Ever since the big recession of the world economy 2007, the central banks in Europe have struggled to regain financial stability. Their goals have been hard to reach and 2014 The European Central bank (ECB) introduced negative interest rates for the first time in the world history. However, today, year 2016, many countries still have not been able to reach their inflation target. During this time with expansive monetary policies, many European Union (EU) members have faced rising level of household debts to GDP. This study focus on EU-members and uses a Vector Autoregressive method, Granger causality test and an impulse-response test to give a greater understanding about the association between the level of household debt and interest rate. Further, it aims to investigate if the negative interest rate has an impact on that association. However, our empirical results show that there is a significant negative association between the level of household debt and the interest rate in Austria, Belgium, Bulgaria, Finland, Germany, Italy, Poland, Romania, Slovakia, Spain and Sweden. Further, they show that there is a granger causality from the interest rate to the level of household debt for Belgium, Finland, Germany, Poland, Slovakia and Sweden. For all these countries, our findings show that a shock in the interest rate have a short-term effect on the level of household debt. Lastly, we found no statistical significant evidence for that the negative association between the interest rate and the level of household debt does increase when the interest rate is negative.

Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2015. / e period 2000:q1 – 2014:q3 in South Africa. In addition, the paper examines the impact that the exchange rate volatility exerts on the different forms of capital flows. Consequently, the aim of the study is to examine whether the volatility in the exchange rate is a significant determinant of foreign investor capital into South African markets as well as to empirically establish the dynamic relationship that can be observed between capital flows and exchange rate volatility. A trade weighted exchange rate was constructed from which the conditional variance GARCH (1,1) model is applied to estimate exchange rate volatility. The findings from the multiple regression analysis reveal that exchange rate volatility has a statistically significant negative impact on the aggregated capital flows to South Africa. Using the bi-variate vector autoregressions (VARs), the Granger-causality test, impulse response and variance decomposition, the results show there is a dynamic interrelationship between exchange rate volatility and the aggregated and disaggregated capital flows. Furthermore, the VAR specifications results reveal that portfolio flows exhibits a strong bi-directional causality with exchange rate volatility as well as explaining a significant percentage of innovations in exchange rate volatility. This suggests that fluctuations in the exchange rate can be explained by portfolio flows into South Africa’s capital markets. The recommendations for authorities resulting from the findings include, a monetary policy that mitigates the rand exchange rate volatility in an effort to attenuate the adverse subduing effects it has on capital flows in South Africa. Further broadening financial instruments and derivatives available for investors to hedge against exchange rate volatility and a meticulous management of portfolio flows is imperative to ensure prevention of its destabilizing effect on the exchange rate.

by Lau Kwok Shun, Wong Tak Sing. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1988. / Bibliography: leaves 69-71.

by Chong Chiu Ming, Logan. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1988. / Bibliography: leaves 52-53.

The potential for oil exploration on the Arctic Outer Continental Shelf warrants determination of an efficient method to clean up an oil spill. Traditional spill response equipment may not be practical in an Arctic environment; the presence of ice which may prevent proper deployment of equipment. The remoteness of the areas proposed for oil exploration lack the infrastructure and support networks necessary to stage a response to a large oil spill. These difficulties make it necessary to explore alternative means of oil spill cleanup. In situ burning is one method that may be particularly well-suited for arctic and sub-arctic environments due to the minimal amount of equipment required to achieve an efficient burn, i.e. high mass loss. The Arctic and sub- Arctic environments add an additional level of complexity by introducing a spill medium (ice) that is highly unstable at elevated temperatures. Our experiments sought to calculate the mass loss rate of oil mixtures to determine the efficiency with which they burn within ice channels of varying widths. Since fuel layer thickness is a critical factor in determining the effectiveness of an in situ burn the spread rate of oil along an ice channel was studied. Burning of oil in an ice channel yields low efficiencies (10%) primarily due to the geometric changes of the melting ice channel. The spreading was modeled as a constant flux rectilinear buoyancy-inertia governed flow. The melting causes an increase in the surface area and results in the critical thickness of the oil to be reached sooner. Based on the current bench- scale testing, losses due to ice melting cause the efficiencies of the burning process to be excessively low and not viable to full scale clean up. The results warrant future research to understand how varying other parameters, including starting mass of fuel, influence efficiencies.

Master Thesis: Evaluation of China's FOREX Policy: Equilibrium Exchange Rate Perspective. Author: - Qiriga Supervisor: Ing. Vilém Semerák M.A., PhD. Academic Year: 2018/2019 Abstract This thesis investigated China's foreign exchange policy from the equilibrium exchange rate perspective, using the Fundamental Equilibrium Exchange Rate model with multiregional dimension. The core question is whether Renminbi is misaligned (over- or undervalued) from 2001 to 2017. The result indicated that the bilateral nominal exchange rate of Renminbi against the US dollar was undervalued from 2002 to 2013, reaching a peak of 34.2% in 2007. In the rest of the years, it was overvalued slightly against the US dollar. As to the real effective exchange rate (REER) of Renminbi, it was overvalued in the first three years of the 2000s, then went through the period of undervaluation of 9 years, with a smaller degree compared with the bilateral exchange rate. It is shown that from 2013 the REER of Renminbi had been overvalued for several years until it was undervalued again in 2017 by 2%. Keywords FEER, Renminbi, exchange rate misalignment, multinational model, real effective exchange rate

The purpose of this thesis is to examine whether the exchange rate volatility has an impact on Swedish exports. This relationship has been tested in several studies but no consistent result has been found. It is therefore an interesting subject to investigate further and it has not been thoroughly tested for Sweden using aggregated data. Since the exchange rate vola-tility may have an effect on exports, and therefore on the whole economy, the effect can support a certain exchange rate regime. All the data used in this thesis is based on the ag-gregated data for Sweden and the Euro zone between the years 1993 and 2006. The method chosen is a statistical analysis using regressions. Three variables other than ex-change rate volatility were included when conducting the regressions explaining Swedish exports and these are: the real effective exchange rate index, the industrial production in Sweden (“push” factor) and the import from the Euro Zone (“pull” factor). The overall conclusion found was that the industrial production in Sweden, the real effective exchange rate index, the time and lagged values of the export influence the export. There was no evi-dence found that the exchange rate volatility influences the exports for Sweden.

Capture of CO2 by algae is an important mechanism for removal of this greenhouse gas from the atmosphere. For this reason, <i>Chlorella vulgaris</i> has beeen studied extensively over the years. A high growth rate of the microalgae is essential in order to increase the fixation rate of CO2 through photosynthesis. Though a number of studies have been carried out to optimize growth of <i>C. vulgaris</i>, high growth rates have not been achieved (Kleinheinz & Keffer, 2002).<p> In this study, a novel circulating loop photobioreactor with enhanced light distribution, gas mass transfer rate and mixing properties was used for the biokinetic study of <i>C. vulgaris</i>. The objective was to study individual effects of light intensity and CO2 concentration on the specific growth rate of <i>C. vulgaris</i>. Studies in this photobioreactor could generate high growth rates of 0.043 h-1. The effect of light intensity on the growth of the <i>C. vulgaris</i> was determined by varying intensity of light to the photobioreactor within a range of 26.945 mW to 431.128 mW, while the flow of air and CO2 were held constant. An increase in light intensity to the photobioreactor resulted in an increase in cell density and variation in the chlorophyll content of the <i>C. vulgaris</i> cells. Enhanced growth rates of <i>C. vulgaris</i> cells in this novel circulating loop photobioreactor could be attributed to the combined effect of the CO2 concentration and the uniform distribution of light throughout the reactor volume.<p> Interacting effects of dilution rate, light intensity and concentration of carbon dioxide on specific growth rate was studied in an externally illuminated, continuous flow stirred bioreactor. Steady flow of nutrient medium and air flow was maintained in the bioreactor. This study proved that the dilution rate has major significance at high concentrations of CO2 and high intensities of light. At high concentrations of CO2 at 10% (v/v) and 15% (v/v), increasing dilution rate from 0.005 h-1 to 0.01 h-1 could result in increasing growth rate by a factor of 1.45 and 2.16 respectively.

Capture of CO2 by algae is an important mechanism for removal of this greenhouse gas from the atmosphere. For this reason, <i>Chlorella vulgaris</i> has beeen studied extensively over the years. A high growth rate of the microalgae is essential in order to increase the fixation rate of CO2 through photosynthesis. Though a number of studies have been carried out to optimize growth of <i>C. vulgaris</i>, high growth rates have not been achieved (Kleinheinz & Keffer, 2002).<p> In this study, a novel circulating loop photobioreactor with enhanced light distribution, gas mass transfer rate and mixing properties was used for the biokinetic study of <i>C. vulgaris</i>. The objective was to study individual effects of light intensity and CO2 concentration on the specific growth rate of <i>C. vulgaris</i>. Studies in this photobioreactor could generate high growth rates of 0.043 h-1. The effect of light intensity on the growth of the <i>C. vulgaris</i> was determined by varying intensity of light to the photobioreactor within a range of 26.945 mW to 431.128 mW, while the flow of air and CO2 were held constant. An increase in light intensity to the photobioreactor resulted in an increase in cell density and variation in the chlorophyll content of the <i>C. vulgaris</i> cells. Enhanced growth rates of <i>C. vulgaris</i> cells in this novel circulating loop photobioreactor could be attributed to the combined effect of the CO2 concentration and the uniform distribution of light throughout the reactor volume.<p> Interacting effects of dilution rate, light intensity and concentration of carbon dioxide on specific growth rate was studied in an externally illuminated, continuous flow stirred bioreactor. Steady flow of nutrient medium and air flow was maintained in the bioreactor. This study proved that the dilution rate has major significance at high concentrations of CO2 and high intensities of light. At high concentrations of CO2 at 10% (v/v) and 15% (v/v), increasing dilution rate from 0.005 h-1 to 0.01 h-1 could result in increasing growth rate by a factor of 1.45 and 2.16 respectively.

This paper analyzes the extent of foreign exchange rate exposure in Hong Kong, Japan and Singapore in both firm level and industry level in the period of January 1996 to January 2011 by regressing the stock return of a particular industry or firm on exchange rate changes while controlling for overall stock market movements. It is found that exchange rate movements do affect firm and industry value in a manner consistent with expectation and the extract of unexpected exchange rate changes from actual exchange rate changes have little influence on the testing results of exposure. It is also proved that exchange rate regime plays an irreplaceable role in drawing the structure of exchange rate exposure of a country.