Adjustable Speed Research Articles

Mortgage Credit and House Price Nexus: Evidence from Kenya

The purpose of this study was to examine the effect of mortgage credits on house prices in Kenya. Using correlational research design, the study employed a time series secondary data set for 2004 Q1 to 2017 Q4. This study found out that in the long-run, the mortgage loan (ß3 = 0.133144, p=0.0) has a positive and significant effect on residential house prices in Kenya. 1% increase in mortgage credit will cause a 0.13% increase in residential house prices. This study further established that any deviation from the long-run equilibrium is corrected at a speed of 40% in the next period. Therefore, the government should focus on policies that increase house supply, while to investors, the speed of adjustment does not seem to encourage arbitrage profit.

An assembled hot wire anemometer design

The hot wire anemometer is a widely utilized device in laboratory settings for measuring air speed. This paper investigates the relationship between air speed and hot wire temperature across various air speed ranges, employing the theory of thermal equilibrium. We designed a measurement circuit and hot wire shape based on the hot wire anemometer principle, and validated the linear relationship between current and temperature at different air speeds within an adjustable air speed field. The measured current serves as a representative of air speed. Experimental validation of the designed hot wire anemometer demonstrates accurate measurement results that align with theoretical values across different air speed ranges. Finally, we determined the sensitivity of the anemometer in various measurement ranges, considering the instrument's uncertainty and measurement formula.

Uticaj inflacije i kamatnih stopa na indekse nekretnina u SAD i EU

This paper investigates the relationship between real estate indices, inflation and interest rates in both Europe and the USA. The main objective is to examine the impact of inflation and interest rates on the respective real estate indices and test specific hypotheses. The study utilizes cointegration analysis to assess the long-term equilibrium and the speed of adjustment between the variables. The analysis reveals the presence of cointegrating relationships in both regions, indicating a long-term equilibrium between the variables The findings support the hypothesis that inflation has a significant and positive impact on the real estate indices in both regions. However, the hypothesis stating a significant and negative impact of interest rates on the indices is not supported.

Testing Portfolio Balance Approach to Exchange Rate during Managed Float: An Empirical Evidence from India

Any global economic and financial disturbance affects trade and capital flows of our economy through exchange rate movements. The portfolio balance (PB) approach considers the capital flows as an additional variable explaining the exchange rate movements. This approach assumes domestic and foreign bonds to be imperfect substitutes. The bonds bearing high risk carry comparatively higher return in the form of risk premium. This study attempts to re-examine the empirical soundness of the PB model in respect of Indian rupee/ US dollar (INR/US $) exchange rate. It covers the period from 2000: 1 to 2023:1. Augmented Dickey Fuller test and Phillip Perron tests are used to test stationarity property of the variables. The Ordinary Least Square (OLS) methodology of regression is used for the purpose of estimation. Autocorrelation problem is dealt with by using the Cochrane Orcutt procedure. The PB model is estimated in naïve form as well as in partial adjustment form. The empirical finding shows that the PB model works well in partial adjustment framework rather than in its naïve form with speed of adjustment being three to four quarters. The money supply differential and relative real Gross Domestic Product (GDP) are identified as significant variables whereas the bond holding variable remained insignificant. However, in the long run, the model did not work. It is suggested that the fiscal and monetary policies that enhance capital spending in productive sectors should be implemented to achieve a gradually appreciating exchange rate.

Comportamento da Taxa de Câmbio nos BRICS

ABSTRACT This article aims to investigate the behavior of exchange rate in the BRICS countries, with an emphasis on exchange rate passthrough and exchange rate determination empirical models. By applying the ARDL Bounds Testing Approach Methodology, from January 2005 to December 2019. Our main results show that: i) there is a long run cointegration among the variables analyzed for all estimated models; ii) there is a very slow speed of adjustment towards the long run equilibrium; iii) there is evidence of exchange rate passthrough to inflation mainly in the long run, but not as strong as before; iv) there is no evidence of exchange rate overshooting; v) international reserve accumulation can be considered a partial explanation for the evidence of no exchange rate overshooting.

CEO Overconfidence and the Speed of Adjustment of Cash Holdings

CEO Overconfidence and the Speed of Adjustment of Cash Holdings

Evaluating Sustainable Relationship between Stock Market Development and Nigeria’s Economic Growth

Our paper investigates the sustainable relationship between the stock market development and Nigeria’s economic growth with Zivot Andrew structural unit root test and Autoregressive Distributed Lag model (ARDL) technique from1980–2020, we discovered an evidence of a long-run link between Nigeria’s economic progress and stock market size at a speed of adjustment of 60% per annum. Further evidence shows that in the long run, market liquidity (TVR) showed a positive (coef =1.4) but insignificant (prob = 0.7) effect on economic performance. As much as the Nigerian stock market is growth inducing, evidence shows that the market indicators failed to produce significant effect on the growth of the economy in the long-run. To achieve a long-lasting impact, the market needs to be deepened (liquidity) through enhancing its trading infrastructures and policies. Furthermore, Security and Exchange Commission needs to encourage and lure unquoted firms which have attained some certain level of capitalization to get listed on the exchange.

The Effect of Green Taxation on Financial Performance of Selected Oil and Gas Firms in Nigeria.

This study investigated the effect of green taxation on financial performance of selected oil and gas firms in Nigeria for the period 2017-2022. The specific objectives were to investigate the effect of carbon emission taxes; to find out the effect of petroleum profit tax; and to investigate the effect of industrial pollution tax on financial performance of selected oil and gas firms in Nigeria for the period 2017-2022. The model included the total assets of the oil and gas firms as dependent variable. The study adopted ex post facto research and employed times series data sourced from the annual financial records of the oil and gas firms, and the Federal Inland Revenue Service (FIRS). Evidence of longrun relationship was found among the model variables through the Johansen test, and a fast speed of adjustment at 32.01% annually. The major findings of the study are: carbon emission taxes had significant negative effect on financial performance of oil and gas firms in Nigeria; petroleum profit tax has significant negative effect on financial performance of oil and gas firms in Nigeria; and industrial pollution tax has significant negative effect on financial performance of oil and gas firms in Nigeria. Based on the findings, the study concluded that green taxation had significant negative effect on the financial performance of oil and gas firms in Nigeria. The study recommended that: the policymakers should design a strategy toward reviewing the carbon emission taxes due to evidence of negative shock on the oil and gas firms; the petroleum profit tax should also be reviewed down in order to mitigate risks arising from their operation which affect their performance; the government should further increase the industrial pollution tax rate, this will deter industries from indiscriminate pollution of the environment, restore investor confident and stabilize stock market in Nigeria.

Intelligent Transport Infrastructure Development, Leadership Governance, and Economic Growth: A Case Study on Ethiopia

Ethiopia, a landlocked country in sub-Saharan Africa has given high priority to intelligent transport infrastructure. This study assesses the economic impact of intelligent transport infrastructure, and the moderating effect of leadership governance environments. To find the impact of intelligent transport infrastructure, the co-integration between intelligent transport infrastructure and economic growth is determined by performing F-test using the autoregressive distributed lag bound test model and then, the elasticity of economic growth is estimated using Ordinary Least Square estimation techniques. The results show that intelligent transport infrastructure has a significant long-term positive impact on economic growth and the short-term dynamics shows the speed of adjustment is 10% adjusted each year toward the long-run path. The moderating effect of the leadership governance environment examined using hierarchical multiple regression model yielded results about its substantial moderating effect on the relationship between intelligent transport infrastructure and economic growth.

Global Dynamics of a Fisheries Economic Model with Gradient Adjustment

Taking into account the nonlinear demand function, we have developed a multi-agent fishery economic model, where a multitude of agents are bounded by rationality. The fishing decisions of these agents are driven by a profit gradient mechanism. To assess the local stability of the system, stability analysis is performed with the Jury criterion. The investigation has revealed the presence of two conventional paths to chaos, namely, the flip bifurcation and the Neimark–Sacker bifurcation. This was achieved by mapping the stability regions and stability curves of the Nash equilibrium. The multistability of the system is further explored on two-dimensional planes on which the influence of joint parameters on the system’s stability is demonstrated. The existence of Arnold’s tongue has demonstrated unparalleled complexity and intricate interactions across different scales of the system. Both critical curves and basins of attraction are illustrated to gain insight into global bifurcations. The chaotic attractor is found to be confined within specific boundaries. The findings clearly show higher maximum instantaneous demand, relatively slower adjustment speed, and lower price sensitivity. Arguably, a controlled cost would lead to sustainable fishing resources. Moreover, the results also suggest that the agents would benefit more from confined conditions.

Review and Recent Developments of Speed Regulation Technology for Energy Conservation Based on Permanent Magnet Adjustable Speed Drive

Review and Recent Developments of Speed Regulation Technology for Energy Conservation Based on Permanent Magnet Adjustable Speed Drive

A new planetary ball mill device with adjustable speed ratio for enhanced mechanochemical processes

A new planetary ball mill device capable of adjusting the speed ratio between the sun and planet disks is introduced, and its effect on the oxidative degradation of β-pinene is investigated.

Quantifying the effects of expectation variability on economic dynamics

The article applies the famous Dornbusch "overshooting" model to investigate the impact of different types of expectations on economic model stability. We tested the well-known Dornbusch model with discrete variables. Initially, we established a foundational model, employing simulations to illustrate the impact of each parameter within the model on the overall solution, starting from an initial value. Subsequently, we explored the influence of different expectation types on the stability of the steady state vector, considering simple, static, adaptive, and rational expectations (Muth-type rational expectation and perfect foresight). It was observed that static expectations and perfect foresight did not contribute to stability. In the case of simple, adaptive, and rational expectations, the stability conditions (parameter combinations) are the same as the stability conditions for the steady state vector of the baseline model. This condition is restricted to four parameters: two related to the interest rate, one to the foreign-domestic price level and one to the adjustment speed. We also run a simulation to show how the inclusion of each type of expectation leads to a change in the global solution of the model for a given initial value.

Improved super-twisting sliding mode control strategy in permanent magnet synchronous motors for hydrogen fuel cell centrifugal compressor

This paper rigorously addresses the intricate control demands of high-speed, high-pressure, wide adjustable speed range, and high energy utilization efficiency required in hydrogen fuel cell centrifugal compressor, with a focus on the speed control of 40,000 RPM permanent magnet synchronous motors (PMSMs). An improved second-order super twisting sliding mode control (STSMC) strategy is proposed to enhance system stability and robustness by integrating the beetle antennae search (BAS) algorithm and grey wolf optimization (GWO) algorithm. The global search capability of BAS is used to improve the local optima issues of GWO, and then the improved GWO algorithm is utilized to address the issues related to parameter selection and convergence speed inherent in the STSMC. Theoretical validity of the proposed strategy is asserted through Quadratic Lyapunov Function, and its practicality is affirmed by thorough simulation. Comparative analyses are conducted with PI controller, traditional Sliding Mode Controller (SMC), and standard Super-Twisting Sliding Mode Controller (ST) under several case studies to show the superiority of the propose STSMC.

The Bound Test Approach of the Money Demand Determinants in Nepal

The theory of money demand is an empirically tested theory of Nepal. It aimed at estimating the money demand function in Nepal. The causal research designs were used for the study. An annual time series from 1980/81 to 2021/22 was used as the data. The research used the Bound test and Auto-regressive Distributive lag model (ARDL). Moreover, a unit root test, bound test, stability diagnostic test, and normality test were used. The empirical result indicates the existence of both short-run and long-run relationships between money demand and real gross domestic production. Furthermore, money demand has a good short-run association with inflation and the consumer price index, whereas it has a long-run relationship. The disequilibrium is corrected in the one log period with a speed of adjustment of 0.75 percent. The study concludes an association between broad money supply and real gross domestic production in Nepal exists.

Foreign Direct Investment, Non-Renewable Energy and Economic Growth: An Empirical Analysis from South Africa

Purpose This study aims to examine the connection between foreign direct investment, non-renewable energy, and economic growth in South Africa. Methodology The data was collected from the World Bank’s website from 1990 to 2020. The VECM and Granger causality approaches were employed to evaluate the connection between Economic growth, FDI, and Non-renewable energy. Findings The findings show that a long-term equilibrium relationship exists among the variables. Further, the result of the Vector Error Correction Model (VECM), shows a coefficient value of 0.0038 indicating the short-term adjustment speed of the system towards its long-run equilibrium. The result of Granger causality shows no bidirectional Granger causality among any of the variables. There is a Unidirectional Causality between GDPC and NRENW. Conclusion The study concluded that non-renewable energy can enhance economic growth in these countries, but it can aggravate the degradation of the environment. Essentially, foreign direct investment (FDI) significantly and negatively affects growth, suggesting that FDI entry into African nations negatively affects the environment.

Dynamic Analysis of a Dual-Channel Closed-Loop Supply Chain with Heterogeneous Players and a Delay Decision

This paper considers a dual-channel closed-loop supply chain (CLSC) consisting of a manufacturer who wholesales new products through the traditional retail channel and distributes remanufactured products via a direct (online) channel established by himself. Two dynamical Stackelberg game models are developed based on the assumption that the retailer is an adaptive player, and the manufacturer is a bounded rational player who may adopt a delay decision. The existence and locally asymptotic stability of the Nash equilibrium are examined. Moreover, the impacts of key parameters on the complexity characteristics of the models and the performance of chain members are studied by numerical simulation. The results reveal that the excessively fast price adjustment speeds of the manufacturer, the larger consumers’ discount perception for the remanufactured products, and the consumers’ preference for the direct channel have a strong destabilizing effect on the Nash equilibrium’s stability. Furthermore, the delay decision implemented by the manufacturer could be a stabilizing or destabilizing factor for the system. The manufacturer will tolerate a considerable profit reduction while the retailer gains more profits when the dual-channel CLSC system enters periodic cycles and chaotic motions.

Interest Rate Transmission on Indonesia’s Monetary Policy Analysis: Case of Banking Interest Rate

Indonesia's economic stability should be achieved by implementing monetary and fiscal policies, for instance, setting the interest rate by Bank Indonesia (BI) as policy rate of central bank, which should be followed by other banking institutions. Unfortunately, this interest rate regulation by BI had not been able to achieve the goal of restoring economic stability since it always had long time lag. This happened because the policy of increasing interest rates had not been followed up spontaneously by other banking institutions. In fact, time lag might cause disadvantages such as long-lasting high inflation, increased poverty, and severe economy vulnerability. This research was conducted to analyze the time lag of the transmission of Bank Indonesia's interest rate monetary policy and the response of banking institutions in Indonesia. The method used in this study was survival analysis. The results indicated that the time lag of monetary policy transmission using the interest rate in Indonesia needed to be improved to double adjustment speed to reach the optimal point. The response of banking institutions could be improved because there was still asymmetry response in all aspects including types of interest rates, allocations, and change direction. Meanwhile, from the aspect of ownership, both state-owned and private-owned banks had shown in line response of time lag performance.

Nexus Between Pension Funds and Stock Market Sustainability Development in Nigeria

Objective: It has long been recognized that pension systems across the emerging markets including Nigeria have undergone dramatic reforms over the last twenty-eight years. This process has mainly been fueled by the demographic problem faced by modern financial systems. Hence, this study examines the short-run and long-run dynamic of pension funds on capital market development in Nigeria using ex-post facto research design. Method: Data were collected from the Central Bank of Nigeria (CBN) statistical bulletin and annual report of the pension fund commission from 1995 to 2022. Data collected were analyzed using descriptive statistics, unit root test and auto regressive lag model (ARDL) and Toda Yamamoto multivariate granger causality approach. The unit root test reveal that all the variables used in the study are non-stationary at first difference except inflation which is stationary at level. Results: The findings from the ARDL analysis reveal a short-run dynamic impact between pension funds and capital market development due to the coefficient of error correction mechanism (speed of adjustment) which is negative and significant at 5% level of significant. The result suggests that over 22% of the short run disequilibrium is corrected in the long run equilibrium. However, the results from the long-run dynamic impact reveal a positively significant impact between the proxies of pension funds (pension contributory fund, pension investment) and control variable - inflation to be positively significant with capital market development proxied by market capitalization as a ratio to GDP at 5% level of significant. The results of the Toda Yamamoto granger causality results suggest a bidirectional relationship between pension funds (pension contributory fund, pension investment) and market capitalization as a ratio of Gross Domestic Product (GDP) in Nigeria at aggregate level. This suggest that the relationship between pension funds (pension contributory fund, pension investment) and market capitalization as a ratio of Gross Domestic Product (GDP) in Nigeria was two-ways. Conclusion: The study concludes that pension fund administrators in Nigeria should understand that the rate of inflation is dynamic in Nigeria and the value of money is being lost as money is not worth it values in the next five years.

Research on the Impact of Female Directors on Capital Structure Adjustment -- Based on the perspective of crash risk

This paper selects all non-financial listed companies in Shanghai and Shenzhen A shares from 2010 to 2022 as the research object, based on dynamic capital structure theory, high-level echelon theory and resource dependence theory, through panel regression , to explore the impact of female directors themselves on the speed of capital structure adjustment; And introducing crash risk into the extended model to test the relationship between female directors and the speed of capital structure adjustment from the perspective of crash risk. The results show that the existence of female directors in the board of directors will optimize the capital structure, and the increase in the proportion of female directors in the board of directors will improve the speed of capital structure adjustment; Due to the characteristics of conservative and cautious women, the existence of female directors in the board of directors will reduce the risk of stock price collapse; Based on the perspective of collapse risk, female directors still improve the speed of capital structure adjustment.