Search Results (384)

Despite the small mass fraction typically observed for the interstellar medium, dust plays a significant role as a key component of galaxies, affecting a wide range of properties. This review focuses specifically on how dust grains influence interstellar chemical abundances and on the processes that regulate the evolution of the galactic dust budget. I describe the main physical processes regulating dust evolution, including production by stars and other sources, destruction in supernova shocks and interstellar growth, and the ways in which they are included in galactic chemical evolution models. I discuss the main effects of interstellar dust on the abundances measured in various high-redshift systems that include Damped Lyman $\alpha$ absorbers, detected along the lines of sight of distant quasars and in the absorption spectra of Gamma Ray Burst afterglows. I discuss the measure of dust masses in galaxies and review its global budget, evaluated through the study of the evolution of the comoving dust mass density, for which I present an up-to-date compilation of data chosen from the literature. Interstellar dust growth plays a critical role in regulating the dust budget, for which I present a list of evidence both in favour of it and against. The dust budget at high redshift is one aspect that requires attention to drive significant progress in the future, along with the investigation of the properties of dust in local, low-metallicity systems. Our poor theoretical knowledge of basic aspects related to dust evolution evidences the need for a new high-sensitivity space telescope operating in the far-infrared regime, still awaited by the community since the demise of Herschel. Full article

Geopolitical disruptions at maritime chokepoints cascade through interconnected economic systems, yet the pathways along which such shocks travel and the nodes at which they are absorbed remain poorly understood. The aim of this study is to trace, within a single coupled framework, how the 2026 Strait of Hormuz oil-price shock propagated through Korean-origin aviation demand, Southeast Asian destination tourism, and the macroeconomies of four oil-importing economies, and to identify where and how the shock was absorbed. Treating the disruption as an exogenous perturbation, we follow its diffusion across four interacting nodes: oil prices, Korean-origin aviation demand to Southeast Asian destinations, destination-level tourism flows, and national macroeconomic states. Using a triple-difference design with event-study and placebo-year tests on monthly route-level data, and supported by explicit parallel-trend, control-stability, and route-classification robustness checks, we find that aviation demand to leisure routes contracted by roughly 27%, accompanied by an almost identical fall in flight frequency and an unchanged load factor—a pattern consistent with a market-clearing capacity adjustment. The effect concentrated after the March blockade and stabilized thereafter, suggesting a self-limiting rather than self-amplifying dynamic. Downstream, destination-level arrivals did not contract proportionally, plausibly buffered by source-market substitution that scales with a destination’s market diversification. Along the macroeconomic branch, the same shock co-moved with rising inflation and depreciating currencies, but the magnitude of these responses varied with fuel-pricing and exchange-rate regimes. We interpret these findings as an exploratory, systems-level account in which chokepoint oil shocks act as multi-node propagation-and-absorption processes, where resilience appears to emerge endogenously from market substitution and policy–regime heterogeneity rather than being externally imposed. Full article

How the maturity structure of corporate debt shapes firms’ capacity to withstand financial pressure remains understudied, particularly in bank-dependent emerging markets. This study examines whether greater reliance on short-term debt weakens firms’ ability to absorb financial shocks. Using quarterly panel data for non-financial listed firms on the Vietnamese stock market from 2015 to 2025, we construct an accounting-based measure of financial resilience (FR), defined as the ratio of earnings before interest, taxes, depreciation and amortization (EBITDA) to the sum of short-term debt and interest expense, and measure debt maturity structure (DMS) as the proportion of short-term debt in total interest-bearing debt. Firm fixed-effects models with quarterly time fixed effects and firm-clustered standard errors are used to estimate the relationship. The results consistently show that firms with a higher proportion of short-term interest-bearing debt exhibit significantly lower financial resilience across all model specifications. This negative relationship remains robust after controlling for alternative measures of financial leverage and using a logarithmic transformation of the dependent variable. The findings highlight the importance of debt maturity management as a key component of corporate financing strategy for firms and policymakers seeking to enhance financial resilience. Full article

This paper provides a comparative, descriptive assessment of macroeconomic adjustment dynamics within the euro area in response to the inflationary and crisis-related disturbances of the 2015Q1–2024Q4 period, with particular attention to the COVID-19 pandemic and the geopolitical shock associated with the Russia–Ukraine conflict. Using a Vector Error Correction Model (VECM) framework estimated separately for the euro-area aggregate and four representative core and peripheral economies (Germany, France, Spain, and Greece), the analysis characterizes long-run equilibrium relationships and short-run adjustment dynamics among output, inflation, public debt, and unemployment. Rather than identifying structurally causal transmission, the study interprets the estimated cointegration structures, error-correction speeds, and impulse-response patterns as reduced-form indicators of how differently national systems absorb common disturbances. The comparative evidence points to substantial heterogeneity: core economies display comparatively more contained and coordinated adjustment, whereas peripheral economies exhibit stronger fiscal sensitivity, more persistent labor-market adjustment, and greater macroeconomic interdependence. Read together, these patterns suggest that resilience within the monetary union is better understood not solely as equilibrium restoration, but as the persistence, coordination, and stability of the broader adjustment process—and that asymmetric adjustment structures persist despite a common monetary framework. Full article

As China’s new energy vehicle (NEV) industry shifts from scale expansion to sustainable competition, enterprise risk is increasingly shaped by price pressure, innovation investment, operational efficiency, and cash-flow quality. Conventional financial early warning models based on static accounting ratios are limited in capturing how such risks emerge and transmit within NEV business ecosystems. This study develops an AI-driven risk governance framework that combines a digital twin-inspired state representation, interpretable machine learning, Shapley additive explanations, and competitive scenario simulation. Using annual data from 2021 to 2025 for twelve listed Chinese NEV automakers, we construct forty-eight enterprise-year observations and predict next-period high-risk status from current-period financial, operational, and competitive state vectors. Logistic regression is used as a transparent benchmark, while XGBoost serves as the main nonlinear learner. The results show that NEV risk identification requires the joint consideration of profitability, R&D intensity, cash-flow quality, asset utilisation, and liquidity, rather than reliance on a single accounting indicator. Logistic regression provides stronger temporal stability, whereas XGBoost achieves higher recall and area under the receiver operating characteristic curve in cross-validation. SHAP results identify return on assets, R&D intensity, operating cash-flow ratio, fixed asset turnover, and current ratio as the leading contributors to model predictions. Scenario simulations reveal asymmetric resilience: low-risk firms can absorb moderate competitive shocks, while high-risk firms remain locked in elevated risk states. This study provides a practical decision-support framework for identifying risk drivers, evaluating competitive shocks, and improving risk governance in sustainable NEV business ecosystems. Full article

Renewable energy communities (RECs) are increasingly recognized as a strategic instrument for enhancing the sustainability and resilience of energy systems, promoting local renewable integration, and reducing consumer exposure to electricity market volatility. This study analyzes the Italian electricity market and assesses the economic performance of RECs relative to individual consumers using high-frequency hourly data from 2021 to 2023, covering both the 2022 European energy crisis and the subsequent Italian regulatory reform of incentive mechanisms. The optimization problem is formulated in physical terms, aiming to maximize locally utilized energy, defined as the sum of self-consumed and shared photovoltaic generation. This choice reflects the structure of the Italian regulatory framework, where incentives are directly linked to the amount of energy shared within the community. In this context, energy-based optimization is preferred to avoid embedding assumptions on discount rates, investment horizons, and financing conditions, which may vary significantly across users and introduce additional uncertainty. From a sustainability perspective, maximizing local energy utilization contributes to improving energy efficiency, reducing reliance on external energy sources, and enhancing the capacity of decentralized systems to absorb market shocks. For this reason, economic indicators such as Net Present Value (NPV) or payback period are not explicitly included in the optimization objective. This is justified by the focus of the analysis on short-term operational performance and exposure to electricity price volatility, rather than long-term investment evaluation. Moreover, given that the economic value of the REC is largely determined by shared energy volumes under the current Italian incentive scheme, maximizing local energy utilization provides a consistent proxy for economic performance. Nevertheless, the integration of financial metrics such as NPV or payback period represents a relevant extension for future research, particularly in the context of investment decision-making. Through panel econometric analysis, we estimate the sensitivity of economic value to electricity price fluctuations. Results show that RECs reduce price sensitivity by approximately 8–15% compared to individual users, as estimated by panel regression coefficients. Furthermore, the volatility of economic value decreases by around 1.95% under the community configuration, particularly during the 2022 price shock demonstrating that RECs exhibit significantly lower price dependence than standalone consumers. To assess the robustness of these findings, a machine learning framework is employed to relax linearity assumptions and capture potential non-linear effects. Results consistently show that while market prices remain an important determinant, RECs substantially attenuate their impact, particularly during periods of extreme price stress. A policy counterfactual comparison between pre- and post-reform incentive structures further indicates that the coefficient of variation decreases by approximately 4.4% under the post-reform incentive scheme, highlighting the role of policy design in supporting economically and operationally sustainable energy communities. Overall, this study develops a data-driven analysis based on a high-frequency synthetic dataset designed to reproduce realistic consumption and generation dynamics, providing robust evidence that RECs contribute not only to renewable energy deployment but also to the economic and systemic sustainability of electricity markets under conditions of high volatility. Full article

The resilience pads of sleeper floating tracks (STEDEF) are key components that absorb shock loads and vibrations induced by train traffic. Currently, under the Korean domestic guidelines for track facility performance evaluation, one sample per 500 m is collected from the field, and the static spring stiffness is assessed through laboratory testing. However, this approach requires nighttime track possession, incurs significant manpower and cost, and provides limited reliability because the condition of an entire section is inferred from a small number of samples. Therefore, this study proposes an impact-hammer–FRF-based method for evaluating the spring stiffness of resilience pads without pad extraction. Field impact-hammer tests were conducted to identify the dominant first-mode natural frequency of the track-support system. Configuration-specific finite element models were then used to derive frequency–stiffness relationships for the investigated STEDEF configurations. The novelty of the proposed method lies in converting the local first-mode frequency measured in situ into a static-equivalent stiffness index that can be directly compared with the maintenance reference value used in the Korean inspection framework. The finite element model reproduced the mean natural frequencies of the reference configurations with differences of 0.08–3.61%. Based on the configuration-specific relationships, estimation equations were developed to support in situ screening of resilience-pad stiffness at the measured locations. Full article

The occupational health implications of solar photovoltaic (PV) recycling remain critically under-investigated. This study assessed occupational exposure across the PV recycling value chain in Taiwan, evaluating primary mechanical dismantling and downstream reuse sectors (glass milling and controlled low-strength material [CLSM] batching). Area and personal samples were analyzed for total dust, respirable dust, and trace heavy metals. Results indicated that primary mechanical crushing yielded relatively low ambient dust and negligible toxic heavy metal (e.g., Pb, Cd) aerosols, attributed to the macroscopic ductility of metallic ribbons and EVA shock-absorbing properties. Conversely, a critical “hazard transfer” phenomenon was empirically identified downstream, where intensive secondary grinding and aggregate blending in the downstream reuse sector (glass milling and CLSM batching) systematically shifted the aerodynamic particle size distribution, causing the respirable dust fraction to surge to 38.9–72.6%. The pursuit of zero-waste material circularity inadvertently amplifies highly dispersive, respirable dust hazards in downstream sectors, necessitating targeted occupational exposure controls. Full article

The scheduling of crude oil operations in marine refineries is a complex combinatorial problem, exacerbated by stochastic disruptions like vessel delays and port congestion. Traditional deterministic and expected-value approaches fail to mitigate high-impact tail events, causing severe demurrage and production bottlenecks. To address this, we propose a novel CVaR-Driven Reactive GRASP Simheuristic. This framework hybridizes GRASP with Monte Carlo simulation, embedding Conditional Value-at-Risk (CVaR) into the adaptive memory to actively steer the search away from catastrophic logistical gridlocks. Overcoming standard “unlimited port capacity” assumptions, the model endogenously calculates demurrage dynamics and introduces an automated Failure Taxonomy for explainable insights. Evaluated on a 30-day industrial case study, representing a standard short-term operational scheduling horizon, under baseline conditions and severe dynamic disruptions (vessel delays, unit maintenance), the diagnostic reveals that over 80% of scheduling failures stem from endogenous port congestion rather than internal dead-ends. Furthermore, a comprehensive ablation study mathematically validates the superiority of the CVaR-driven memory over standard expected-cost optimization in preventing catastrophic tail-risk scenarios. Results demonstrate that this CVaR-driven approach effectively absorbs stochastic shocks, prevents stockouts, and minimizes worst-case costs, generating highly robust schedules in under three minutes. Ultimately, it provides a robust, risk-aware Decision Support System (DSS) for supply chain and operations managers. Full article

This article examines whether Local Government Financing Vehicles (LGFVs) help Chinese cities absorb local economic shocks or increase urban vulnerability. Focusing on consumption-side risk sharing, it defines urban resilience as the extent to which household consumption is insulated from city-specific output shocks, rather than as employment recovery, production rebound, or long-term adaptation. Using panel data for 283 prefecture-level cities from 2003 to 2019, we test whether LGFV issuance weakens the transmission of idiosyncratic output fluctuations to local consumption. The results show that higher LGFV issuance is associated with a looser output–consumption linkage, suggesting a consumption-smoothing effect of debt-financed local intervention. Mechanism tests indicate that this effect operates mainly through wage growth, credit expansion, local output growth, and FDI growth, rather than direct welfare transfers. The relationship is stronger in cities with higher marketisation, lower policy uncertainty, and stronger fiscal capacity, while western cities display a distinct pattern. LGFVs appear more stabilising during relative growth slowdowns, but not under all weak growth conditions. Full article

Background: Plantar fasciitis is a common condition likely caused by abnormal foot alignment, such as flatfoot. Insoles are commonly used to treat flatfoot, and systematic reviews have shown that insoles improve pain; however, the underlying mechanism is unclear. This study aimed to investigate the effects of insoles on plantar fascial tension during running in individuals with flatfoot. Methods: The participants were 14 individuals with flatfoot. The task involved running under two conditions: with and without insoles. Insoles that absorbed the shock and supported the medial longitudinal arch were used. The foot marker trajectories and ground reaction forces were measured during running sessions. The plantar fascia tension was estimated based on the ground reaction force, moment arm of the ground reaction force, and that of plantar fascia. Statistical parametric mapping was used to compare the plantar fascia tension during the stance phase between the two conditions. Results: When running with and without insoles, the peak plantar fascial tension was observed at midstance. Planar fascial tension was significantly lower with insoles over a wider range during the stance phase than that without insoles (p < 0.05). Conclusions: This study provided evidence that insoles can reduce plantar pain while running. This result may be useful for reducing pain in individuals with flatfoot and preventing the onset of plantar fasciitis. Full article

This study examines the interconnectedness of the Philippine banking system across three contagion channels: interbank loans, interbank deposits, and payment systems. Using network data from 481 banks supervised by the Bangko Sentral ng Pilipinas (BSP), the study applies topology-based measures to assess the structure and strength of interbank linkages. It introduces two metrics: the Overall Interconnectedness Index (OII), which measures the level of connectedness of the network, and the Core Connectivity Index (CCI), which identifies robustly linked banks within the system. The results show that payments are more interconnected than loans and deposits, but the overall interconnectedness remains very low across all channels. For the full banking system, OII values range from 0.06 to 0.65%, indicating a sparse network structure. In the core network of universal and commercial banks, loans and deposits show modestly higher interconnectedness, while payments display a much stronger core–periphery pattern. The CCI results are consistent with these findings, confirming weak connectedness in the loans and deposits networks and relatively stronger connectedness in the payments network. These findings suggest that the Philippine interbank network has limited potential for contagion through small shocks, but its sparse structure may also reduce risk-sharing capacity and weaken the system’s ability to absorb larger shocks. The proposed measures offer a useful framework for monitoring systemic risk and identifying banks that contribute most to interconnectedness. They also provide policy implications for financial regulators, like BSP, in strengthening financial stability through improved market access, payment system participation, and macroprudential surveillance. Full article

This study examines how energy market uncertainty affects corporate financial stability and whether environmental, social, and governance (ESG) performance mitigates this relationship. Using a panel of 168 non-financial Australian firms from 2011 to 2023, we employ a two-step system generalized method of moments (GMM) with extensive robustness checks. The results reveal three central findings. First, energy market uncertainty exerts a statistically significant and economically meaningful negative effect on corporate financial stability, indicating that heightened energy price volatility amplifies firms’ financial fragility. Second, ESG performance is positively associated with financial stability, suggesting that sustainability-oriented firms exhibit superior risk management and resilience. Third, ESG performance significantly attenuates the adverse impact of energy market uncertainty, providing strong evidence that ESG functions as an effective shock-absorbing mechanism. These findings are robust to alternative measures of financial stability and energy uncertainty, different lag structures, alternative estimation methods, and a wide range of subsample analyses. Further analyses show that the moderating role of ESG is not driven by a single pillar; rather, environmental, social, and governance dimensions jointly enhance firms’ capacity to withstand energy-related shocks. The buffering effect of ESG is stronger among high-ESG firms, in knowledge- and technology-intensive sectors, and during periods of heightened systemic stress such as the COVID-19 pandemic. Overall, the study provides novel firm-level evidence that ESG performance enhances corporate resilience to energy market uncertainty. The findings have important implications for policymakers, investors, and corporate managers seeking to strengthen financial stability in an era of elevated energy volatility and accelerating sustainability transitions. Full article

Despite geographical proximity and broadly similar agro -climatic conditions, China and Vietnam show sharply divergent coffee export performance, with Vietnam ranking as the world’s second largest exporter, while China’s exports remain modest. This study compares the determinants of their bilateral coffee exports over 2001 to 2022, using a gravity model estimated by Poisson pseudo maximum likelihood with partner and year fixed effects, a specification that retains zero trade flows and absorbs global price and demand shocks. Once these common shocks and fixed bilateral factors are controlled, trading-partner demand characteristics such as GDP, population, and urbanization are not robust determinants of exports for either country. The most consistent determinant is domestic production, which is positively associated with exports for both nations and helps explain their divergent export scale. Domestic consumption cannot be separated cleanly from production, so it is not interpreted as crowding out exports. On the policy dimension, Vietnam’s WTO accession shows a positive association with exports while China’s Belt and Road participation shows none, but these are institutionally different forms of integration and are read as associations, rather than causal effects. The findings carry implications for sustainable development, linking producer competitiveness to livelihoods under Goal 1, growth and decent work under Goal 8, and the balance between domestic and export use of production under Goal 12. Full article

A blockade or severe disruption in the Strait of Hormuz would test energy supply resilience by reducing crude oil and LNG availability and by raising routing, freight, insurance, port-handling, warehousing, and transport-support costs. This paper develops a short-run multi-regional input–output stress test to assess where such an energy-route shock enters the production system, how reserves and inventories reduce pass-through, which cross-border links carry residual costs, and where final demand absorbs them. Using the OECD ICIO 2025 edition for 2022, we map the shock to oil and gas extraction, refining, utilities, transport, and transport-support sectors, with an additional premium for major Gulf energy exporters. We propagate the shock for seven input–output rounds under inventory damping. First-round exposure and later-round burden do not coincide, as energy-intensive materials, aviation services, chemicals, minerals, metals, electronics, and machinery face higher downstream costs through material and logistics purchases. With 30% inventory absorption, the upstream energy shock needed for downstream manufacturing to reach a 10% added-cost threshold rises from 73.6% to 85.3%. The results support targeted reserve release, coordinated rerouting, port-logistics priority, inventory management around high-value links, and continuity protection for vulnerable sectors. Full article