of CaO-based sorbents using calcium carbide residue (CCR) was discussed. The Ca-looping process was debated and the factors that impact the thermal stability of the produced synthetic sorbents. Modification processes such as hydration treatment, thermal pretreatment, material modification, and incorporation of inert support materials were evaluated with specific examples such as briquette, foaming, copyrolysis, and carbon templating

Chapter 6 Carbonation technologies

This chapter discusses some selected carbonation processes to identify the stage at which each technology is ready for implementation by using the nine Technology Readiness Levels Available technologies that implemented the multistep aqueous carbonation processes were discussed. These technologies were divided into two groups. The first deals with technologies for natural serpentine carbonation, such as the Nottingham University process (TRL3), the Åbo Akademi process (TRL3), the Shell process (TRL7), and the US National Energy Technology Laboratory process (TRL3); while, the second deals with technologies for alkaline waste carbonation (AWC) such as The High Gravity Carbonation (HiGCarb) pilot-scale project in Taiwan (TRL3) for Basic Oxygen Furnace slag, and Mohamed and El-Gamal\u27s Fluidization (MGF) Process (TRL6) for variety of AWC such as cement Kiln dust (CKD), fly ash, and steel slags. Five case studies for the use of the MGF process were presented. These are (a) CKD; (b) EAF steel slag; (c) manufacturing of sewerage pipes from (i) bitumen-based modified elemental sulfur, (ii) crushed sand, dune sand, and carbonated Ladle Furnace (LF) slag as aggregate material; and (iii) carbonated ground granulated blast furnace slag (GGFBS) as a filler; (d) demonstration in actual underground sewerage environment for ordinary Portland cements concrete, as a reference, sulfate resistance cement concrete, and two types of sulfur concrete, one of which was manufactured with modified sulfur cement as well as carbonated fly ash; and (e) demonstration in saline, and variable acidic environments, whereby the products were manufactured using elemental sulfur, modified sulfur cement, sand, and carbonated CKD using the MGF process. Details regarding hydration mechanisms, factors that control the hydration process, optimum operating conditions for the hydration process, carbonation processes, degree of sequestration, and optimum carbonation parameters were discussed. Carbonated products were evaluated using X-ray diffraction analysis, thermo-gravimetric analysis, and scanning electron microscopy. Finally, the potential leachability and long-term stability of carbonated products were evaluated

Chapter 3 Assessment of carbon dioxide utilization technologies

This chapter provides the background for the conduct of Techno-Economic Assessment (TEA) and Life Cycle Assessment (LCA) analyses, which include goal and scope setting, data inventory, delineation of economic indicators, analysis of data, modeling results, and reporting. Details are provided on how to properly define a product\u27s system and functional unit, the system boundaries, the quality requirements of the collected data, the standards for benchmarking with other products of similar performance, the maturity of the technology to be used, and the assessment indicators of the study. The importance of information that relates to equipment, material, and energy flows, the transport needs and the waste generated, together with their assigned prices and market volumes, the regional setting for a carbon capture and utilization (CCU) product\u27s marketability and its multi-functionality is also addressed given LCA, ISO, and the European Union\u27s standards. For TEA, the use of economic indicators, such as profitability indicators and enviro-economic indicators (e.g., CapEx per ton of CO2 eq.) is explained, whereas, for LCA, indicators for global warming potential, resource depletion, human health, and biodiversity/ecosystem service are elaborated, with examples related to the carbon mineralization technology. The chapter concludes with the final stage of LCA studies, the interpretation step, where issues related to data quality, consistency, completeness, and reliability are discussed together with the risk analysis of the LCA study

Chapter 2 Carbon capture and utilization

This chapter discusses the carbon capture technologies, such as postconversion, preconversion and oxy-fuel combustion, emitting sources, potentially captured quantities, associated capture costs for technological implementation, transport mechanisms, and storage options in the subsurface geological formations, in the ocean, or as a mineral carbonate. Carbon utilization technologies, such as the chemical conversion of CO2 without and with the use of hydrogen, biological CO2 conversion by photosynthesis, electrochemical and photochemical reduction of the CO2 carbon, and inorganic fixation of CO2 in inorganic compounds such as Ca- and Mg-carbonates are also discussed. An overview of the global CO2 utilization projects is highlighted. The potential binding capacities of some selected CCU products and their economic values are presented. The viability of both CCS and CCU technologies, from the viewpoint of market needs, is addressed. Finally, current relevant policy and regulations, which would support the development and implementation of both CCS and CCU, and recommendations for the development of new ones are expounded

Chapter 9 Carbonation of steel slag

In this chapter, we discussed the sources and chemical and mineralogical characteristics of a variety of steel and iron slags, such as basic oxygen furnace (BOF), electric-arc furnace (EAF), ladle furnace (LF), blast furnace slag (BFS), and argon oxygen decarburization (AOD) slag. Also, we discussed the current utilization of steel and iron slags in civil engineering applications, such as cement production, concrete aggregate, asphalt aggregate, road bases, and subbases, and soil stabilization, as well as other miscellaneous applications, such as steelmaking, fertilizer production, linings for waterways, daily landfill covers, railroad ballast, and waste management. Problems associated with such utilization were highlighted and discussed and mitigation measures were provided. Slag pretreatment such as hydration was discussed with emphasis on the newly formed products that might hinder the hydration process. Also, mitigation methods were highlighted. Carbonation methods, such as gas-solid versus gas-aqueous media solid, direct (or single-step) versus indirect (or multi-step), additive-enhanced or without chemical additives, and combination of the above processes, were discussed with specific case studies from the literature. For direct carbonation, we discussed a variety of carbonation methods such as (a) fluidized bed reactor; (b) high gravity rotating packed bed; (c) ultrasound; (d) spouted bed reactor; and (e) static packed bed with two moisture conditions (i) thin-film carbonation; and (ii) slurry carbonation. For indirect carbonation, a rotating packed bed, as an example, was used. For both direct and indirect carbonation, we discussed the effect of various controlling parameters on carbon uptake, such as gas pressure, temperature, concentration, flow rate, solid product layer characteristics, mass transfer coefficients, activation energy, the ratio of mineral-to-gas, ratio of available reacting species (Ca/Mg; Ca/Si, etc.), the concentration of reacting species, solution pH, solid-to-liquid ratio, humidity, nature of the bed reactor (static, rotating, fluidized, etc.), and reacting bed boundary conditions (open vs. closed). It was challenging to compare carbonation methods because they were done with different slags and operating conditions. However, dynamic systems such as fluidized bed, rotating bed, and ultrasonic would result in more carbon uptake than static bed due to their abilities to create an excellent hydrodynamic design within the vessel, increase the mass transfer rate, increase attrition rate, enhance the breaking up of the aggregated particles, continual detachment of the product layer and exposure of the unreacted core to further chemical reactions with carbonic species

Chapter 12 Carbonation of mine tailings waste

This chapter introduces general information about the mine tailing waste residues: their sources and properties. It also highlights the carbonation of such residues done with/without pretreatment through single/multiple step(s). It concerns with detailed description of anorthosite, ultramafic, ophiolitic complexes tailing waste residues and red mud with further demonstration about its processes such Bayer, calcination-carbonation showing the effects of different parameters. Finally, the reader finds the practical applications of these carbonated tailing waste residues, where more studies are recommended to enhance their utilization

Chapter 11 Carbonation of cement-based construction waste

This chapter highlighted the concept of cement/concrete carbon cycle and summarizes the utilization studies of such type of materials through mineral carbonation of different types of cement-base construction wastes