Non-linear convergence in Asian interest rates and inflation rates

We examine the dynamics of convergence of the ASEAN5 plus the big three for nominal interest rates, inflation rates, and real interest rates. We test for convergence relative to the U.S and Japan, using monthly data over the period January 1990 - December 2010, using non-linear unit root tests. The results show strong evidence of stationary inflation and real interest rate differentials in all but China’s inflation differential relative to the U.S., and stationary nominal interest differentials in most of the cases. We interpret these results as convergence in inflation rates and real interest rates in all cases, and as nominal interest convergence in most of the cases. Moreover, examining the impact of the Asian crisis shows less number of convergences before the crisis and more convergences after the crisis. This suggests that convergence has increased after the 1997/98 Asian crisis, and that the crisis has pulled the economies together.interest rates convergence; inflation convergence; nonlinear unit root tests

GRAPHENE SAND COMPOSITES AND THEIR APPLICATIONS IN WATER TREATMENT

Water scarcity and the emergence of new contaminants are making the world in need of renewable water resources. Slow sand filtration is looked at as an affordable and easy method to filter water with a few weaknesses such as clogging and the inability to remove complex matrix ingredients. To overcompensate these limited weaknesses, graphene-coated sand was studied. Ottawa, concrete, and masonry sand were used, using a reduction method to transform a coating of sugar into elemental carbon in N2 atmosphere at temperatures reaching 750°C. After that, the synthesized materials were activated using sulfuric acid. To verify the effectiveness of the coating process used, a digital microscope, Raman spectroscopy, scanning electron microscope, and energy-dispersive X-ray spectroscopy were implemented. After that, flow-through columns were used to evaluate the ability of the different materials to remove turbidity and bacteria. Due to the additional expense related to the activation process, columns packed with graphene sands were tested alongside the non-activated ones as well as columns containing the raw sands. The digital microscope revealed that rounded (Ottawa sand) particles were coated less efficiently than sub-angular and angular particles (concrete, and masonry sand). The Raman spectroscopy revealed the formation of G and D bands in all graphitized sands suggesting complete graphitization of the sugar and the presence of defect site necessary for the adsorption of contaminants. Furthermore, the peak intensity was 30% higher in concrete and masonry graphitized sands compared to Ottawa graphitized sand solidifying the visual characterization. SEM on the samples revealed the formation of carbon sheets 10 nm thick and EDS results backed up the geological identification of the sands with quantification of the elements. The graphene-coated sand dominated the turbidity stress test. The graphene-coated Ottawa (GCOS) sand lasted high turbidity by more than 15% longer when compared to raw Ottawa sand (ROS). And the effluent turbidity value was 25% lower in GCOS compared to ROS. Bacteria removal in both Ottawa and masonry sand increased with graphene coating, concrete sand maintained removal higher than 90% when coated. The difference in effectiveness of the activation is minuscule and cannot be justified with the current work

Gender writing : representation of Arab women in postcolonial literature

EThOS - Electronic Theses Online ServiceGBUnited Kingdo

Non-linearities in the dynamics of oil prices

We utilize non-linear models to examine the stationarity of oil prices (Brent, Dubai, WIT and World) over the period 1973:2-2011:2. Real oil prices are calculated and expressed in the domestic currencies of seven Asian countries (Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore and Thailand) and in the U.S dollar. Applying linear unit root tests with and without structural breaks shows very limited evidence of stationarity. However, applying non-linear models shows evidence of non-linearity in all the cases. In most cases, we find significant evidence of exponential smooth transition autoregression (ESTAR) type non-linearity. Notably, the results for Japan suggest logistic (LSTAR) type non-linearity for the four oil prices. Applying unit root tests, which account for two types of non-linearities (smooth transition and nonlinear deterministic trends), reveals evidence of stationarity in all the cases.oil prices; nonlinear unit root tests; nonlinear deterministic trends; smooth transition autoregression

Case of the month

A 72 year old female presented to the ER after she suffered a traumatic hip fracture following a dizzy spell. She was trying to stand up when she suddenly became light headed and fell to the ground. She denied any loss of consciousness, nausea, sweating or palpitations prior to the fall. She recalls having had milder episodes similar to this over the prior few days, all developing when she tried to stand up

The effects of oil price shocks on Asian exchange rates: Evidence from quantile regression analysis

© 2018 Elsevier B.V. This paper investigates the effects of oil price shocks on Asian exchange rates. We employ quantile regression analysis and allow for structural breaks and asymmetry. Our results indicate that positive and negative oil price shocks have asymmetrical effects on exchange rate returns that vary in significance, size, and sign throughout the distribution of exchange rate returns. The impact of oil price shocks is also affected by market conditions (bearish and bullish currency markets). During bullish markets in domestic currencies, (at lower quantiles of currency movements in terms of U.S. dollar exchange rates), rising oil prices cause further appreciation for Indonesia, Korea, the Philippines, and Thailand currencies. During bearish markets in the domestic currencies (at higher quantiles of exchange rate movements in terms of U.S. dollar exchange rates), rising (falling) oil price causes further currency depreciation for Indonesia (Malaysia). Thus, currencies respond differently to oil price shocks under extreme bullish or bearish currency market conditions and the impact of rising or falling oil prices on foreign exchange markets can vary by country and market conditions

Dynamic relationship between exchange rates and stock prices for the G7 countries: A nonlinear ARDL approach

This paper employs linear and nonlinear ARDL models to examine the short-run and long-run relationship between stock prices and exchange rates in the G7 countries. Both the flow-oriented approach that exchange rates affect stock prices and the portfolio balance approach that stock prices affect exchange rates are supported in the short-run. Neither model is supported in the long-run using linear ARDL models, but the nonlinear ARDL model shows evidence supporting the portfolio balance approach in four of the countries. In these four countries we find that rising and falling stock prices have significant long-run effects on their exchange rates. Furthermore, Granger causality tests confirm that causality runs from stock prices to exchange rates in six of the countries. Thus, the use of a longer and more recent data set provides stronger long-run support for the portfolio balance approach than found in most of the recent literature, while we confirm results of recent research showing no long-run evidence of causation running from exchange rates to stock prices

Asymmetric oil price and Asian economies: A nonlinear ARDL approach

© 2020 Elsevier Ltd We study the asymmetric effects of oil price changes on the domestic output of the ASEAN-5 countries (Indonesia, Malaysia. Singapore, Philippines, and Thailand) plus Japan and Korea. Asymmetries are introduced by accumulating oil price increases separately from decreases using partial sum processes in a nonlinear ARDL framework. Utilizing annual data for the period 1973–2018, the results from the linear ARDL model suggest that oil price changes do not affect the domestic output of Indonesia, Korea, Singapore, and Thailand. However, the nonlinear ARDL model reveals that oil price changes asymmetrically affect the domestic output of all seven Asian countries in both the short-run and in the long-run. We observe an asymmetrically larger effect on output from rising oil prices than from falling prices, but effects vary across countries. Moreover, nonlinear causality tests confirm causality from oil price to output in all the countries

Outperformance in the Lodging Industry - Five Financial Signals to Watch

Economic tides fall and rise, as everyone with any amount in a 401K plan can attest. So how does a lodging firm stay ahead of the pack when many get drifted away? Clearly there are some firms that stay the course and thrive in periods of adversity. This study identifies five financial signals for lodging firms to keep a close eye on for a better future