Domestic Liquidity Research Articles

Central Bank Operations Under Foreign Exchange Accumulation: The Case of the Macedonian Central Bank (2005–2022)

ABSTRACT The present article analyses the balance sheet composition and the evolution of the operational framework of the Macedonian central bank. It shows that the compensating movements on its balance sheet could not be attributed exclusively to domestic liquidity management operations, as in the absence of substantial foreign currency inflows, the central bank has increased foreign reserves through the proceeds arising from the issuance of government bonds denominated in foreign currency on international financial markets. Despite retaining some of the characteristics of a currency board, the absence of a strict commitment to such a regime has allowed the central bank to employ a range of instruments of domestic liquidity management and to maintain relatively tight control over its policy rate. The level of the policy rate under a rigidly fixed exchange rate parity meant to be sustained over time, would however continue to depend on the ability of the authorities to ensure a sufficient level of foreign exchange reserves.

Pengukuran Kinerja Mesin Sewage Treatment Plant (STP) menggunakan Metode Overall Equipment Efeectiveness

One of the important things in supporting the operational management of the building which is part of the building's mechanical and electrical aspects is the building's domestic liquid waste management system. The availability of liquid waste production cannot be separated from the performance of the Sewage Treatment Plan (STP) machine as a work tool that produces domestic liquid waste production in HDI Hive Menteng Building. STP machine maintenance is one of the important factors in ensuring the quality of liquid waste production in accordance with the Environmental Service (DLH) quality standards. The machine maintenance system can be used as a benchmark for measuring the effectiveness of STP machines. Machine performance with a high rhythm without stopping 24 hours which continues to increase and is comparable to the tenant accoupancy level, of course requires anticipatory action for machine breakdown problems. Overall Equipment Effectiveness (OEE) is a method used to measure and maximize machine effectiveness based on three categories, namely Availability rate, Performance rate, Quality rate. From the results of calculating the OEE value for the STP machine at PT. Gaia Care International) of 82.96%, in general the OEE value is still below the JIPM standard value, namely greater than 85%. For this reason, in this research, an analysis was carried out using a fishbone diagram, which is used to determine the causes and effects of not achieving the effectiveness of the STP machine. Based on the results of the Fish Bone Diagram analysis with several factors including; Machines, methods, people and materials can be concluded as factors that cause a decrease in the OEE value of STP machines, namely rework losses which are quite high so that they affect the Quality OEE value in STP machine measurements. The proposal given to increase the effectiveness of the STP Machine for controlling Rework Losses is to improve the general cleaning routine and increase the Backwash Pump Capacity in the aeration tank and Inlet.

Macroeconomic factors influencing the Saudi balance of payments’ current account dynamics from 1995 to 2019

Reliable development reports highlight persistent deficits in developing countries’ balance of payments since the 1980s and 1990s, attributed to monetary turmoil and ambitious development plans. Saudi Arabia faces similar challenges as the leading economy in the Middle East and North Africa region.The objective of this study is to pinpoint the macroeconomic determinants influencing Saudi Arabia’s current account balance from 1995 to 2019. This aligns with the objectives of Saudi Vision 2030, which emphasizes economic diversification and sustainability.Eleven macroeconomic determinants were subjected to the Principal Component Analysis model and the Autoregressive Distributed Lag model for analysis. Five determinants, such as budget balance, goods exports, per capita gross domestic product, gross domestic product growth, and domestic liquidity growth, were identified as significant contributors to the current account balance. The Autoregressive Distributed Lag model revealed that goods exports, domestic liquidity growth, gross domestic product growth, and per capita gross domestic product exert a statistically significant positive impact on the current account balance in the long term.The research findings highlight the significance of goods exports, economic growth, and domestic liquidity in shaping Saudi Arabia’s current account balance, emphasizing the need for diversification away from oil dependence to mitigate economic vulnerabilities. The study underscores the implications for Saudi Vision 2030, stressing strategic policy interventions to foster non-oil exports and stimulate economic growth. Additionally, the analysis identifies temporal variations in export dynamics, emphasizing the importance of policy continuity and adaptability for economic resilience. AcknowledgmentsThe authors gratefully acknowledge financial support from The Deanship of Scientific Research, King Faisal University (KFU) in Saudi Arabia. The present work was done under Project Number (CHAIR 138).

Pemanfaatan Air Limbah Domestik PT. X Kota Surabaya sebagai Penyiraman Ruang Terbuka Hijau

PT. X’s activities, such as the consumption of clean water by workers, visitors, and building maintenance produce domestic liquid waste in the form of grey water. Domestic liquid waste originating form PT. X is used for watering the company’s green open space, that has an area of 2384,4 . The water treatment used is anaerobic and aerobic biofilter. The volume of liquid waste grey water is 70 of the liquid waste produced at 4,09/day, sp the water utilization effieciency is 70. The resulting domestic liquid waste contains the pollutant parameters BOD5, COD, TSS, -N, oil grease, and Total Coliform, so processing by WWTP is required to be below quality standards. The processing units used consist of an interceptor tank, equalization tank, initial settling tank, anaerobic, aerobic, sedimentation, and efflluent tank. After processing and fulfil the quality standards, which has been set, the resulting efflulent is used for at a dose of 0,002 m3/m2/day with a watering frequency of 2 times a day.

ANALISIS PENGOLAHAN LIMBAH CAIR DOMESTIK DI PULAU PRAMUKA KABUPATEN KEPULAUAN SERIBU, DKI JAKARTA

Domestic liquid waste can contaminate the soil, damage aquatic ecosystems, affect people's drinking water sources, cause germs of disease and cause unpleasant odors if not managed properly. This study aims to analyze the processing of domestic wastewater on Pramuka Island, Seribu Islands Regency, DKI Jakarta.
 This study used an observational method regarding waste management and the quality of domestic wastewater. This research was conducted on Pramuka Island, Thousand Islands Regency, DKI Jakarta. From the results of observations regarding the processing of liquid waste, it is described in detail and the quality of the liquid waste will be compared with the Decree of the Minister of State for Environment and Forestry Number 68 of 2016 and Regulation of the Minister of Environment Number 19 of 2010.
 Laboratory test results and analysis show that the management of Pramuka Island's domestic wastewater meets quality standards, except for the inlet and outlet sampling points of WWTP Zone 3, only the ammonia parameter (NH3-N)+ the measurement results are above the established quality standard.

Influence of domestic liquid organic and mineral fertilizers on yield and quality indicators of sunflower hybrids

In ecological agriculture with the use of biological products and growth regulators, this is the safest and most effective means of protecting plants from pests and diseases. The article presents the results of research on the use of liquid organomineral fertilizers of domestic production on sunflower hybrids crops. The influence of the combined action of liquid organomineral fertilizers “Polydon Bio Oily”+“Biostim Oily and Polydon Bio Oily”+“Guttafol Oily” (mineral fertilizer background - N60P40K60) on the value of indicators of crop photosynthetic activity, the ground mass formation and accumulation, dry matter, products productivity and quality the results was obtained. The most productive sunflower hybrids cultivated on leached chernozems are: Apollo, Factor and EC Bella with a yield of up to 30-32 c/ha and an oil yield of up to 16 c/ha. The application of mineral fertilizers N60P40K60 and liquid organomineral fertilizers increases the oil content in the seeds of the hybrids under study and affects the collection of oil per unit area. In the control (without treatments) the oil content varied from 51.14% to 52.67%, the maximum oil yield in these options was 14.47 kg/ha; with the use of Polydon Bio Oily - 0.8 l/ha + Biostim Oily - 1.0 l/h the maximum oil content and oil yield - 54.83% and 15.69 kg/ha, respectively, with Polydon Bio Oily - 0.8 l/ha + Guttafol Oily - 1.0 l/ha - 53, 93% and 14.54 q/ha.

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Purpose: This research aims to investigate the presence of monetary policy trilemma in the Middle Eastern region and evaluate the spillover effects of US monetary policy on the region. Theoretical framework: Middle Eastern economies follow the dollar pegged exchange rate policy with open capital account and this poses a question about the autonomy of the monetary policy stance adopted by the regional central banks. In this context, current research considers variables such as domestic interbank interest rate, domestic liquidity, oil price and federal fund rate to test the monetary policy trilemma in the region Design/methodology/approach: To investigate the presence of monetary policy trilemma in the Middle Eastern region, this research employs the time - varying Bayesian panel vector autoregression approach and selects a panel of five Middle Eastern countries which include Saudi Arabia, United Arab Emirates, Qatar, Oman and Kuwait while considering the monthly data for the sample period 2009m10 until 2021m12. Findings: This research finds that a positive shock in US federal fund rate increases the domestic interest rates in the Middle Eastern economies. In addition, this research finds a negative relationship between oil price shocks and domestic interest rates. Whereas a positive shock in US federal fund rates induces a reduction in the oil price. Research, Practical & Social implications: Current research provides insights for policy makers to determine the autonomy of domestic monetary policy stance to achieve its broader macroeconomic objectives. . Originality/value:This research is unique as it examines the monetary policy trilemma while considering oil price as a control variable in the system under a time varying Bayesian panel vector autoregression specification.

Testing Monetary Policy Trilemma for Middle Eastern Economies Under a Bayesian Panel VAR Specification

Purpose: This research aims to investigate the presence of monetary policy trilemma in the Middle Eastern region and evaluate the spillover effects of US monetary policy on the region.
 
 Theoretical framework: Middle Eastern economies follow the dollar pegged exchange rate policy with open capital account and this poses a question about the autonomy of the monetary policy stance adopted by the regional central banks. In this context, current research considers variables such as domestic interbank interest rate, domestic liquidity, oil price and federal fund rate to test the monetary policy trilemma in the region
 
 Design/methodology/approach: To investigate the presence of monetary policy trilemma in the Middle Eastern region, this research employs the time - varying Bayesian panel vector autoregression approach and selects a panel of five Middle Eastern countries which include Saudi Arabia, United Arab Emirates, Qatar, Oman and Kuwait while considering the monthly data for the sample period 2009m10 until 2021m12.
 
 Findings: This research finds that a positive shock in US federal fund rate increases the domestic interest rates in the Middle Eastern economies. In addition, this research finds a negative relationship between oil price shocks and domestic interest rates. Whereas a positive shock in US federal fund rates induces a reduction in the oil price.
 
 Research, Practical & Social implications: Current research provides insights for policy makers to determine the autonomy of domestic monetary policy stance to achieve its broader macroeconomic objectives.
 
 Originality/value: This research is unique as it examines the monetary policy trilemma while considering oil price as a control variable in the system under a time varying Bayesian panel vector autoregression specification.

Spectral radiation characteristics of domestic liquid hydrocarbon fuels in mid-infrared band based on transmission method

Considering the influence of multi-reflection between packaged windows, the inversion model for optical constants of liquid hydrocarbon fuels is established based on double-thickness transmission method, while the transmittance spectra are obtained with the three-layer structure containing two packaged windows and the liquid sample under the background of empty sample compartment. Transmission measurements are operated on Bruker Vertex 70 FTIR spectrometer combined with a demountable liquid cell in the wavenumber range of 400–4000 cm−1. Distilled water is used as the standard material to verify the reliability of this method and the thicknesses are chosen as 0.1 mm and 0.2 mm in the wavenumber range of 2857–2273 cm−1 as its transmitted intensity is weak in the mid-infrared band. Based on the verification, the transmittance spectra of several domestic liquid hydrocarbon fuels are measured and analyzed, and the spectral radiation characteristics are determined under different temperatures, including 0# diesel, 93# gasoline and 97# gasoline with thicknesses of 0.5 mm and 1.0 mm. Results indicate that the absorption index of diesel is larger than that of gasoline in the researched band, and the maximum change rate of absorption index with temperature is 0.265 %/K for 0# diesel, which is less than that for gasolines, as they are 1.2 %/K for 93# gasoline and 2.0 %/K for 97# diesel.

Prototype Monitoring and Controlling of Wastewater Treatment Plant (WWTP) on IoT-Free Output Channels

The largest water pollution occurs due to the disposal of waste from the industrial sector, while some of it comes from the household sector. In the labor-intensive industrial sector and the household sector, domestic liquid waste is generated. The high level of liquid waste pollution can be overcome by using a wastewater treatment plant (WWTP). Wastewater parameters according to research that has been done, namely pH, Turbidity, and Ammonia are very important parameters and the main priority for the quality of wastewater discharged into the environment. In this study, a prototype monitoring and controlling WWTP on the output channel was designed by measuring wastewater parameters and an Internet of Things (IoT) based pump output control system. This prototype is programmed with 2 mode options, namely auto mode where the controlling system works based on program commands with target limits, namely pH 6 – 9, Turbidity < 300 NTU, and Ammonia < 20 PPM, if the wastewater measurement value is on target, the system activates the outgoing pump. for direct disposal to the environment. Meanwhile, if it does not meet the target, the system activates the treatment pump to return the wastewater back to the WWTP. Then the manual mode, which is the controlling system, works by operating the operator directly to activate the outgoing or treatment pump on a smartphone using the Blynk application. In Auto and Manual mode, wastewater parameters can be monitored on a smartphone using the Blynk application. All sensors used have been calibrated with 2 calibrator solutions. The calibration results show an error value of 0.115 for the pH sensor, an error value of 0.075 for the Turbidity sensor, and an error value of 0.115 for the Ammonia sensor.

U.S. Multinational Companies’ Payout and Investment Decisions in Response to International Tax Provisions of the Tax Cuts and Jobs Act of 2017

ABSTRACT The Tax Cuts and Jobs Act of 2017 (TCJA) dramatically changed U.S. taxation of foreign earnings for U.S. multinational companies (MNCs). Specifically, the TCJA required taxation of existing unremitted foreign earnings through a deemed repatriation and effectively eliminated future repatriation taxes through a 100 percent dividends received deduction. Additionally, the bill introduced the global intangible low-taxed income (GILTI) regime. We examine MNCs’ responses to the TCJA and find that spending and investment behavior depends on liquidity, investment opportunities, and borrowing costs. Domestic capital expenditures and share repurchases increased for MNCs with low domestic liquidity and high domestic investment opportunities. In contrast, MNCs with low domestic liquidity (high cost of debt) and low domestic investment opportunities increased dividends (decreased debt). Finally, we find that MNCs with high foreign cash and most vulnerable to the GILTI regime increased their foreign but not domestic capital expenditures—a potential unintended consequence. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: F23; G31; G38; H25; M40; M48.

The Recycle of Hotel X Lembang Domestic Liquid Waste : A Form of Fulfilling Environmental Legal Obligations

<em>In hotel activities, liquid waste is generated from bathrooms, toilets, laundry, and kitchen activities. From the hotel's activities, wastewater is classified as domestic liquid waste. Efforts to treat waste that are comprehensive and sustainable are continuously needed as part of the fulfillment of environmental legal obligations that have been regulated in PP NO.2 the YEAR 2021 concerning environmental management. The purpose of this research is to know how to protect water management, air management, and land management. Moreover, knowing the quality of the results of the domestic liquid waste recycling process at Hotel X Lembang using the Indonesian Government Regulation approach and the LHK Ministerial Regulation. This study used an empirical juridical approach through primary and secondary data and analyzed descriptively and qualitatively. Data collection techniques were carried out through laboratory test results of recycled water samples and literature studies. The wastewater quality test aims to determine the condition of the recycled water using ozone based on the established quality standards, namely by referring to PP RI No. 22/2021 Appendix VI class 4 according to its designation, and PerMen LHK RI No. P.68/2016 Appendix I Regarding Separate Domestic Wastewater Quality Standards. The parameter test results are by the quality standard according to the Regulation of the Minister of Environment and Forestry No. 68 of 2016, where H 6.96; TSS of 10 mg/l; ammonia 3.02 mg/l; oil/fat <0.94 mg/l; BOD5 19.8 mg/l; COD 63.8588 mg/l; total coliforms, 920 MPN/100 ml. Based on the results of research and discussion, it was concluded that the system for recycling domestic liquid waste at Hotel X Lembang using ozone met the appropriate quality standard ministerial Regulation of LHK RI No.P.68/2016 Attachment I and PP RI Number: 22/2021 Attachment VI, class 4 according to its designation. It is a manifestation of the fulfillment of environmental legal obligations.</em>

Nowcasting domestic liquidity in the Philippines using machine learning algorithms

This study utilizes a number of algorithms used in machine learning to nowcast domestic liquidity growth in the Philippines. It employs regularization (i.e., Ridge Regression, Least Absolute Shrinkage and Selection Operator (LASSO), Elastic Net (ENET)) and tree-based (i.e., Random Forest, Gradient Boosted Trees) methods in order to support the BSP’s current suite of macroeconomic models used to forecast and analyze liquidity. Hence, this study evaluates the accuracy of time series models (e.g., Autoregressive, Dynamic Factor), regularization, and tree-based methods through an expanding window. The results indicate that Ridge Regression, LASSO, ENET, Random Forest, and Gradient Boosted Trees provide better estimates than the traditional time series models, with month-ahead nowcasts yielding lower Root Mean Square Error (RMSE) and Mean Absolute Error (MAE). Furthermore, regularization and tree-based methods facilitate the identification of macroeconomic indicators that are significant to specify parsimonious nowcasting models.

Quick sand filtration in restaurant waste treatment with coconut fiber and activated carbon media: application of Van der Waals Force

Domestic liquid waste has become the leading cause of aquatic pollution, with a percentage of 60-70%. One of the media that has the potential to process water is coco fibre. This study aimed to analyze the Effectiveness of both media in reducing restaurant waste. The experiment was conducted with variations in the Thickness of coco fibre and activated carbon media of 10, 15, and 20 cm and sand 40 mesh of 10 cm. The addition of sand media proved more effective in meeting quality standards with the Effectiveness of the reduction of Total Suspended Solid (TSS), Chemical oxygen demand (COD), and turbidity, the highest obtained at the Thickness of coco fibre media 20 cm activated carbon 20 cm, and sand 40 mesh 10 cm, which is respectively 95.78, 93.04, and 98.72%, which is influenced by the Thickness and time of contact of waste with the media.

Domestic liquidity of cross-listed stocks: Evidence from the ADR market

This paper examines the impact of cross-listing in the US on domestic liquidity of the cross-listed stocks. We use a sample of firms from 31 developed and emerging economies that cross-listed their shares on major US stock exchanges through an American Depository Receipt (ADR) program between 1998 and 2020. The study finds that domestic liquidity increases significantly following a US cross-listing for both developed and emerging market firms. Our results suggest that for firms in developed markets, domestic trading activity decreases before and during the cross-listing year. However, it increases significantly in the long-term, suggesting evidence of the ‘flow back’ effect. For firms in emerging economies, the anticipatory, impact, intermediate and long-term effects on domestic liquidity are all significantly positive. We also find evidence for the ‘bonding hypothesis’ suggesting that the improvements in domestic liquidity are greater for cross-listed firms from countries with low rule of law, weak investor protection and bad quality of accounting information long-term.

PEMANFAATAN BITTERN SEBAGAI KOAGULAN ALTERNATIF PENGOLAHAN LIMBAH CAIR DOMESTIK GAMPONG TIBANG KOTA BANDA ACEH

Domestic liquid waste contains high organic matter when it enters the body of water causing environmental pollution. Utilization of natural coagulants such as bittern can be used in the process of processing domestic liquid waste. This study was conducted to be able to know the effectiveness and optimum dose of bittern biocoagulants in lowering the levels of turbidity, TSS, COD and BOD in domestic wastewater. Based on the initial test results of domestic wastewater pH values of 7.2 turbidity, TSS, and COD of 70 NTU, 326 mg/L, and 716 mg/L and 19.02 mg/L. The results showed that there was an influence on the dose of bittern coagulants 0, 8, 16 and 24 ml/L with stirring times of 30 minutes and 60 minutes. The optimum dose of bittern coagulants in lowering pH, turbidity, TSS, COD and BOD at doses of 24 ml/L amounting to 8.0, 18 NTU, 94 mg/L, 121 mg/L and 9.39 mg/L. Effectiveness of bittern coagulants in domestic liquid waste treatment for pH and BOD levels is as expected because it meets established quality standards, while the parameters of turbidity, COD and BOD results are still passed the quality standards.

Evaluation of the role of monetary policy in achieving monetary and economic stability in Iraq for the period (2004-2020)

The aim of the research is to analyze and evaluate the effectiveness of monetary policy in Iraq for the period (2004-2020). And its role in achieving monetary and economic stability, as monetary policy throughout the research period was able to reduce inflation rates and maintain the stability of the general level of prices, especially after the Central Bank obtained its independence after the issuance of law (56) for the year (2004). And the establishment of the currency auction and the control of sales and purchases of foreign currency and the fundamental changes in the work of monetary policy after the year (2003). On the foreign currency to cover it, as for the elasticity of the output money index, it was within the specified ratio, and this shows that money plays a prominent role in the GDP, while the domestic liquidity index did not have a clear impact on the increase of the GDP.

Глобальні фінансові цикли і проблема регулювання міжнародних потоків капіталу: роль банків і макропруденційної політики у протидії кризам

The aggravation of crisis processes in the global financial system produces a request to find tools to eliminate the systemic risk of global instability, which arises primarily through the interaction between the global financial cycle, key global factors (global risk and monetary policy in major economies) and cross-border banking activities. The situation in the monetary and financial spheres of countries with large open economies has a powerful impact on the economic situation, exacerbating the asymmetries of interaction on a global scale, which actualizes the need for macroprudential authorities in countries with small open economies to take preventive measures to maintain internal balance from destructive crisis processes in key economies of the world. The article provides a comprehensive analysis of approaches to substantiating the channels of mutual influence of the internal financial cycle, the global financial cycle and macroprudential policy, and also assesses the potential of macroprudential policy in smoothing out procyclical processes in order to stimulate economic growth. The interdependence of global banks on the dynamics of the global financial cycle and vice versa is determined, because global banks determine the specifics of the manifestations of the latter, given the way they manage their liquidity on a global scale, thereby contributing to the international transmission of shocks. It is found that the existence of a domestic capital market for global banks exacerbates the international spread of domestic liquidity shocks due to the strategic complementarity effect arising from strategic interactions between banks, other financial institutions and agents, which can increase systemic vulnerabilities during booms and busts due to increased competition between banks. It was revealed that the impact of the global financial cycle on the internal financial environment of banks and financial institutions through the mechanisms of external obligations of national banks and the determination of the cost of financing affects the availability of loans for companies and households. This means that the economies of small open economies are more vulnerable to external shocks and are affected by financing conditions determined in the world's financial centers. Under these conditions, the dynamics of global liquidity limits the effectiveness of national monetary policy, and therefore the demand for effective international coordination of macroprudential policy becomes even more urgent. The need to revise monetary policy in order to increase its ability to mitigate the risks of financial instability depends on: (1) the effectiveness of macroprudential policy (for example, the ability to manage the financial cycle); (2) the contribution of monetary policy (including its traditional and non-traditional instruments) to the exacerbation of financial instability; (3) the degree of independence of monetary policy, especially during a crisis.

Ergonomic Risk Reduction Method in Aerospace Manufacturing

In the aerospace manufacturing, lots of processes cannot be automated and are performed manually by skilled workers. Because there exist some human error mistakes in such manual working processes, root cause investigations of these mistakes are indispensable and measures are implemented in working processes for preventing repetition of the same mistakes. Although skilled workers have strong confidence that they can complete their work with no mistake, there exist some cases that they cannot recognize their mistakes in practice. In such cases, root cause investigations cannot be performed and no measure is implemented. Such situation may become a serious risk in aerospace manufacturing because a tiny mistake can cause the serious mission failure of aviation system. To reduce such situation, the ergonomic risk reduction method is proposed. Skilled workers try to avoid frustration in performing their tasks and make mistakes through careless behavior. The cause of the frustration is discovered by ergonomic risk reduction method. Work risks can be removed by the progress of the working environment. Such risk reduction method contributes manufacturing organization resiliency. In this paper, we propose an ergonomic human error risk reduction method for skilled workers in Japanese domestic liquid rocket engine manufacturing.

Treatment Of Domestic Liquid Waste Using Filtration And Adsorption Methods At Villa Citra Makale Housing

Domestic liquid waste comes from household activities that contain pollutants that can contaminate soil and water bodies. If the waste is simply dumped into a water body without being treated first, it can pollute the surrounding environment, so the aim of the study was to determine the volume of wastewater produced and to treat the waste using filtration and adsorption methods. The research method used is descriptive quantitative method by calculating the amount of water use to get the volume of wastewater and wastewater treatment with filtration and adsorption methods. The results showed that the volume of wastewater produced was 11.14 m3/day, and the results of wastewater treatment with filtration and adsorption methods showed that several parameters had decreased, namely the BOD value of 27.38%, Total Coliform of 93.95%, and color of 75%.