Stimulating Non-Energy Exports in Trinidad and Tobago: Evidence from a Small Petroleum-Exporting Economy Experiencing the Dutch Disease

The motivation for this study hinges around the fact that Trinidad and Tobago (T&T) is suffering from the Dutch disease which inadvertently hinders the growth of non-energy exports. This paper examines measures that can be adopted for a small petroleum-exporting economy to dampen the effect of Dutch disease by promoting non-energy trade. This paper is novel and contributes to the literature in using panel data for the T&T case, as it investigates the effect of a devaluation of the TT dollar in order to stimulate non-energy exports (a combination of agriculture and manufacturing trade). Note that previous studies would have examined the Marshall–Lerner condition on the aggregate trade balance which is heavily influenced by energy revenues. The panel autoregressive distributed lag (ARDL) method is used for ten of T&T’s main trading partners for the period 1991 to 2019 to establish findings. The results show that the Marshall–Lerner condition does not hold for aggregate trade in the long run, as expected. However, when non-energy trade is isolated, it is found that a devaluation of the TT dollar does have a positive impact on non-energy trade and the Marshall–Lerner condition holds. Other measures are also recommended to stimulate non-energy exports in the long run.

Evaluation of the Potential of Nanofluids Containing Different Ag Nanoparticle Size Distributions for Enhanced Solar Energy Conversion in Hybrid Photovoltaic-thermal (PVT) Applications

Hybridising photovoltaic and photothermal technologies into a single system that can simultaneously deliver heat and power represents one of the leading strategies for generating clean energy at more affordable prices. In a hybrid photovoltaic-thermal (PVT) system, the capability to modulate the thermal and electrical power output is significantly influenced by the spectral properties of the heat transfer fluid utilised. In this study, we report on one of the first experimental evaluations of the capability of a multimodal silver nanofluid containing various particle shapes and particle sizes to selectively modulate the solar energy for PVT applications. The diverse set of particle properties led up to a 50.4% enhancement in the solar energy absorbed by the nanofluid over the 300 nm – 550 nm spectral region, where silicon is known to exhibit poor photovoltaic conversion performances. This improved substantially the absorption of solar energy, with an additional 18 – 129 W m-2 of thermal power being generated by the PVT system. Along with the advancements made in the thermal power output of the PVT system, a decrease of 4.7 – 36.6 W m-2 in the electrical power generated by the photovoltaic element was noted. Thus, for every ~11 W m-2 increase of thermal power achieved through the addition of the nanoparticles, a reduction of ~3 W m-2 in the ability to generate clean electricity was sustained by the PVT. Despite the energy trade-offs involved under the conditions of the nanofluid, the PVT system cumulatively harvested 405 W m-2 of solar energy, which amounts to a total conversion efficiency of 45%. Furthermore, the economics of the additional energy harvested through merging of the two systems was found to reach an enhancement of 77% under certain European conditions.

Influential Nodes in the OBOR Fossil Energy Trade Network Based on D-S Theory: Detection and Evolution Analysis

The structure formed by fossil energy trade among countries can be divided into multiple subcommodity networks. However, the difference of coupling mode and transmission mechanism between layers of the multirelationship network will affect the measurement of node importance. In this paper, a framework of multisource information fusion by considering data uncertainty and the classical network centrality measures is build. Then, the evidential centrality (EVC) indicator is proposed, by integrating Dempster–Shafer evidence theory and network theory, to empirically identify influential nodes of fossil energy trade along the Belt and Road Initiative. The initial result of the heterogeneity characteristics of the constructed network drives us to explore the core node issue further. The main detected evidential nodes include Russia, Kazakhstan, Czechia, Slovakia, Egypt, Romania, China, Saudi Arabia, and Singapore, which also have higher impact on network efficiency. In addition, cluster analysis discovered that resource endowment is an essential factor influencing country’s position, followed by geographical distance, economic level, and economic growth potential. Therefore, the above aspects should be considered when ensuring national trade security. At last, the rationality and comprehensiveness of EVC are verified by comparing with some benchmark centralities.

Assessing the Effects of Logistics Performance on Energy Trade

Logistics has become one of the most important economic sectors. It significantly affects the transport infrastructure and many other sectors that are crucial for the country’s development. It is the factor that also influences trade efficiency. However, the question arises if logistics performance is significant for the trade of critical goods which are energy raw products. The aim of the paper is primarily to investigate the EU energy trade flows in general and to estimate the effect of logistics performance on the international trade of energy raw products. The energy raw products are grouped into solid, liquid, and gaseous products, and separate estimates are made for their export and import. The analysis also differentiates between the trade flows, that is export and import within the EU and trade flows between EU member states and third countries. The empirical model is based on the theory of gravity model extended to include the six subcomponents of the Logistics Performance Index (LPI). The results present that: (1) the standard gravity model variables, such as GDPs of reporter and partner countries and contiguity, are successful in explaining the trade flows of solid and liquid raw energy but in case of gas products, are insignificant; (2) the results indicate that all logistics’ performance subcomponents are highly significant and show positive effects on the export of liquid energy products, while for the solid and gas products, it seems to be insignificant when the energy commodities are more complex and costly to transport and store, and therefore, contiguity, i.e., when countries share a common border, positively affects energy trade.; (3) the EU imports most liquid energy products, but is generally very dependent on energy imports. EU policymakers should strive to either make more use of domestic resources or switch more to renewable energy sources

Interplay between shape and composition in bimetallic nanoparticles revealed by an efficient optimal-exchange optimization algorithm

Despite the large relevance of bimetallic metal nanoparticles for heterogeneous catalysis, the relation between their shape and elemental composition remains elusive. Here, we investigate this relationship by implementing and applying global optimization methods enhanced with a novel optimal-exchange algorithm. In particular, we determine the lowest energy chemical orderings for PtAu nanoparticles, revealing that the most stable shape changes from highly symmetric structures for pure particles to distorted and less symmetric shapes for intermediate compositions. The presented method leverages the local atomic contributions to an empirical surrogate energy expression to identify optimal atom exchanges. This also allows us to pinpoint the origin of the stability of distorted shapes, revealing a favorable energy trade-off when over-coordinating Pt and under-coordinating Au upon distorting the particle shape.

TURKISH-IRANIAN COMPETITION IN THE SOUTH CAUCASUS AND CENTRAL ASIA

Turkey and Iran have maintained stable relations for decades and established cooperation by exploring their common interests despite many political disputes, ideological differences, or economic competition. But recently, many emerging disagreements of the two neighbors started to test the breaking point of this longtime balance. Today, Ankara and Tehran are trying to get a better hand against each other through diplomatic, military, and economic instruments. Starting by presenting an overview of Turkish-Iranian relations, this article focuses on the main points of friction between the two actors in the South Caucasus and Central Asia. The region is going through a critical juncture with crucial events such as the Nagorno-Karabakh War in 2020 and the aftermaths of the U.S. withdrawal from Afghanistan. So far, Turkey has increased its regional influence by strengthening its economic and diplomatic presence and establishing military cooperation. This target is pursued through the Turkic identity, which provides the ideological basis for Ankara’s regional strategy. The Islamic Republic of Iran, on the other hand, is trying to defend the regional status quo to resist the containment strategy and international isolation that it has been facing since the revolution. The “axis of resistance” idea that Iran pursues, especially in the Middle East, is almost nonexistent in the Central Asian and Caucasian region due to the Russian factor, lack of sympathy to such an approach on the part of the regional actors, and the Regime’s reluctance to change the status quo in its Northern and Eastern borders. In addition to Ankara and Tehran’s competing regional desires, several bilateral problems to solve in energy, trade, security, and migration management put the actors on the opposing sides. The study claims that the incompatibility between the actors’ regional strategies increases to the point that their rivalry in the Middle East will expand to Central Asia and the Caucasian region. But in contrast to this slow process, there are imminent common issues that can only be solved by a joint effort by Turkey and Iran, and this necessity will restrain the damages of this incompatibility on bilateral relations.