Quantifying phenolic compound in peated barley malt and discriminating its origin are essential to maintain the aroma of high-quality Scottish whisky during manufacturing process. The content total phenol varies malts, which is critical measuring associated peatiness level. Existing methods for such phenols destructive and/or time-consuming. To tackle these issues, we propose this article a novel nondestructive system fast effective estimating concentrations their origins with near-infrared...

This article investigates comovement in stock markets between the emerging economies of Central and Eastern Europe (CEE) developed Western Europe. Three approaches are employed to examine this issue. The first two approaches, time-varying realized correlation ratios cointegration statistics, use a two-step technique derive estimates returns on CEE EU exchanges. step uses common factor analysis define factors driving exchanges, while second evaluates relationship leading principal for...

Peat is burned during malt kilning to provide flavor compounds in Scotch whisky. The aim of this work was establish whether peats from different locations Scotland are chemically distinct and could impart flavors. samples four (Islay, Orkney, St. Fergus, Tomintoul) were analyzed using Curie point pyrolysis combination with gas chromatography-mass spectrometry (Py-GC-MS). pyrolysates Islay Fergus rich lignin derivatives, while those Orkney Tomintoul had higher levels carbohydrate derivatives....

This paper analyzes the empirical fulfillment of real interest rate parity (RIRP) theory for a pool central and east European countries. To do so, we apply recently developed Ng Perron (2001) unit root tests, which are corrected versions existing Kapetanios et al. (2003) test, generalizes alternative hypothesis to globally stationary smooth transition autoregression model. We find evidence in favor RIRP, particularly when taking into account possibility nonlinearities differential.

ABSTRACT In recent years, considerable attention has focused on modelling and forecasting stock market volatility. Stock volatility matters because markets are an integral part of the financial architecture in economies play a key role channelling funds from savers to investors. The focus this paper is Central East European (CEE) countries. obvious question pose, therefore, how can be forecast whether one technique consistently outperforms other techniques. Over years variety techniques have...

Using an event-study methodology, we investigate the impact of European Union Allowances (EUA) on measures systemic risks for financial institutions. We analyse daily data all banks listed exchanges. find statistically significant abnormal changes in risk around days when prices allowances either jumped or shifted regimes. The paper also documents reduced positive jumps and regime shifts increased throughout negative shifts. Our contribution to literature consists producing evidence that...

Research suggests that conventional wisdom about the ‘miraculous’ reindustrialization of regional economy Massachusetts is much too simplistic. The decline in unemployment was as result low average labor-force growth it rapid job creation. Also has experienced increases income and wage inequality, there been a dramatic slowdown employment growth. manufacturing sector still deindustrializing high-tech virtually ceased. Several complementary explanations are offered for these changes. First,...

Silicon Valley is the computer and microelectronics capital of America. To analysts from different academic disciplines ideological persuasions, economy has many faces. In most romantic characterization, Valley's astonishing success as home base for a myriad companies that design, produce, export computers, workstations, microchips, disk drives, software mainly story about supremely—even belligerently—independent entrepreneurs. According to second interpretation, full-fledged ‘industrial...

Currency substitution, the use of foreign money to finance transactions between domestic residents, is a common feature emerging market economies. substitution reduces stability demand functions in ways that can seriously undermine central bank credibility and its efforts implement monetary policy. Most transition economies, including Russia, experienced widespread currency early phase transition. Following Russia's financial meltdown 1998, authorities introduced raft changes substantially...

Peat, a crucial component in whisky production, imparts distinctive and irreplaceable flavours to the final product. However, extraction of peat disrupts ancient ecosystems releases significant amounts carbon, contributing climate change. This paper aims address this issue by conducting feasibility study on enhancing use efficiency manufacturing through non-destructive analysis using hyperspectral imaging. Results show that shot-wave infrared (SWIR) data is more effective for analyzing...