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This paper explores the contribution of credit growth and the composition of credit portfolio (corporate, consumer, and housing credit) to economic growth in emerging market economies (EMs). Using cross-country panel regressions, we find significant impact of credit growth on real GDP growth, with the magnitude and transmission channel of the impact of credit on real activity depending on the specific type of credit. In particular, the results show that corporate credit shocks influence GDP growth mainly through investment, while consumer credit shocks are associated with private consumption. In addition, taking Brazil as a case study, we use a time series model to examine the role that the expansion and composition of credit played in driving real GDP growth in the past. The results of the case study are consistent with those found in the cross-country panel regressions. JEL Classification Numbers: E44, E50, E51

The role of porosity on impedancemetric NO x sensing was investigated for sensors composed of a porous Y-stabilized ZrO 2 (YSZ) electrolyte and Au wire electrodes. NO x sensors were fabricated at firing temperatures of 950 • C, 1000 • C, and 1050 • C to establish different porous microstructures. Porosity calculations were determined from scanning electron microscopy images of the porous electrolytes using a three-dimensional statistical method. The mean porosity of sensors fired at 950 • C was 50.2%, and the mean porosity value decreased to 46.7% for sensors fired at 1050 • C. Impedance spectroscopy was used to measure the electrical response of the sensors while operating at 650 • C, in gas atmospheres of 0-100 ppm NO x and O 2 concentrations ranging from 1-18% in a balance of N 2 . The impedance of the sensors demonstrated a strong dependence on porosity as a decrease in porosity of about 4% resulted in nearly a 50% decrease in the impedance. Analysis of the impedance data indicted NO x sensitivity increased as the YSZ electrolyte porosity decreased. The response to NO x concentrations ≤ 10 ppm were distinguishable at operating frequencies as high as 40 Hz enabling rapid sensing.

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This paper quantifies the effects of external risks for Peru, with particular attention to two major external risks, China's investment slowdown and the U.S. monetary policy tightening. In particular, a macroeconomic model for a small open and partially dollarized economy is developed and estimated for Peru to measure the risk spillovers, and simulate domestic macroeconomic responses in different scenarios with these two external risks. The simulation results suggest that Peru's output is vulnerable to both risks, particularly the U.S. monetary policy tightening. Simulations also highlight the importance of higher exchange rate flexiblity and a lower degree of dollarization, which could help mitigate the negative spillover effects of these external risks.

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The thermoacoustic response of an industrial-scale gas turbine combustor to fuel flow perturbations is examined. Experimental measurements in a laboratory combustor along with numerical modeling results are used to identify the dynamic behavior of the combustor over a variety of operating conditions. A fast-response actuator was coupled to the fuel system to apply continuous sinusoidal perturbations to the total fuel mass flow rate. The effects of these perturbations on the combustor pressure oscillation characteristics as well as overall operability of the system are described. The results of this work suggest that persistent excitation of the fuel system may present a viable means of controlling combustion dynamics in industrial gas turbine and, in turn, enhance their performance.