Price Growth Research Articles

LPG, Gasoline, and Diesel Engines for Small Marine Vessels: A Comparative Analysis of Eco-Friendliness and Economic Feasibility

As an escalating global concern for environmentally sustainable marine fuels, liquefied petroleum gas (LPG) is attracting attention as an eco-friendly and economical alternative. This study explored LPG utilization in small marine vessels, focusing on its eco-friendliness and economic feasibility. To assess its environmental implications, the AVL FIRE simulation program was used to compare CO2, CO, NO, and soot emissions from LPG engines with those from conventional gasoline and diesel engines. The LPG engine model relied on data from a pioneering type-approved experimental LPG engine designed for small South Korean marine vessels, while parameters for gasoline and diesel engines were adjusted to suit their distinctive features. Regarding long-term economic feasibility, assuming a 30-year ship lifespan, incorporating 2022 annual average prices, average annual price growth rates, and annual fuel consumption data of each fuel, results indicate that LPG engines exhibited lower CO2, CO, NO, and soot emissions than conventional engines, except that NO emissions were higher than gasoline engines. Evaluating LPG’s economic feasibility over a 30-year ship life cycle for an individual vessel revealed varying fuel cost savings, with the greatest savings observed in gasoline–other (KRW 2220.7 million) and the least in gasoline–coastal (KRW 1152.5 million). These findings offer vital insights for ship operators and policymakers seeking a balance between eco-friendliness and cost-effectiveness, as well as LPG engine technology emerging as pivotal for a sustainable future, harmonizing environmental protection and economic viability.

Predicting Day-Ahead Electricity Market Prices through the Integration of Macroeconomic Factors and Machine Learning Techniques

Several events in the last years changed to some extent the common understanding of the electricity day-ahead market (DAM). The shape of the electricity price curve has been altered as some factors that underpinned the electricity price forecast (EPF) lost their importance and new influential factors emerged. In this paper, we aim to showcase the changes in EPF, understand the effects of uncertainties and propose a forecasting method using machine learning (ML) algorithms to cope with random events such as COVID-19 pandemic and the conflict in Black Sea region. By adjusting the training period according to the standard deviation that reflects the price volatility, feature engineering and by using two regressors for weighing the results, significant improvements in the performance of the EPF are achieved. One of the contributions of the proposed method consists in adjusting the training period considering the price variation. Thus, we introduce a rule-based approach given an empirical observation that for days with a higher growth in prices the training interval should be shortened, capturing the sharp variations of prices. The results of several cutting-edge ML algorithms represent the input for a predictive meta-model to obtain the best forecasting solution. The input dataset spans from Jan. 2019 to Aug. 2022, testing the proposed EPF method for both stable and more tumultuous intervals and proving its robustness. This analysis provides decision makers with an understanding of the price trends and suggests measures to combat spikes. Numerical findings indicate that on average mean absolute error (MAE) improved by 48% and root mean squared error (RMSE) improved by 44% compared to the baseline model (without feature engineering/adjusting training). When the output of the ML algorithms is weighted using the proposed meta-model, MAE further improved by 2.3% in 2020 and 5.14% in 2022. Less errors are recorded in stable years like 2019 and 2020 (MAE = 6.71, RMSE = 14.67) compared to 2021 and 2022 (MAE = 9.45, RMSE = 20.64).

Impacts of bitcoin on monetary system: Is China's bitcoin ban necessary?

This paper examines the impacts of Bitcoin price growth (BPG) and Bitcoin volatility (BV) on China's monetary system indicated by inflation rates (INF), real exchange rates (RER) and money velocity (MV) based on the GARCH models using Bitcoin data from 2013 to 2019 to evaluate the necessity of China’s Bitcoin ban. The empirical results suggest that BPG has a significant negative impact on INF and MV, but is insignificant for RER. While the BV is insignificant for all three monetary aggregates. Consistent evidence is found from additional tests including the alternative model specifications, subperiod analysis and adding up third-party online payment as another control variable for money velocity. Our study focuses on the period without the sweeping ban of cryptocurrencies in China, which provides support for researchers and financial advisors when forecasting inflation or money velocity in other areas without legal-bans but having a relevantly crypto-skeptical attitude, and also for authorities in shaping and implementing relevant monetary policies.

How much did pandemic uncertainty affect real-estate speculation? Evidence from on-market valuation of for-sale versus rental properties

ABSTRACT We exploit a panel of Zillow Inc. property valuations to estimate the excess real-estate price growth observed in three California cities that is attributable to speculation triggered by the COVID-19 pandemic. Our research design leverages the counterfactual comparison of properties listed for sale to properties listed for rent, with the latter property class being available for habitation – just not for purchase – and thus neutral to price speculation. We implement a pre/post-2020 difference-in-difference estimation, which utilizes unit-level matching of otherwise similar sale and rental properties within a 1/2-mile radius of each other to compare differences in (a) 1-month valuation changes and (b) spot valuation uncertainties. Results indicate post-2020 property valuations in Merced and San Jose featured an excess annual price estimate growth of 22% and 14.8% points, respectively, whereas the Fresno market does not feature statistically significant excess growth.

Are younger buyers driving the housing boom? A geographic perspective on US home purchases, 2018-2021

ABSTRACT Rapid growth in US housing prices has coincided with the large Millennial demographic group reaching peak homebuying age, leading some to speculate that new demand from younger buyers is putting upward pressure on home prices. This Research Note uses data from the Home Mortgage Disclosure Act mortgage data to examine where younger buyers are purchasing homes. Data show that the share of buyers under age 35 fell in more than half of US counties, including 45% of metropolitan counties. A county- and MSA-level regression analysis finds a null or slightly negative correlation between changes in the share of buyers under age 35 and changes in home prices, and a small positive effect on debt-to-income ratios from 2018 to 2021, providing little to no evidence that young buyers are pushing up home prices.

Обеспечение продовольственной безопасности на основе расширения экспортных поставок сена из люцерны

The article presents the results of a study of the processes of ensuring food security based on the expansion of export supplies of alfalfa hay. The dynamics of the number of cows in India, the European Union, Brazil, the USA; the growth of world milk prices; alfalfa production in the countries of the world are analyzed. The parameters of the import of alfalfa processing products to China have been determined.

Competitive models behaviors

Modern forms of organization of activities have led to the need for strategic management of industrial business. The complexity and uncertainty of the external environment have of strategic partnership. The implemented cooperation strategy creates conditions for the integration of economic interests. Competition limits the growth of prices and promotes the use of various methods of struggle in the market. The system of strategic marketing planning has a cyclical character, the author has developed and justified the content and logic of its functioning. It is established that marketing activity is a set of practical actions to achieve marketing goals. The paper presents a theoretical justification for the development of marketing strategies and forms of competition. It is proved that the marketing planning system allows solving the problems associated with the introduction of new products to the industrial market, the main characteristics of the strategy and conditions for the successful implementation of innovative products are determined.

Gender Diversity and Stock Performance: Analysing the Impact of Female Representation in India’s Top 50 Companies

This research paper explores the relationship between gender diversity on corporate boards and stock performance in the top 50 publicly listed companies on the Bombay Stock Exchange (BSE) over 10 years, from 2014 to 2024. While the review of literature from global markets like France, and specific research into the Indian markets highlight a strong positive correlation between female representation on corporate boards and increasing stock prices, the context of the top 50 companies presents unique challenges and variables that may affect this relationship. Data on stock price performance and the percentage of women on boards was collected from the annual reports of the top 50 companies. When a correlation test was conducted, a minimal statistical correlation between the two variables was found. Scatter plots and correlation coefficients show that despite the increase in the percentage of women on the board due to mandates like the Companies Act 2013, stock price growth, or fall, was largely unrelated to changes in diversity. The report concludes that other factors, such as market forces, industry-specific dynamics, and the strategic roles played by board members, may overshadow the potential financial impact of gender diversity. This inability to prove an empirical correlation suggests that while diversity might be valuable for fostering better governance, it does not necessarily translate to immediate stock price benefits. These findings point to the importance of further research into the qualitative benefits of diversity in corporate offices, and the various confounding factors that could lead to minimal correlation.

Housing price dynamics and elasticities: Portugal's conundrum

<p>We aimed to estimate the housing price determinants and elasticities in Portugal's metropolitan areas to help understand the dynamics of the abnormal price increase of the last decade, one of the highest in Europe and the World.</p> <p>We followed a three-step methodology applying panel data and time series regression estimation. First, we estimated the determinants of housing prices at the national and metropolitan area levels. Second, we split the sample by coastal and inner metropolitan areas and estimated the determinants of housing prices and the supply elasticities of each group. Third, we estimated the correlations between housing price growth and elasticities to find whether these determinants correlate.</p> <p>The results showed that at the national level, housing prices are inelastic to aggregate income (0.112). <italic>Momentum</italic> is the most significant determinant of housing prices (0.760). At the metropolitan areas level, we found an inelastic housing supply, a price-to-income elasticity close to zero, and a more inelastic supply in coastal areas. We found no significant correlation between housing price growth, price-to-income, and supply elasticity. The coastal areas registered housing price growth and a <italic>momentum</italic> effect much higher than the inner areas, suggesting the existence of dynamic speculative forces that cause prices to move beyond what can be explained by equilibrium models.</p> <p>The present study contributes to the literature on housing price dynamics by showing that the conventional equilibrium stock-flow model does not explain the increase in Portugal's current housing prices, suggesting that other forces (such as economic uncertainty and sentiment) determine the housing price dynamics. The explanation for the housing price growth in Portugal is a <italic>conundrum</italic>. We believe this knowledge can help define better housing policies at the local and national levels.</p>

Особенности инфляционных процессов в агропродовольственной системе России

The article is devoted to the study of the features of food inflation in Russia in the context of assessing the main factors and causes that determine it: monetary and non-monetary, economic and non-economic, external and internal, lying on the supply and demand side. Based on the analysis of inflationary processes and factors determining food demand for the period 2000-2022, the authors conclude that the main cause of food inflation in Russia is the increase in production costs, which causes cost inflation. The study of the dynamics and factors of inflation in individual food markets has shown that the rates of price growth and their volatility vary depending on the specific food product and the specifics of the market: agricultural raw materials and processed food products; the level of concentration and monopolization of the market; integration into the world market and orientation to domestic demand. Based on the results of the study, the authors formulated proposals to improve the anti-inflationary policy in the Russian Federation.

Ocena wpływu inflacji na sytuację prawną wykonawców w zamówieniach publicznych

The rapid pace of price growth began to significantly affect the public procurement market as early as 2021, which is caused by the effects caused by the COVID-19 epidemic, and then by the Russian military aggression in Ukraine. Therefore, this article assesses the impact of inflation on the legal situation of contractors. The increase in inflation showed the weak features of legal norms regulating the issue of indexation of contractual remuneration in public procurement, and as a consequence, contributed to the initiation of changes in public procurement law, which in fact can be considered the only positive impact of inflation in the context of the issues discussed in the article. It is too early to be able to realistically assess the effects of inflation in the abovementioned scope, however, it is indicated that the assessment of the impact of inflation growth on the legal situation of contractors depends on the provisions contained in the contract for the award of a contract, shaping the rights of contractors to indexation of contractual remuneration.

OPTIMIZATION OF OPERATION MODES OF THE PLUNGER PUMP OF THE FORMATION PRESSURE MAINTENANCE SYSTEM

The efficiency of pumping equipment in the context of continuous growth in electricity prices is a priority for any oil and gas production department (OGPD). The pumping stations of the reservoir pressure maintenance system are the main consumers of electricity in the OGPD. The efficiency of pumping units, as a rule, is reduced primarily to the value of their efficiency, and the criterion for the efficiency of the injection system is usually the consumption of electrical energy per unit volume of pumped liquid. At the same time, they often focus only on maintaining high pump efficiency, which optimizes pump operation, but does not take into account the impact of collectors on electricity costs.Typically, the PPD pump station will inject service water into several directions. The purpose of the studies is to find optimal modes of pumping by pumps of a pump station in several directions, which ensure minimum electric power consumption for injection. The presented article presents the calculation of the cost of pumping by one plunger (volume) pump into two directions during laminar movement of liquid in the pipeline. Injection volumes for each area are specified. Three options are considered: separate injection in each direction (1), parallel injection in both directions simultaneously until the ordered volume is injected in one of the directions, after which this direction is blocked and injection in the other direction (2), and parallel injection in both directions simultaneously with «pressed» one direction, so that the injection of the ordered volumes is completed simultaneously (3).The performed calculations showed that the useful operation of the pump performed during simultaneous pumping of some volumes of liquid (modes 2 and 3) in two different directions of the same system is the same and significantly less compared to the operation of the pump performed to fill one of these directions during separate pumping (mode 1). The maximum effect is achieved with equal injection volumes in each direction and the same reservoirs. In this case, the useful operation of the pump for simultaneous injection (mode 2 and 3) is half as much as for separate injection (mode 1).

Economic Drivers of Consumer Price Growth in the EU–27 Service Industry during the Post‑pandemic Period

The post‑pandemic period in the European Union is distinguished by the growth of business economic activity after two years of restrictions, growing debts and money supply, and extremely high inflation. This research analyses the Harmonised Index of Consumer Prices (HICP) in the service industries of the EU–27, comparing it to overall inflation and price growth in consumer goods markets. It also highlights the economic factors that contribute to the differences between service price growth in the EU–27. The results make it possible to classify the EU–27 countries according to the differences in service price changes. Consistent patterns of service HICP are highlighted, and the economic factors considering their relative importance to service HICP are ranked. Since 2022, public and governmental discussions concerning the post‑pandemic inflationary shock have become prevalent, so this research allows us to understand the economic factors that caused such huge inflation and substantiates the need for monetary policy measures to slow down inflation.

Efficiency of Operation of Air Heat Pumps with Evaporators of Various Designs

Resume. The development of the heat pump market ensures the growth of energy prices, the fight against global warming and the stimulation of the growth rates of countries in transition to "clean energy sources". the most environmentally friendly and energy efficient, taking into account the cost of their installation and the impact of air source heat pumps compared to geothermal ones. However, their use in countries with cold climates is limited by the formation of frost on the evaporator unit heat exchanger, which significantly increases their heating capacity and conversion efficiency.Purpose of research. The purpose of this work is to compare the efficiency of heat pumps with an evaporative circuit heat exchanger manufactured by MITSUI (Japan) and a heat exchanger with a MOVEBIT defroster manufactured by ALTEC (Russia).Methods. The research methodology is based on large laboratory tests of an evaporator with an oscillatory circuit of the MOVEBIT system (ALTEK - Russia) and an industrial heat exchanger MITSUI (Japan), a graphical analysis of the operation of a heat pump with common evaporators, and a theoretical substantiation of the transformation ratio. To compare the main standardized performance indicators, the transformation coefficient (COP – coefficient of performance) is used, showing the ratio of received energy to applied work.Results. The analysis of the results of the heat pump operation showed that while maintaining the humidity at a constant level of φ ≈ 65% and lowering the temperature from +10°C to +5°C, a decrease in the heat output of the unit is observed, regardless of the type of MOVEBIT and MITSUI heat exchanger, which is explained by the formation of condensate. With a further decrease in temperature to zero and below, ice forms on the evaporator of the heat exchanger. Taking into account the cost of removing ice on the MITSUI heat exchanger, the transformation ratio of the heat pump unit (HPU) is 2.08. The removal of ice by the MOVEBIT system practically does not require additional costs and the transformation ratio of the installation is 4.45, which is similar to the operation of an air source heat pump at positive temperatures.Conclusion. Our studies show that the best prospect for de-icing is the application of mechanical oscillations with the use of magneto-constrictive transducers. The COP of the air source heat pump with the MOVEBIT system exceeds the COP of the heat pump with the MITSUI standard evaporator by 2 times at a temperature of 0°C and below.

Defining trends in the evolution of the Russian gas market

The new “driving force” of the liberalization of the conditions for the functioning of the gas sector associated with demonopolization and the formation of an effective structure of the domestic gas market with a high level of competition and fair principles of the organization of natural gas trade for Russian consumers are the ongoing changes in the economic situation in the global energy market. Against the background of the expected decline in pipeline gas exports to Europe (the volume of decline may amount to 100 billion cubic meters in the medium term) it is important to focus efforts on the development of the domestic gas market, since the task in these conditions is more urgent than ever. First of all, to accelerate the transition to market pricing mechanisms (except for the population) using indicative prices on the stock exchange and within the framework of inter-fuel competition. Currently, gas prices in the domestic market are subsidized by exports, which, as mentioned above, is going to decrease, which in turn will lead to a decrease in such subsidies, and accordingly, there will be a need for higher rates of price growth in the domestic market. The importance of further development of gas exchange trading in Russia is emphasized on various government platforms. The main guidelines for improving the exchange mechanisms for the sale of natural gas are contained in the “National Plan (Roadmap) for the development of competition in the Russian Federation for 2021-2025”. It should be noted that the development of gas exchange trading should take place by increasing the economic attractiveness for participants, creating favorable economically conditioned prerequisites for an equal supply of gas to the exchange for all sellers, as well as developing an appropriate regulatory framework.

Regional Supply and Demand Fundamentals in the German Housing Price Boom

Abstract Over the last decade, German housing prices have increased unprecedentedly. Drawing on quality-adjusted housing price data at the district level, we show that regional fundamentals explain up to two-thirds of between-region and 77 to 87 percent of within-region variation in price growth. Price increases were driven mainly by co-movements in local demand fundamentals, notably population density and skill level. However, we further reveal systematic variation unrelated to fundamentals: overvaluation of top 7 cities, path dependency, and spatial spillovers. We infer that speculation, investor preference for liquid markets, and bounded rationality contributed substantially to the recent housing price boom in Germany.

Pengaruh CEO Narcism, Corporate Social Responsibility Syariah, Profitabilitas, dan Likuiditas, Terhadap Nilai Perusahaan (Studi Empiris pada Real estate, property dan construction yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2017-2021)

This study aims to examine the influence of CEO Narcism, CSR, ROA and Liquidity on company value. The problem in this study is shown by the value of stock price growth from the property, real estate and construction sectors showing a decline in 2018 to 2020. Based on the problem, the problem in this study is: How does the CEO of Narcism, Corporate social responsibility, profitability, and liquidity affect the company's value in Real estate, property and construction listed on the Indonesia Stock Exchange for the 2017-2021 period)?. This research uses secondary data in the form of financial statements obtained through the Financial Services Authority website. This study used purposive sampling method. The population in this study is all property, real estate and construction companies whose shares have been listed on the IDX since 2017-2021. A total of 53 companies were selected as research samples during 2017-2021. The analysis method used in this study is multiple regression analysis. Based on the results of data analysis and discussion that has been put forward about the influence of CEO Narcism, CSR, ROA and Liquidity on company value, it can be concluded that ROA has proven to have a significant effect on company value, this indicates that the increase in company value is influenced by an increase in ROA, meaning ROA policy What the company does affects the value of the company. CEO Narcism, CSR and Liquidity have not proven to have a significant effect on company value.

Can housing booms elevate financing costs of financial institutions?

We show that house price appreciation elevates financial institutions' financing costs because it can make households invest more in houses and invest less in or require higher returns on other assets. For identification, we employ the unique feature of wealth management products (WMPs, the largest component of China's shadow-banking sector) that the issuing markets are local whereas the markets of some products' underlying assets are national. Stocks, bonds, and deposits do not possess this feature. We find that house price growth raises WMPs' expected returns offered by banks. Household-level analyses further confirm that house price growth reduces households' WMP-investment demands.

Tax Buoyancy: Too Noisy for Signals


 The true trend in tax revenues has been obscured by pandemic-related effects, inflation, and discretionary policy changes in recent years. These hinder accurate assessment of the state of the economy, a correct picture of which can only be had by stripping out these effects. In particular, the increasing deployment of additional revenue measures in succession for several years has masked information on the economy’s health that is observed from the automatic movement of tax revenues along with the GDP. This paper focuses upon tax buoyancy, which includes discretionary policy changes, to examine how the historical relationship of tax revenues with income may have been disturbed by exceptional shocks. Using early data and other evidence, it illustrates probable impacts of non-linear and asymmetric normalisation, the extraordinary price growth and uneven distribution thereof, and fiscal policy responses in the pandemic. It further compiles additional revenue mobilization measures for a longer period from 2011-12 to highlight how newer and fresher fiscal efforts have been used to complement a stagnant or shrinking tax base and how these can be distortionary in aspects beyond the diffusion of important macroeconomic signals.

Who Cashed the Rent Gap? An Alternative Narration of a Shantytown Renovation Project in Nanjing, China

AbstractDespite research on shantytown redevelopment highlighting socio‐spatial exclusion, the viewpoint frequently disseminated through social media depicts it as a massive wealth‐creation movement in China. This paper intends to provide evidence that evicted residents of a shantytown in Nanjing, China, share a common identity with the encroaching gentrifiers – the housing class. By shaping the housing class, an increasing number of urban residents become micro‐agents of housing financialization, allowing the rent gap to be frequently opened even without producing a ‘higher and better’ space. This enables capital to circulate and accumulate within a broader temporal and spatial scope. However, both the class imagination of the housing class and the financial speculation in the housing market are based on the expectation of continuous price growth. This is unsustainable and leaves the real housing needs out of the housing market, which is detrimental to housing equity.