scholarly journals Une analyse économétrique de la demande et de l’offre de dépôts des sociétés de crédit populaire : le cas des Caisses populaires

2009 ◽  
Vol 55 (2) ◽  
pp. 207-229 ◽  
Author(s):  
Jean-Pierre D. Chateau
Keyword(s):  
Demand Function ◽  
Balance Model ◽  
Reduced Form ◽  
Supply Side ◽  
Flow Variable ◽  
Deposit Rate ◽  
Risk Return ◽  
Portfolio Balance ◽  
Public Views ◽  
The Impact

The aim of the study is to explain Quebec major credit union's deposit market by way of integrating its public demand function with the institution's rate-setting operation. The demand for Caisses' deposits is specified as a dynamic stock adjustment model. On the other hand, the intermediary's rate-setting reduced form is derived from a risk-return portfolio balance model in which the managers maximize the expected utility of reserves. The two models are integrated by means of a liability composite rate. Econometric estimates of the integrated model provide us with interesting policy insights. For instance, the Quebecois public views chartered banks' deposits as a weak substitute for Caisses' deposits; it is also more responsive to nonrate arguments, such as loan eligibility or the institution's ethnic appeal. On the supply side, competitive liability rates are more important than returns on assets when the Caisses set its deposit rate. Finally, the impact growth imbalance between loans and deposits is well captured by a flow variable, without infringing on the steady determination based on rates.

Application of a Tax to E-Commerce Deliveries in Barcelona

2021 ◽  
pp. 036119812110124
Author(s):  
Genís Majoral ◽  
Francesc Gasparín ◽  
Sergi Saurí
Keyword(s):  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
Supply Side ◽  
Environmental Tax ◽  
Positive Outcomes ◽  
Demand Side ◽  
Benefit Analysis ◽  
Revenue Collection ◽  
Last Mile ◽  
The Impact

The number of e-commerce transactions is increasing worldwide. Deliveries of goods purchased online generate externalities throughout the whole supply chain and, particularly, the increasing concern about the last-mile distribution of goods. The escalating presence of vans in cities contributes to poor air quality, climate change, noise, and congestion. So far, the majority of solutions to address this issue are based on the supply side, such as electric vans, optimizing the routing and pick-up-points, and so forth. Even in other transport sectors, pricing solutions are well known, yet they have not been extended to e-commerce delivery. This paper aims to propose an environmental tax falling on the demand side and equaling the externalities from this activity. The analysis has been particularized for the case of Barcelona. A cost–benefit analysis to assess the impact of such a tax has been carried out. When revenue collection is reinvested in the logistics sector, and for subsidizing electric distribution vehicles, the results indicate that the levying of the tax can generate positive outcomes.

scholarly journals Imaging NAD(H) Redox Alterations in Cryopreserved Alveolar Macrophages from Ozone-Exposed Mice and the Impact of Nutrient Starvation during Long Lag Times

Antioxidants ◽  
2021 ◽  
Vol 10 (5) ◽  
pp. 767
Author(s):  
He N. Xu ◽  
Joanna Floros ◽  
Lin Z. Li ◽  
Shaili Amatya
Keyword(s):  
Oxidative Stress ◽  
Alveolar Macrophages ◽  
Redox State ◽  
Redox Status ◽  
Nutrient Starvation ◽  
Ozone Exposure ◽  
Reduced Form ◽  
Time Period ◽  
Lag Times ◽  
The Impact

Employing the optical redox imaging technique, we previously identified a significant redox shift of nicotinamide adenine dinucleotide (NAD and the reduced form NADH) in freshly isolated alveolar macrophages (AM) from ozone-exposed mice. The goal here was twofold: (a) to determine the NAD(H) redox shift in cryopreserved AM isolated from ozone-exposed mice and (b) to investigate whether there is a difference in the redox status between cryopreserved and freshly isolated AM. We found: (i) AM from ozone-exposed mice were in a more oxidized redox state compared to that from filtered air (FA)-exposed mice, consistent with the results obtained from freshly isolated mouse AM; (ii) under FA exposure, there was no significant NAD(H) redox difference between fresh AM that had been placed on ice for 2.5 h and cryopreserved AM; however, under ozone exposure, fresh AM were more oxidized than cryopreserved AM; (iii) via the use of nutrient starvation and replenishment and H2O2-induced oxidative stress of an AM cell line, we showed that this redox difference between cryopreserved and freshly isolated AM is likely the result of the double “hit”, i.e., the ozone-induced oxidative stress plus nutrient starvation that prevented freshly isolated AM from a full recovery after being on ice for a prolonged time period. The cryopreservation technique we developed eliminates/minimizes the effects of oxidative stress and nutrient starvation on cells. This method can be adopted to preserve lung macrophages from animal models or clinical patients for further investigations.

scholarly journals Gaseous chemistry and aerosol mechanism developments for version 3.5.1 of the online regional model, WRF-Chem

2014 ◽  
Vol 7 (6) ◽  
pp. 2557-2579 ◽  
Author(s):  
S. Archer-Nicholls ◽  
D. Lowe ◽  
S. Utembe ◽  
J. Allan ◽  
R. A. Zaveri ◽  
...  
Keyword(s):  
Gas Phase ◽  
Chemical Mechanism ◽  
Reduced Form ◽  
Sea Spray ◽  
Wind Fields ◽  
Aerosol Composition ◽  
Aerosol Emission ◽  
Sea Spray Aerosol ◽  
The Impact ◽  
Phase Chemical

Abstract. We have made a number of developments to the Weather, Research and Forecasting model coupled with Chemistry (WRF-Chem), with the aim of improving model prediction of trace atmospheric gas-phase chemical and aerosol composition, and of interactions between air quality and weather. A reduced form of the Common Reactive Intermediates gas-phase chemical mechanism (CRIv2-R5) has been added, using the Kinetic Pre-Processor (KPP) interface, to enable more explicit simulation of VOC degradation. N2O5 heterogeneous chemistry has been added to the existing sectional MOSAIC aerosol module, and coupled to both the CRIv2-R5 and existing CBM-Z gas-phase schemes. Modifications have also been made to the sea-spray aerosol emission representation, allowing the inclusion of primary organic material in sea-spray aerosol. We have worked on the European domain, with a particular focus on making the model suitable for the study of nighttime chemistry and oxidation by the nitrate radical in the UK atmosphere. Driven by appropriate emissions, wind fields and chemical boundary conditions, implementation of the different developments are illustrated, using a modified version of WRF-Chem 3.4.1, in order to demonstrate the impact that these changes have in the Northwest European domain. These developments are publicly available in WRF-Chem from version 3.5.1 onwards.

scholarly journals Evapotranspiration simulated by CRITERIA and AquaCrop models in stony soils

2015 ◽  
Vol 10 (2) ◽  
pp. 67 ◽  
Author(s):  
Pasquale Campi ◽  
Francesca Modugno ◽  
Alejandra Navarro ◽  
Fausto Tomei ◽  
Giulia Villani ◽  
...  
Keyword(s):  
Statistical Tests ◽  
Efficiency Index ◽  
Balance Model ◽  
Coefficient Of Determination ◽  
Wheat Crop ◽  
Area Index ◽  
Aquacrop Model ◽  
Daily Evapotranspiration ◽  
Daily Scale ◽  
The Impact

The performance of a water balance model is also based on the ability to correctly perform simulations in heterogeneous soils. The objective of this paper is to test CRITERIA and AquaCrop models in order to evaluate their suitability in estimating evapotranspiration at the field scale in two types of soil in the Mediterranean region: non-stony and stony soil. The first step of the work was to calibrate both models under the non-stony conditions. The models were calibrated by using observations on wheat crop (leaf area index or canopy cover, and phenological stages as a function of degree days) and pedo-climatic measurements. The second step consisted in the analysing the impact of the soil type on the models performances by comparing simulated and measured values. The outputs retained in the analysis were soil water content (at the daily scale) and crop evapotranspiration (at two time scales: daily and crop season). The model performances were evaluated through four statistical tests: normalised difference (D%) at the seasonal time scale; and relative root mean square error (RRMSE), efficiency index (EF), coefficient of determination (r<sup>2</sup>) at the daily scale. At the seasonal scale, values of D% were less than 15% in stony and on-stony soils, indicating a good performance attained by both models. At the daily scale, the RRMSE values (2) indicate the inadequacy of AquaCrop to simulate correctly daily evapotranspiration. The higher performance of CRITERIA model to simulate daily evapotranspiration in stony soils, is due to the soil submodel, which requires the percentage skeleton as an input, while AquaCrop model takes into account the presence of skeleton by reducing the soil volume.

scholarly journals Effect of Money Supply on the Stock Market

2017 ◽  
Vol 65 (2) ◽  
pp. 465-472 ◽  
Author(s):  
Vladimír Pícha
Keyword(s):  
Monetary Policy ◽  
Stock Market ◽  
Money Supply ◽  
Policy Framework ◽  
Vector Error Correction ◽  
Flow Of Funds ◽  
Portfolio Balance ◽  
Vector Error ◽  
Long Run ◽  
The Impact

This paper observes effect of money supply on the stock market through the portfolio balance channel as a transmission mechanism of monetary policy. National flow of funds accounts, specifically assets from US households’ portfolios, represent a key data source. Johansen’s cointegration methodology is employed in the empirical part of the paper to analyze both short term and long term relationships among researched variables. Estimates of vector error correction model help to reliably quantify intensity of the effect. Results show money supply excercises influence on valuation of S&P 500 index with 6 months lag. The impact is also distinguishable in the long run, whereas all observed asset classes can positively influence price of S&P 500. Findings are then contextualized in the concluding part of the paper using a monetary policy framework.

scholarly journals BESTest for Integrated Outdoor-Indoor Energy Balance Modelling

2021 ◽  
Author(s):  
Mohammed Bakkali ◽  
Yasunobu Ashie
Keyword(s):  
Energy Balance ◽  
Three Dimensional ◽  
Building Blocks ◽  
Building Energy ◽  
Energy Simulation ◽  
Balance Model ◽  
Fully Integrated ◽  
Heat Islands ◽  
Urban Heat ◽  
The Impact

In our growing cities, climate change and energy related uncertainties are of great concern. The impact of the Urban Heat Island on comfort, health and the way we use energy still requires further clarification. The outdoor-indoor energy balance model (3D-City Irradiance) presented in this article was developed so as to address these issues. The effects of view factors between urban surfaces on three-dimensional radiation and the effects of fully integrated outdoor-indoor energy balance schemes on heat islands and building indoor thermal loads could be included within different building blocks at a resolution of several metres. The model operated under the ‘stand alone’ mode. It was tested using the Building Energy Simulation Test (BESTest) which demonstrated good levels of agreement for diurnal and seasonal simulations.

scholarly journals Oil Price Shocks in a Portfolio-Balance Model

1981 ◽  
Vol 1981 (181) ◽  
pp. 1-25 ◽  
Author(s):  
Gerard Caprio ◽  
◽  
Peter B. Clark
Keyword(s):  
Oil Price ◽  
Balance Model ◽  
Oil Price Shocks ◽  
Price Shocks ◽  
Portfolio Balance

scholarly journals The importance of evaluation of economic determinants in public procurement processes in Slovakia in 2010–2016

2017 ◽  
Vol 8 (3) ◽  
Author(s):  
Andrea Tkacova ◽  
Beata Gavurova ◽  
Jakub Danko ◽  
Martin Cepel
Keyword(s):  
Negative Impact ◽  
Public Procurement ◽  
Value Added ◽  
Supply Side ◽  
Economic Determinants ◽  
Goods And Services ◽  
Limit Orders ◽  
Survey Sample ◽  
The Impact

Research background: Public procurement is designed to efficiently spend public sector financial resources. This should lead to savings in public funds. Domestic and foreign studies point to the fact that sufficient competition on the supply side is the condition for achieving those savings. Slovakia currently belongs to a group of countries with low competition on the supply side of the tender. Every year, about 10,000 tenders will be made in Slovakia for 5 billion Eur. However, contracting authorities have difficulty with establishing the estimated contract value and defining non-discriminatory criteria. On the other hand, contractors lack the expertise to prepare tenders, specifications are often tailored to specific bidders or products, and the price criterion has a negative impact on the quality of the goods and services purchased. Purpose of the article: The aim of the study was to investigate the impact of selected efficiency determinants on savings in public procurement in Slovakia in 2010–2016. The number of bids, the subcontractor's participation, the narrower competition and the impact of the narrower competition and the expected price on the number of bids have been examined. Methods: The survey sample consisted of 800 randomly selected public procurement con-tracts from different sectors in 2010–2016. The contracts were split on the basis of the median estimate of the above-limit (409 contracts) and below-limit (391 contracts) contracts; the divestment value was the estimated price of 400,000 Euro (without the tax). Findings & Value added: The number of offers positively influences the creation of savings in public procurement, an average of 5-6%. The impact of a narrow competition was significant, which led to a decrease in savings of 3-4% compared to the open competition if the sample was 800 contracts and over 400,000 Euro (without the tax). For below-limit orders, this determinant was shown to be statistically insignificant. The size of the contract did not affect the number of successful candidates. Also, the negative impact of narrower competition on the number of tenders was demonstrated. These findings are in line with the presented research studies. In the future, we plan to perform sectoral analyses to verify the validity of the hypotheses under review based on the results of our research.

scholarly journals Modeling the Separation of Microorganisms in Bioprocesses by Flotation

2018 ◽  
Author(s):  
Stefan Schmideder ◽  
Christoph Kirse ◽  
Julia Hofinger ◽  
Sascha Rollié ◽  
Heiko Briesen
Keyword(s):  
Fluid Dynamics ◽  
Separation Efficiency ◽  
Algebraic Model ◽  
Balance Model ◽  
Separation Processes ◽  
Dissolved Air Flotation ◽  
Computational Fluid Dynamics Cfd ◽  
Cell Size Distributions ◽  
Fermentation Broths ◽  
The Impact

Bioprocesses for the production of renewable energies and materials lack efficient separation processes for the utilized microorganisms such as algae and yeasts. Dissolved air flotation (DAF) and microflotation are promising approaches to overcome this problem. The efficiency of these processes depends on the ability of microorganisms to aggregate with microbubbles in the flotation tank. In this study, different new or adapted aggregation models for microbubbles and microorganisms are compared and investigated for their range of suitability to predict the separation efficiency of microorganisms from fermentation broths. The complexity of the heteroaggregation models range from an algebraic model to a 2D population balance model (PBM) including the formation of clusters containing several bubbles and microorganisms. The effect of bubble and cell size distributions on the flotation efficiency is considered by applying PBMs, as well. To determine the impact of the model assumptions, the modeling approaches are compared and classified for their range of applicability. Evaluating computational fluid dynamics (CFD) of a DAF system shows the heterogeneity of the fluid dynamics in the flotation tank. Since analysis of the streamlines of the tank show negligible backmixing, the proposed aggregation models are coupled to the CFD data by applying a Lagrangian approach.

scholarly journals Risk Return Performance of Bitcoin and Alternative Investment Assets in Mixed Asset Portfolios in the Years 2018 to 2020

2021 ◽  
Vol 129 ◽  
pp. 03006
Author(s):  
David Elferich
Keyword(s):  
Statistical Analysis ◽  
Financial Crisis ◽  
Value Added ◽  
Financial Industry ◽  
Paired Sample ◽  
Risk Return ◽  
Efficiency Theory ◽  
Asset Classes ◽  
The Impact ◽  
Institutional Finance

Research background: Since the financial crisis in 2008, numerous other cryptocurrencies have established themselves in the financial industry alongside Bitcoin. Although the validity of the user cases is still lacking, Bitcoin is already being used extensively in the institutional finance sector, among others. Here, the comparison of Bitcoin to other asset classes in mixed portfolio structures must be taken into account. According to the latter, far-reaching areas of investigation emerge by adding Bitcoin in the evaluation of risk-return ratios of mixed portfolio weightings. Purpose of the article: The objective of this paper is to examine, within the framework of Harry Markowitz’s efficiency theory, the impact of including Bitcoin as an investment asset for the risk-return ratios of mixed portfolio structures. Methods: The statistical analysis is based, among other things, on paired sample tests, where the return and volatility values are tested for significant differences in the selected test values. Findings & Value added: The statistical investigations show that the introduction of Bitcoin leads to advantageous return structures, but at the same time to significantly increased volatility values of the examined portfolio constellations. Setting a regional focus of the investment assets in the investigations led to a simplified evaluation basis and at the same time offers the scientific space for further investigations.

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