Asset Price Instability and Policy Responses: The Legacy of Liberalization

The problem of asset price bubbles, and more generally of instability in the financial system, has been a matter of concern since the 1980s but has only recently moved to the center of the macroeconomic policy debate. The main concern with bubbles arises when they burst, imposing losses on investors holding the bubble assets and potentially on the financial institutions that have extended credit to them. Asset price volatility is an inevitable consequence of financial market liberalization and, in extreme cases, generates asset price bubbles, the bursting of which can impose substantial economic and social costs. Policy responses within the existing liberalized financial system face daunting levels of uncertainty and risk. Given the pattern of increasing asset market volatility over recent decades and the policy issues highlighted in this paper, the future looks uncertain. Another significant cycle of asset price movements, especially in one of the major economies, could see a fundamental revision of thinking about the costs and benefits of liberalized financial systems.

An evaluation of different models of water recovery in flotation

Water recovery is one of the key parameters in flotation modelling for the purposes of plant design and process control, as it determines the circulating flow and residence time in the individual process units in the plant and has a significant effect on entrainment and froth recovery. This paper reviews some of the water recovery models available in the literature, including both empirical and fundamental models. The selected models are tested using the data obtained from the experimental work conducted in an Outokumpu 3 m(3) tank cell at the Xstrata Mt Isa copper concentrator. It is found that all the models fit the experimental data reasonably well for a given flotation system. However, the empirical models are either unable to distinguish the effect of different cell operating conditions or required to determine the empirical model parameters to be derived in an existing flotation system. The model developed by [Neethling, SJ., Lee, H.T., Cilliers, J.J., 2003, Simple relationships for predicting the recovery of liquid from flowing foams and froths. Minerals Engineering 16, 1123-1130] is based on fundamental understanding of the froth structure and transfer of the water in the froth. It describes the water recovery as a function of the cell operating conditions and the froth properties which can all be determined on-line. Hence, the fundamental model can be used for process control purposes in practice. By incorporating additional models to relate the air recovery and surface bubble size directly to the cell operating conditions, the fundamental model can also be used for prediction purposes. (C) 2005 Elsevier Ltd. All rights reserved.

Selective transport of attached particles across the pulp-froth interface

A technique for determining the recovery of attached particles across the froth phase in flotation that relies on measuring the rate at which bubble-particle aggregates enter the froth is used to investigate the selectivity of attached particles across the froth phase. Combining these measurements with those of other techniques for determining the froth recovery of attached particles provides an insight into the different sub-processes of particle rejection in the froth phase. The results of experiments conducted in a 3 m(3) Outokumpu tank cell show that the detachment of particles from aggregates in the froth phase occurs largely at the pulp-froth interface. In particular it is shown that the pulp-froth interface selectively detaches particles from aggregates according to their physical attributes. (C) 2005 Elsevier Ltd. All rights reserved.

Gas dispersion measurements in industrial flotation cells

For nearly 100 years, the flotation plant metallurgist has often wondered what is happening 'beneath the froth'. To assist in unravelling this mystery, new technology has been developed as part of the Australian Mineral Industries Research Association (AMIRA) P9 project, to measure gas dispersion characteristics (such as gas hold-up, superficial gas velocity and bubble size) in industrial flotation cells. These measurements have been conducted in a large number of cells of different types and sizes by researchers from the Julius Kruttschnitt Mineral Research Centre (JKMRC) and JKTech. A large database has been developed and the contents of this database are described in this paper. Typical cell characterization measurements show a wide spread in values, even in the same cell types and sizes performing similar duties. In conventional flotation cells, the typical gas hold-up values range from 3% to 20%, bubble sizes range between I and 2 mm, and superficial gas velocity ranges from 1 to 2.5 cm/s. The ranges of cell characterization measurements given in this paper will enable plant personnel to compare their operation to other similar types of operations from around Australia and the rest of the world, giving opportunities for further improvement to flotation plant operations. (C) 2005 Elsevier Ltd. All rights reserved.

Hydrodynamics and mass transfer coefficient in three-phase air-lift reactors containing activated sludge

This study was to investigate the impacts of operating conditions and liquid properties on the hydrodynamics and volumetric mass transfer coefficient in activated sludge air-lift reactors. Experiments were conducted in internal and external air-lift reactors. The activated sludge liquid displayed a non-Newtonian rheological behavior. With an increase in the superficial gas velocity, the liquid circulation velocity, gas holdup and mass transfer coefficient increased, and the gas residence time decreased. The liquid circulation velocity, gas holdup and the mass transfer coefficient decreased as the sludge loading increased. The flow regime in the activated sludge air-lift reactors had significant effect on the liquid circulation velocity and the gas holdup, but appeared to have little impact on the mass transfer coefficient. The experimental results in this study were best described by the empirical models, in which the reactor geometry, superficial gas velocity and/or power consumption unit, and solid and fluid properties were employed. (c) 2006 Elsevier B.V. All rights reserved.

The effect of elasticity on drop creation in T-shaped microchannels

Polymeric microdrops of low viscosity, elastic fluids have been generated in T-shaped microfluidic devices using a cross-flow shear-induced drop generation process. Dilute (c/c* similar to 0.5) aqueous solutions of polyethylene oxide (PEO) of various molecular weights (3 x 10(5) -2 x 10(6) g/mol) were used as the drop phase fluids whilst silicone oils (5 mPa s

Quotable value: A case of increasing value

In 2005 Quotable Value was New Zealand’s largest valuation and property information organisation with approximately 230 staff and 22 offices throughout the country. While Government reforms within New Zealand had forced this former Government department to operate in a competitive market, a booming property industry and a number of innovative projects generating new income streams had fuelled Quotable Value’s success and growth. Recent changes in the economic environment, however, and predictions that the property bubble would soon burst, also presented a number of threats. The challenge for Quotable Value was how to sustain and build further growth.

Selective transport of attached particles across the pulp-froth interface

A technique for determining the recovery of attached particles across the froth phase in flotation that relies on measuring the rate at which bubble-particle aggregates enter the froth is used to investigate the selectivity of attached particles across the froth phase. Combining these measurements with those of other techniques for determining the froth recovery of attached particles provides an insight into the different subprocesses of particle rejection in the froth phase. The results of experiments conducted in a 3 m3 Outokumpu tank cell show that the detachment of particles from aggregates in the froth phase occurs largely at the pulp-froth interface. In particular it is shown that the pulp-froth interface selectively detaches particles from aggregates according to their physical attributes.

Gas dispersion measurements in industrial flotation cells

For nearly 100 years, the flotation plant metallurgist has often wondered what is happening ‘beneath the froth’. To assist in unravelling this mystery, new technology has been developed as part of the Australian Mineral Industries Research Association (AMIRA) P9 project, to measure gas dispersion characteristics (such as gas hold-up, superficial gas velocity and bubble size) in industrial flotation cells. These measurements have been conducted in a large number of cells of different types and sizes by researchers from the Julius Kruttschnitt Mineral Research Centre (JKMRC) and JKTech. A large database has been developed and the contents of this database are described in this paper. Typical cell characterisation measurements show a wide spread in values, even in the same cell types and sizes performing similar duties. In conventional flotation cells, the typical gas hold-up values range from 3 - 20 per cent, bubble sizes range between 1 and 2 mm, and superficial gas velocity ranges from 1 to 2.5 cm/s. The ranges of cell characterisation measurements given in this paper will enable plant personnel to compare their operation to other similar types of operations from around Australia and the rest of the world, giving opportunities for further improvement to flotation plant operations.