In the article the author analyses the impact of the Financial Crisis, especially the Greek fiscal one, on the sCDS prices in Europe. The aim of the article is to assess the ability of the sCDS premia to price the risk of countries before and during the Greek crisis. The author analyses sCDS premia of maturity 10 years together with the so called bond-spreads, i.e. the spreadsbetween the countries’ bond indexes and the risk free rate of the region (in our case it was the yield of German bonds of corresponding maturity – 10 years).The idea was to check whether there occurred any discrepancies in the risk valuation via the two measures, as a consequence of the Greek crisis. The data is taken daily and covers the period of 2008‒2012. Based upon the results obtained in the research we conclude that the Greek crisis indeed influenced the relationships between the two measures of risk, however the degree of the influence was different in different countries. The relationships between the two measures of risk were totally broken only in the case of Greece, while in the other countries the relationships either were not distorted or had been broken already at the beginning of the financial crisis (2008/2009). The Greek problems were indeed reflected in volatilities of all analysed instruments; however triggering the credit event affected only Greek bonds dynamics.
This study examines whether the lowering interest-rate environment in CEE countries since the early 2000’s increased bank risk-taking behaviour. We employ 6,979 annual observations from the Bankscope database over the period 1997‒2011 and find a positive relationship between bank risk-taking, measured by risk assets, and interest rates. On the contrary, there is a negative relationsh ipbetween non-performing loans and interest rates. These results are robust across a number of different specifications that account,inter alia, for the potential endogeneity of interest rates and/or the dynamics of bank risk. Moreover, we provide evidence that these findings are mainly driven by the banking sector of the Russian Federation rather than that of the rest CEE countries.
This article aims at constructing a new method for testing the statistical significance of seasonal fluctuations for non-stationary processes. The constructed test is based on a method of subsampling and on the spectral theory of Almost Periodically Correlated (APC) time series. In the article we consider an equation of a nonstationary process, containing a component which includes seasonal fluctuations and business cycle fluctuations, both described by an almost periodic function. We build subsampling test justifying the significance of frequencies obtained from the Fourier representation of the unconditional expectation of the process. The empirical usefulness of the constructed test is examined for selected macroeconomic data. The article studies survey indicators of economic climate in industry, retail trade and consumption for European countries.
The paper presents the results of the study of the effect of a Fischer-Tropsch (F-T) synthetic wax on the resistance to permanent deformation of the AC 11S asphalt concrete. The synthetic wax was dosed at 1.5%, 2.5% and 3.5% by weight of bitumen 35/50. The compaction temperatures were 115ºC, 130ºC and 145ºC. The criteria adopted for measuring the resistance to permanent deformation included the following parameters: stiffness modulus at 2, 10 and 20ºC, permanent deformation (RTS), fatigue life determined using the indirect tensile fatigue test (ITFT) and resistance to rutting (WTSAIR, PRDAIR). The test results confirmed the positive infl uence of F-T synthetic wax on enhancing the permanent deformation resistance of asphalt concrete placed at lower compaction temperatures compared to that of standard asphalt concrete compacted at 140ºC.
The paper presents an approach for evaluation of the likelihood of damage to the transportation infrastructure in the context of the terrorist attacks on the example of a number of bridges located in Wrocław (Poland). Assuming that there will be only one bridge destroyed in a given area, in order to determine the probability of damage to one of the objects, there was one of multi-criteria optimi-zation methods used, i.e. the method of Analytical Hierarchy Process (AHP). The main advantage of the analysis carried out was that the accepted hierarchy of decision-making options could be easily explained in a scientifi c manner, not only with reference to personal knowledge, experience, and intuition.
In this research reactive powder concrete (RPC) was prepared using sand from North Sinai. The mechanical properties of locally cast RPC were investigated and evaluated by studying the effects of using different cement and silica fume contents and new steel fi bers’ aspect ratios as reinforce-ment for RPC. Specimens’ preparation, curing regimes and testing procedures to evaluate the com-pressive strength, the modulus of elasticity, the indirect tensile strength and the fl exural strength were discussed. A compressive strength of 154.5 MPa, indirect tensile strength of 11.98 MPa, mod-ulus of elasticity of 45.1 GPa and fl exural strength of 30.26 MPa have been achieved for reinforced RPC contains 800 kg/m³ cement content and silica fume content 30% of cement weight. The test results showed some improvements by increasing cement and silica fume contentsas well as adding steel fi bers on the compressive strength, modulus of elasticity and indirect tensile strength.
The results of experimental test of nine thickset reinforced concrete slabs in punching are presented in the this paper. The aim of the tests was verifi cation of the Eurocode EC 2 procedure, by which the ultimate shear stresses vRd,c depend on the slenderness of the slab. Besides of the performed tests results, the analysis of the foreign investigation of the fundaments is also included. The test results, as well as other tests, show the correctness of the function assumed in Eurocode 2, which gives correlation between ultimate stresses vRd,c and shear slenderness.
Detailed investigation of the effect of the number of end-panel studs on the seismic properties of light-steel shear-panel braces in cold-formed steel frames and in particular the associated response modifi cation coeffi cients (R) factor, are presented in this paper. A total of 6 full-scale 1200×2400 mm specimens are considered, and the responses investigated under a standard cyclic loading regime. Of particular interest are the specimens’ maximum lateral load capacity and deformation behavior as well as a rational estimation of the seismic response modifi cation factor. The study also looks at the failure modes of the system and investigates the main factors contributing to the ductile response of the tested shear-panel braces in order to suggest improvements so that braces respond plastically with a signifi cant drift and without any risk of brittle failure, such as connection failure or stud buckling.
This paper presents the results of an extensive investigation of asphalt concrete beams with geosynthetics interlayer. The subject of the research is an evaluation of infl uence of geosynthetics interlayer applied to bituminous samples on their fatigue life. The results of the tests evidences that when geosynthetics are used, the fatigue life depends mainly on the type of bituminous mixture, the type of geosynthetics, and the type and the amount of bitumen used for saturation and sticking. The amount of bitumen used to saturate and fix the geosynthetic signifi cantly changes the samples fatigue properties. Essential positive correlation between fatigue and parameters of interlayer bonding (shear strength, shear stiffness) occurs in both testing temperatures.
The road pollutant emissions, above all in urban context, are correlated to many infrastructural parameters and to traffic intensity and typology. The research work on road junction geometry, carried out in European research centres, has recently allowed to design new road intersection types which are of undoubted interest, especially in terms of traffic functionality and safety, like the fl ower roundabouts (in which right-turn manoeuvres do not confl ict with the circulating flow). The main objective of this paper is to propose a model for the estimation the capacity, delay, levels of service and the pollutant emissions into flower roundabouts. A comparative analysis between conventional roundabout and flower roundabout has been carried out in terms of CO, CO₂, CH₄, NO, PM₂,₅ and PM10 vehicular emissions, evaluated by mean of COPERT Software which is developed as a European tool for the calculation of emissions from the road transport sector.