Search results for "Exchange"
showing 10 items of 2035 documents
Stock market information and the relationship between real exchange rate and real interest rates
2013
In this paper we propose to augment the traditional relationship between real exchange rates and real interest rates (RERI) by adding the stock market equilibrium condition to it. We introduce the relative dividend yield as the new information variable. In the empirical analysis we use recent monthly observations from the U.K., Japan, Canada and Eurozone, all relative to the U.S. We show that the introduction of stock market information is highly relevant for the functioning of the RERI hypothesis. Based on the results from the cointegration analysis the role of relative stock market performance is especially important in the short- term (3 month) horizon, where the augmented RERI represent…
The Macroeconomy After Tariffs
2021
AbstractWhat does the macroeconomy look like in the aftermath of tariff changes? This study estimates impulse response functions from local projections using a panel of annual data that spans 151 countries from 1963 to 2014. Tariff increases are associated with persistent, economically and statistically significant declines in domestic output and productivity, as well as higher unemployment and inequality, real exchange rate appreciation, and insignificant changes to the trade balance. Output and productivity impacts are magnified when tariffs rise during expansions and when they are imposed by more advanced or smaller (as opposed to developing or larger) economies; effects are asymmetric, …
Stock Returns and Exchange Rate Volatility Spillovers in the MENA Region
2010
In this article, we examine the presence of volatility spillovers between nominal exchange rates and stock returns in three MENA countries: Egypt, Morocco and Turkey. The multivariate GARCH model we use does not produce evidence of cross-market effects for the general stock indices returns. Nevertheless, bidirectional shock and volatility spillovers between exchange rates and stock returns exist at the industry sector level. These findings are more pronounced in Egypt and Turkey. The different results are due to the different exchange rate regimes/policies adopted by the three countries. While exchange rates in Egypt and Turkey were allowed to float, Morocco followed a more tightly managed…
Infrastructure and Regional Economic Growth: The Spanish Case
1994
CUTANDA A. and PARICIO J. (1994) Infrastructure and regional economic growth: the Spanish case, Reg. Studies 28, 69-77. This paper considers the measurement of infrastructure capital in the Spanish regions and examines the regional disparities found. The relationship between income and infrastructure is studied in order to determine the impact of public capital in accounting for regional disparities in incomes. The empirical evidence shows that infrastructure has a significant positive effect on the income disparities at regional level. CUTANDA A. et PARICIO J. (1994) L'equipement et la croissance economique regionale, Reg. Studies 28, 69-77. Cet article considere la mesure du capital affec…
Scaffolding patterns of dialogic exchange in toddler classrooms
2021
The present study investigates how often episodes of dialogic exchange can be identified in educator–toddler interactions during play and emerging academic activities, what kind of scaffolding strategies educators use during the episodes of dialogic exchange and, ultimately, what kind of scaffolding patterns of dialogic exchange can be identified based on educators' use of scaffolding strategies. Educator–child interactions were video-recorded in seven European countries, in two toddler classrooms in each country. The video recordings of emerging academic and play activities were transcribed and analysed, combining the principles of theory and a data-driven content analysis. First, 69 episo…
The Euro's Effect on Trade Balance Dynamics
2015
During the pre-EMU period changes in real effective exchange rate or faster-than-trading-partners growth rates Granger caused changes in trade balance in most of the EMU-12 countries. However, our data driven article provides evidence that after the adoption of euro, these Granger causalities disappeared. We decompose trade balances into intra balances (trade balance vis-a-vis the euro area) and extra balances (trade balance vis-a-vis the rest of the world), and find that the disappearance of dynamic feedback effect typically occurred in the intra balances rather than in the extra balances. Our results imply that debtor countries cannot reduce their trade deficits in the short-run by enhanc…
Inclusive pion-nucleus double charge exchange.
1989
Inclusive double charge exchange reaction is studied by using a model which combines a microscopic many-body calculation of reaction probabilities with a Monte Carlo simulation procedure. Comparison with present experimental results requires that the (\ensuremath{\pi},2\ensuremath{\pi}) reaction be included and a proper evaluation of this latter reaction is also done. The combined results compare favorably with experiment, giving extra support to this model of the pion-nucleus interaction which was previously shown to provide a good description of all other inclusive reactions and elastic scattering.
Acid and alkaline production from multi-ionic brines via Electrodialysis with Bipolar Membranes
2022
In recent years, a great attention has grown towards the brine valorization through chemicals production and mineral recovery as an alternative to conventional disposal. Electrodialysis with Bipolar Membranes (EDBM) is an emerging process that can be used for the production of alkaline and acidic solutions from salt solutions. Within the SEArcularMINE project framework, the exploitation of saltworks bitterns (highly concentrated solutions generated during the sea-salt production process) is proposed for minerals recovery and NaOH and HCl solutions production. In this work, an EDBM unit, equipped with commercial ion exchange membranes, was tested for the first time in closed-loop mode with: …
Modelling and characterization of electrodialysis systems for multi-ionic solutions
2019
In this work a simplified approach related to membrane properties is required
A comparative evaluation of palladium and platinum nanoparticles as catalysts in proton exchange membrane electrochemical cells
2008
The goal of the present study is the development and comparative characterisation of carbon-supported and nanostructured Pd- and Pt-based electrocatalysts for hydrogen oxidation in Proton Exchange Membrane (PEM) H2/O2(air) fuel cells and proton reduction in PEM water electrolysers. Catalysts have been synthesised in a solution using a combined impregnation/reduction polyol method. They have been characterised using X-ray Diffraction (XRD) analysis, Transmission Electron Microscopy (TEM), Thermogravimetric Analysis (TGA) and cyclic voltammetry. NanoPt, nanoPd and nanoPt-Pd catalysts deposited onto a carbon carrier have been used to prepare Membrane-Electrode Assemblies (MEAs) which, in turn,…