One of the many consequences of financialization in the past decades has been the significant appreciation of the importance of financial markets' liquidity. In order to maintain financial stability, one must have a clear understanding of the sources of market liquidity (ML). A finer comprehension of liquidity and its direction would help policy makers in fine-tuning the current regulations while also identifying each of the elements that compose it. In this paper, a recursive vector autoregressive model is utilized to empirically analyze how to detect the causality relations between funding and ML in four post-communist countries (Czech Republic, Hungary, Slovakia and Poland). For the analyses freely accessible data on the balance sheets of aggregated banking sectors was utilized with the overall aim of finding a proxy for funding liquidity (FL) in every examined country. As a proxy for ML, government bonds' bid-ask spreads were utilized in the model. The paper provides an empirical evidence that FL drives ML in each economy. The results are clear, statistically significant and robust. They can be understood as evidence for the importance of the role of the trader's FL for the liquidity of financial assets' markets. The results of the paper have important implications for monetary policy, as well as micro- and macro-prudential regulation.
The literature has not settled down on safe haven property of gold in the emerging and developing countries. Therefore, we revisit the international evidence on hedging and safe haven role of gold for 34 emerging and developing countries with a span of daily data covering January 2000–November 2018. We employ the GARCH-copula approach to estimate the lower-tail extreme dependencies of the joint distribution of gold and equity returns. We also introduce a new definition for the strong safe haven property of an asset. Our findings indicate that while gold serves as a hedging instrument for all countries in our sample, we got evidence of weak safe haven property for gold, for domestic investors, only in 20 countries, and a strong safe haven asset (SHA) only in 9 countries.
Authors:Takashi Abe, Yu Yaginuma, Eiji Fujita, Robert S. Thiebaud, Masashi Kawanishi, and Takuya Akamine
) performed between 1 and 9 repetitions, and Group 10+ (G10+, n = 26) performed over 10 repetitions. The differences among the three groups for age, height, body mass, body mass index (BMI), body composition, aLM, abdominal MT, HGS, and physical performance
Authors:J. Montiel-Ventura, J.J. Luna-Guevara, M.A. Tornero-Campante, A. Delgado-Alvarado, and M.L. Luna-Guevara
The aim was to examine conditions of convective drying and spray-drying to improve preservation of lycopene content in tomatoes. The weight, size, colour, pH and °Brix values were evaluated in fresh fruit (FF) and colour (L, a, b), hue, and chrome indices were analysed from dried tomatoes, too. Tomato paste was dried (40, 50, 60, and 80 °C with times of 540, 390, 270, and 240 min) under convection conditions and pulverized. In the encapsulation treatments core material with tomato powders of 50, 60, and 70%, shell solution of maltodextrin/gum arabic 1:1, flow rate of 4, 6, 9, and 12 ml min–1, and inlet air T of 160, 170, and 180 °C were used. The physicochemical properties of FF corresponded to a degree of ripeness for consumption. The a, a/b, and hue values of dried tomatoes at 50 °C significantly correlated to red colouring and higher lycopene content (47.98±1.49 mg/100 g). The encapsulation with 50% and 60% of tomato powders, 170 °C and 9 ml min–1 treatments increased lycopene contents to 10.41 mg/100 g, 10.20 mg/100 g, and 11.51 mg/100 g, respectively. The results demonstrated that the physicochemical and functional properties were influenced by drying conditions, providing useful information for increasing the stability of lycopene in dried tomatoes.
Authors:Dominik Paukszta and Justyna Zielińska-Maćkowiak
(PP4) produced by PKN Orlen (Poland) were used in this study. They were characterised by the following MFR indices: 2.4–3.2 g/10 min for Malen F-401, 11–16 g/10 min for Malen P S-702, 25 g/10 min Moplen HP-548R and 50 g/10 min for Moplen HP-648T
]. Among preterm newborns with a birthweight less than 1500 g, 10% of survivors show motor deficits, and 25%–50% still have cognitive, sensory, and behavioural deficits [ 8 , 9 ].
Follow-up studies would be (should
Authors:Tamás Csurka, Fanni Szücs, Barbara Csehi, László Ferenc Friedrich, and Klára Pásztor-Huszár
.9 92.9 Sunflower oil (g) – – 2.8 2.8 Crystal sugar (g) 10 – 10 – Sweetener mix (g) – 10 – 10 Samples were produced according to the following procedure: Dry powdered ingredients were mixed well. Then dry ingredients were mixed with the milk or water
Authors:Benjámin Kövesi, Szabina Kulcsár, Mátyás Cserháti, Márta Erdélyi, Zsolt Ancsin, Erika Zándoki, Miklós Mézes, and Krisztián Balogh
. Whole blood was collected on ice and, post mortem, liver and kidney were removed and collected on ice. The blood plasma was separated by centrifugation (2,500 g , 10 min), and red blood cells were haemolysed with a nine-fold volume of redistilled water