...Petroleum and Petrochemical Bulletin |U.S. Application of API MPMS Chapter 11.3.3 |Bulletin 012-TBN | |Ethanol Density and Volume Correction Factors |Rev. 0 | In late 2011, API MPMS Chapter 11.3.3, Miscellaneous Hydrocarbon Product Properties – Ethanol Density and Volume Correction Factors was published. The standard includes implementation procedures for both pure and denatured ethanol. For volume or density correction from observed temperature to 60 °F, the implementation procedure given in API MPMS Ch. 11.1-2004 shall be used. Pure and Denatured fuel grade ethanol’s are considered “special applications” (formerly known as Table 6C or Table 54C) with an alpha coefficient of 0.000599/°F or 0.001078/°C for Pure Ethanol and 0.000603/°F or 0.001085/°C for Denatured Ethanol. The standard also notes “However, if occasional table differences of 0.001% (1 in 100, 000 volume units) are acceptable to all parties, commodity group Refined Products (formerly known as Table 6B) with an API gravity of 50.47 (pure) and 50.61 (denatured) may be used in lieu of the 6C table”. For this alternate Table 6B use the API must be entered, calculated and reported to (2) decimal places which makes this method impractical and as such is not recommended by IFIA member companies. Unlike the revised Temperature and Pressure Volume...
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...------------------------------------------------- PGEXP 2011-13Group 2 * Sanjay Kumar Mishra (Roll -107) * Dharmendra Kumar (Roll – 112) * Debashish Roy (Roll – 232) | GROUP ASSIGNMENT CORRELATION BETWEEN GROWTH AND INFLATION WITH SPECIAL REFERENCE TO INDIA & CHINA One of the most fundamental and central macroeconomic policy objectives of the governments, central bankers and economists has been to sustain high growth rate with low inflation. The influences of other macroeconomic variables like aggregate demand, unemployment and investment and that of factors like human and natural capital and technology on economic growth are well-established. But when it comes to the inter-relationship between inflation and economic growth, there are divergences in opinion, more so because of lack of any linearity in the two variables. Introduction Theoretically, it is argued that when growth is caused by rising aggregate demand at low level of unemployment, it would lead to inflationary tendencies. This is because when demand aggregate outstrips the available supply, the disequilibrium would push the prices up. Low and declining unemployment level means wages would also rise and thus price rise caused by demand pull will also bring in the cost push factors to sustain the inflationary conditions. Inflationary tendencies can be thwarted when the aggregate demand pulls are matched by increased productivity and investment. But in the times of inflationary expectations, the...
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...In light of continued strong economic growth in emerging countries such as China and India and stagnant growth in much of the Euro zone, use economic theory to explain (I) why countries experience different growth rates, and (II) why we might expect poor countries to grow more quickly than rich countries. There is a huge diversity of how economies expand. Some countries manage to grow at a remarkably fast pace, while others suffer failures almost every time they attempt to improve. In order to explain why countries experience different growth rates and also why poor countries experience growth at a faster rate than rich countries one will have to take a look at the economic theories for this aspect. Firstly, economic growth can be defined as the increase of goods and services, which an economy produces over time. The first theory to go through is the traditional growth theory, which concentrates on the accumulation of physical capital, which explains why some countries are much wealthier now than a century ago. That only scratches the surface, however, as modern economies differentiate from those a century ago, due to the advance in technology resulting in better infrastructure and machinery, producing better goods more efficiently. The neo-classical model of Solow was unable to explain this, treating it as exogenous. ( Sérgio Rebelo, “Why Do Growth Rates Differ?”) Thus the endogenous theory came in to shine light on the matter. It originated from the studies of Paul Romer...
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...ACCOUNTING FOR GROWTH: COMPARING CHINA AND INDIA Barry Bosworth Susan M. Collins Working Paper 12943 http://www.nber.org/papers/w12943 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 February 2007 We are very indebted to Anthony Liu and Gabriel Chodorow-Reich for extensive assistance in understanding the data and constructing the growth accounts. This paper was presented at the annual conference of the Tokyo Club Foundation for Global Studies, December 6-7, 2006. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. © 2007 by Barry Bosworth and Susan M. Collins. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Accounting for Growth: Comparing China and India Barry Bosworth and Susan M. Collins NBER Working Paper No. 12943 February 2007 JEL No. F43,O1,O4 ABSTRACT We compare the recent economic performances of China and India using a simple growth accounting framework that produces estimates of the contribution of labor, capital, education, and total factor productivity for the three sectors of agriculture, industry, and services as well as for the aggregate economy. Our analysis incorporates recent data revisions in both countries and includes extensive discussion of the underlying data series. The growth accounts show...
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...Indian Economy 3 India GDP Growth Rate 3 History of the Chinese Economy 4 China GDP Growth Rate 4 Economy of India 5 GDP 5 Unemployment 6 Inflation 7 Economy of China 8 GDP 8 Unemployment 9 Inflation 10 India's Export and Import 11 China's Export and Import 12 China and India Export and Import 13 Analysis and Findings...
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...2010 India and China: A study in comparison [pic] Neetika Chakraborty Roll number-818 Economics (H) Third Year Acknowledgment I would like to thank my third year teachers- Ms. Nandini Kumar and Mrs. Meeta Kumar for their superior reaching capabilities and constant support. They have always been there to answer every query and help me out with research material whenever I required it. This project would not have been possible without them. This project would also not have been possible without the vast amount of data which was made available through the database of the reserve bank of India and the central bank of the Republic of China. Furthermore, I am indebted to the huge quantity of information available on the internet which was an important part of my initial research. INDEX 1. Introduction 2. Political Evolution ❖ China ❖ India ❖ Drawing a comparison 3. International Trade ❖ China ❖ India ❖ Bilateral trade between India and China 4. Population Trends ❖ Drawing a comparison 5. Conclusion 6. Bibliography Introduction China’s and India’s rapid growth and economic policies, as well as their role in International trade and capital markets, have generated a large amount of interest and research. Much of the attention focuses on their growth prospects and on their faculty to influence global governance. Two salient characteristics of China and India are...
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...Macroeconomics assignment On ANALYSIS OF INDIA CHINA BRAZIL ECONOMIES INTRODUCTION The BIC Countries: Brazil, India, China. The BIC countries are made up of Brazil, India and China - although if we were to categorize them by importance, it would actually be CIB. Why the BIC are Important?? The BIC are both the fastest growing and largest emerging markets economies. They account for almost three billion people, or just under half of the total population of the world. In recent times, the BIC have also contributed to the majority of world GDP growth. According to various economists’ projections, it is only a matter of time before China becomes the biggest economy in the world - sometime between 2030 and 2050 seems the consensus. In fact, Goldman Sachs believes that by 2050 these will be the most important economies, relegating the US to fifth place. By 2020, all of the BIC should be in the top 10 largest economies of the world. The undisputed heavyweight, though, will be China, also the largest the creditor in the world. Apart from their growth characteristics, the BIC countries frankly have little in common. They are primarily an investment category now, although there may some political and economic alliances that develop from that grouping. If they do, it is likely to be temporary - once China has assumed its rightful place, it may have no need for these alliances. A G2 of China and the US may be more important for it unless the 2050 predictions do come true...
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...for Indian Car Manufacturers Contents Executive Summary Introduction Overview Brazil Russia India China Conclusion Appendix Sources Contacts 4 6 7 10 15 19 24 29 31 33 34 Executive Summary The BRIC block has emerged as the economic power house of growth for the automotive industry through the last decade. What started as an exploration of new/extra markets for car sales in the early 90s has gone on to become the mainstream market of the new millennium. Supported by attractive macro-economic factors such as growing economic activity, urbanization, rising household incomes, developing credit markets and very low car density, the BRIC countries currently make up for the top 7 automotive markets globally. The BRIC block has been strongly growing for over 10 years; with 3 of 4 BRIC economies surging ahead even during the 2008 economic crisis. So that prompts us to ask how the dynamics have transformed over the years. What were the major drivers of growth in car sales in the last decade and into the future? Is the current slowdown a blip or is it here to stay? More importantly, what does the growth dynamics in China, Brazil and Russia mean to the Indian automotive market? We offer our perspective on the impact of macroeconomic factors on car sales in the BRIC block between 2001 and 2011. Below are the key findings of our analysis: 1. Car sales in Brazil, Russia, India and China grew at a CAGR of 8.8%, 5.7%, 14.5% and 34.3% respectively as against a globalcar sales average of...
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...How do you account for India’s failure to demonstrate Chinese rates of growth? Over the past two decades, one of the most compelling economic stories has been the rise of India and China, two of Jim O’Neill’s “BRIC” countries (FT Magazine, 2010). Despite the implementation of different economic policies (Gupta, 2008) both countries have emerged as major economic forces in the global economy (Bosworth and Collins, 2007), most notably since 1980. Since then, India and China have experienced a significant reduction in poverty with China lifting 500 million out of social deprivation. According to the World Bank (2013), China has had an average GDP of 10% each year while India has seen her GDP double over a similar period. The countries are often compared due to their large population and geographical vastness as well as climbing from third world countries to major economic forces in a relatively short time. However, despite a significant increase in GDP, India has failed to demonstrate the same rates of growth as China. Although both countries were in a similar position during the early nineties, China’s GDP has increased 7 fold since this time; whereas India, although steady, GDP has doubled. The average annual rate is by 10% in China compared to 5-6% in India (see Figure 1). The purpose of this paper is to compare the rates of growth of India and China over the past 30 years and examine possible explanations for this phenomenon. The economies of these countries are...
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...Economic growth is measured in terms of an increase in the size of a nation's economy. A broad measure of an economy's size is its output. The most widely-used measure of economic output is the Gross Domestic Product (abbreviated GDP). GDP generally is defined as the market value of the goods and services produced by a country. One way to calculate a nation's GDP is to sum all expenditures in the country. This method is known as the expenditure approach and is described below. Alternative Approaches to Calculating GDP There are three approaches to calculating GDP: * Expenditure approach - described above; calculates the final spending on goods and services. * Product approach - calculates the market value of goods and services produced. * Income approach - sums the income received by all producers in the country. Expenditure Approach to Calculating GDP The expenditure approach calculates GDP by summing the four possible types of expenditures as follows: GDP | = | Consumption | | + | Investment | | + | Government Purchases | | + | Net Exports | Consumption is the largest component of the GDP. In the U.S., the largest and most stable component of consumption is services. Consumption is calculated by adding durable and non-durable goods and services expenditures. It is unaffected by the estimated value of imported goods. Investment includes investment in fixed assets and increases in inventory. Government purchases are equal to the government expenditures...
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...modern Asia. Two of Asia’s biggest players, India and China, both are nations of great contrast, a definite distinction between the wealthy upper class and poverty stricken lower class, with an arguably absent middle class. Both nations are rich in tradition and culture, another similarity; an underlying rift of corruption and bureaucracy which plagues the nations. The extent of corruption in India and china, both past and present, will be examined in the essay as to how it affects business within the countries and on a more global level, how this corruption affects its standing with foreign investors. As a result of this widespread corruption, there has been a heavy focus on anti corruption strategies in the areas over the past few decades. Corruption, on its most basic level, is described as “an act done with intent to give advantage inconsistent with official duty and the right of others” (CPIB: What is Corruption. 2012). In economic terms, corruption generally refers to the payment for goods or services, which is not due to the beneficiary. From a historical standpoint, India has an extensive past of corruption, but I will focus on the more recent history of corruption in India, in the period 1950-1980, the Indian economy was subjected to a great degree of “regulation, protectionism and public ownership, leading to pervasive corruption and slow growth” (The companion. 2012). This was also a period of great infrastructure growth in India, with massive transportation constructions...
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...To understand why some countries have economic growth faster than others, or larger than others, we must first know what “economic growth” is. Economic growth is the increase of per capita gross domestic product (GDP) or other measure of aggregate income, typically reported as the annual rate of change in real GDP. Economic growth is primarily driven by improvements in productivity, which involves producing more goods and services with the same inputs of labor, capital, energy and materials (1). Pretty much everything you can imagine contributes to a countries economy and ultimately economic growth; from raw materials to availability of energy, from geography to political governance. The strength of a countries economy tends to speak to its place in the general importance of the world. Being economically weak a country tends to be poor and normally overlooked, while economically strong countries are able to effect other countries financially and thus tend to have much more sway in world dealings. I will discuss the two countries of China and India and look at their current economic situation and keys to their future growth. India and China India and China have much in common and also many differences that make their economies and economic growth very different. India and China are neighbors in south East Asia, sharing about 2100 miles of boarder between each other that runs along the Himalayas. Both countries are ancient in origin and birth places of civilization outside...
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...China and India: Opportunities and Challenges Evaluate the Evolving Balance of Economic Power Shift from the West to the East The last two decades there has been a visible shift in economic power from the West to the East. China and India are taking lead in as the economic power posing the weight and dynamism to transform the 21st-century global economy. Though the two have radically different economic strengths and weaknesses the two are expected to deliver a very high growth for decades (Cravens and Piercy, 2010). Since 1979, the two have had a steady and positive GDP curve with China average of 10.92 percent and India India average of 6.01 percent (Trading Economics, 2015). Factors such as outsourcing and education have played an important part in the two countries economic growth. In 2001, outsourcing to China and India have diminished American employment opportunities and cost America 3.2 million jobs (US News. 2014). Competition with low-wage workers from less-developed countries such as China and India has driven down wages for workers in U.S. manufacturing and reduced the wages and bargaining power of similar, non-college-educated workers throughout the economy. The United States graduates roughly 70,000 undergraduate engineers annually, whereas China graduates 600,000 and India 350,000 (Wadhwa, Gereffi, & Ong, 2004). US is concentrating mostly on finance and accounting while the two nations see growing in engineering or life science. According to...
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...businesses are done today. Two countries that use these practices often are China and India. They trade manufactured and labor intensive goods. This gives them an edge on the other countries they compete with in the global market. This paper first reviews some key features of China’s and India’s trade, in particular, the recent rapid export growth; the changing relative importance of goods and services; and the changing composition of exports within merchandise and services. With this as background, we use a global economy-wide modeling approach to take into account all of the potential impacts of a number of policy reforms and likely scenarios. First, the implications of the reforms under way in India are examined to see if they might result in greater competition between China and India. Then, we generate a baseline and examine the potential global implications of higher-than-expected growth rates in these two economies. We consider first the impact of more rapid economy-wide growth in China and India. We then examine the implications of two different types of growth, first growth focused on relatively sophisticated products, and subsequently growth driven by increased accumulation of physical and human capital. China’s and India’s trading patterns. Although it turns out that both have been quite successful in expanding their exports and imports, they have done this in very different ways. Broadly, China has relied primarily on exports of manufactures, frequently as part of...
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...Case 6-4: China and India: Opportunities and Challenges Overtime, China and India have developed some capabilities, which have affected developed nations like U.S, Germany, Japan and so on. The rising capability that the two countries possess is as a result of their ability to assign their available resources (factor conditions) to specific productive areas to yield viable outcome. Rarely has the economic ascent of two still relatively poor nations been watched with such a mixture of awe, opportunism, and trepidation. The postwar era witnessed economic miracles in Japan and South Korea. But neither was populous enough to power worldwide growth or change the game in a complete spectrum of industries. China and India, by contrast, possess the weight and dynamism to transform the 21st century global economy. Never has the world seen the simultaneous, sustained takeoffs of two nations that together account for one-third of the planet’s population. For the past two decades, China has been growing at an astounding 9.5% a year, and India by 6%. Given their young populations, high savings, and the sheer amount of catching they still have to do, most economist figure China and India possess the fundamentals to keep growing in the 7% to 8% ranges for decades. (Cravens, 2013) Barring cataclysm, within three decades India should have vaulted over Germany as the world’s third-biggest economy. By mid-century, China should have overtaken the U.S as No. 1. By then, China and India could account...
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