Abstract: The objective of countercyclical capital buffer is to
encourage banks to build up buffers in good times that can be drawn
down in bad times. The aim of the report is to assess such decisions
by banks derived from three approaches. The approaches are the
aggregate credit-to-GDP ratio, credit growth as well as banking
sector profits. The approaches are implemented for Estonia, Latvia
and Lithuania for the time period 2000-2012. The report compares
three approaches and analyses their relevance to the Baltic States by
testing the correlation between a growth in studied variables and a
growth of corresponding gaps. Methods used in the empirical part of
the report are econometric analysis as well as economic analysis,
development indicators, relative and absolute indicators and other
methods. The research outcome is a cross-Baltic comparison of two
alternative approaches to establish or release a countercyclical capital
buffer by banks and their implications for each Baltic country.
Abstract: There is a trend in development discourse to
understand and explain the level of corruption in Nigeria, its anticorruption
crusade and why it is failing, as well as its level of
compliance with International standards of United Nations
Convention against Corruption (UNCAC) & African Union
Convention on Converting and Preventing Corruption) to which
Nigeria is a signatory. This paper discusses the legal and
Constitutional provisions relating to corrupt practices and safeguards
in Nigeria, as well as the obstacles to the implementation of these
Conventions.
The paper highlights the challenges posed to the Anti-Corruption
crusade by analysing the loopholes that exist both in administrative
structure and in scope of the relevant laws. The paper argues that
Nigerian Constitution did not make adequate provisions for the
implementation of the conventions, hence a proposal which will
ensure adequate provision for implementing the conventions to better
the lives of Nigerians. The paper concludes that there is the need to
build institutional parameters, adequate constitutional and structural
safeguards, as well as to synergise strategies, collaborations and
alliances to facilitate the timely domestication and implementation of
the conventions.
Abstract: Modern Portfolio Theory (MPT) according to
Markowitz states that investors form mean-variance efficient
portfolios which maximizes their utility. Markowitz proposed the
standard deviation as a simple measure for portfolio risk and the
lower semi-variance as the only risk measure of interest to rational
investors. This paper uses a third volatility estimator based on
intraday data and compares three efficient frontiers on the Croatian
Stock Market. The results show that range-based volatility estimator
outperforms both mean-variance and lower semi-variance model.
Abstract: The paper describes the OAS role in dispute
resolution. The authors make an attempt to identify a general pattern
of the OAS activities within the peaceful settlement of interstate
conflicts, in the beginning of 21st century, as well as to analyze some
features of Honduras–Belize, Nicaragua–Honduras, Honduras–El
Salvador, Costa-Rica–Nicaragua, Colombia–Ecuador cases.
Abstract: In this paper we consider the equation of motion for
the F (R, T) gravity on their property of conformal invariance. It
is shown that in the general case, such a theory is not conformal
invariant. Studied special cases for the functions v and u in which
can appear properties of the theory. Also we consider cosmological
aspects F (R, T) theory of gravity, having considered particular case
F (R, T) = μR+νT^2. Showed that in this case there is a nonlinear
dependence of the parameter equation of state from time to time,
which affects its evolution.
Abstract: Exact solution of an unsteady flow of elastico-viscous
fluid through a porous media in a tube of ellipsoidal cross section
under the influence of constant pressure gradient has been obtained in
this paper. Initially, the flow is generated by a constant pressure
gradient. After attaining the steady state, the pressure gradient is
suddenly withdrawn and the resulting fluid motion in a tube of
ellipsoidal cross section by taking into account of the porosity factor
of the bounding surface is investigated. The problem is solved in twostages
the first stage is a steady motion in tube under the influence of
a constant pressure gradient, the second stage concern with an
unsteady motion. The problem is solved employing separation of
variables technique. The results are expressed in terms of a nondimensional
porosity parameter (K) and elastico-viscosity parameter
(β), which depends on the Non-Newtonian coefficient. The flow
parameters are found to be identical with that of Newtonian case as
elastic-viscosity parameter tends to zero and porosity tends to
infinity. It is seen that the effect of elastico-viscosity parameter and
the porosity parameter of the bounding surface has significant effect
on the velocity parameter.
Abstract: The Markov decision process (MDP) based
methodology is implemented in order to establish the optimal
schedule which minimizes the cost. Formulation of MDP problem
is presented using the information about the current state of pipe,
improvement cost, failure cost and pipe deterioration model. The
objective function and detailed algorithm of dynamic programming
(DP) are modified due to the difficulty of implementing the
conventional DP approaches. The optimal schedule derived from
suggested model is compared to several policies via Monte
Carlo simulation. Validity of the solution and improvement in
computational time are proved.
Abstract: We are facing serious problems related to long-term
depopulation and an aging society with a falling birth rate in Japan. In
this situation, we are suffering from a shortfall in human resources as
well as a shortage of workforce in rural regions. In addition, we are
struggling with a protracted economic slump and excess concentration
of population in the Tokyo Metropolitan area. It is an urgent national
issue to consider how to live in this country and what kind of structure
of society and administration policy is needed. It is necessary to clarify
people’s desire for their way of living and social assistance to be
provided. The aim of this study is to clarify the characteristics of
regional issues and the degree of their seriousness in local
municipalities of Japan. We conducted a questionnaire survey about
regional agenda in all local municipalities in Japan. We obtained
responses concerning the degree of seriousness of regional issues and
degree of importance of policies. Based on the data gathered from the
survey, it is apparent that many local municipalities are facing an
aging population and declining population. We constructed a model to
analyze factors for declining population. Using the model, it was
clarified that a population’s age structure, job opportunities and
income level affect the decline of population. In addition, we showed
the way of the evaluation of state of local municipality.
Abstract: The building sector is responsible, in many
industrialized countries, for about 40% of the total energy
requirements, so it seems necessary to devote some efforts in this
area in order to achieve a significant reduction of energy
consumption and of greenhouse gases emissions.
The paper presents a study aiming at providing a design
methodology able to identify the best configuration of the system
building/plant, from a technical, economic and environmentally point
of view.
Normally, the classical approach involves a building's energy
loads analysis under steady state conditions, and subsequent selection
of measures aimed at improving the energy performance, based on
previous experience made by architects and engineers in the design
team. Instead, the proposed approach uses a sequence of two wellknown
scientifically validated calculation methods (TRNSYS and
RETScreen), that allow quite a detailed feasibility analysis.
To assess the validity of the calculation model, an existing,
historical building in Central Italy, that will be the object of
restoration and preservative redevelopment, was selected as a casestudy.
The building is made of a basement and three floors, with a
total floor area of about 3,000 square meters.
The first step has been the determination of the heating and
cooling energy loads of the building in a dynamic regime by means,
which allows simulating the real energy needs of the building in
function of its use. Traditional methodologies, based as they are on
steady-state conditions, cannot faithfully reproduce the effects of
varying climatic conditions and of inertial properties of the structure.
With this model is possible to obtain quite accurate and reliable
results that allow identifying effective combinations building-HVAC
system.
The second step has consisted of using output data obtained as
input to the calculation model, which enables to compare different
system configurations from the energy, environmental and financial
point of view, with an analysis of investment, and operation and
maintenance costs, so allowing determining the economic benefit of
possible interventions.
The classical methodology often leads to the choice of
conventional plant systems, while our calculation model provides a
financial-economic assessment for innovative energy systems and
low environmental impact.
Computational analysis can help in the design phase, particularly
in the case of complex structures with centralized plant systems, by
comparing the data returned by the calculation model for different
design options.
Abstract: New physical insights into the nonlinear Lorenz
equations related to flow resistance is discussed in this work. The
chaotic dynamics related to Lorenz equations has been studied in
many papers, which is due to the sensitivity of Lorenz equations to
initial conditions and parameter uncertainties. However, the physical
implication arising from Lorenz equations about convectional motion
attracts little attention in the relevant literature. Therefore, as a first
step to understand the related fluid mechanics of convectional motion,
this paper derives the Lorenz equations again with different forced
conditions in the model. Simulation work of the modified Lorenz
equations without the viscosity or buoyancy force is discussed. The
time-domain simulation results may imply that the states of the
Lorenz equations are related to certain flow speed and flow resistance.
The flow speed of the underlying fluid system increases as the flow
resistance reduces. This observation would be helpful to analyze the
coupling effects of different fluid parameters in a convectional model
in future work.
Abstract: Bir El Djir is an important coastal township in Oran
department, located at 450 Km far away from Algiers on northwest of
Algeria. In this coastal area, the urban sprawl is one of the main
problems that reduce the limited highly fertile land. So, using the
remote sensing and GIS technologies have shown their great
capabilities to solve many earth resources issues.
The aim of this study is to produce land use and cover map for the
studied area at varied periods to monitor possible changes that may
occurred, particularly in the urban areas and subsequently predict
likely changes. For this, two spatial images SPOT and Landsat
satellites from 1987 and 2014 respectively were used to assess the
changes of urban expansion and encroachment during this period
with photo-interpretation and GIS approach.
The results revealed that the town of Bir El Djir has shown a
highest growth rate in the period 1987-2014 which is 1201.5 hectares
in terms of area. These expansions largely concern the new real estate
constructions falling within the social and promotional housing
programs launched by the government.
The most urban expansion is characterized by the new
construction in the form of spontaneous or peripheral precarious
habitat, but also unstructured slums settled especially in the
southeastern part of town.
Abstract: One of the best examples, in evolution of the public
procurement, from post-soviet countries are reforms carried out in
Georgia, which brought them close to international standards of
procurement. In Georgia, public procurement legislation started
functioning short after gaining independence. The reform has passed
several stages and came in the form as it is today. It should also be
noted, that countries with economy in transition, including Georgia,
implemented all the reforms in public procurement based on
recommendations and support of World Bank, the United Nations
and other international organizations.
The aim of first adopted law was regulation of the procurement
process of budget-organizations, transparency and creation of
competitive environment for private companies to access state funds
legally. The priorities were identified quite clearly in the wording of
the law, but operation/function of this law could not be reached on its
level, because of some objective and subjective reasons. The high
level of corruption in all levels of governance can be considered as a
main obstacle reason and of course, it is natural, that it had direct
impact on the procurement process, as well as on transparency and
rational use of state funds. These circumstances were the reasons that
reforms in this sphere continued, to improve procurement process, in
particular, the first wave of reforms began after several years. Public
procurement agency carried out reform with World Bank with main
purpose of smartening the procurement legislation and its
harmonization with international treaties and agreements. Also with
the support of World Bank various activities were carried out to raise
awareness of participants involved in procurement system.
Further major changes in the legislation were filed bit later, which
was also directed towards the improvement and smarten of the
procurement process. The third wave of the reform more or less
guaranteed the transparency of the procurement process, which later
became the basis for the rational spending of state funds. The reform
of the procurement system completely changed the procedures.
Carried out reform in Georgia resulted in introducing new
electronic tendering system, which benefit the transparency of the
process, after this became the basis for the further development of a
competitive environment, which become a prerequisite for the state
rational spending. Increased number of supplier organizations
participating in the procurement process resulted in reduction of the
estimated cost and the actual cost.
Assessment of the reforms in Georgia in the field of public
procurement can be concluded, that proper regulation of the sector
and relevant policy may proceed to rational and transparent spending
of the budget from country’s state institutions. Also, the business
sector has the opportunity to work in competitive market conditions
and to make a preliminary analysis, which is a prerequisite for future
strategy and development.
Abstract: In this paper, the problem of fault detection and
isolation in the attitude control subsystem of spacecraft formation
flying is considered. In order to design the fault detection method, an
extended Kalman filter is utilized which is a nonlinear stochastic state
estimation method. Three fault detection architectures, namely,
centralized, decentralized, and semi-decentralized are designed based
on the extended Kalman filters. Moreover, the residual generation
and threshold selection techniques are proposed for these
architectures.
Abstract: This research has been conducted to study the method
of culture and comparing growth and biomass of Gracilaria corticata
cultured on rope and net for 50 days through two treatments (first
treatment: culture of alga on net and the second treatment: culture of
alga on rope and each treatment was repeated by four cases). During
culture period, the water of aquariums was replaced once every two
days for 40-50%. Also, 0.3-0.5 grams of urea fertilizer was added to
the culture environment for fertilization. Moreover, some of the
environmental factors such as pH, salinity and temperature of the
environment were measured on a daily basis. During the culture
period, extent of longitudinal growth of the species of both treatments
was equal. The said length was reached from 8-10 cm to 10.5-13 cm
accordingly. The resulted weight in repetitions of the first treatment
was higher than that of the second treatment in such a way as in the
first treatment, its weight reached from 10 grams to 21.119 grams and
in the second treatment, its weight reached from 10 grams to 17.663
grams. On a whole, it may be stated that that kind of alga being
studied has a considerable growth with respect to its volume. The
results have revealed that the percentage of daily growth and wet
weight at the end of the first treatment was higher than that of the
second treatment and it was registered as 0.934, 6.072 and 811.432 in
the first treatment and 0.797, 4.990 and 758.071 in the second
treatment respectively. This difference is significant (P
Abstract: Over the past four decades, the fatigue behavior of
nickel-based alloys has been widely studied. However, in recent
years, significant advances in the fabrication process leading to grain
size reduction have been made in order to improve fatigue properties
of aircraft turbine discs. Indeed, a change in particle size affects the
initiation mode of fatigue cracks as well as the fatigue life of the
material. The present study aims to investigate the fatigue behavior of
a newly developed nickel-based superalloy under biaxial-planar
loading. Low Cycle Fatigue (LCF) tests are performed at different
stress ratios so as to study the influence of the multiaxial stress state
on the fatigue life of the material. Full-field displacement and strain
measurements as well as crack initiation detection are obtained using
Digital Image Correlation (DIC) techniques. The aim of this
presentation is first to provide an in-depth description of both the
experimental set-up and protocol: the multiaxial testing machine, the
specific design of the cruciform specimen and performances of the
DIC code are introduced. Second, results for sixteen specimens
related to different load ratios are presented. Crack detection, strain
amplitude and number of cycles to crack initiation vs. triaxial stress
ratio for each loading case are given. Third, from fractographic
investigations by scanning electron microscopy it is found that the
mechanism of fatigue crack initiation does not depend on the triaxial
stress ratio and that most fatigue cracks initiate from subsurface
carbides.
Abstract: The development of allometric models is crucial to
accurate forest biomass/carbon stock assessment. The aim of this
study was to develop a set of biomass prediction models that will
enable the determination of total tree aboveground biomass for
savannah woodland area in Niger State, Nigeria. Based on the data
collected through biometric measurements of 1816 trees and
destructive sampling of 36 trees, five species specific and one site
specific models were developed. The sample size was distributed
equally between the five most dominant species in the study site
(Vitellaria paradoxa, Irvingia gabonensis, Parkia biglobosa,
Anogeissus leiocarpus, Pterocarpus erinaceous). Firstly, the
equations were developed for five individual species. Secondly these
five species were mixed and were used to develop an allometric
equation of mixed species. Overall, there was a strong positive
relationship between total tree biomass and the stem diameter. The
coefficient of determination (R2 values) ranging from 0.93 to 0.99 P
< 0.001 were realised for the models; with considerable low standard
error of the estimates (SEE) which confirms that the total tree above
ground biomass has a significant relationship with the dbh. F-test
values for the biomass prediction models were also significant at p
Abstract: The article discusses the legal framework of the
government’s environmental function and analyzes the role of the
national policy in protection of wetlands. The problem is of interest
for it deals with the most important branch of economy – utilization
of Kazakhstan’s natural resources, protection of health and
environmental wellbeing of the population. Development of a longterm
environmental program addressing the protection of wetlands
represents the final stage of the government’s environmental policy,
and is a relatively new function for the public administration system.
It appeared due to the environmental measures that require immediate
decisions to be taken. It is an integral part of the effort in the field of
management of state-owned natural resource, as well as of the
measures aimed at efficient management of natural resources to avoid
their early depletion or contamination.
Abstract: Housing loans play an important role in CEE
countries’ economies. This fact is based on their share in total loans
to households and their importance for economic activity and growth
in CEE countries. Therefore, it is important to find out key
determinants of housing loans demand in these countries. The aim of
this study is to research and analyze the determinants of the demand
for housing loans in Croatia. In this regard, the effect of economic
activity, loan terms and real estate prices were analyzed. Also, the
aim of this study is to find out what motivates people to take housing
loans. Therefore, primarily empirical study was conducted among the
Croatian residents. The results show that demand for housing loans is
positively affected by economic growth, higher personal income and
flexible loan terms, while it is negatively affected by interest rate rise.
Abstract: Unmanned aircraft systems (UAS) are playing
increasingly prominent roles in defense programs and defense
strategies around the world. Technology advancements have
enabled the development of it to do many excellent jobs as
reconnaissance, surveillance, battle fighters, and communications
relays. Simulating a small unmanned aerial vehicle (SUAV)
dynamics and analyzing its behavior at the preflight stage is too
important and more efficient. The first step in the UAV design is
the mathematical modeling of the nonlinear equations of motion. .
In this paper, a survey with a standard method to obtain the full
non-linear equations of motion is utilized, and then the
linearization of the equations according to a steady state flight
condition (trimming) is derived. This modeling technique is
applied to an Ultrastick-25e fixed wing UAV to obtain the valued
linear longitudinal and lateral models. At the end the model is
checked by matching between the behavior of the states of the nonlinear
UAV and the resulted linear model with doublet at the
control surfaces.
Abstract: The impact of Special Economic Zones (SEZs) has
been analyzed for many years by researchers. There are lot of
theoretical studies proving the SEZs importance for regional
development, however, there is lack of empirical studies (and they
are mainly focused on China market) that are based on available data.
The theoretical studies indicate the various impacts of enterprises
operating within SEZs on the economy. The article proves that, in
case of Poland, locating SEZs in municipalities is an important part
of increasing municipalities’ income. Therefore SEZs have a positive
impact on regional development. Municipality income is understood
as taxes paid by taxpayers who depend on SEZ companies’
performance. The analysis includes the Corporate Income Tax (CIT),
Personal Income Tax (PIT) and real estate tax. The effects of SEZs
on regional development were narrowed to a few variables that are
most significant for the financial system. The analysis indicates the
significant impact of SEZs on the amount of taxes influencing the
municipality budget.