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This paper aims to investigate the relationship between financial development (FD) and monetary policy effectiveness (MPE) on output and inflation in ASEAN-3 countries (Singapore, Malaysia and the Philippines).

This study uses an open economy structural vector autoregressive model to generate MPE. Then, an autoregressive distributed lagged (ARDL) model is used to analyze the effect of FD on MPE across countries.

The findings revealed that FD plays a different role in MPE across countries. In Malaysia, a more developed financial system tends to reduce the MPE on output, whereas in Singapore, results show that the more developed financial system (stock market capitalization) tends to increase MPE on output. However, in the Philippines, the main results show that the effect of FD (liquid liabilities) upon MPE on output is depending on the policy variable (interest rates or money supply).

This paper fills this gap by providing the first study of ASEAN-3 countries in examining how effective is a monetary policy in response to the development of the financial market across the country. Second, this paper considers two FD indicators, namely, the banking sector and capital market development in investigating its effect on MPE on output and inflation. Third, the authors construct the MPE in each country using a structural (identified) VAR model by aggregating the response of output growth and inflation rate on monetary policy changes (interest rate and money supply) using impulse–response function. Regarding this, the results of this study provide new empirical evidence and insight into the long debate on the relationship between FD and the MPE.

There is not a comprehensive study which covers the evolution of the Turkish Islamic liquidity management landscape so far. The purpose of this study is to show how Turkish PBs have been gradually furnished with the needed liquidity management instruments by the Turkish Treasury, Central Bank of the Republic of Turkey and other related regulatory bodies and to analyze the repercussions of the evolution of Islamic liquidity management on balance sheets of participation banks (PBs) over time. This study also aims to come up with some humble policy recommendations that can improve Islamic liquidity management set up going forward.

The study acknowledges that at least two important elements of liquidity management should be in place on the way of improving the Islamic liquidity management environment. The first one is asset side liquidity or having an adequate amount of high-quality liquid assets. The second one is liability side liquidity, meaning that having access to funding liquidity, especially to central bank liquidity. Historical development of liquidity-related asset-side and liability-side balance sheet items between 2010 and 2020 are analyzed and visualized to demonstrate the progress in the Islamic liquidity management landscape in Turkey.

From 2010 to 2020, Turkish financial authorities made a great effort to get PBs to have more proper liquidity management tools. Turkish authorities have leveled the playing field for PBs via enriching liquidity management tools. Government sukuk issuances has filled the liquid asset gap, improved the liquidity profile of PBs and lessened overall liquidity risk while introduced central bank liquidity facilitates have reduced funding liquidity risk. Islamic liquidity management setup is much more advanced and participation banking system is more resilient than the past, but there are still some missing steps that can further ameliorate the Islamic liquidity management ecosystem in Turkey.

This study is a visualized ratio analysis of PB’s improving liquidity profile in the past 10 years and fills an important gap in terms of displaying the overall Islamic liquidity management landscape in Turkey. Further studies and analysis can be built on this paper on Islamic liquidity management, banking and finance in the future. This paper can be a useful basement for researchers who intend to study on potential impacts of improving the liquidity of PBs on monetary transmission, banking profitability and overall banking system systemic risks.

Three different and interconnected areas should be further improved. These are enriching the diversity of government securities, providing central bank liquidity facilities under various available Islamic contracts and establishing an organized Islamic money market which will facilitate fund flows among various Islamic Financial Institutions (IFIs) and conventional financial institutions. Policymakers should act together, handle arising issues in a holistic manner, design and operationalize these incomplete parts of the puzzle to further optimize the playing field for the IFIs. Thus, there will be a more inclusive and competitive finance industry in which all risks are better managed and resources are more efficiently allocated.

Although various other studies are available on the Turkish Islamic banking industry, there is not such a specific study on Islamic liquidity management of Turkish PBs which makes this study a preliminary and different one. Apart from shedding light on the Turkish journey that has built a sound Islamic liquidity management infrastructure in the past 10 year, this study also shows an exemplary country experience in developing a more inclusive and robust financial ecosystem. This paper also contributes to financial development and inclusion literature as a policy paper.

AT the outset we ought to say that we could probably have done more justice to a paper on the “High Output cf Aero‐Engines.”

The purpose of this paper is to examine the link between inflation and the financial sector performance in Sub-Saharan African (SSA) countries.

The study analyzes the relationship between inflation and the financial sector performance for selected 22 Sub-Saharan countries from 1980 to 2013. The study used panel data and the dynamic panel generalized method of moments econometric method. The study concentrates on the link between inflation and the development of the banking sector.

The findings suggest that inflation does not promote financial sector development in SSA region while trade openness has a positive impact on the selected financial development indicators. Other variables that enhance financial development in SSA include government expenditure and good governance.

The main policy implication of the study is that in order for SSA countries to benefit from a deeper and more active financial sectors, the rates of inflation must be maintained low and be consistently under control. Also, for SSA region financial sectors to become deeper and more active it is crucial to develop stronger economic institutions including independent central banks and sound fiscal authorities.

The study differs from previous studies as it includes more (22) countries from SSA region while previous studies were either regional or country specific. The study also incorporates trade openness and the role of institutional quality in enhancing financial development. This differentiates the study from previous studies on the subject from the region.

The purpose of this study is to investigate structure parameters that influence the mixing process of droplets-gas in underwater depth-adjustable launcher cooling chamber and help engineers who design the launcher to distinguish the most important factor that impacts mixing performance in the cooling chamber.

Euler–Lagrangian droplet tracking method was used to simulate droplets-gas mixing process in the cooling chamber. The SST k-w model was adopted to simulate turbulence. Droplet breakup was described by KHRT hybrid model using modified contains which are more fit to the supersonic main flow condition.

The results show the counter-rotating vortex pairs which caused by injected liquid accelerate the mixing process. High-pressure supersonic freestream makes the liquid jet break into more small droplets due to the high momentum of the main stream. Axial injection angle has the greatest influence on Sauter mean diameter (SMD). Penetration height, SMD and total pressure loss slightly change in different tangential injection conditions. However, mixedness decreases with reduction of tangential injection angle due to a more limited space for spray developing. Enlarging orifice diameter raises penetration and mixedness greatly, while SMD and total pressure loss increase slightly.

The findings of this study confirm the key structure parameter to improve mixing performance in the cooling chamber. Engineers who design the underwater depth-adjustable launcher can refer the findings in this study to make control of launching power more accurate.

A structured customer-driven and integrative methodology to develop materials is described. The proposed methodology is aimed to drive analysis and prioritization of the multiple variables involved in a new application case for 3D printing, which involves the development of a new alumina-starch-based powder.

The development of new powder mixture designed for 3D printing of refractory supports for metal casting moulds is presented. The quality function deployment (QFD) method was applied. Inputs for QFD analysis were found using total quality management tools. Using this approach, six process and material variables were considered to drive a prioritization analysis using a Plackett-Burman Design of Experiment (DOE) array. As performance parameter, compressive resistance was measured and assessed.

QFD analysis delivered standardized procedures, irrelevant factors and target values for intermediate step parameters. Sintering parameters were found to be the most influencing over compressive resistance.

The methodology was based upon a materials development case for 3D printing.

Knowing in advance the influence of every affecting factor of the process provides a closer control on variability of final part properties, which is a key issue to launch parts into industrial applications. Quality planning and documentation in advanced is the basis for all the quality system of the new additive manufacturing (AM) process to be created.

Procedures for quality planning and control were proposed. This study, as methodological research, intends to introduce industrial engineering practices and quality management routines for AM material/process developers.

This paper outlines the current position of water based no‐clean liquid fluxes for wave soldering. The primary differences between these and “traditional” alcohol based liquid fluxes are explored using wetting balance methods. Reduced wetting capability (of the flux onto the PCB) can be addressed by using various surfactant additives; improved solderability is due to enhanced acid activator dissociation resulting from increased solvent polarity. Regarding implementation in a production environment, there is only minor impact. A slightly increased preheat capability is required, and foam application demands tight control of the feed gas flow rate. More generally, in addition to the “headline” environmental benefit of reduced VOC emissions, water based liquid fluxes confer significant handling advantages, for example zero flammability and low odour/evaporation at room temperature. Against this background, it is suggested that water based liquid fluxes will become ever more popular.

The purpose of this paper is to study a multiphase-flow instrumentation for film thickness measurement, especially impedance-based, not only for gas–liquid flow but also for mixtures of immiscible and more viscous substances such as oil and water. Conductance and capacitive planar sensors were compared to select the most suitable option for oil – water dispersed flow.

A study of techniques for measurement of film thickness in oil – water pipe flow is presented. In the first part, some measurement techniques used for the investigation of multiphase flows are described, with their advantages and disadvantages. Next, examinations of conductive and capacitive techniques with planar sensors are presented.

Film thickness measurement techniques for oil–water flow are scanty in the literature. Some techniques have been used in studies of annular flow (gas–liquid and liquid–liquid flows), but applications in other flow patterns were not encountered. The methods based on conductive or capacitive measurements and planar sensor are promising solutions for measuring time-averaged film thicknesses in oil–water flows. A capacitive system may be more appropriate for oil–water flows.

This paper provides a review of film thickness measurements in pipes. There are many reviews on gas – liquid flow measurement but not many about liquid – liquid flow.

The purpose of this paper is to examine the impacts of international remittances on financial development in developing countries.

The focus is on a panel of 124 developing countries for the period 1990–2015. The empirical evidence is based on the instrumental variable-fixed effect model.

Results obtained in this study indicate that a 10 percent increase in the remittance to GDP ratio leads to 1.7 percent increase in domestic credit to private sector, 1.9 percent increase in bank credit, 1.2 percent increase in bank deposit, and 0.8 percent increase in liquid liabilities. The positive impact of remittances on financial development in developing countries is particularly important because financial development fosters long-run growth and reduces poverty.

To address the endogeneity of remittances, the study estimates bilateral remittances and use them to create weighted gross national income per capita and real interest rates of remittance-sending countries. To the best of the author’s knowledge, this is the first study to assess the endogeneity of remittances in this way.

The purpose is to develop and apply a systematic simulation approach for dynamic analysis in order to study a two combustion chambers liquid propellant engine.

The logic of the simulation method and the software is based on following the liquids. The implicit nonlinear algebraic equations are solved using a number of nested Newton‐Raphson loops, and the nonlinear and time varying differential equations are solved using a first‐order Euler technique.

It is found that the developed simulation code predicts the steady‐state values with errors under 5 percent, and this code has the capability to be used in studying the effect of various elements and subsystems parameters on the forecasting the performance and operation of the engine system.

At present, the research is limited to a specific liquid propellant engine. Development of a general purpose software package for simulation of liquid propellant engines, based on the developed simulation algorithm, is subject of future research.

The major outcome of this research is that verifies liquid engine simulation code may be used as a suitable tool to optimize the engine.

This is the first paper in the area of a two combustion chambers engine simulation and dynamic analysis that is based on the application of an existing simulation algorithm.