6,135 research outputs found

    The effects of debt subsidies on corporate investment behavior

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    This paper argues that credit subsidies are ineffective in stimulating business investment in productive assets. Instead, they lead to an increase in corporate holdings of financial assets and real estate. For empirical verification, the investment patterns in a sample of 241 Korean corporations listed on the Korean Stock Exchange between 1984 and 1988 were examined. The authors found a significant positive relation between corporate speculative asset holding and access to subsidized loans. Their estimates indicate that without interest rate controls and other forms of subsidy, corporate holdings of speculative assets would have been one-seventh of observed levels. Moreover, most corporate real estate holdings appear to be unrelated to production activities. Little evidence is found that the Korean government's interest rate controls and credit allocation policy have accelerated expansion of corporate investment. If anything, the controls are partly to blame for the overheated Korean stock market during 1986-88.Economic Theory&Research,International Terrorism&Counterterrorism,Banks&Banking Reform,Environmental Economics&Policies,Municipal Financial Management

    Ventrops vikhrevi Cerretti & Ziegler & Pape 2015, sp. n.

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    Ventrops vikhrevi sp. n. Fig. 1 Etymology: This species name is a patronym for Nikita Vikhrev, who has provided invaluable specimens from his collecting for our studies, including the species newly described here. Diagnosis: The new species V. vikhrevi sp. n. is characterised by (i) compound eye large but not enormously developed so that both gena and parafacial are distinct; (ii) posterior eye margin not indented; (iii) parafacial setose (Fig. 1A); (iv) lateral vertical seta well differentiated from postocular row; (v) basicosta yellow; (vi) wing cell r 4+5 open (Fig. 1B); (vii) cercus not shortened, 0.8× as long as surstylus (Fig. 1E, F); and (viii) median process of ventral sclerotisation of distiphallus very long, extending beyond thE acROphallus, asYmmEtRical aNd apicallY bRaNchiNg iNtO sEVERal, lONg, fiNgER-shapEd sclerites (Fig. 1D). Description (measurements in square brackets refer to the holotype): Body length. 5.1–5.3[5.3] mm. Coloration. Head shiny black covered with light brownish microtomentum only on genal dilation. Palpus blackish brown. Thorax black, covered with weak brownish grey REflEctiNg micROtOmENtum, lEgs aNd abdOmEN shiNY blacK. HaltER with YEllOw stalK aNd black knob. Upper and lower calypteres whitish. Tegula black. Basicosta yellow. Wing membrane brownish anteriorly and around veins. Head (Fig. 1A). Arista thickened only proximally, covered with microtrichia which are shorter than maximum proximal diameter of arista. First and second aristomeres not elongated. Postpedicel sub-ovoid, about as long as pedicel. Frons at its narrowest point 1.25–1.43[1.43]× as wide as compound eye in dorsal view. Ocellar seta well developed, proclinate. One or 2 pairs of lateroclinate setae, behind ocellar triangle, between ocellar and postocellar setae with variable size. Medial vertical seta strong, reclinate. Lateral vertical seta well developed. Usually 3 to 4 strong proclinate orbital setae, the holotype has on the right side only 2 setae. Five to 8 frontal setae (of different thickness and length) descending anteroventrally to level of proximal edge of pedicel (or slightly above). Parafacial with a row of stout, short setulae along its whole length. Parafacial at its narrowest point (i.e. true width, not in strict lateral view), [0.8]0.8–1.0× as wide as postpedicel. Face and lower facial margin not visible in lateral view. Vibrissa well developed. Vibrissal angle receding. Facial ridge strongly concave, with 3 decumbent setulae above vibrissa. Genal dilation well developed, covered with robust setulae. Gena iN pROfilE abOut 0.25–0.35[0.30]× as high as cOmpOuNd EYE. POstOculaR sEtaE shORt. Occiput slightly convex, covered with black setulae. Prementum stubby, not longer than wide. Palpus slightly clavate with some setulae on distal half. Thorax. Prosternum and proepisternal depression bare.Ventral proepimeral seta oriented anteroventrally. Two or 3 postpronotal setae arranged in a straight line. One pair of prescutellar acrostichal setae, 2 + 3 dorsocentral setae, 0 + 2 intra-alar setae and 1 + 3 supRa-alaR sEtaE (fiRst aNd thiRd pOstsutuRal supRa-alaR sEtaE VERY shORt, sEcONd ONE enormous); 1 posthumeral seta, 2 well-developed notopleural setae. Anatergite bare. Two upper katepisternal setae (posterior one clearly longer), plus 3–4 smaller additional setulae and a tuft of setulae in the lower part. One strong and 1–4 short anepimeral setae. Katepimeron bare or with 1 small seta anteriorly. Scutellum with 2 pairs of strong marginal setae (apicals and subapicals); basal pair absent or barely distinguishable (i.e. at most ¼ the length of subapical setae). Subapicals robust and slightly divergent; apical pair crossed and horizontal, approx. ¾ as long as subapical setae. One pair of discal scutellar setae, in subapical position. Wing (Fig. 1B). Costal spine well differentiated. Base of R 4+5 with 2–3 relatively long setulae dorsally. Bend of M widely obtuse. Section of M between dm-cu and bend of M about 1.5× as long as section between dm-cu and r-m. Cell r 4+5 open. Abdomen. Mid-dORsal dEpREssiON ON sYNtERgitE 1+2 cONfiNEd tO aNtERiOR ⅓ Of that segment. Syntergite 1+2 with 1 pair of median marginal setae; tergite 3 with 1 pair of erect median marginal setae. Tergite 4 with a complete row of marginal setae; tergite 5 with a row of marginal setae (median pair erect). Male terminalia (Fig. 1C–F). Sternite 5 with a deep posterior median notch. Tergite 6 uNmOdifiEd, baRE. CONNEctiON bEtwEEN tERgitE 6 aNd sYNtERgOstERNitE 7+8 mEmbRaNOus. Sternite 6 asymmetrical, articulated with segment 7+8 on left side, and attached to it by a membrane on its right side. Cerci, in posterior view, narrow and relatively long, not fusEd mEdiallY. BacillifORm sclERitEs flattENEd dORsO-VENtRallY aNd cONVERgiNg mEdiallY. SuRstYlus wEll dEVElOpEd, lONgER thaN cERcus. BacillifORm sclERitE fiRmlY fusEd tO basE Of surstylus. Articulation between surstylus and epandrium membranous. Intermedium not fused to pregonites. Pregonite lobe-like, gently bent forward, with 2 or 3 setulae along posterior margin. Postgonite subtriangular in shape, apically bent forward; submedian anterior seta of postgonite present. Postgonal apodeme present. Epiphallus strong, with simple tip (i.e. not sagitally bilobed). Extension of dorsal sclerite of distiphallus entirely fused medially. Median process of ventral sclerotisation of distiphallus very long, extending beyond acrophallus, asymmetrical and apically branching into several, long, fiNgER-shapEd sclERitEs (Fig. 1D). DORsal sclEROtisatiON Of acROphallus sEmi-cYliNdRical, open ventrally. Distiphallus with long and pointed, scale-like spinulae latero-ventrally. HOlOtYpE ♂, PaRatYpEs 2♂: ETHIOPIA: Amhara, Zengena L. / 2530 m, 10.910N 36.965E / 02.VIII.2012 N. Vikhrev. Holotype: The second author added a label printed on red paper: “ HOLOTYPUS / Ventrops / vikhrevi / Cerretti, Ziegler & Pape 2014 ”. The holotype was deposited in ZMUM. Paratypes: Both specimens are labelled with “ PARATYPUS / Ventrops / vikhrevi / Cerretti, Ziegler & Pape 2014 ” (printed on red paper). One specimen was deposited in MZUR, the other in ZMHB.Published as part of Cerretti, Pierfilippo, Ziegler, Joachim & Pape, Thomas, 2015, A new Ventrops (Diptera: Rhinophoridae) from Ethiopia, pp. 579 in African Invertebrates 56 (3) on pages 580-582, DOI: 10.5733/afin.056.0306, http://zenodo.org/record/791443

    Administrative valuation of Soviet agricultural land : results using Lithuanian production data

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    New land tenure arrangements in the USSR require that agricultural producers pay for land use. The current distorted pricing system and the absence of functioning land markets complicate land valuation, and slow the adoption of new property relations. In a market economy that functions well, agricultural land would earn its approximate marginal value product in agricultural production. This value can be measured empirically from production data and can serve as an appropriate initial value for users'fees. The author estimates marginal value products for land for 1,032 collective and state farms in Lithuania using farm-level data for 1986 and 1987 and compares the marginal value products derived from actual received producer prices with those derived from border prices with alternative assumed exchange rates for the ruble.Environmental Economics&Policies,Economic Theory&Research,Markets and Market Access,Access to Markets,Agricultural Knowledge&Information Systems

    Sarcophaga (Sarcorohdendorfia) narabondxii Geisler & Pape 2023, sp. nov.

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    Sarcophaga (Sarcorohdendorfia) narabondxii sp. nov. Figs 13–14 Type material: Holotype ♁: LFloridaI / SolomonIs / Mar 1945 / GEBohart. Terminalia glued to a separate piece of cardboard pinned under the specimen. Deposited in USNM. Type locality: Solomon Islands, Central Province, Nggele Islands [= Florida Islands]. Etymology: The name narabondxii (from Narabond = a fictional nation, and xii = Roman numeral for twelve) was chosen as an homage to the players that portray the fictional group of soldiers from the twelfth company of the fictional nation Narabond, which is part of the Danish live-action roleplaying universe Niraham and the community “Nordlenets Saga ”. The junior author (LG) is an active member, and soldiers will dress in black and yellow colours reminiscent of the present species. Suggested pronunciation: n/ɑː/r/ɑː/bonds/ɪaɪ/. Description: Male—Head: Width of frons at narrowest point 0.04 x width of head (n = 1). Tomentum bright yellow across entirety of face with greyish spot on the post-gena and a black patch inside the ocellar triangle. Frontal setae equally strong from vertex to the upper part of parafacial plate, stretching past lunule and all the way to the end of the frontoorbital plate. Ocellar triangle with scattered setulae, ocellar setae equal to the weakest of the frontal setae. Inner vertical seta stronger than strongest frontal setae, outer vertical seta approximately 0.5 x length of inner vertical seta. Antenna with black scape and pedicel, golden brown postpedicel with golden brown arista. Palpus black. Vibrissa well developed [judged from the socket, the seta itself has been lost]. Genal and postgenal setae yellowish. Thorax: Yellow tomentum, matching colour of head; dorsally with three black stripes, middle stripe running from presutural scutum to approximately 0.5 of the length of scutellum, lateral stripes running from presutural to 0.9 of the length of postsutural scutum. Prosternum with black setae laterally. Chaetotaxy: acrostichals = 0+0, dorsocentrals = 5+2 (one broken but socket remaining), intra-alars = 2+2, supra-alars = 2+3, postalars = 2, anterior postpronotal = 0, basal postpronotal = 2, basal scutellars = 1, subapical scutellars = 2, apical scutellars = 1, discal scutellars = 0. Legs: Brown with greyish yellow area posteriorly on fore femur. Hind tibia with long and strong setosity along posterior surface. Wing: Veins brown with cubital vein and anal veins fading distally. Wing membrane hyaline, subcostal and discal cell with brown tint. Alula whitish to light brown. Upper and lower calypter whitish with yellow edge. Vein R4+5 with dorsal setulae at base, cell r4+5 open at wing margin. Abdomen: T1+2 black with two lighter grey spots on each side of median line, T3–5 with yellow tomentum except for black anterior bands; black median stripe reaching T5. Median marginal setae present on T4 and T5. Posterior margin of ST4 with patch of densely set short, bristly setae on a raised ‘hump’ covering about a third of the posterior margin. Terminalia: Cercus gently curved, with dorsal surface equipped with several robust setae in the middle. Hypandrium with posterior margin folding downwards as a pair of rugose or striated lobes. Pregonite deeply split, with larger tip blunt; postgonite tapering, with sigmoid anterior margin. Juxta tapering; vesica broad, with subapical tooth on a long, slender ‘neck’, apically with blunt tip; lateral stylus at least twice as long as juxta, with distal fourth partly membranous and without serration along the concave surface. Remarks: The holotype label gives the locality as “LFloridaI”, but the initial L is here interpreted as an error. The US navy had a base on Nggela Sule, which is the larger of the two main islands often referred to as Florida Islands (United States 1947), and George E. Bohart probably collected the specimen when deployed there as a medical entomologist (Entomological Society of America 2011). Morphologically S. narabondxii sp. nov. is most similar to S. isorokui (Shinonaga) but separable by the features given in the key. The sparse current material would indicate that S. narabondxii sp. nov. is found only on the Nggela Islands, while S. isorokui is restricted to Bougainville Island more than 500 km to the west.Published as part of Geisler, Lucas & Pape, Thomas, 2023, Two new species of the ' Big Yellows' (Diptera: Sarcophagidae: Sarcophaga), pp. 190-202 in Zootaxa 5311 (2) on pages 195-197, DOI: 10.11646/zootaxa.5311.2.2, http://zenodo.org/record/809418

    Experimental investigation of the flow and the heat transfer in 180° bends

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    In der vorliegenden Arbeit werden die Strömung und der Wärmeübergang in Mehrkanal-Kühlsystemen mit 180°-Umlenkungen untersucht. Mehrkanal-Kühlsysteme sind eine wichtige Komponente für die Kühlung moderner Gasturbinenschaufeln und werden kontinuierlich in Richtung einer besseren Kühlwirkung und eines geringen Kühlluftverbrauchs optimiert. Für eine weitere Optimierung des Systems ist ein genaues Verständnis der verschiedenen Kühlmechanismen entscheidend. In dieser Arbeit wird daher der Einfluss der verschiedenen Komponenten des Kühlsystems auf die Strömung und den Wärmeübergang detailliert untersucht. Insbesondere werden die Geometrie der Umlenkung und der Einfluss verschiedener Rippenkonfigurationen zur Steigerung des Wärmeübergangs betrachtet. Neben der Optimierung des Kühlsystems liegt dabei ein weiterer Schwerpunkt auf der Analyse und Weiterentwicklung entsprechender Messverfahren für die Untersuchungen. Zur Vorbereitung der Messungen werden verschiedene zweidimensionale Verfahren zur Messung des Wärmeübergangs evaluiert, die stationäre und die transiente Flüssigkristallmethode. Beide Methoden sind gut für die Messung des Wärmeübergangs geeignet, wobei ihre jeweiligen thermischen Randbedingungen für das Ergebnis zu berücksichtigen sind. Für die nachfolgenden Untersuchungen hat sich die transiente Methode aufgrund ihrer besonders für komplexe Geometrien einfacheren Anwendbarkeit als geeigneter erwiesen. Bei dieser Methode stellt die Bestimmung der charakteristischen Fluidtemperatur, der massenstromgemittelten Temperatur, eine Einschränkung der erreichbaren Genauigkeit dar. Die massenstromgemittelte Temperatur ist experimentell nur schwer zugänglich. Durch eine geeignete Kombination aus einem analytischen Modell zur Beschreibung des Temperaturverlaufs, numerischen Untersuchungen und Temperaturmessungen an verschiedenen Positionen im Kanal ist eine Bestimmung der massenstromgemittelten Temperatur für jede Position innerhalb der geraden Abschnitte möglich geworden. Dies hat die erzielbare Genauigkeit der transienten Methode zur Wärmeübergangsmessung deutlich gesteigert. Für die Analyse und Optimierung der Mehrkanal-Kühlsysteme wird der Einfluss der verschiedenen Geometrieparameter auf die einzelnen Komponenten als auch auf das Gesamtsystem der Kühlkanalanordnung untersucht. Für eine bessere Ausnutzung der Kühlluft wird in modernen Kühlsystemen die Länge des Kanalsystems durch das Hinzufügen weiterer Kanalabschnitte kontinuierlich verlängert, was zu immer schmaleren Kanälen führt. Daher werden in dieser Arbeit besonders schmale Kanäle mit einem Höhen-zu-Breiten-Verhältnis von H/W=4 untersucht und ihre Besonderheiten gegenüber den bisherigen Systemen mit breiten Querschnitten gezeigt. Für den Vergleich mit konventionellen Systemen dient als Basis eine Geometrie mit H/W=0,5. Einen weiteren großen Einfluss auf den Wärmeübergang hat der Einbau von Rippen in dem Kanalsystem. Insbesondere in den geraden Kanalabschnitten werden diese zur Steigerung des dort allgemein niedrigen Wärmeübergangs eingesetzt. Ihr Einfluss auf den geraden Kanalabschnitt als auch auf das Gesamtsystem wird hier daher für verschiedene Rippenhöhen (e/H=0,05 und 0,1) sowie für unterschiedliche Anstellwinkel zur Strömung (45° und 60°) untersucht. Ein besonderes Augenmerk gilt der Wechselwirkung der Rippen im geraden Kanalabschnitt mit der Strömung und dem Wärmeübergang in der Umlenkung. Hierbei haben sich einige Besonderheiten gegenüber den bisherigen Systemen mit breiten Querschnitten gezeigt. Vor allem die Rippenhöhe kann in diesen Kanälen nicht beliebig zur Erhöhung des Wärmeübergangs gesteigert werden. Aufbauend auf den Untersuchungen der verschiedenen grundlegenden Konfigurationen wird in einem weiteren Schritt gezielt die Umlenkung optimiert. Für die verschiedenen sich als optimal herausgestellten Basiskonfigurationen wird hierzu einerseits der Abstand der Umlenkung (Wel=0,5 - 3,7) variiert als auch die Zahl der Rippen im Auslaufbereich reduziert. Hierdurch lässt sich der Druckverlust in der Umlenkung bei vergleichbarem Wärmeübergang deutlich verringern. Des Weiteren werden aus diesen Untersuchungen entsprechende Berechnungsverfahren für den Druckverlust und den Wärmeübergang der einzelnen Komponenten eines Mehrkanal-Kühlsystems entwickelt. Mit Hilfe dieser Berechnungsverfahren kann damit das Kühlsystem gezielt an unterschiedliche Anforderungen in einer Gasturbinenschaufel angepasst und optimiert werden.The cooling of gas turbine airfoils is an important factor in the development of modern gas turbines. Different cooling systems are used for reducing the thermal load on the turbine blades. Multi-pass cooling channels are a main part of these cooling systems and are continuously improved for a better cooling with a lower cooling fluid consumption. For a better use of the cooling fluid the length of the multi-pass cooling channel is extended by adding additional channels to the system. This results in a higher number of channels in the same area and the width of the channels has thus to be reduced. For these channels only few experiences exist and detailed examinations have to be done. In the present study two-pass cooling channels were therefore investigated with a high aspect ratio (height H to width W) of H/W=4 and compared to cooling channels with a wider cross section of H/W=0,5. For these investigations the heat transfer and pressure loss in the whole system was examined consisting of the inlet and outlet channel and the bend region connecting these two channels. Also the influence of different ribs was investigated on the flow and the heat transfer in the system. Another aspect of the work was the analysis and optimisation of the measurement techniques to gain a high accuracy for investigations of cooling systems. For this analysis different two-dimensional methods for the heat transfer measurement were evaluated, the steady state and the transient liquid crystal method. Their applicability was investigated and compared with results from literature. Both methods deliver high quality heat transfer results, where their individual boundary conditions have to be considered for the interpretation of their results. For the present work the transient liquid crystal method showed the better suitability and was used in the former investigations. Limitations for the accuracy of the transient liquid crystal method are the measurement of the characteristic fluid temperature, the bulk temperature. These limitations were overcome by the use of a combination of an analytical model for the fluid temperature distribution, numerical calculations and temperature measurements at multiple positions in the channel. By this technique the bulk temperature can be calculated at any position in the straight sections and the accuracy of the transient method is raised. For investigating the basic configurations of the cooling system setups were built up of the small and wide channel geometries and analysed for their performance in respect to the heat transfer and pressure loss. The investigations were done without and with ribs in different rib configurations in the straight sections of the channel system. The ribs were thereby varied in their heights (e/H=0,05 and 0,1) as well as in their inclination angle to the flow (45° and 60°). Special attention was also drawn on the interactions of the ribs in the straight sections with the flow and the heat transfer in the bend region. Out of these investigations some specialities of the high aspect channels showed up compared to the conventional wide channel systems. Especially the rib height could not be continuously raised to gain higher heat transfer and a lower rib height was found as an optimum. Finally the bend region was especially optimised based on the investigations of the basic cooling system configurations. For the configurations, which showed the best performance in the previous investigations, the width of the bend was varied (Wel=0.5...3.7) and also the number of ribs in the outlet of the bend was reduced. By these variations the pressure loss of the bend could be substantially decreased while the heat transfer remains mainly stable. In addition calculation tools could be developed out of these investigations, with which the heat transfer and the pressure loss can be predicted for different channel configurations. By the help of these calculations tools multi-pass cooling systems and especially their bend regions can thus be adapted and optimised for different requirements in a gas turbine cooling system

    Is the ‘American lake’ drying up in the China Sea? CEPS Commentary, 31 July 2014

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    Following an upsurge in tensions over islands and territories in the South China Sea, Wolfgang Pape considers both the history both the history of the 'American lake' and the possible outcome of the recent claims made on this long-disputed area by the countries of South-East Asia. This Commentary complements a recent piece written by the same author, entitled: “Care for the old rather than sleepwalk into war in East Asia” at: (http://www.ceps.eu/book/care-old-rather-sleepwalk-war-east-asia)

    Selected World Bank poverty studies : a summary of approaches, coverage, and findings

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    Since the establishment in 1987 of the Task Forces on Poverty and Food Security, a good deal of country economic and sector work has analyzed poverty issues. The author identifies the main policy issues it raises; describes how the Bank approaches the study of poverty issues; summarizes the main findings and lessons learned from the country economic and sector work reviewed; assesses the extent to which country economic and sector work has identified strategies, policy reforms, and programs to reduce poverty that could be supported by the Bank's policy or project lending; raises additional issues that could be addressed in future poverty-related country economic and sector work. This report reviews mainly cross-sectoral studies with a primary and direct poverty focus, which were completed between mid-1987 and mid-1989, though some work in progress was included.Poverty Assessment,Environmental Economics&Policies,Health Economics&Finance,Safety Nets and Transfers,Rural Poverty Reduction
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