Repayment Time Research Articles

Analyzing the impact of environmental variables on the repayment time for solar farms under feed-in tariff

BackgroundEnvironmental concerns have promoted the rise of low emissions “green” power technologies such as solar power. In part to make these technologies of economic interest to investors, many green energy policies have been proposed, and a wide variety of green energy developments have been launched which take advantage of these policies. This paper studies the impact of the unpredictable solar insolation on two variables of key interest to solar plant developers: the repayment time and the cash flow at risk.ResultsUsing a bootstrap analysis of solar irradiation time series, we model solar farms which sell their power output at a Feed-In Tariff (FIT) rate motivated by one used in the province of Ontario, Canada. We show that the feed-in tariff level which existed in Ontario in March 2012 was more than sufficient to remove the financial risks inherent in financing a solar PV plant.ConclusionsWe conclude that the Ontario Canada FIT 2012 program was an effective tool to encourage investment in solar PV plants. We also find that repayment time is strongly sensitive to FIT rates. So FIT is a very efficient tool to impact/control the volume risk.

Microfinance and Mechanism of Group Lending: Theory and Experiences

It is generally accepted that the micro-finance sector emerged as an answer to financial market failures. In this context, the paper examines the basic idea on which micro-finance is built and sees how it is different from the mainstream financial service providers. The present paper therefore, deals with the theoretical framework of microfinance including definition, economics and mechanism of group lending, gender aspects and limitations of microfinance. One of the major features of microfinance is group lending where the concept of joint-liability helps in mitigating problems caused by adverse selection and moral hazard. Other important mechanisms, besides group lending, are the use of dynamic incentives, collateral substitutes, and regular repayment schedules, the targeting of women and social programmes which, according to theory, play a significant role. The paper also discusses about the relation between the models of Joint Liability Group lending. There has been considerable debate over whether micro-finance can reach the ‘poorest of the poor’ and it has also been highlighted in the paper. The micro-finance programme is ideologically designed to achieve women's contribution to family welfare and assist poor women to obtain socio-economic empowerment, but often the positional vulnerability of the women is exploited at the time of repayment. Thus the paper also highlights the limitations of micro-finance forwarded by Ohio School of Development Finance which stated that debt is not an effective tool for helping most of poor people to enhance their economic conditions as they operate in small farms or micro enterprises.

Impacts of Jatropha-based biodiesel production on above and below-ground carbon stocks: A case study from Mozambique

The need to mitigate climate change makes production of liquid biofuels a high priority. Substituting fossil fuels by biodiesel produced from Jatropha curcas has gained widespread attention as Jatropha cultivation is claimed to offer green house gas emission reductions. Farmers respond worldwide to this increasing demand by converting forests into Jatropha, but whether Jatropha-based biodiesel offers carbon savings depends on the carbon emissions that occur when land use is changed to Jatropha. This paper provides an impact assessment of a small-scale Jatropha project in Cabo Delgado, Mozambique. The paper outlines the estimated impacts on above and below-ground carbon stocks when land use is changed to increase Jatropha production. The results show that expansion of Jatropha production will most likely lead to the conversion of miombo forest areas to Jatropha, which implies a reduction in above and below-ground carbon stocks. The carbon debts created by the land use change can be repaid by replacing fossil fuels with Jatropha-based biodiesel. A repayment time of almost two centuries is found with optimistic estimates of the carbon debt, while the use of pessimistic values results in a repayment time that approaches the millennium.

Benchmarking the Environmental Performance of theJatrophaBiodiesel System through a Generic Life Cycle Assessment

In addition to available country or site-specific life cycle studies on Jatropha biodiesel we present a generic, location-independent life cycle assessment and provide a general but in-depth analysis of the environmental performance of Jatropha biodiesel for transportation. Additionally, we assess the influence of changes in byproduct use and production chain. In our assessments, we went beyond the impact on energy requirement and global warming by including impacts on ozone layer and terrestrial acidification and eutrophication. The basic Jatropha biodiesel system consumes eight times less nonrenewable energy than conventional diesel and reduces greenhouse gas emissions by 51%. This result coincides with the lower limit of the range of reduction percentages available in literature for this system and for other liquid biofuels. The impact on the ozone layer is also lower than that provoked by fossil diesel, although eutrophication and acidification increase eight times. This study investigates the general impact trends of the Jatropha system, although not considering land-use change. The results are useful as a benchmark against which other biodiesel systems can be evaluated, to calculate repayment times for land-use change induced carbon loss or as guideline with default values for assessing the environmental performance of specific variants of the system.

Nigeria’s External Debt and Economic Growth: An Error Correction Approach

This study investigates the relationship between Nigeria’s external debt and economic growth, between 1975 and2006. The choice of period was guided by data availability and the the escalation of Nigeria’s external debt.Econometric evidence revealed stationarity of the variables at their first difference while the Johansencointegration approach also confirms the existence of one cointegrating relationship at the 1 percent and 5percent level of significance. In addition, error correction estimates revealed that external debt has negativerelationship with economic growth in Nigeria. For example, a one per cent increase in external debt resulted in adecrease of 0.027 per cent in Gross Domestic Product, while a 1 per cent increase in total debt service resulted to0.034 per cent (decrease) in Gross Domestic Product. These relationships were both found to be significant at theten per cent level. In addition, the pairwise Granger Causality test revealed that uni-directional causality existsbetween external debt service payment and economic growth at the 10 percent level of significance. Also,external debt was found to granger cause external debt service payment at the 1 percent level of significance.Statistical interdependence was however found between external debt and economic growth. In order toameliorate the negative influence of external debt on economic growth, debt accumulation for projects must bematched with the timing of repayment. Nigeria must be concerned about the absorptive capacity. Considerationabout low debt to GDP, low debt service/GDP capacity ratios should guide future debt negotiations. Finally theportfolio of debt must be diversified in terms of sources and types to avoid harmful concentration and areoccurrence to the past.

Implications of Biodiesel-Induced Land-Use Changes for CO2 Emissions: Case Studies in Tropical America, Africa, and Southeast Asia

Biofuels are receiving growing negative attention. Direct and/or indirect land-use changes that result from their cultivation can cause emissions due to carbon losses in soils and biomass and could negate any eventual greenhouse gas (GHG) reduction benefit. This paper evaluates the implications of land-use change emission on the climate-change mitigation potential of different biofuel production systems in 12 case studies in six countries. We calculated carbon debts created by conversion of different land-use types, ranging from annual cropland to primary forest. We evaluated case studies using three different biofuel crops: oil palm, Jatropha, and soybean. The time needed for each biofuel production system to pay back its carbon debt was calculated based on a life-cycle assessment of the GHG reduction potentials of the system. Carbon debts range from 39 to 1743.7 Mg C0 2 ha -1. The oil palm case studies created the largest carbon debts (472.8-1743.7 t C0 2 ha -1) because most of the area expansion came at the expense of dense tropical forest. The highest debt was associated with plantation on peatland. For all cases evaluated, only soybean in GuarantA£ do Norte and Alta Floresta, Brazil needed less than one human generation (30 years) to repay the initial carbon debt. Highest repayment times were found for Jatropha (76-310 years) and oil palm (59-220 years) case studies. Oil palm established in peatlands had the greatest repayment times (206-220 years). High repayment times for Jatropha resulted from the combined effects of land-cover change and low CO 2 emission reduction rate. These outcomes raise serious questions about the sustainability of biofuel production. The carbon implications of conversion of (semi-)natural systems with medium to high biomass indicate that, in order to generate climate benefits, cultivation of biofuel feedstocks should be restricted to areas that already have low carbon content. © 2011 by the author(s).

Trade Credit, Bank Credit and Financial Crisis*

ABSTRACTThis paper examines trade credit behavior in a sample of small and medium enterprises in four East Asian countries before and after the financial crisis of 1998. We use a unique dataset that contains detailed data on trade credit amount and contract terms along with data on access to finance. We find that after the crisis, firms constrained in bank finance receive less trade credit in terms of percent of inputs bought on credit and shorter time of repayment. They also reduce credit extension to their customers in terms of quantity and length of time, due to a smaller pool of available finance. Discount terms rise on both receivables and payables. Our evidence does not support the hypothesis that trade credit can substitute for bank credit in times of the crisis, and instead suggests that liquidity shocks are propagated along the supply chains.

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THE CRITERIA DESCRIBING THE NEED FOR HIGHWAY RECONSTRUCTION BASED ON THE THEORY OF TRAFFIC FLOWS AND REPAY TIME

General data on the network of Ukrainian highways are presented. The analysis of design methods of highway reconstruction based on the theory of traffic flows and economic calculations of its repay time is made. The relationship between traffic intensity and speed is shown by considering the theory of traffic flows. The methods, taking into account the principle of effectiveness of highway reconstruction based on its repay time, are discussed.

Критерии необходимости реконструкции автомобильных дорог с учетом теории транспортных потоков по сроку окупаемости

The analysis of design methods of road reconstruction based on the theory of traffic flows and economic calculations of its repay time is presented. The relationship between traffic intensity and speed is shown by considering the theory of traffic flows. The methods, taking into account the principle of effectiveness of road reconstruction based on its repay time, are discussed. Article in Russian. Automobilių kelių rekonstrukcijos kriterijai vertinant transporto srautų teoriją ir atsipirkimo terminą Santrauka. Analizuojama automobilių kelių rekonstrukcijos projektavimo metodika remiantis transporto srautų teorija ir atsipirkimo termino ekonominiais skaičiavimais.  Remiantis transporto srautų teorija nagrinėjama priklausomybė „judėjimo intensyvumas – greitis“.  Pateikta metodika, kurios pagrindas yra automobilių kelio rekonstrukcijos parinkimo principas, ekonomiškai pozityviai ir motyvuotai vertinant atsipirkimo terminą.  Reikšminiai žodžiai: automobilių kelias, rekonstrukcija, atsipirkimo terminas, judėjimo intensyvumas, greitis, transporto srautas, sąnaudos. Критерии необходимости реконструкции автомобильных дорог с учетом теории транспортных потоков по сроку окупаемости Аннотация. Проведен анализ методики проектирования реконструкции автомобильных дорог на основании теории транспортных потоков с учетом экономических расчетов по сроку окупаемости. На основании теории транспортных потоков показана зависимость «интенсивность движения–скорость». Рассмотрена методика, в основе которой лежит принцип назначения реконструкции автомобильной дороги, исходя из позиции экономической обоснованности реконструкции по сроку окупаемости.    Ключевые слова:  реконструкция, срок окупаемости, интенсивность движения–скорость, транспортный поток, капитальные вложения, транспортные затраты.

Geležinkelio eismo valdymo sistemų tyrimas

The systems used for rail traffic control are compared. Their advantages and disadvantages are analysed. The present and future development of rail traffic control systems in various countries is considered. The possibility of adapting these microprocessor-based traffic control systems to the conditions of Lithuania is analysed. For this purpose, the analysis of goods transported by Lithuanian railways is made, and the non-uniform amount of goods transported on different road sections is evaluated. The number of the delayed trains due to the failure of traffic control systems in recent years is determined, the cost of installing a new microprocessor-based traffic control system at the railway station, as well as its repay time and the demand for employees are calculated. Article in Lithuanian. Geležinkelio eismo valdymo sistemų tyrimas Santrauka. Straipsnyje lyginamos geležinkelyje naudojamos eismo valdymo sistemos. Analizuojami jų privalumai ir trūkumai. Apžvelgta įvairiose šalyse naudojamų geležinkelio eismo valdymo sistemų raida bei aptariamas tolesnis jų plėtojimas. Analizuojamos šių mikroprocesorinių eismo valdymo sistemų pritaikymo Lietuvoje galimybės. Siekiant pagrįstai tai išsiaiškinti atlikta Lietuvos geležinkeliais vežtų krovinių analizė ir įvertintas įvairiais kelio ruožais vežtų krovinių skaičiaus netolygumas. Analizuota kiek traukinių sulaikyta dėl eismo valdymo sistemų gedimų per paskutinius kelerius metus. Apskaičiuotos naujai įrengiamos mikroprocesorinės eismo valdymo sistemos įdiegimo geležinkelio stotyje sąnaudos bei šių sistemų atsipirkimo laikas ir darbuotojų poreikis. Reikšminiai žodžiai: geležinkelių transportas, eismo valdymo sistemos.

Determinants and consequences of soft budget constraints An empirical analysis using enterprise‐level data in transition countries1

AbstractThis paper presents empirical work grounded in the soft budget constraint (SBC) literature. A loan is soft when a bank cannot commit the enterprise to hold to a fixed initial budget and/or the timing of repayment. Using data collected by the European Bank for Reconstruction and Development (EBRD) (Business Environment and Enterprise Performance Survey (BEEPS), 2002) in 26 transition economies, we analyze the determinants of managers’ expectations of having a soft loan. In particular, we find that managers’ expectations are lower when the initial financing requires collateral, and higher for larger firms and when firms had recently experienced financial distress. We also provide evidence that managers’ expectations influence their price responsiveness.

ISO 14001 – experiences, effects and future challenges: a national study in Austria

AbstractMore than 60000 organizations worldwide have implemented environmental management systems (EMSs). About 800 of them are located in Austria. As Austria was one of the leading countries in promoting the EU scheme EMAS, and as there has been no specific study on Austrian experiences with ISO 14001, the purpose of this study is to describe the experiences with and effects of ISO 14001 in Austria. The results show that ISO 14001 often leads to reduced environmental impact, especially in the area of waste. A strong driving force behind implementation is the expected improvement of an organization's image. The average repayment time on an investment in an EMS is less than two years. Legal compliance tends to be difficult to implement, but on the other hand it works well in daily practice. To develop an EMS into a sustainability management system, the two most important challenges are to improve coordination between the EMS and the organization's strategies and to synchronize the EMS with central value chains. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.

On the integrated management of industrial resources incorporating finances

The paper addresses the opportunities to improve profit and reduce the investment cost through integrated management of resources such as electrical energy, steam and fresh water. To consider the incorporation of finances into resources management task, it is proposed the utilisation of Pinch principles. Cost composite curves are created to target the optimum profitability guiding the decision-making process and trade-offs. Following the historical practice to run the targeting procedure for combined resources through combined composites, the cost composites are considered as summarising curves of all resources (energy, water, etc.). A Grid diagram analogous to the one used for Water Pinch analysis is used to show the money flow that can ensure meeting the targets. This procedure provides an important combination of industrial and businesses resources management. The resulting money management flow diagram, that can be very useful in money management, commissioning and borrowing schedules, targets the minimisation of repayment times. It can assist in money borrowing and budgeting activities. A simple literature example illustrates the practicality of the proposed procedure and its usability as a decision support tool. The place of this conceptual design tool in the general decision-making process and logistics is discussed, by trying to find the best stage of its application in the engineering management domain.

THE STUDY OF SCHOOLCHILDREN TRANSPORTATION EFFICIENCY IN LITHUANIA

The system of Transportation of schoolchildren should also be transformed with the aim of more rational use of resources and vehicles taking children in and out of schools. Rational structure of school network and a system of children Transportation will help to save the money allocated on education as well as to ensure various educational services, taking into account social, economic, cultural and demographic changes. The research revealed considerable differences in operational costs of school buses in Lithuania. To account for this spread of values (up to 5 times), a more detailed analysis is needed. Considerable spread of operational costs of buses is questionable because they are m a good (or perfect) technical state. The repay time of the bus depends on the difference between the cost of carrying students by private and public transport covered by local government institutions and the relative expenses of busing a student per one kilometer by buses.

MAKING UP AND RENOVATION OF TRAINS

Major constituent parts of the railway system are rolling stock and various objects making its infrastructure. Their maintenance is rather expensive, while renovation requires large investments. The researchers all over the world are working hard to make these investments effective. To make a decision in economics its economic effect should be established first. Generally, the latter is expressed as the repay time of investment or the economic effect in the particular period of time specified according to the particular technical requirements. The repay time is usually calculated optimizing the choice of the particular elements (i.e. an.engine, gear-box, transmission, etc.) of the train. The optimization of the selection of the trains would require a comparative analysis of economic effects (expressed in monetary units at the particular time interval) of the alternative solutions available. If the target objects of the investments are well -known, the first approach described in the present paper may be used to determine the repay time of investment thus enabling us to check the effectiveness of a potential investment. If an object for the potential investment should be determined, implying that its major characteristics should be described, the second method based on increasing the economic effect may be applied.

MAKING UP AND RENOVATION OF TRAINS

Abstract Major constituent parts of the railway system are rolling stock and various objects making its infrastructure. Their maintenance is rather expensive, while renovation requires large investments. The researchers all over the world are working hard to make these investments effective. To make a decision in economics its economic effect should be established first. Generally, the latter is expressed as the repay time of investment or the economic effect in the particular period of time specified according to the particular technical requirements. The repay time is usually calculated optimizing the choice of the particular elements (i.e. an.engine, gear-box, transmission, etc.) of the train. The optimization of the selection of the trains would require a comparative analysis of economic effects (expressed in monetary units at the particular time interval) of the alternative solutions available. If the target objects of the investments are well -known, the first approach described in the present paper...

Exchange and Reciprocity in International Negotiations

AbstractAlthough international relations often involves a trade of favors or services, political scientists have not often used exchange theory. Social exchange is motivated by the prospect of mutual gain. The exercise of power entails exchange of needed resources for compliance with the influencer's wishes. The timing of repayment and explicitness of obligation are important dimensions of exchange that vary by issue area and relationship. In sequential exchange, the party that moves first risks being exploited and must therefore trust the other. The parties to an exchange may either leave open or specify what the other should do in return. Reciprocity refers to exchanges which are mutual and perceived by the parties as fair. It is difficult to determine whether exchanges are reciprocal without a common measure of value. Norms and customary expectations determine what is considered fair when there is no standardized measure of value. In negotiations, there are several competing principles of justice. Reciprocity requires that concessions be matched; it does not mean that their magnitude must be equal.

Income distribution, fiscal policy, and delays in stabilization

This paper presents an explanation of the cycles of large fiscal expansions and macroeconomic stabilizations that are frequently observed in developing countries. In the model, different coalitions form and change depending on the position of three groups over the degree of redistribution and the timing of debt repayment. I show that seemingly unsustainable fiscal policies arise from a coalition of the poor and the rich when the distribution of income is highly unequal. When income is distributed more equally, instead, the patterns of fiscal policy and of the trade balance are consistent with the standard predictions of representative agent models. These features of the model seem consistent with available empirical evidence.

744-2 Effects of Intracoronary Bradykinin on the LV Pressure-Volume Relation and Coronary Blood Flow in Anesthetized Dogs

Myocardial bradykinin (BK) levels increase during ischemia. BK modulates cardiac efferent nerves and affects cardiovascular hemostasis possibly via BK receptors (B 1 or B 2 ). We examined the effects of BK on the end-systolic LV pressure-volume relation (ESPVR; conductance catheter method) and blood flow (BF; electromagnetic flow probe) in 6 open-chest, instrumented dogs. BK (0.01-1.0 nMlkg) was injected into the circumflex artery while LV pressure-volume loops and BF were continuously monitored without and with BK B 2 -receptor blockade with HOE-140 (HOE; 4.5 nM/kg; i.v. ). At baseline before HOE, LV systolic pressure, stroke volume, end-systolic volume, the slope of the ESPVR ( Ees ), dP/dt max and BF were 104 ± 10 mmHg, 14 ± 3 mL, 24 ± 4 mL, 2.9 ± 1.4 mmHg/mL, 1440 ± 62 mmHg/sec, and 33 ± 12 mL/min, respectively. With intracoronary BK, Ees increased in a dosedependent manner (6.9 ± 2.4 mmHg/mL at 1.0 nM/kg, p ) ≤ 0.05): BF was higher than baseline despite lower LV pressure. After HOE, LV systolic pressure increased (p ≤ 0.01), stroke volume decreased (P ≤ 0.011 and BF was unchanged. HOE blocked the dose-dependent BK-mediated hypotension and coronary vasodilatation but had no effect on peak reactive hyperemia following a 20 sec coronary occlusion (120 ± 47 vs 113 ± 41 mL/min; p = NS); BF repayment time decreased significantly (47 ± 4 vs 39 ± 5 sec). 1) BK augments LV contractility, 2) HOE blocks BK-mediated increases in LV contractility, and 3) HOE does not affect peak reactive hyperemia but reduces repayment time. Thus, BK lowers LV pressure and volume but increases BF secondary to augmented LV contractility. These effects may be receptor-mediated since they were significantly attenuated after BK B 2 receptor blockade.