Excess Liquidity Research Articles

Experimental study on the flat loop heat pipe with minichannel wick under low heat flux

Stable operating under low heat flux condition is crucial for loop heat pipe. To investigate the performance of the flat loop heat pipe under low heat flux, a visual structure of evaporator with longitudinal replenishment characterized by minichannel wick is proposed and fabricated. The minichannel wick increases the permeable area and reduces flow resistance to enhance the heat transfer capacity. However, under low heat flux condition, excessive liquid permeation into the vapor line and the local reverse vapor flow may deplete the liquid storage in the compensation chamber, resulting in a wick temperature increase of 4.7 °C under extreme condition. Lowering the heat sink temperature does not necessarily lead to a lower stable wick temperature in specific cases but rather poses operational challenges and further raises the stable wick temperature by 9 °C. By visualizing the flow structure, it is found that arduous vapor–liquid prestart distribution leads to prolonged circulation establishment time and higher wick temperature, resulting in a higher stable wick temperature. As the heat flux increases, the effect of prestart distribution on the stable wick temperature weakens as the redistribution capability improves.

Excess Liquidity and Bank Stability: Empirical Evidence in Vietnam

Excess Liquidity and Bank Stability: Empirical Evidence in Vietnam

Ultra-high temperature brazing of C/C using a simplified FeNiCrCu high-entropy alloy as filler

To increase remelting temperature of C/C brazed joint, a simplified FeNiCrCu high-entropy alloy (HEA) filler was designed in high-temperature brazing (HTB). The joint formation mechanism and fracture behavior were studied. The eutectic reaction of FeNiCrCu HEA with C/C could not occur, helping increase joint remelting temperature over HEA melting point (1334 °C). For the recommended parameter 1350 °C-2 min, dissolution of C/C occurred well, and no defect was observed both at interface and within bond seam. The maximum shear strength was 24.2 MPa due to the high strength in-situ (Cr,Fe)3C2 reinforced the high plastic Cu-Ni-Fe(S.S.) matrix and intimate wavy interface. Cr existed only in M3C2 in bond seam, reducing both carbon content and CTE of bond seam. For higher temperature and longer time, excessive dissolved carbon content resulted in the presence of large solidified carbon with defect at interface, joint shear strength decreased dramatically. These results provide a unique braze system for brazing carbon-based materials.

Money and output asymmetry: the unintended consequences of central banks’ obsession with inflation

ABSTRACT The study re-examines the relationship between money and output for the US and the UK using quarterly data up to 2019. Modern central banks are focused on controlling inflation and adjust their monetary policy and liquidity accordingly. However, it is common practice to overlook the precise effects of those actions on other variables. Unlike prior research, which has mainly focused on the linear relationship, this paper examines the asymmetric impact of money on output. The results show that a decrease in the amount of money has a much more adverse impact on output than an increase. Globally, during COVID-19, there was an infusion of liquidity that might have been useful in the short term, but the withdrawal of that excess liquidity, as has been done currently by some major economies, may have long-term effects on those economies’ output.

Effect of free liquid layer quantity on bacteria and protein adhesion to liquid infused polymers.

Liquid-infused polymers are recognized for their ability to repel foulants, making them promising for biomedical applications including catheter-associated urinary tract infections (CAUTIs). However, the impact of the quantity of free liquid layer covering the surface on protein and bacterial adhesion is not well understood. Here, we explore how the amount of free silicone liquid layer in infused silicone catheter materials influences the adhesion of bacteria and proteins relevant to CAUTIs. To alter the quantity of the free liquid layer, we either physically removed excess liquid from fully infused catheter materials or partially infused them. We then evaluated the impact on bacterial and host protein adhesion. Physical removal of the free liquid layer from the fully infused samples reduced the height of the liquid layer from 60 μm to below detection limits and silicone liquid loss into the environment by approximately 64% compared to controls, without significantly increasing the deposition of protein fibrinogen or the adhesion of the common uropathogen Enterococcus faecalis. Partially infused samples showed even greater reductions in liquid loss: samples infused to 70%-80% of their maximum capacity exhibited about an 85% decrease in liquid loss compared to fully infused controls. Notably, samples with more than 70% infusion did not show significant increases in fibrinogen or E. faecalis adhesion. These findings suggest that adjusting the levels of the free liquid layer in infused polymers can influence protein and bacterial adhesion on their surfaces. Moreover, removing the free liquid layer can effectively reduce liquid loss from these polymers while maintaining their functionality.

서울 아파트 가격의 변동 분석

During President Moon’s 5-year term, housing prices in Seoul increased by 62%, leading to widespread public uproar and ultimately his removal from office. Many factors have been proposed as potential explanations including speculation, the pandemic, excessive global liquidity, household debt, insufficient housing supply, and the government’s frequent policy interventions in the market. We simulate the impact of government factors on housing prices, considering them as exogenous variables (regime factor) and endogenous variables (policy interventions). In addition to the pandemic-induced price hike, most price increases under the Moon administration can be attributed to government factors. In May 2022, the conservative government succeeded the Moon government, leading to a rapid mean reversion of the house price to the long-run price.

Synergistic Tailoring of Electronic and Thermal Transports in Thermoelectric Se-Free n-Type (Bi,Sb)2Te3.

Se-free n-type (Bi,Sb)2Te3 thermoelectric materials, outperforming traditional n-type Bi2(Te,Se)3, emerge as a compelling candidate for practical applications of recovering low-grade waste heat. A 100% improvement in the maximum ZT of n-type Bi1.7Sb0.3Te3 is demonstrated by using melt-spinning and excess Te-assisted transient liquid phase sintering (LPS). Te-rich sintering promotes the formation of intrinsic defects (TeBi), elevating the carrier concentration and enhancing the electrical conductivity. Melt-spinning with excess Te fine-tunes the electronic band, resulting in a high power-factor of 0.35 × 10-3 W·m-1 K-2 at 300 K. Rapid volume change during sintering induces the formation of dislocation networks, significantly suppressing the lattice thermal conductivity (0.4 W·m-1 K-1). The developed n-type legs achieve a high maximum ZT of 1.0 at 450 K resulting in a 70% improvement in the output power of the thermoelectric device (7.7 W at a temperature difference of 250 K). This work highlights the synergy between melt-spinning and transient LPS, advancing the tailored control of both electronic and thermal properties in thermoelectric technology.

Using financial analysis ratios to evaluate the liquidity risks in industrial companies listed in the Iraq Stock Exchange

Cash liquidity is of great importance in industrial companies due to its impact on the management of the company’s operational activities, as well as the use of its surplus cash in investment, which returns to the company investment profits that support its financial position in the market. Low liquidity leads to the company being exposed to financial risks that may affect its activities and weaken its position. Financial, and here the company's management must pay attention to analyzing liquidity to assess its risks, using financial analysis ratios to evaluate cash liquidity and indicate its effects on the company's financial position. The study aimed to evaluate the liquidity of industrial companies listed on the Iraq Stock Exchange, to determine the risks to which they are exposed, using financial ratios, which are (trading ratio, quick liquidity ratio, and working capital ratio). The study reached conclusions, the most important of which is that the analysis of liquidity ratios showed Companies that suffer from low liquidity and that may be exposed to risks. It also showed companies that have surplus liquidity and can be invested to achieve additional profits. The study also recommended the need to pay attention to analyzing cash liquidity in industrial companies to evaluate liquidity and find appropriate opportunities for investment when liquidity indicators are high, or Addressing its risks when its indicators are low.

Using financial analysis ratios to evaluate the liquidity risks in industrial companies listed in the Iraq Stock Exchange

Cash liquidity is of great importance in industrial companies due to its impact on the management of the company’s operational activities, as well as the use of its surplus cash in investment, which returns to the company investment profits that support its financial position in the market. Low liquidity leads to the company being exposed to financial risks that may affect its activities and weaken its position. Financial, and here the company's management must pay attention to analyzing liquidity to assess its risks, using financial analysis ratios to evaluate cash liquidity and indicate its effects on the company's financial position. The study aimed to evaluate the liquidity of industrial companies listed on the Iraq Stock Exchange, to determine the risks to which they are exposed, using financial ratios, which are (trading ratio, quick liquidity ratio, and working capital ratio). The study reached conclusions, the most important of which is that the analysis of liquidity ratios showed Companies that suffer from low liquidity and that may be exposed to risks. It also showed companies that have surplus liquidity and can be invested to achieve additional profits. The study also recommended the need to pay attention to analyzing cash liquidity in industrial companies to evaluate liquidity and find appropriate opportunities for investment when liquidity indicators are high, or Addressing its risks when its indicators are low.

Research elevation of bank lending and technological innovation in the excess liquidity countries

This study examines the intellectual framework research in bank lending and technological innovation relationships in countries with high banking system liquidity. This study employs bibliometrics with R-studio tools and procedures to analyze documents regarding productions, collaborations, keyword occurrences, conceptual structure, and density and centrality occurrence's network. Combining data from the Web of Science and Scopus databases, this study obtained 939 documents from 527 sources with a significant opportunity for further elevation through combination with other themes. The development analysis based on the most related countries indicates that researchers from other countries have also conducted studies identified as having significant banking liquidity. Topic development and thematic evolution show that research on the role of bank lending on technological innovation evolves to environmental issues, with green credit as the most recent and emerging elaboration. For further direction, keywords in investment clusters can help elevate education, commerce, and impact clusters by combining them with research on government taxation, credit provision, sustainable development, and emission control themes.

Preparation and properties of mullite ceramic-based porous aggregates with high closed porosity utilizing low-voltage electroceramics waste

Mullite ceramic-based porous aggregates, known for their high strength and closed porosity, are widely utilized in engineering. This study successfully prepared mullite-ceramic-based porous aggregates from low-voltage electroceramics waste, investigating the impact of pore-forming agents, bauxite chamotte, and sintering temperature on the physical properties and cold compressive strength. Finally, a mechanism of closed and open pores formation was proposed. The results show that when 10 wt% activated carbon was added, enhanced particle dispersion and stability in apparent porosity, bulk density, and diameter shrinkage ratio were observed, with an optimal range of activated carbon addition identified at around 10.0 wt%. Furthermore, increasing bauxite chamotte addition from 5.0 wt% to 15.0 wt% at 1000°C promoted mullite nucleation, facilitating mullite crystal formation and reducing the relative content and viscosity of the liquid phase. This led to increased apparent porosity, reduced closed porosity, and a decrease in average pore size. However, stress concentration around surface pores resulted in reduced cold compressive properties. The sintering temperature was then increased from 900°C to 1200°C using 10.0 wt% activated carbon and 15 wt% bauxite chamotte, leading to changes in crystallinity and porosity. At 1100°C, isolated islands of the liquid phase between grain boundaries resulted in the highest cold compressive strength and bulk density, while further heating to 1200°C led to a reduction in these properties due to excess liquid phase filling grain boundaries. The formation of closed and open pores is primarily influenced by changes in sintering temperature, which affect the quantity, viscosity, and flowability of the aluminum-silicon liquid phase.

The dark side of “flight-to-safety”: Evidence from macroeconomic tail risk beta

This study examines the impact of “flight-to-safety” (FTS) on price efficiency in the stock market, where FTS is driven by investors’ demand to hedge against macroeconomic tail risk (MTR). Stocks with higher MTR beta exhibit greater returns at higher MTR levels, suggesting a stronger capacity to hedge against MTR. We find that stocks with higher MTR beta are associated with lower price efficiency, and this negative effect intensifies with increased economic policy uncertainty. By examining the mechanism, we find that investors, particularly institutional investors, favor stocks with higher MTR beta, resulting in excessive net buying pressure and liquidity constraints. This overenthusiasm for safe-haven assets hinders the incorporation of information into stock prices, thereby reducing price efficiency.

ESG combined score effects on stock performance of S&P 500-listed firms

The influence of ESG combined scores on the stock performance (excess return, volatility, and liquidity) of S&P 500-listed firms was examined from June 2013 to May 2023. Ordinary least squares and heterogeneity analyses were used, with robustness checks performed through the use of endogenous treatment and fixed-effects models. Results indicated that ESG combined scores are negatively correlated with returns and liquidity but positively correlated with volatility. The stocks of low-ESG firms were more ESG-sensitive than those of high-ESG firms. The impact of COVID-19 on stock price volatility was also considerable. The results contradicted the view that ESG enhances market performance, highlighting the need for active, sustained stakeholder engagement concerning ESG practices.

Relationship between profitability and financial factors of hospitals after a period of austerity and health care reforms: evidence from Greece

PurposeThe reduction of government expenditure in the healthcare system, the difficulty of finding new sources of funding and the reduction in disposable income per capita are the most important problems of the healthcare system in Greece over the last decade. Therefore, studying the profitability of health structures is a crucial factor in making decisions about their solvency and corporate sustainability. The aim of this study is to investigate the effect of economic liquidity, debt and business size on profitability for the Greek general hospitals (GHs) during the period 2016–2018.Design/methodology/approachFinancial statements (balance sheets and income statements) of 84 general hospitals (GHs), 52 public and 32 private, over a three-year period (2016–2018), were analyzed. Spearman’s Rs correlation was carried out on two samples.FindingsThe results revealed that there is a positive relationship between the investigated determinants (liquidity, size) and profitability for both public and private GHs. It was also shown that debt has a negative effect on profitability only for private GHs.Practical implicationsIncreasing the turnover of private hospitals through interventions such as expanding private health insurance and adopting modern financial management techniques in public hospitals would have a positive effect both on profitability and the efficient use of limited resources.Originality/valueThese results, in conjunction with the findings of the low profitability of private hospitals and the excess liquidity of public hospitals, can shape the appropriate framework to guide hospital administrators and government policymakers.

Testing Illiquidity and Momentum Factors with Asset Pricing: Evidence from Emerging Capital Markets of South Asia

This paper explores the asset pricing factors which pose aggregate risk to the portfolio returns in the Pakistan Stock Exchange (PSX). The purpose is to test the illiquidity and momentum factors along with the well-documented three factors in asset pricing model using Fama and French (2015) and Lam and Tam (2011) for one of the emerging markets of South Asia, i.e., Pakistan, using 20-year monthly data from January 2001 to December 2020. This paper adopts the methodology of Fama and French (2015) as used in the developed market and Lam and Tam (2011) for the emerging market phenomenon, to formulate the portfolio returns based on Size, Book-to-Market(BM), and the Liquidity, and test these returns against the factors causing the return variations. The results based on the 3-factor model, liquidity-adjusted model, and the momentum-based model validate factors of excess market return (CAPM), size, value, liquidity, and momentum as significant risk factors in explaining the variations in portfolio returns of PSX stocks. The portfolio access returns for PSX stocks are adjusted for risk factors with mixed significant response holding average explanatory power. Our results are robust to the GRS F-test.

ОБЛІКОВА СТАВКА НБУ: НАСЛІДКИ ТА ДОЦІЛЬНІСТЬ ПОДАЛЬШОГО ЗНИЖЕННЯ

Introduction. The purpose of the latest increase in the key rate from 10% to 25% in June 2022 is the following: protection of savings and income of individuals in national currency; increasing attractiveness of hryvnia-denominated assets; easing the pressure of excess liquidity on the foreign exchange market; strengthening the ability of the NBU to ensure exchange rate stability and streamline inflationary processes during the war. The increase in the key rate was also supposed to increase the yield on domestic government loan bonds and deposit certificates of the National Bank of Ukraine (NBU), rates on line deposits in the national currency, and the cost of servicing hryvnia loans for legal entities and individuals. Over a period of up to 15 months, the key rate remained at the same level of 25%. As the dynamics of inflation faded, the regulator started a cycle of gradual easing of monetary policy. allows to analyze the intermediate results of such a reduction. Reporting of the financial and external sectors of the economy published by the NBU and supervisory statistics as of December 1, 2023 allow to analyze the intermediate results of the reduction. Problem Statement. Determining the preliminary consequences and justifying the expediency of further gradual reduction of the NBU key rate aimed at overcoming the main problems of the monetary and credit system of Ukraine in the conditions of martial law. The purpose is the analysis of the main intermediate results of the gradual reduction of the key rate in Ukraine, which directly affect the performance of its key functions by the monetary and credit system of Ukraine, and justification of the most urgent state measures aimed at overcoming the current negative trends in the monetary sphere. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. Results. The key preliminary consequences of the gradual reduction of the key rate in Ukraine are analyzed, in particular: the dynamics of refinancing attracted by banks, bank investments in NBU deposit certificates, investments of the regulator and banks in domestic government loan bonds (OVDPs), corporate and retail lending, bank deposits of households and corporations by terms and currencies, individual indicators of the foreign exchange market. Conclusions. The key positive consequences of the key rate reduction are: gradual recovery of banks' credit activity; reorientation of banks' investments from the purchase of NBU deposit certificates to increasing investments in OVDPs, which made it possible to stop emission financing of the budget deficit by the NBU; maintaining a positive yield on term deposits in the national currency, which stimulates the population to further increase the volume of bank deposits. Instead, the practice of sterilizing the "excess" liquidity of banking institutions through their purchase of overnight and three-month deposit certificates of the NBU continues and and provokes a further increase in the volume of excess liquidity of the banking system due to a fairly high level of profitability of this instrument. Expected conservation of moderate rates of inflation in the short term determines the expediency of a further gradual decrease in the level of the key rate, provided that the positive return on time deposits of the population in the national currency is maintained. To overcome the current negative trends in the monetary sphere it is advisable: to consider the possibility of reducing the yield of NBU deposit certificates to a level comparable to the yield of “short “ OVDPs; to ensure the synchronization of the yield of “new” time deposits of the population in the national currency by terms at the level of five state banks; to consider the expediency of resuming the practice of compulsory sale of part of the foreign currency earnings of exporters at the level of at least 50% during the period of martial law; to intensify the use of non-monetary methods and anti-inflation policy measures, taking into account the joint responsibility of the government and regulator for anti-inflation policy.

Dry-out limit enhancement strategy in sodium heat pipes: Overfilling effect and modified capillary limit model

Despite the significant impact of the filling ratio on dry-out of heat pipe, current operating limit models do not adequately address this factor. This study proposes an advanced capillary limit model that incorporates the effect of the filling ratio. An experimental study was conducted to compare the operating limits of sodium heat pipes with filling ratios of 107 % and 246 %. The results showed that the existing capillary model is difficult to predict the operating limits based on filling ratios, leading to significant deviations between theoretical predictions and actual outcomes. Specifically, a heat pipe filled to 107 % experienced dry-out at a point 31.1 % lower than expected, while a heat pipe filled to 246 % reached dry-out at 20.2 % higher than expected. Notably, the overfilled heat pipe maintained a steady state even at 10.5 % above the expected dry out point. The key point of the proposed model, based on optical imaging and temperature data at dry-out, is that the excess liquid in vapor region travels and forms a liquid plug at the end of the condenser, which shortens the length required for capillary transport. Based on this insight, the Chi model was modified to predict the operating limit of overfilled heat pipes more accurately within a 5 % margin of error. The study highlights the critical role of filling ratio in heat pipe design, noting that overfilling can shorten the effective capillary length through liquid plug formation, thereby increasing the dry-out limit. However, these pools also limit the reach of sodium vapor and potentially reduce the effective area of the condenser.

Multicomponent (Hf-Zr-Ta)B2 coatings for carbon/carbon composites and structural optimization enabling superior ablation resistance

Multicomponent (Hf-Zr-Ta)B2 potentially provides improved ablation resistance compared with silicon-based ceramics. Here we deposited (Hf0.5–x/2Zr0.5–x/2Tax)B2 (x = 0, 0.1, and 0.2) coatings onto C/C composites, and investigated their ablation behaviors under an oxyacetylene torch with a heat flux of 2.4 MW m–2. It was observed that the x = 0.1 oxide scale bulged but was denser, and the x = 0.2 oxide scale was blown away due to the formation of excessive liquid. Based on these findings, we further developed a duplex (Hf-Zr-Ta)B2 coating that showed a linear recession rate close to zero (0.11 µm s–1) after two 120-s ablation cycles. It is identified that the resulting oxide scale is mainly composed of (Hf, Zr)6Ta2O17 and (Hf, Zr, Ta)O2 by performing aberration-corrected (scanning) transmission electron microscopy. The protective mechanism is related to the peritectic transformation of orthorhombic-(Hf, Zr)6Ta2O17 to tetragonal-(Hf, Zr, Ta)O2 plus Ta-dominated liquid. This study contributes to the development of Ta-containing multicomponent UHTC bulk and coatings for ultra-high temperature applications.

Internal determinants of bank deposit flows under different market conditions in Ghana

This study analyzes the effect of internal factors of bank performance on deposit flows, considering the changes in the stock market conditions in Ghana. A panel dataset covering 2007 to 2021 of 18 banks in Ghana is applied in a dynamic panel model for the analysis. The results show that the lagged deposit growth exerts an impressive influence of 0.68 percent on the future deposit flows of banks, thus positing a favorable implication for their trading momentum. Also, liquidity was found to have a negative relationship of –0.64 percent with deposit growth. This implies that the holding of excess liquidity diminishes investors’ confidence in a bank’s ability to generate more revenue to enhance the value of their funds, as high liquidity ratios reduce the bank’s capacity to grant more loans for profit. Furthermore, the analysis revealed a positive effect of 1.93 percent by expenditure on deposit growth, which suggests that depositors recognize a rise in operational costs as an indication of a bank’s potential for growth and rapid expansion. Moreover, the analysis found the existence of a negative effect of –0.88 percent by the stock market conditions on deposit growth, which implies that bullish market conditions reduce bank deposits. This verifies that the determinants of deposit flows adapt to the changes in market conditions. Policy strategies should include non-performance metrics such as an increase in the interest paid on customers’ deposits, product promotions, and targeted advertisements to sustain the inflow of depositors’ funds under changing market conditions.

Global liquidity spillovers in the Asia–Pacific region: policy-driven versus market-driven effects

This research investigates the spillovers of global liquidity to Asia–Pacific countries, focusing on the contradictory effects of policy-driven liquidity created by monetary stances in advanced economies and market-driven liquidity generated by the private banking sector. Our findings stand in sharp contrast to previous studies, showing that shifts in macro-financial indicators in Asia–Pacific economies are predominantly influenced by market-driven shocks rather than those of policy-driven liquidity. Specifically, liquidity shocks associated with surges in cross-border credit flows, especially those denominated in US dollars, drive up asset prices and have boosting effects on inflation and economic output. A positive shock to market liquidity also results in an appreciation pressure on domestic currencies and a short-term rise in interest rates. However, excess liquidity shocks caused by the Bank of Japan’s adjustments in shadow short rates and balance sheets have a negative effect on inflation and bring about temporary depreciation pressure on Asian currencies. Surprisingly, we find that Asian responses to financial easing associated with the Fed’s monetary policy change are not well-pronounced.