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Sample records for proton exchange rates

  1. Solvent Exchange Rates of Side-chain Amide Protons in Proteins

    International Nuclear Information System (INIS)

    Rajagopal, Ponni; Jones, Bryan E.; Klevit, Rachel E.

    1998-01-01

    Solvent exchange rates and temperature coefficients for Asn/Gln side-chain amide protons have been measured in Escherichia coli HPr. The protons of the eight side-chain amide groups (two Asn and six Gln) exhibit varying exchange rates which are slower than some of the fast exchanging backbone amide protons. Differences in exchange rates of the E and Z protons of the same side-chain amide group are obtained by measuring exchange rates at pH values > 8. An NOE between a side-chain amide proton and a bound water molecule was also observed

  2. Amide proton exchange rates of a bound pepsin inhibitor determined by isotope-edited proton NMR experiments

    International Nuclear Information System (INIS)

    Fesik, S.W.; Luly, J.R.; Stein, H.H.; BaMaung, N.

    1987-01-01

    From a series of isotope-edited proton NMR spectra, amide proton exchange rates were measured at 20 C, 30 C, and 40 0 C for a tightly bound 15 N-labeled tripeptide inhibitor of porcine pepsin (IC50 = 1.7 X 10(-) M). Markedly different NH exchange rates were observed for the three amide protons of the bound inhibitor. The P1 NH exchanged much more slowly than the P2 NH and P3 NH. These results are discussed in terms of the relative solvent accessibility in the active site and the role of the NH protons of the inhibitor for hydrogen bonding to the enzyme. In this study a useful approach is demonstrated for obtaining NH exchange rates on ligands bound to biomacromolecules, the knowledge of which could be of potential utility in the design of therapeutically useful nonpeptide enzyme inhibitors from peptide leads

  3. Cross sections and rate coefficients for charge exchange reactions of protons with hydrocarbon molecules

    International Nuclear Information System (INIS)

    Janev, R.K.; Kato, T.; Wang, J.G.

    2001-05-01

    The available experimental and theoretical cross section data on charge exchange processes in collisions of protons with hydrocarbon molecules have been collected and critically assessed. Using well established scaling relationships for the charge exchange cross sections at low and high collision energies, as well as the known rate coefficients for these reactions in the thermal energy region, a complete cross section database is constructed for proton-C x H y charge exchange reactions from thermal energies up to several hundreds keV for all C x H y molecules with x=1, 2, 3 and 1 ≤ y ≤ 2x + 2. Rate coefficients for these charge exchange reactions have also been calculated in the temperature range from 0.1 eV to 20 keV. (author)

  4. Cross sections and rate coefficients for charge exchange reactions of protons with hydrocarbon molecules

    Energy Technology Data Exchange (ETDEWEB)

    Janev, R.K.; Kato, T. [National Inst. for Fusion Science, Toki, Gifu (Japan); Wang, J.G. [Department of Physics and Astronomy, University of Georgia, Athens (United States)

    2001-05-01

    The available experimental and theoretical cross section data on charge exchange processes in collisions of protons with hydrocarbon molecules have been collected and critically assessed. Using well established scaling relationships for the charge exchange cross sections at low and high collision energies, as well as the known rate coefficients for these reactions in the thermal energy region, a complete cross section database is constructed for proton-C{sub x}H{sub y} charge exchange reactions from thermal energies up to several hundreds keV for all C{sub x}H{sub y} molecules with x=1, 2, 3 and 1 {<=} y {<=} 2x + 2. Rate coefficients for these charge exchange reactions have also been calculated in the temperature range from 0.1 eV to 20 keV. (author)

  5. Effects of the anion salt nature on the rate constants of the aqueous proton exchange reactions.

    Science.gov (United States)

    Paredes, Jose M; Garzon, Andres; Crovetto, Luis; Orte, Angel; Lopez, Sergio G; Alvarez-Pez, Jose M

    2012-04-28

    The proton-transfer ground-state rate constants of the xanthenic dye 9-[1-(2-methyl-4-methoxyphenyl)]-6-hydroxy-3H-xanthen-3-one (TG-II), recovered by Fluorescence Lifetime Correlation Spectroscopy (FLCS), have proven to be useful to quantitatively reflect specific cation effects in aqueous solutions (J. M. Paredes, L. Crovetto, A. Orte, J. M. Alvarez-Pez and E. M. Talavera, Phys. Chem. Chem. Phys., 2011, 13, 1685-1694). Since these phenomena are more sensitive to anions than to cations, in this paper we have accounted for the influence of salts with the sodium cation in common, and the anion classified according to the empirical Hofmeister series, on the proton transfer rate constants of TG-II. We demonstrate that the presence of ions accelerates the rate of the ground-state proton-exchange reaction in the same order than ions that affect ion solvation in water. The combination of FLCS with a fluorophore undergoing proton transfer reactions in the ground state, along with the desirable feature of a pseudo-dark state when the dye is protonated, allows one unique direct determination of kinetic rate constants of the proton exchange chemical reaction. This journal is © the Owner Societies 2012

  6. Isotopically decoupled vibrational spectra and proton exchange rates for crystalline NH3 and ammonia hydrate

    Science.gov (United States)

    Thornton, Cynthia; Khatkale, M. S.; Devlin, J. Paul

    1981-12-01

    Codeposits of NH3 with ND3 or D2O have been prepared at liquid nitrogen temperatures in the absence of proton exchange. Vibrational data for the anhydrous cubic crystalline ammonia, containing isolated NH3 or ND3, confirm that, relative to water ice, intermolecular coupling in ammonia ice exerts a relatively minor influence on the infrared and Raman spectra. Nevertheless, sizeable decoupling shifts, particularly for ν1, have been observed and attributed to a combination of factors including correlation field and Fermi resonance effects. The Raman polarization data has also affirmed long standing assignments of ν1 and ν3 for ammonia ice. Warming of the ammonia thin films resulted in limited isotopic scrambling at 130 K, apparently possible only through the agency of trace concentrations of water. The vibrational coupling pattern for the resultant NHD2 and NH2D molecules suggest that proton (deuteron) migration away from the exchange centers is impossible at temperatures up to 150 K. By contrast, isotopic scrambling was rapid and complete at 140 K for amorphous ammonia hydrate films (˜35% NH3, ˜65% D2O) which were also prepared without exchange at ˜90 K. The proton (deuteron) exchange rate is much greater for the amorphous ammonia hydrate at 140 K than for pure water ice. Such exchange requires both ion-pair defect formation and proton mobility. Since the NH3 suppresses the H3O+ concentration via formation of NH+4, a suppression the likes of which has been shown to stop proton exchange in water ice, the evidence strongly suggests that NH4+ in ammonia, like H3O+ in water, is an effective proton transfer agent, probably acting through a tunneling mechanism (i.e., H3N+-HṡṡṡNH3→H3NṡṡṡH-N+H3 etc.) to render the proton mobile in the ammonia hydrate. This mobility combined with the greater NH4+ concentration, relative to the H3O+ concentration in H2O ice Ic, results in isotopic scrambling at the reduced temperature.

  7. Increased CEST specificity for amide and fast-exchanging amine protons using exchange-dependent relaxation rate.

    Science.gov (United States)

    Zhang, Xiao-Yong; Wang, Feng; Xu, Junzhong; Gochberg, Daniel F; Gore, John C; Zu, Zhongliang

    2018-02-01

    Chemical exchange saturation transfer (CEST) imaging of amides at 3.5 ppm and fast-exchanging amines at 3 ppm provides a unique means to enhance the sensitivity of detection of, for example, proteins/peptides and neurotransmitters, respectively, and hence can provide important information on molecular composition. However, despite the high sensitivity relative to conventional magnetic resonance spectroscopy (MRS), in practice, CEST often has relatively poor specificity. For example, CEST signals are typically influenced by several confounding effects, including direct water saturation (DS), semi-solid non-specific magnetization transfer (MT), the influence of water relaxation times (T 1w ) and nearby overlapping CEST signals. Although several editing techniques have been developed to increase the specificity by removing DS, semi-solid MT and T 1w influences, it is still challenging to remove overlapping CEST signals from different exchanging sites. For instance, the amide proton transfer (APT) signal could be contaminated by CEST effects from fast-exchanging amines at 3 ppm and intermediate-exchanging amines at 2 ppm. The current work applies an exchange-dependent relaxation rate (R ex ) to address this problem. Simulations demonstrate that: (1) slowly exchanging amides and fast-exchanging amines have distinct dependences on irradiation powers; and (2) R ex serves as a resonance frequency high-pass filter to selectively reduce CEST signals with resonance frequencies closer to water. These characteristics of R ex provide a means to isolate the APT signal from amines. In addition, previous studies have shown that CEST signals from fast-exchanging amines have no distinct features around their resonance frequencies. However, R ex gives Lorentzian lineshapes centered at their resonance frequencies for fast-exchanging amines and thus can significantly increase the specificity of CEST imaging for amides and fast-exchanging amines. Copyright © 2017 John Wiley & Sons

  8. Influence of the rated power in the performance of different proton exchange membrane (PEM) fuel cells

    International Nuclear Information System (INIS)

    San Martin, J.I.; Zamora, I.; San Martin, J.J.; Aperribay, V.; Torres, E.; Eguia, P.

    2010-01-01

    Fuel cells are clean generators that provide both electrical and thermal energy with a high global efficiency level. The characteristics of these devices depend on numerous parameters such as: temperature, fuel and oxidizer pressures, fuel and oxidizer flows, etc. Therefore, their influence should be evaluated to appropriately characterize behaviour of the fuel cell, in order to enable its integration in the electric system. This paper presents a theoretical and experimental analysis of the performance of two commercial Proton Exchange Membrane (PEM) fuel cells of 40 and 1200 W, and introduces the application of the principle of geometrical similarity. Using the principle of geometrical similarity it is possible to extrapolate the results obtained from the evaluation of one fuel cell to other fuel cells with different ratings. An illustrating example is included.

  9. Poly(dA-dT).poly(dA-dT) two-pathway proton exchange mechanism. Effect of general and specific base catalysis on deuteration rates

    International Nuclear Information System (INIS)

    Hartmann, B.; Leng, M.; Ramstein, J.

    1986-01-01

    The deuteration rates of the poly(dA-dT).poly(dA-dT) amino and imino protons have been measured with stopped-flow spectrophotometry as a function of general and specific base catalyst concentration. Two proton exchange classes are found with time constants differing by a factor of 10 (4 and 0.4 s-1). The slower class represents the exchange of the adenine amino protons whereas the proton of the faster class has been assigned to the thymine imino proton. The exchange rates of these two classes of protons are independent of general and specific base catalyst concentration. This very characteristic behavior demonstrates that in our experimental conditions the exchange rates of the imino and amino protons in poly(dA-dT).poly(dA-dT) are limited by two different conformational fluctuations. We present a three-state exchange mechanism accounting for our experimental results

  10. Effects of stereochemistry on the rates of hydrogen--deuterium exchange of protons α to the nitrosamino group

    International Nuclear Information System (INIS)

    Fraser, R.R.; Ng, L.K.

    1976-01-01

    Measurement of the rates of exchange of four benzylic protons of rigid dibenzazepine were made in tert-butyl alcohol-O-d containing potassium tert-butoxide at several concentrations. Each pseudoaxial proton exchanged 100-fold faster than its geminal partner (pseudoequatorial), likely as a result of a stereoelectronic effect. Each syn proton exchanged 1000-fold faster than the anti proton in the same biaryl environment. The lack of any significant effect of added crown either on the rate of exchange of either a syn or an antiproton indicates lack of involvement of the counterion. A suggested explanation for the unusual preference for syn exchange in this work is based on the symmetry properties of the anionic intermediate. This intermediate, like butadiene dianion, has an attractive interaction between the terminal atoms of the four-atom π system in the highest occupied molecular orbital (HOMO). This explanation is similar to that of Epiotis and co-workers, which accounts for the well-established preferential stability of cis over trans dihalo and dialkoxy ethylenes

  11. Quantitative chemical exchange saturation transfer (qCEST) MRI--RF spillover effect-corrected omega plot for simultaneous determination of labile proton fraction ratio and exchange rate.

    Science.gov (United States)

    Sun, Phillip Zhe; Wang, Yu; Dai, ZhuoZhi; Xiao, Gang; Wu, Renhua

    2014-01-01

    Chemical exchange saturation transfer (CEST) MRI is sensitive to dilute proteins and peptides as well as microenvironmental properties. However, the complexity of the CEST MRI effect, which varies with the labile proton content, exchange rate and experimental conditions, underscores the need for developing quantitative CEST (qCEST) analysis. Towards this goal, it has been shown that omega plot is capable of quantifying paramagnetic CEST MRI. However, the use of the omega plot is somewhat limited for diamagnetic CEST (DIACEST) MRI because it is more susceptible to direct radio frequency (RF) saturation (spillover) owing to the relatively small chemical shift. Recently, it has been found that, for dilute DIACEST agents that undergo slow to intermediate chemical exchange, the spillover effect varies little with the labile proton ratio and exchange rate. Therefore, we postulated that the omega plot analysis can be improved if RF spillover effect could be estimated and taken into account. Specifically, simulation showed that both labile proton ratio and exchange rate derived using the spillover effect-corrected omega plot were in good agreement with simulated values. In addition, the modified omega plot was confirmed experimentally, and we showed that the derived labile proton ratio increased linearly with creatine concentration (p plot for quantitative analysis of DIACEST MRI. Copyright © 2014 John Wiley & Sons, Ltd.

  12. Rapid and accurate processing method for amide proton exchange rate measurement in proteins

    International Nuclear Information System (INIS)

    Koskela, Harri; Heikkinen, Outi; Kilpelaeinen, Ilkka; Heikkinen, Sami

    2007-01-01

    Exchange between protein backbone amide hydrogen and water gives relevant information about solvent accessibility and protein secondary structure stability. NMR spectroscopy provides a convenient tool to study these dynamic processes with saturation transfer experiments. Processing of this type of NMR spectra has traditionally required peak integration followed by exponential fitting, which can be tedious with large data sets. We propose here a computer-aided method that applies inverse Laplace transform in the exchange rate measurement. With this approach, the determination of exchange rates can be automated, and reliable results can be acquired rapidly without a need for manual processing

  13. Electro-oxidation of methanol diffused through proton exchange membrane on Pt surface: crossover rate of methanol

    International Nuclear Information System (INIS)

    Jung, Inhwa; Kim, Doyeon; Yun, Yongsik; Chung, Suengyoung; Lee, Jaeyoung; Tak, Yongsug

    2004-01-01

    Methanol crossover rate through proton exchange membrane (Nafion 117) was investigated with a newly designed electrochemical stripping cell. Nanosize Pt electrode was prepared by the electroless deposition. Distinct electrocatalytic oxidation behaviors of methanol inside membrane were similar to the methanol oxidation in aqueous electrolyte, except adsorption/desorption of hydrogen. The amount of methanol diffused through membrane was calculated from the charge of methanol oxidation during repetitive cyclic voltammetry (CV) and methanol crossover rate was estimated to be 0.69 nmol/s

  14. Exchange rates.

    Science.gov (United States)

    Mills, Bev

    2003-09-01

    IN MAY this year, I was lucky enough to go to Larissa in northern Greece as part of Hope Exchange 2003, an annual study tour organised by the European Union's hospital committee and administered by the Institute of Healthcare Management (IHM).

  15. Ring current proton decay by charge exchange

    Science.gov (United States)

    Smith, P. H.; Hoffman, R. A.; Fritz, T.

    1975-01-01

    Explorer 45 measurements during the recovery phase of a moderate magnetic storm have confirmed that the charge exchange decay mechanism can account for the decay of the storm-time proton ring current. Data from the moderate magnetic storm of 24 February 1972 was selected for study since a symmetrical ring current had developed and effects due to asymmetric ring current losses could be eliminated. It was found that after the initial rapid decay of the proton flux, the equatorially mirroring protons in the energy range 5 to 30 keV decayed throughout the L-value range of 3.5 to 5.0 at the charge exchange decay rate calculated by Liemohn. After several days of decay, the proton fluxes reached a lower limit where an apparent equilibrium was maintained, between weak particle source mechanisms and the loss mechanisms, until fresh protons were injected into the ring current region during substorms. While other proton loss mechanisms may also be operating, the results indicate that charge exchange can entirely account for the storm-time proton ring current decay, and that this mechanism must be considered in all studies involving the loss of proton ring current particles.

  16. Proton exchange membrane fuel cells

    CERN Document Server

    Qi, Zhigang

    2013-01-01

    Preface Proton Exchange Membrane Fuel CellsFuel CellsTypes of Fuel CellsAdvantages of Fuel CellsProton Exchange Membrane Fuel CellsMembraneCatalystCatalyst LayerGas Diffusion MediumMicroporous LayerMembrane Electrode AssemblyPlateSingle CellStackSystemCell Voltage Monitoring Module (CVM)Fuel Supply Module (FSM)Air Supply Module (ASM)Exhaust Management Module (EMM)Heat Management Module (HMM)Water Management Module (WMM)Internal Power Supply Module (IPM)Power Conditioning Module (PCM)Communications Module (COM)Controls Module (CM)SummaryThermodynamics and KineticsTheoretical EfficiencyVoltagePo

  17. Power ramp rate capabilities of a 5 kW proton exchange membrane fuel cell system with discrete ejector control

    Science.gov (United States)

    Nikiforow, K.; Pennanen, J.; Ihonen, J.; Uski, S.; Koski, P.

    2018-03-01

    The power ramp rate capabilities of a 5 kW proton exchange membrane fuel cell (PEMFC) system are studied theoretically and experimentally for grid support service applications. The fuel supply is implemented with a fixed-geometry ejector and a discrete control solution without any anode-side pressure fluctuation suppression methods. We show that the stack power can be ramped up from 2.0 kW to 4.0 kW with adequate fuel supply and low anode pressure fluctuations within only 0.1 s. The air supply is implemented with a centrifugal blower. Air supply ramp rates are studied with a power increase executed within 1 and 0.2 s after the request, the time dictated by grid support service requirements in Finland and the UK. We show that a power ramp-up from 2.0 kW to 3.7 kW is achieved within 1 s with an initial air stoichiometry of 2.5 and within 0.2 s with an initial air stoichiometry of 7.0. We also show that the timing of the power ramp-up affects the achieved ancillary power capacity. This work demonstrates that hydrogen fueled and ejector-based PEMFC systems can provide a significant amount of power in less than 1 s and provide valuable ancillary power capacity for grid support services.

  18. Accurate Quantitation of Water-amide Proton Exchange Rates Using the Phase-Modulated CLEAN Chemical EXchange (CLEANEX-PM) Approach with a Fast-HSQC (FHSQC) Detection Scheme

    International Nuclear Information System (INIS)

    Hwang, Tsang-Lin; Zijl, Peter C.M. van; Mori, Susumu

    1998-01-01

    Measurement of exchange rates between water and NH protons by magnetization transfer methods is often complicated by artifacts, such as intramolecular NOEs, and/or TOCSY transfer from Cα protons coincident with the water frequency, or exchange-relayed NOEs from fast exchanging hydroxyl or amine protons. By applying the Phase-Modulated CLEAN chemical EXchange (CLEANEX-PM) spin-locking sequence, 135 o (x) 120 o (-x) 110 o (x) 110 o (-x) 120 o (x) 135 o (-x) during the mixing period, these artifacts can be eliminated, revealing an unambiguous water-NH exchange spectrum. In this paper, the CLEANEX-PM mixing scheme is combined with Fast-HSQC (FHSQC) detection and used to obtain accurate chemical exchange rates from the initial slope analysis for a sample of 15N labeled staphylococcal nuclease. The results are compared to rates obtained using Water EXchange filter (WEX) II-FHSQC, and spin-echo-filtered WEX II-FHSQC measurements, and clearly identify the spurious NOE contributions in the exchange system

  19. Epoxy-crosslinked sulfonated poly (phenylene) copolymer proton exchange membranes

    Science.gov (United States)

    Hibbs, Michael; Fujimoto, Cy H.; Norman, Kirsten; Hickner, Michael A.

    2010-10-19

    An epoxy-crosslinked sulfonated poly(phenylene) copolymer composition used as proton exchange membranes, methods of making the same, and their use as proton exchange membranes (PEM) in hydrogen fuel cells, direct methanol fuel cell, in electrode casting solutions and electrodes, and in sulfur dioxide electrolyzers. These improved membranes are tougher, have higher temperature capability, and lower SO.sub.2 crossover rates.

  20. Quantitative chemical exchange saturation transfer (qCEST) MRI - omega plot analysis of RF-spillover-corrected inverse CEST ratio asymmetry for simultaneous determination of labile proton ratio and exchange rate.

    Science.gov (United States)

    Wu, Renhua; Xiao, Gang; Zhou, Iris Yuwen; Ran, Chongzhao; Sun, Phillip Zhe

    2015-03-01

    Chemical exchange saturation transfer (CEST) MRI is sensitive to labile proton concentration and exchange rate, thus allowing measurement of dilute CEST agent and microenvironmental properties. However, CEST measurement depends not only on the CEST agent properties but also on the experimental conditions. Quantitative CEST (qCEST) analysis has been proposed to address the limitation of the commonly used simplistic CEST-weighted calculation. Recent research has shown that the concomitant direct RF saturation (spillover) effect can be corrected using an inverse CEST ratio calculation. We postulated that a simplified qCEST analysis is feasible with omega plot analysis of the inverse CEST asymmetry calculation. Specifically, simulations showed that the numerically derived labile proton ratio and exchange rate were in good agreement with input values. In addition, the qCEST analysis was confirmed experimentally in a phantom with concurrent variation in CEST agent concentration and pH. Also, we demonstrated that the derived labile proton ratio increased linearly with creatine concentration (P analysis can simultaneously determine labile proton ratio and exchange rate in a relatively complex in vitro CEST system. Copyright © 2015 John Wiley & Sons, Ltd.

  1. [Effect of high magnesium ion concentration on the electron transport rate and proton exchange in thylakoid membranes in higher plants].

    Science.gov (United States)

    Ignat'ev, A R; Khorobrykh, S A; Ivanov, B N

    2001-01-01

    The effects of magnesium ion concentration on the rate of electron transport in isolated pea thylakoids were investigated in the pH range from 4.0 up to 8.0. In the absence of magnesium ions in the medium and in the presence of 5 mM MgCl2 in the experiments not only without added artificial acceptors but also with ferricyanide or methylviologen as an acceptor, this rate had a well-expressed maximum at pH 5.0. It was shown that, after depression to minimal values at pH 5.5-6.5, it gradually rose with increasing pH. An increase in magnesium ion concentration up to 20 mM essentially affected the electron transfer rate: it decreased somewhat at pH 4.0-5.0 but increased at higher pH values. At this magnesium ion concentration, the maximum rate was at pH 6.0-6.5 and the minimum, at pH 7.0. Subsequent rise upon increasing pH to 8.0 was expressed more sharply. The influence of high magnesium ion concentration on the rate of electron transport was not observed in the presence of gramicidin D. It was found that without uncoupler, the changes in the electron transfer rate under the influence of magnesium ions correlated to the changes in the first-order rate constant of the proton efflux from thylakoids. It is supposed that the change in the ability of thylakoids to keep protons by the action of magnesium ions is the result of electrostatic interactions of these ions with the charges on the external surface of membranes. A possible role of regulation of the electron transport rate by magnesium ions in vivo is discussed.

  2. Exchange rate policy

    Directory of Open Access Journals (Sweden)

    Plačkov Slađana

    2013-01-01

    Full Text Available Small oscillations of exchange rate certainly affect the loss of confidence in the currency (Serbian dinar, CSD and because of the shallow market even the smallest change in the supply and demand leads to a shift in exchange rate and brings uncertainty. Some economists suggest that the course should be linked to inflation and thus ensure predictable and stable exchange rates. Real exchange rate or slightly depressed exchange rate will encourage the competitiveness of exporters and perhaps ensure the development of new production lines which, in terms of overvalued exchange rate, had no economic justification. Fixed exchange rate will bring lower interest rates, lower risk and lower business uncertainty (uncertainty avoidance, but Serbia will also reduce foreign exchange reserves by following this trend. On the other hand, a completely free exchange rate, would lead to a (real fall of Serbian currency, which in a certain period would lead to a significant increase in exports, but the consequences for businessmen and citizens with loans pegged to the euro exchange rate, would be disastrous. We will pay special attention to the depreciation of the exchange rate, as it is generally favorable to the export competitiveness of Serbia and, on the other hand, it leads to an increase in debt servicing costs of the government as well as of the private sector. Oscillations of the dinar exchange rate, appreciation and depreciation, sometimes have disastrous consequences on the economy, investors, imports and exports. In subsequent work, we will observe the movement of the dinar exchange rate in Serbia, in the time interval 2009-2012, in order to strike a balance and maintain economic equilibrium. A movement of foreign currencies against the local currency is controlled in the foreign exchange market, so in case economic interests require, The National Bank of Serbia (NBS, on the basis of arbitrary criteria, can intervene in the market.

  3. Imaging of endogenous exchangeable proton signals in the human brain using frequency labeled exchange transfer imaging.

    Science.gov (United States)

    Yadav, Nirbhay N; Jones, Craig K; Hua, Jun; Xu, Jiadi; van Zijl, Peter C M

    2013-04-01

    To image endogenous exchangeable proton signals in the human brain using a recently reported method called frequency labeled exchange transfer (FLEX) MRI. As opposed to labeling exchangeable protons using saturation (i.e., chemical exchange saturation transfer, or CEST), FLEX labels exchangeable protons with their chemical shift evolution. The use of short high-power frequency pulses allows more efficient labeling of rapidly exchanging protons, while time domain acquisition allows removal of contamination from semi-solid magnetization transfer effects. FLEX-based exchangeable proton signals were detected in human brain over the 1-5 ppm frequency range from water. Conventional magnetization transfer contrast and the bulk water signal did not interfere in the FLEX spectrum. The information content of these signals differed from in vivo CEST data in that the average exchange rate of these signals was 350-400 s(-1) , much faster than the amide signal usually detected using direct saturation (∼30 s(-1) ). Similarly, fast exchanging protons could be detected in egg white in the same frequency range where amide and amine protons of mobile proteins and peptides are known to resonate. FLEX MRI in the human brain preferentially detects more rapidly exchanging amide/amine protons compared to traditional CEST experiments, thereby changing the information content of the exchangeable proton spectrum. This has the potential to open up different types of endogenous applications as well as more easy detection of rapidly exchanging protons in diaCEST agents or fast exchanging units such as water molecules in paracest agents without interference of conventional magnetization transfer contrast. Copyright © 2013 Wiley Periodicals, Inc.

  4. Floating Exchange Rate Regime

    OpenAIRE

    Quader, Syed Manzur

    2004-01-01

    In recent years, many developing countries having a history of high inflation, unfavorable balance of payment situation and a high level of foreign currencies denominated debt, have switched or are in the process of switching to a more flexible exchange rate regime. Therefore, the stability of the exchange rate and the dynamics of its volatility are more crucial than before to prevent financial crises and macroeconomic disturbances. This paper is designed to find out the reasons behind Bangla...

  5. Real exchange rate misalignments

    OpenAIRE

    Terra, Maria Cristina T.; Valladares, Frederico Estrella Carneiro

    2003-01-01

    This paper characterizes episodes of real appreciations and depreciations for a sample of 85 countries, approximately from 1960 to 1998. First, the equilibrium real exchange rate series are constructed for each country using Goldfajn and Valdes (1999) methodology (cointegration with fundamentals). Then, departures from equilibrium real exchange rate (misalignments) are obtained, and a Markov Switching Model is used to characterize the misalignments series as stochastic autor...

  6. Proton channels and exchangers in cancer.

    Science.gov (United States)

    Spugnini, Enrico Pierluigi; Sonveaux, Pierre; Stock, Christian; Perez-Sayans, Mario; De Milito, Angelo; Avnet, Sofia; Garcìa, Abel Garcìa; Harguindey, Salvador; Fais, Stefano

    2015-10-01

    Although cancer is characterized by an intratumoral genetic heterogeneity, a totally deranged pH control is a common feature of most cancer histotypes. Major determinants of aberrant pH gradient in cancer are proton exchangers and transporters, including V-ATPase, Na+/H+ exchanger (NHE), monocarboxylate transporters (MCTs) and carbonic anhydrases (CAs). Thanks to the activity of these proton transporters and exchangers, cancer becomes isolated and/or protected not only from the body reaction against the growing tumor, but also from the vast majority of drugs that when protonated into the acidic tumor microenvironment do not enter into cancer cells. Proton transporters and exchangers represent a key feature tumor cells use to survive in the very hostile microenvironmental conditions that they create and maintain. Detoxifying mechanisms may thus represent both a key survival option and a selection outcome for cells that behave as unicellular microorganisms rather than belonging to an organ, compartment or body. It is, in fact, typical of malignant tumors that, after a clinically measurable yet transient initial response to a therapy, resistant tumor clones emerge and proliferate, thus bursting a more malignant behavior and rapid tumor progression. This review critically presents the background of a novel and efficient approach that aims to fight cancer through blocking or inhibiting well characterized proton exchangers and transporters active in human cancer cells. This article is part of a Special Issue entitled: Membrane channels and transporters in cancers. Copyright © 2014 Elsevier B.V. All rights reserved.

  7. Basic Exchange Rate Theories

    NARCIS (Netherlands)

    J.G.M. van Marrewijk (Charles)

    2005-01-01

    textabstractThis four-chapter overview of basic exchange rate theories discusses (i) the elasticity and absorption approach, (ii) the (long-run) implications of the monetary approach, (iii) the short-run effects of monetary and fiscal policy under various economic conditions, and (iv) the transition

  8. Ligand and proton exchange dynamics in recombinant human myoglobin mutants.

    Science.gov (United States)

    Lambright, D G; Balasubramanian, S; Boxer, S G

    1989-05-05

    Site-specific mutants of human myoglobin have been prepared in which lysine 45 is replaced by arginine (K45R) and aspartate 60 by glutamate (D60E), in order to examine the influence of these residues and their interaction on the dynamics of the protein. These proteins were studied by a variety of methods, including one and two-dimensional proton nuclear magnetic resonance spectroscopy, exchange kinetics for the distal and proximal histidine NH protons as a function of pH in the met cyano forms, flash photolysis of the CO forms, and ligand replacement kinetics. The electronic absorption and proton nuclear magnetic resonance spectra of the CO forms of these proteins are virtually identical, indicating that the structure of the heme pocket is unaltered by these mutations. There are, however, substantial changes in the dynamics of both CO binding and proton exchange for the mutant K45R, whereas the mutant D60E exhibits behavior indistinguishable from the reference human myoglobin. K45R has a faster CO bimolecular recombination rate and slower CO off-rate relative to the reference. The kinetics for CO binding are independent of pH (6.5 to 10) as well as ionic strength (0 to 1 M-NaCl). The exchange rate for the distal histidine NH is substantially lower for K45R than the reference, whereas the proximal histidine NH exchange rate is unaltered. The exchange behavior of the human proteins is similar to that reported for a comparison of the exchange rates for myoglobins having lysine at position 45 with sperm whale myoglobin, which has arginine at this position. This indicates that the differences in exchange rates reflects largely the Lys----Arg substitution. The lack of a simple correlation for the CO kinetics with this substitution means that these are sensitive to other factors as well. Specific kinetic models, whereby substitution of arginine for lysine at position 45 can affect ligand binding dynamics, are outlined. These experiments demonstrate that a relatively

  9. Exchange rate smoothing in Hungary

    OpenAIRE

    Karádi, Péter

    2005-01-01

    The paper proposes a structural empirical model capable of examining exchange rate smoothing in the small, open economy of Hungary. The framework assumes the existence of an unobserved and changing implicit exchange rate target. The central bank is assumed to use interest rate policy to obtain this preferred rate in the medium term, while market participants are assumed to form rational expectations about this target and influence exchange rates accordingly. The paper applies unobserved varia...

  10. NMR studies of proton exchange kinetics in aqueous formaldehyde solutions.

    Science.gov (United States)

    Rivlin, Michal; Eliav, Uzi; Navon, Gil

    2014-05-01

    Aqueous solutions of formaldehyde, formalin, are commonly used for tissue fixation and preservation. Treatment with formalin is known to shorten the tissue transverse relaxation time T2. Part of this shortening is due to the effect of formalin on the water T2. In the present work we show that the shortening of water T2 is a result of proton exchange between water and the major constituent of aqueous solutions of formaldehyde, methylene glycol. We report the observation of the signal of the hydroxyl protons of methylene glycol at 2ppm to high frequency of the water signal that can be seen at low temperatures and at pH range of 6.0±1.5 and, at conditions where it cannot be observed by the single pulse experiment, it can be detected indirectly through the water signal by the chemical exchange saturation transfer (CEST) experiment. The above finding made it possible to obtain the exchange rate between the hydroxyl protons of the methylene glycol and water in aqueous formaldehyde solutions, either using the dispersion of the spin-lattice relaxation rate in the rotating frame (1/T1ρ) or, at the slow exchange regime, from the line width hydroxyl protons of methylene glycol. The exchange rate was ∼10(4)s(-1) at pH 7.4 and 37°C, the activation energy, 50.2kJ/mol and its pH dependence at 1.1°C was fitted to: k (s(-1))=520+6.5×10(7)[H(+)]+3.0×10(9)[OH(-)]. Copyright © 2014. Published by Elsevier Inc.

  11. Automated exchange transfusion and exchange rate.

    Science.gov (United States)

    Funato, M; Shimada, S; Tamai, H; Taki, H; Yoshioka, Y

    1989-10-01

    An automated blood exchange transfusion (BET) with a two-site technique has been devised by Goldmann et al and by us, using an infusion pump. With this method, we successfully performed exchange transfusions 189 times in the past four years on 110 infants with birth weights ranging from 530 g to 4,000 g. The exchange rate by the automated method was compared with the rate by Diamond's method. Serum bilirubin (SB) levels before and after BET and the maximal SB rebound within 24 hours after BET were: 21.6 +/- 2.4, 11.5 +/- 2.2, and 15.0 +/- 1.5 mg/dl in the automated method, and 22.0 +/- 2.9, 11.2 +/- 2.5, and 17.7 +/- 3.2 mg/dl in Diamond's method, respectively. The result showed that the maximal rebound of the SB level within 24 hours after BET was significantly lower in the automated method than in Diamond's method (p less than 0.01), though SB levels before and after BET were not significantly different between the two methods. The exchange rate was also measured by means of staining the fetal red cells (F cells) both in the automated method and in Diamond's method, and comparing them. The exchange rate of F cells in Diamond's method went down along the theoretical exchange curve proposed by Diamond, while the rate in the automated method was significantly better than in Diamond's, especially in the early stage of BET (p less than 0.01). We believe that the use of this automated method may give better results than Diamond's method in the rate of exchange, because this method is performed with a two-site technique using a peripheral artery and vein.

  12. Inter- and intra-annular proton exchange in gaseous benzylbenzenium ions (protonated diphenylmethane)

    OpenAIRE

    Kuck, Dietmar; Bäther, Wolfgang

    1986-01-01

    Two distinct proton exchange reactions occur in metastable gaseous benzylbenzenium ions, generated by isobutane chemical ionization of diphenylmethane and four deuterium-labelled analogues. Whereas the proton ring-walk at the benzenium moiety is fast giving rise to a completely random intraannular proton exchange, the interannular proton exchange is surprisingly slow and competes with the elimination of benzene. A kinetic isotope effect of kH/kD= 5 has been determined for the interannular pro...

  13. Proton exchange membrane fuel cells modeling

    CERN Document Server

    Gao, Fengge; Miraoui, Abdellatif

    2013-01-01

    The fuel cell is a potential candidate for energy storage and conversion in our future energy mix. It is able to directly convert the chemical energy stored in fuel (e.g. hydrogen) into electricity, without undergoing different intermediary conversion steps. In the field of mobile and stationary applications, it is considered to be one of the future energy solutions.Among the different fuel cell types, the proton exchange membrane (PEM) fuel cell has shown great potential in mobile applications, due to its low operating temperature, solid-state electrolyte and compactness.This book pre

  14. Can Exchange Rates Be Predicted?

    OpenAIRE

    Siriwutiset, Trin

    2007-01-01

    Foreign exchange rates produce significant impacts on both the macroeconomic and microeconomic scale. Countries� government and multinational companies have been seeking ways to stabilize the exchange rates for a few decades. However, there is no perfect consensus on methods to control and stabilize the exchange rates. In fact, there are several occasions in history where turbulence movements caused crisis in the economies. There are several factors that are identified by economis...

  15. Exchangers man the pumps: Functional interplay between proton pumps and proton-coupled Ca(2+) exchangers

    Science.gov (United States)

    Tonoplast-localised proton-coupled Ca(2+) transporters encoded by cation/H(+) exchanger (CAX) genes play a critical role in sequestering Ca(2+) into the vacuole. These transporters may function in coordination with Ca(2+) release channels, to shape stimulus-induced cytosolic Ca(2+) elevations. Recen...

  16. Spin-locking vs. chemical exchange saturation transfer MRI for investigating chemical exchange process between water and labile metabolite protons

    Science.gov (United States)

    Jin, Tao; Autio, Joonas; Obata, Takayuki; Kim, Seong-Gi

    2010-01-01

    Chemical exchange saturation transfer (CEST) and spin-locking (SL) experiments were both able to probe the exchange process between protons of non-equivalent chemical environments. To compare the characteristics of the CEST and SL approaches in the study of chemical exchange effects, we performed CEST and SL experiments at varied pH and concentrated metabolites with exchangeable amide, amine, and hydroxyl protons at 9.4 T. Our results show that: i) On-resonance SL is most sensitive to chemical exchanges in the intermediate exchange regime and is able to detect hydroxyl and amine protons on a millimolar concentration scale. Off-resonance SL and CEST approaches are sensitive to slow-exchanging protons when an optimal SL or saturation pulse power matches the exchanging rate, respectively. ii) Offset frequency-dependent SL and CEST spectra are very similar, and can be explained well with an SL model recently developed by Trott and Palmer. iii) The exchange rate and population of metabolite protons can be determined from offset-dependent SL or CEST spectra or from on-resonance SL relaxation dispersion measurements. iv) The asymmetry of the magnetization transfer ratio (MTRasym) is highly dependent on the choice of saturation pulse power. In the intermediate exchange regime, MTRasym becomes complicated and should be interpreted with care. PMID:21500270

  17. Spin-locking versus chemical exchange saturation transfer MRI for investigating chemical exchange process between water and labile metabolite protons.

    Science.gov (United States)

    Jin, Tao; Autio, Joonas; Obata, Takayuki; Kim, Seong-Gi

    2011-05-01

    Chemical exchange saturation transfer (CEST) and spin-locking (SL) experiments were both able to probe the exchange process between protons of nonequivalent chemical environments. To compare the characteristics of the CEST and SL approaches in the study of chemical exchange effects, we performed CEST and SL experiments at varied pH and concentrated metabolite phantoms with exchangeable amide, amine, and hydroxyl protons at 9.4 T. Our results show that: (i) on-resonance SL is most sensitive to chemical exchanges in the intermediate-exchange regime and is able to detect hydroxyl and amine protons on a millimolar concentration scale. Off-resonance SL and CEST approaches are sensitive to slow-exchanging protons when an optimal SL or saturation pulse power matches the exchanging rate, respectively. (ii) Offset frequency-dependent SL and CEST spectra are very similar and can be explained well with an SL model recently developed by Trott and Palmer (J Magn Reson 2002;154:157-160). (iii) The exchange rate and population of metabolite protons can be determined from offset-dependent SL or CEST spectra or from on-resonance SL relaxation dispersion measurements. (iv) The asymmetry of the magnetization transfer ratio (MTR(asym)) is highly dependent on the choice of saturation pulse power. In the intermediate-exchange regime, MTR(asym) becomes complicated and should be interpreted with care. Copyright © 2010 Wiley-Liss, Inc.

  18. Exchangers man the pumps: Functional interplay between proton pumps and proton-coupled Ca2+ exchangers

    OpenAIRE

    Barkla, Bronwyn J; Hirschi, Kendal D; Pittman, Jon K

    2008-01-01

    Tonoplast-localised proton-coupled Ca2+ transporters encoded by cation/H+ exchanger (CAX) genes play a critical role in sequestering Ca2+ into the vacuole. These transporters may function in coordination with Ca2+ release channels, to shape stimulus-induced cytosolic Ca2+ elevations. Recent analysis of Arabidopsis CAX knockout mutants, particularly cax1 and cax3, identified a variety of phenotypes including sensitivity to abiotic stresses, which indicated that these transporters might play a ...

  19. Protonic conductors for proton exchange membrane fuel cells: An overview

    Directory of Open Access Journals (Sweden)

    Jurado Ramon Jose

    2002-01-01

    Full Text Available At present, Nation, which is a perfluorinated polymer, is one of the few materials that deliver the set of chemical and mechanical properties required to perform as a good electrolyte in proton exchange membrane fuel cells (PEMFCs. However, Nation presents some disadvantages, such as limiting the operational temperature of the fuel system (So°C, because of its inability to retain water at higher temperatures and also suffers chemical crossover. In addition to these restrictions, Nation membranes are very expensive. Reducing costs and using environmentally friendly materials are good reasons to make a research effort in this field in order to achieve similar or even better fuel-cell performances. Glass materials of the ternary system SiO2-ZrO2-P2O5, hybrid materials based on Nation, and nanopore ceramic membranes based on SiO2 TiO2, Al2O3, etc. are considered at present, as promising candidates to replace Nation as the electrolyte in PEMFCs. These types of materials are generally prepared by sol-gel processes in order to tailor their channel-porous structure and pore size. In this communication, the possible candidates in the near future as electrolytes (including other polymers different than Nation in PEMFCs are briefly reviewed. Their preparation methods, their electrical transport properties and conduction mechanisms are considered. The advantages and disadvantages of these materials with respect to Nation are also discussed.

  20. Investigation of Chemical Exchange at Intermediate Exchange Rates using a Combination of Chemical Exchange Saturation Transfer (CEST) and Spin-Locking methods (CESTrho)

    Science.gov (United States)

    Kogan, Feliks; Singh, Anup; Cai, Keija; Haris, Mohammad; Hariharan, Hari; Reddy, Ravinder

    2011-01-01

    Proton exchange imaging is important as it allows for visualization and quantification of the distribution of specific metabolites with conventional MRI. Current exchange mediated MRI methods suffer from poor contrast as well as confounding factors that influence exchange rates. In this study we developed a new method to measure proton exchange which combines chemical exchange saturation transfer (CEST) and T1ρ magnetization preparation methods (CESTrho). We demonstrated that this new CESTrho sequence can detect proton exchange in the slow to intermediate exchange regimes. It has a linear dependence on proton concentration which allows it to be used to quantitatively measure changes in metabolite concentration. Additionally, the magnetization scheme of this new method can be customized to make it insensitive to changes in exchange rate while retaining its dependency on solute concentration. Finally, we showed the feasibility of using CESTrho in vivo. This sequence is able to detect proton exchange at intermediate exchange rates and is unaffected by the confounding factors that influence proton exchange rates thus making it ideal for the measurement of metabolites with exchangeable protons in this exchange regime. PMID:22009759

  1. Investigation of chemical exchange at intermediate exchange rates using a combination of chemical exchange saturation transfer (CEST) and spin-locking methods (CESTrho).

    Science.gov (United States)

    Kogan, Feliks; Singh, Anup; Cai, Keija; Haris, Mohammad; Hariharan, Hari; Reddy, Ravinder

    2012-07-01

    Proton exchange imaging is important as it allows for visualization and quantification of the distribution of specific metabolites with conventional MRI. Current exchange mediated MRI methods suffer from poor contrast as well as confounding factors that influence exchange rates. In this study we developed a new method to measure proton exchange which combines chemical exchange saturation transfer and T(1)(ρ) magnetization preparation methods (CESTrho). We demonstrated that this new CESTrho sequence can detect proton exchange in the slow to intermediate exchange regimes. It has a linear dependence on proton concentration which allows it to be used to quantitatively measure changes in metabolite concentration. Additionally, the magnetization scheme of this new method can be customized to make it insensitive to changes in exchange rate while retaining its dependency on solute concentration. Finally, we showed the feasibility of using CESTrho in vivo. This sequence is able to detect proton exchange at intermediate exchange rates and is unaffected by the confounding factors that influence proton exchange rates thus making it ideal for the measurement of metabolites with exchangeable protons in this exchange regime. Copyright © 2011 Wiley Periodicals, Inc.

  2. Exchangers man the pumps: Functional interplay between proton pumps and proton-coupled Ca exchangers.

    Science.gov (United States)

    Barkla, Bronwyn J; Hirschi, Kendal D; Pittman, Jon K

    2008-05-01

    Tonoplast-localised proton-coupled Ca(2+) transporters encoded by cation/H(+)exchanger (CAX) genes play a critical role in sequestering Ca(2+) into the vacuole. These transporters may function in coordination with Ca(2+) release channels, to shape stimulus-induced cytosolic Ca(2+) elevations. Recent analysis of Arabidopsis CAX knockout mutants, particularly cax1 and cax3, identified a variety of phenotypes including sensitivity to abiotic stresses, which indicated that these transporters might play a role in mediating the plant's stress response. A common feature of these mutants was the perturbation of H(+)-ATPase activity at both the tonoplast and the plasma membrane, suggesting a tight interplay between the Ca(2+)/H(+) exchangers and H(+) pumps. We speculate that indirect regulation of proton flux by the exchangers may be as important as the direct regulation of Ca(2+) flux. These results suggest cautious interpretation of mutant Ca(2+)/H(+) exchanger phenotypes that may be due to either perturbed Ca(2+) or H(+) transport.

  3. Exchange Rate and Inflation Dynamics

    OpenAIRE

    Eatzaz Ahmad; Saima Ahmed Ali

    1999-01-01

    This paper studies simultaneous determination of nominal exchange rate and domestic price level in Pakistan. The estimated model contains sufficient built-in dynamics to trace the pattern and speed of adjustment in the two variables in response to temporary or permanent shocks. The two domestic shocks considered in the paper are monetary and real shocks, while the three external shocks considered are import price, export price and foreign exchange reserves shocks. The study finds that the imp...

  4. Exchange rates of creatine kinase metabolites: feasibility of imaging creatine by chemical exchange saturation transfer MRI.

    Science.gov (United States)

    Haris, Mohammad; Nanga, Ravi Prakash Reddy; Singh, Anup; Cai, Kejia; Kogan, Feliks; Hariharan, Hari; Reddy, Ravinder

    2012-11-01

    Creatine (Cr), phosphocreatine (PCr) and adenosine-5-triphosphate (ATP) are major metabolites of the enzyme creatine kinase (CK). The exchange rate of amine protons of CK metabolites at physiological conditions has been limited. In the current study, the exchange rate and logarithmic dissociation constant (pKa) of amine protons of CK metabolites were calculated. Further, the chemical exchange saturation transfer effect (CEST) of amine protons of CK metabolites with bulk water was explored. At physiological temperature and pH, the exchange rate of amine protons in Cr was found to be 7-8 times higher than PCr and ATP. A higher exchange rate in Cr was associated with lower pKa value, suggesting faster dissociation of its amine protons compared to PCr and ATP. CEST MR imaging of these metabolites in vitro in phantoms displayed predominant CEST contrast from Cr and negligible contribution from PCr and ATP with the saturation pulse parameters used in the current study. These results provide a new method to perform high-resolution proton imaging of Cr without contamination from PCr. Potential applications of these finding are discussed. Copyright © 2012 John Wiley & Sons, Ltd.

  5. Detection of the sulfhydryl groups in proteins with slow hydrogen exchange rates and determination of their proton/deuteron fractionation factors using the deuterium-induced effects on the 13C(beta) NMR signals.

    Science.gov (United States)

    Takeda, Mitsuhiro; Jee, JunGoo; Terauchi, Tsutomu; Kainosho, Masatsune

    2010-05-05

    A method for identifying cysteine (Cys) residues with sulfhydryl (SH) groups exhibiting slow hydrogen exchange rates has been developed for proteins in aqueous media. The method utilizes the isotope shifts of the C(beta) chemical shifts induced by the deuteration of the SH groups. The 18.2 kDa E. coli peptidyl prolyl cis-trans isomerase b (EPPIb), which was selectively labeled with [3-(13)C;3,3-(2)H(2)]Cys, showed much narrower line widths for the (13)C(beta) NMR signals, as compared to those of the proteins labeled with either [3-(13)C]Cys or (3R)-[3-(13)C;3-(2)H]Cys. The (13)C(beta) signals of the two Cys residues of EPPIb, i.e. Cys-31 and Cys-121, labeled with [3-(13)C;3,3-(2)H(2)]Cys, split into four signals in H(2)O/D(2)O (1:1) at 40 degrees C and pH 7.5, indicating that the exchange rates of the side-chain SH's and the backbone amides are too slow to average the chemical shift differences of the (13)C(beta) signals, due to the two- and three-bond isotope shifts. By virtue of the well-separated signals, the proton/deuteron fractional factors for both the SH and amide groups of the two Cys residues in EPPIb could be directly determined, as approximately 0.4-0.5 for [SD]/[SH] and 0.9-1.0 for [ND]/[NH], by the relative intensities of the NMR signals for the isotopomers. The proton NOE's of the two slowly exchanging SH's were clearly identified in the NOESY spectra and were useful for the determining the local structure of EPPIb around the Cys residues.

  6. Tritium-proton exchange on fresh and oxidized lecithin

    International Nuclear Information System (INIS)

    Schreiber, J.

    1978-01-01

    A method for exchange labelling of acid protons in lecithin and for their quantitative determination is described. The suitability of the method is discussed using both lecithin monohydrate and autoxidation products as examples. (author)

  7. Stimulated-healing of proton exchange membrane fuel cell catalyst

    NARCIS (Netherlands)

    Latsuzbaia, R.; Negro, E.; Koper, G.J.M.

    2013-01-01

    Platinum nanoparticles, which are used as catalysts in Proton Exchange Membrane Fuel Cells (PEMFC), tend to degrade after long-term operation. We discriminate the following mechanisms of the degradation: poisoning, migration and coalescence, dissolution, and electrochemical Ostwald ripening. There

  8. Covalently cross-linked polyetheretherketone proton exchange membrane for DMFC

    CSIR Research Space (South Africa)

    Luo, H

    2009-05-01

    Full Text Available -7 cm2/s) and good electrochemical stability. The results suggested that cross-linked polyetheretherketone membrane is particularly promising to be used as proton exchange membrane for the direct methanol fuel cell application....

  9. Probing water structure and transport in proton exchange membranes

    NARCIS (Netherlands)

    Ling, X.

    2018-01-01

    Proton exchange membrane fuel cells (PEMFCs) have attracted tremendous attention as alternative energy sources because of their high energy density and practically zero greenhouse gas emission - water is their only direct by-product. Critical to the function of PEMFCs is fast proton and water

  10. Imade-imide cross-linked PEEK proton exchange membrane.

    CSIR Research Space (South Africa)

    Luo, H

    2009-08-01

    Full Text Available The proton exchange membrane is a key component of polymer electrolyte membrane fuel cell (PEMFC). It plays an important role, conducts protons and separates the fuel from oxidant in PEMFC. DuPont’s Nafion is a perfluorinated sulfonic acid polymer...

  11. SPECTRAL ANALYSIS OF EXCHANGE RATES

    Directory of Open Access Journals (Sweden)

    ALEŠA LOTRIČ DOLINAR

    2013-06-01

    Full Text Available Using spectral analysis is very common in technical areas but rather unusual in economics and finance, where ARIMA and GARCH modeling are much more in use. To show that spectral analysis can be useful in determining hidden periodic components for high-frequency finance data as well, we use the example of foreign exchange rates

  12. Guanidinium chloride induction of partial unfolding in amide proton exchange in RNase A.

    Science.gov (United States)

    Mayo, S L; Baldwin, R L

    1993-11-05

    Amide (NH) proton exchange rates were measured in 0.0 to 0.7 M guanidinium chloride (GdmCl) for 23 slowly exchanging peptide NH protons of ribonuclease A (RNase A) at pH* 5.5 (uncorrected pH measured in D2O), 34 degrees C. The purpose was to find out whether GdmCl induces exchange through binding to exchange intermediates that are partly or wholly unfolded. It was predicted that, when the logarithm of the exchange rate is plotted as a function of the molarity of GdmCl, the slope should be a measure of the amount of buried surface area exposed to GdmCl in the exchange intermediate. The results indicate that these concentrations of GdmCl do induce exchange by means of a partial unfolding mechanism for all 23 protons; this implies that exchange reactions can be used to study the unfolding and stability of local regions. Of the 23 protons, nine also show a second mechanism of exchange at lower concentrations of GdmCl, a mechanism that is nearly independent of GdmCl concentration and is termed "limited structural fluctuation."

  13. CHANGES IN EXCHANGE RATE REGIMES

    Directory of Open Access Journals (Sweden)

    Carmen SANDU (TODERASCU

    2014-06-01

    Full Text Available The experience of recentyears showsthat it hasa fundamentalroleformation mechanismof the exchange rateinmacroeconomic stabilization. Global economiccrises, oil shockshave shownthe difficultyoffloatingsustainabilitybyparticipants in the system. EuropeanMonetary System, focused onconcertedfloatingcurrenciestoECU, was formedunder the conditionsin which somecountries have adoptedregional monetaryarrangements(EU countries, with suchbasescurrencyregimeshybridthat combinesspecific mechanismsto those offixedratefree floating. This paperaims to demonstratethe important role thatithasthe choice ofexchange rateregimeas abasic elementin thefoundationofmacroeconomic stabilizationinstruments. Consideredan expression of thestateof the domestic economyandinternationalcompetitiveness, the exchange rate is determined bya complex set ofexternal factorsorinternalstabilityisa prerequisite forthe crisis.

  14. Aprotic solvent systems provide mechanistic windows for biomolecular reactions: nucleic acid proton exchange

    International Nuclear Information System (INIS)

    McConnell, B.; Tan, A.

    1986-01-01

    Detection of general acid-base catalysis of proton transfer reactions in aqueous cytidine (or adenosine) is completely obscured by the highly reactive endocyclic protonated species of the nucleobase, whose amino proton lifetime is much shorter than that of the neutral form. In aqueous solution, protonation of the nucleobase always accompanies protonation of the buffer catalyzing exchange. However, in DMSO/water mixtures this is not the case; aqueous protonated acetate or chloroacetate can be added to cytidine in DMSO solutions without further dissociation of the buffer or significant protonation of cytidine N-3. Under these conditions general acid catalysis is observed, which involves an H-bonded complex between cytidine (N-3) and the buffer acid. Increased amino proton exchange in response to H-bond donation to C(N-3) is further suggested by increased 1 H NMR saturation-recovery rates with the formation of G-C base-pairs in DMSO and by the inverse dependence of amino proton exchange on nucleoside concentration

  15. Proton-proton reaction rates at extreme energies

    International Nuclear Information System (INIS)

    Nagano, Motohiko

    1993-01-01

    Results on proton-antiproton reaction rates (total cross-section) at collision energies of 1.8 TeV from experiments at Fermilab have suggested a lower rate of increase with energy compared to the extrapolation based on results previously obtained at CERN's proton-antiproton collider (CERN Courier, October 1991). Now an independent estimate of the values for the proton-proton total cross-section for collision energies from 5 to 30 TeV has been provided by the analysis of cosmic ray shower data collected over ten years at the Akeno Observatory operated by the Institute for Cosmic Ray Research of University of Tokyo. These results are based on the inelastic cross-section for collisions of cosmic ray protons with air nuclei at energies in the range10 16-18 eV. A new extensive air shower experiment was started at Akeno, 150 km west of Tokyo, in 1979 with a large array of detectors, both on the ground and under a 1-metre concrete absorber. This measured the total numbers of electrons and muons of energies above 1GeV for individual showers with much better accuracy than before. Data collection was almost continuous for ten years without any change in the triggering criteria for showers above10 16 eV. The mean free path for proton-air nuclei collisions has been determined from the zenith angle of the observed frequency of air showers which have the same effective path length for development in the atmosphere and the same primary energy

  16. Exchange Rate Policy in Philippine Development

    OpenAIRE

    Bautista, Romeo M.

    2003-01-01

    This paper examines the conduct of exchange rate policy in the Philippines since the early 1980s, paying particular attention to the influence of exchange rate adjustments on relative production incentives. While primary interest is in the exchange rate regime and its incentive effects, the role of trade policy has to be simultaneously analyzed in view of its influence on the conduct of exchange rate policy as well as its direct effect on the real exchange rate. Moreover, there are analytical...

  17. Effective Exchange Rate Classifications and Growth

    OpenAIRE

    Justin M. Dubas; Byung-Joo Lee; Nelson C. Mark

    2005-01-01

    We propose an econometric procedure for obtaining de facto exchange rate regime classifications which we apply to study the relationship between exchange rate regimes and economic growth. Our classification method models the de jure regimes as outcomes of a multinomial logit choice problem conditional on the volatility of a country's effective exchange rate, a bilateral exchange rate and international reserves. An `effective' de facto exchange rate regime classification is then obtained by as...

  18. Protein proton-proton dynamics from amide proton spin flip rates

    International Nuclear Information System (INIS)

    Weaver, Daniel S.; Zuiderweg, Erik R. P.

    2009-01-01

    Residue-specific amide proton spin-flip rates K were measured for peptide-free and peptide-bound calmodulin. K approximates the sum of NOE build-up rates between the amide proton and all other protons. This work outlines the theory of multi-proton relaxation, cross relaxation and cross correlation, and how to approximate it with a simple model based on a variable number of equidistant protons. This model is used to extract the sums of K-rates from the experimental data. Error in K is estimated using bootstrap methodology. We define a parameter Q as the ratio of experimental K-rates to theoretical K-rates, where the theoretical K-rates are computed from atomic coordinates. Q is 1 in the case of no local motion, but decreases to values as low as 0.5 with increasing domination of sidechain protons of the same residue to the amide proton flips. This establishes Q as a monotonous measure of local dynamics of the proton network surrounding the amide protons. The method is applied to the study of proton dynamics in Ca 2+ -saturated calmodulin, both free in solution and bound to smMLCK peptide. The mean Q is 0.81 ± 0.02 for free calmodulin and 0.88 ± 0.02 for peptide-bound calmodulin. This novel methodology thus reveals the presence of significant interproton disorder in this protein, while the increase in Q indicates rigidification of the proton network upon peptide binding, confirming the known high entropic cost of this process

  19. Internal humidifying of PEM [Proton Exchange Membrane] fuel cells

    Energy Technology Data Exchange (ETDEWEB)

    Staschewski, D [Karlsruhe Research Center (FZK), Karlsruhe (Germany). Inst. for Neutron Physics and Reactor Technics

    1996-12-01

    Hydrogen fuel cells (FC) for vehicular traction should stand out for a car-specific lightweight design. As regards PEMFC systems containing proton exchange membranes, this quality can be considerably improved by introducing porous bipolar plates which are conditioned by a water loop and deliver hot humidifying water to the adjacent membrane-electrode assembly (MEA). According to the principle of internal humidification here indicated special fuel cells based on sintered fiber and powder graphite were manufactured at FZK on a semi-technical scale. Self-made Pt/C electrodes hotpressed onto Nafion resulted in currents up to 200 A with pure oxygen as oxidant, providing the precondition for detailed studies of turnover and drainage rates within a monocell test arrangement. (author)

  20. Exchange rate rebounds after foreign exchange market interventions

    Science.gov (United States)

    Hoshikawa, Takeshi

    2017-03-01

    This study examined the rebounds in the exchange rate after foreign exchange intervention. When intervention is strongly effective, the exchange rate rebounds at next day. The effect of intervention is reduced slightly by the rebound after the intervention. The exchange rate might have been 67.12-77.47 yen to a US dollar without yen-selling/dollar-purchasing intervention of 74,691,100 million yen implemented by the Japanese government since 1991, in comparison to the actual exchange rate was 103.19 yen to the US dollar at the end of March 2014.

  1. Lanthanide(III) complexes of a mono(methylphosphonate) analogue of H4dota: the influence of protonation of the phosphonate moiety on the TSAP/SAP isomer ratio and the water exchange rate.

    Science.gov (United States)

    Rudovský, Jakub; Cígler, Petr; Kotek, Jan; Hermann, Petr; Vojtísek, Pavel; Lukes, Ivan; Peters, Joop A; Vander Elst, Luce; Muller, Robert N

    2005-04-08

    A monophosphonate analogue of H4dota, 1,4,7,10-tetraazacyclododecane-4,7,10-tris(carboxymethyl)-1-methylphosphonic acid (H5do3aP), and its complexes with lanthanides were synthesized. Multinuclear NMR studies reveal that, in aqueous solution, lanthanide(III) complexes of the ligand exhibit structures analogous to those of H4dota complexes. Thus, the central ion is nine-coordinate, surrounded by four nitrogen atoms, three acetate and one phosphonate oxygen atoms, and one water molecule in an apical position. For complexes of H5do3aP with Ln(III) ions in the middle of the series, the abundance of the desired twisted square-antiprismatic (TSAP) isomer is higher than for the corresponding H4dota complexes. The TSAP/square-antiprismatic (SAP) isomer ratio is highly sensitive to protonation of the phosphonate group: a higher abundance of the TSAP isomer was found in acidic solutions. The microscopic protonation constants of the TSAP isomers are higher than those of the SAP isomers. The presence of one water molecule in the first coordination sphere of the complexes in the pH region studied (pH 2.5-7.0) is confirmed by 17O NMR spectroscopy. The results of a simultaneous fit of variable-temperature 17O NMR relaxation data and 1H NMRD profiles show that the residence time of water (tauM) in the Gd(III) complex is much smaller than for [Gd(dota)(H2O)]-. The exchange rate appears to be dependent on the pH of the solution. The values of tauM are 37, 40, and 14 ns at pH 2.5, 4.7, and 7.0, respectively. These observations can be explained by an extensive second-sphere hydrogen-bonding network that varies with the state of protonation of the phosphonate moiety. Upon protonation of the complex, the second-sphere hydration probably becomes more ordered, which may result in a decrease in penetrability and an increase in tauM. The relaxivity of the Gd(III) complex is almost independent of the pH and is equal to 4.7 s(-1) mM(-1) (20 MHz, pH 7 and 37 degrees C). The solid

  2. Partially fluorinated electrospun proton exchange membranes

    DEFF Research Database (Denmark)

    2016-01-01

    The present invention relates to a novel porous membrane layer, to a novel method for producing a membrane, and the membranes produced by the novel method. The present invention further relates to a fuel cell comprising the porous layer, as well as any use of the porous layer in a fuel cell or in...... copolymer, and wherein at least one side chain of the graft copolymer comprises a polymerization product of a polymerizable proton donor group or a precursor thereof....

  3. Measuring the costs of exchange rate volatility

    OpenAIRE

    Paul R. Bergin

    2004-01-01

    Many countries go to great lengths to manage their exchange rates. Probably the most prominent recent example is the European Monetary Union, where all the members abandoned their national currencies and adopted the euro. A number of developing countries maintain other kinds of regimes of managed exchange rates, even though they face potent market pressures to let their exchange rates float. One of the main motives for these arrangements stems from the extreme volatility of exchange rates. Th...

  4. The Deceptive Resilience of Fixed Exchange Rates

    OpenAIRE

    Mushin, Jerry

    2004-01-01

    This paper is an examination of the experience of exchange-rate systems since 1978. Despite the accelerating trend in favour of floating exchange rates, a substantial minority of IMF members have continued to fix the value of their currencies. The recent incidence of each of the principal types of exchange-rate peg is described.

  5. Application of Proton Exchange Membrane Fuel Cell for Lift Trucks

    DEFF Research Database (Denmark)

    Hosseinzadeh, Elham; Rokni, Masoud

    2011-01-01

    In this study a general PEMFC (Proton Exchange Membrane Fuel Cell) model has been developed to take into account the effect of pressure losses, water crossovers, humidity aspects and voltage over potentials in the cells. The model is zero dimensional and it is assumed to be steady state. The effect...

  6. CAPSTONE SENIOR DESIGN - SUPRAMOLECULAR PROTON EXCHANGE MEMBRANES FOR FUEL CELLS

    Science.gov (United States)

    In order to assume a leading role in the burgeoning hydrogen economy, new infrastructure will be required for fuel cell manufacturing and R&D capabilities. The objective of this proposal is the development of a new generation of advanced proton exchange membrane (PEM) technol...

  7. Preparations of an inorganic-framework proton exchange nanochannel membrane

    Science.gov (United States)

    Yan, X. H.; Jiang, H. R.; Zhao, G.; Zeng, L.; Zhao, T. S.

    2016-09-01

    In this work, a proton exchange membrane composed of straight and aligned proton conducting nanochannels is developed. Preparation of the membrane involves the surface sol-gel method assisted with a through-hole anodic aluminum oxide (AAO) template to form the framework of the PEM nanochannels. A monomolecular layer (SO3Hsbnd (CH2)3sbnd Sisbnd (OCH3)3) is subsequently added onto the inner surfaces of the nanochannels to shape a proton-conducting pathway. Straight nanochannels exhibit long range order morphology, contributing to a substantial improvement in the proton mobility and subsequently proton conductivity. In addition, the nanochannel size can be altered by changing the surface sol-gel condition, allowing control of the active species/charge carrier selectivity via pore size exclusion. The proton conductivity of the nanochannel membrane is reported as high as 11.3 mS cm-1 at 70 °C with a low activation energy of 0.21 eV (20.4 kJ mol-1). First-principle calculations reveal that the activation energy for proton transfer is impressively low (0.06 eV and 0.07 eV) with the assistance of water molecules.

  8. Rethinking the Combination of Proton Exchanger Inhibitors in Cancer Therapy.

    Science.gov (United States)

    Iessi, Elisabetta; Logozzi, Mariantonia; Mizzoni, Davide; Di Raimo, Rossella; Supuran, Claudiu T; Fais, Stefano

    2017-12-23

    Microenvironmental acidity is becoming a key target for the new age of cancer treatment. In fact, while cancer is characterized by genetic heterogeneity, extracellular acidity is a common phenotype of almost all cancers. To survive and proliferate under acidic conditions, tumor cells up-regulate proton exchangers and transporters (mainly V-ATPase, Na⁺/H⁺ exchanger (NHE), monocarboxylate transporters (MCTs), and carbonic anhydrases (CAs)), that actively extrude excess protons, avoiding intracellular accumulation of toxic molecules, thus becoming a sort of survival option with many similarities compared with unicellular microorganisms. These systems are also involved in the unresponsiveness or resistance to chemotherapy, leading to the protection of cancer cells from the vast majority of drugs, that when protonated in the acidic tumor microenvironment, do not enter into cancer cells. Indeed, as usually occurs in the progression versus malignancy, resistant tumor clones emerge and proliferate, following a transient initial response to a therapy, thus giving rise to more malignant behavior and rapid tumor progression. Recent studies are supporting the use of a cocktail of proton exchanger inhibitors as a new strategy against cancer.

  9. Fiscal deficits, exchange rate crises and inflation.

    NARCIS (Netherlands)

    van Wijnbergen, S.J.G.

    1991-01-01

    This article extends earlier work on unsustainable monetary policies by endogenizing the regime switch that ultimately restores sustainability. Within this framework we analyze exchange rate based stabilization programs and shows how constraints on Central Bank borrowing during an exchange crisis

  10. The determinants of exchange rate in Croatia

    Directory of Open Access Journals (Sweden)

    Manuel BENAZIC

    2016-06-01

    Full Text Available The dilemma for every country with an independent monetary policy is which kind of exchange rate arrangement should be applied. Through the exchange rate policy, countries can influence their economies, i.e. price stability and export competiveness. Croatia is a new EU member state, it has its own monetary policy and currency but it is on the way to euro introduction. Regarding the experiences from the beginning of the 1990s when Croatia was faced with serious monetary instabilities and hyperinflation, the goal of Croatian National Bank (CNB is to ensure price stability and one way to do so is through exchange rate policy. Croatia, as a small and open economy, has applied a managed floating exchange rate regime. The exchange rate is determined primarily by the foreign exchange supply and demand on the foreign exchange market, with occasional market interventions by the CNB. Therefore, in order to maintain exchange rate stability, policymakers must be able to recognize how changes in these factors affect changes in the exchange rate. This research aims to find a relationship among the main sources of foreign currency inflow and outflow and the level of exchange rate in Croatia. The analysis is carried out by using the bounds testing (ARDL approach for co-integration. The results indicate the existence of a stable co-integration relationship between the observed variables, whereby an increase in the majority of variables leads to an exchange rate appreciation.

  11. Correlation between morphology, water uptake, and proton conductivity in radiation-grafted proton-exchange membranes

    DEFF Research Database (Denmark)

    Balog, Sandor; Gasser, Urs; Mortensen, Kell

    2010-01-01

    An SANS investigation of hydrated proton exchange membranes is presented. Our membranes were synthesized by radiation-induced grafting of ETFE with styrene in the presence of a crosslinker, followed by sulfonation of the styrene. The contrast variation method was used to understand the relationship...

  12. Modelling and validation of Proton exchange membrane fuel cell (PEMFC)

    Science.gov (United States)

    Mohiuddin, A. K. M.; Basran, N.; Khan, A. A.

    2018-01-01

    This paper is the outcome of a small scale fuel cell project. Fuel cell is an electrochemical device that converts energy from chemical reaction to electrical work. Proton Exchange Membrane Fuel Cell (PEMFC) is one of the different types of fuel cell, which is more efficient, having low operational temperature and fast start up capability results in high energy density. In this study, a mathematical model of 1.2 W PEMFC is developed and simulated using MATLAB software. This model describes the PEMFC behaviour under steady-state condition. This mathematical modeling of PEMFC determines the polarization curve, power generated, and the efficiency of the fuel cell. Simulation results were validated by comparing with experimental results obtained from the test of a single PEMFC with a 3 V motor. The performance of experimental PEMFC is little lower compared to simulated PEMFC, however both results were found in good agreement. Experiments on hydrogen flow rate also been conducted to obtain the amount of hydrogen consumed to produce electrical work on PEMFC.

  13. Sparseness and Roughness of Foreign Exchange Rates

    Science.gov (United States)

    Vandewalle, N.; Ausloos, M.

    An accurate multiaffine analysis of 23 foreign currency exchange rates has been performed. The roughness exponent H1 which characterizes the excursion of the exchange rate has been numerically measured. The degree of intermittency C1 has been also estimated. In the (H1,C1) phase diagram, the currency exchange rates are dispersed in a wide region around the Brownian motion value (H1=0.5,C1=0) and have a significantly intermittent component (C1≠0).

  14. A new assessment of floating exchange rates

    OpenAIRE

    Waimann, D. R.

    1981-01-01

    The switch to floating exchange rates during the 1970s has given economists the first comprehensive opportunity to assess the arguments for and against floating. Much new work has been done on various aspects of floating exchange rate behaviour. This article attempts a limited survey of the evidence concerning two important issues—whether floating exchange rates are inherently unstable and whether they harm international trade.

  15. China; Sources of Real Exchange Rate Fluctuations

    OpenAIRE

    Tao Wang

    2004-01-01

    This paper reviews the evolution of China's real effective exchange rate between 1980 and 2002, and uses a structural vector autoregression model to study the relative importance of different types of macroeconomic shocks for fluctuations in the real exchange rate. The structural decomposition shows that relative real demand and supply shocks account for most of the variations in real exchange rate changes during the estimation period. The paper also finds that supply shocks are as important ...

  16. Proton Conductivity of Proton Exchange Membrane Synergistically Promoted by Different Functionalized Metal-Organic Frameworks.

    Science.gov (United States)

    Rao, Zhuang; Tang, Beibei; Wu, Peiyi

    2017-07-12

    In this study, two functionalized metal-organic frameworks (MOFs), UiO-66-SO 3 H and UiO-66-NH 2 , were synthesized. Then, different composite proton exchange membranes (PEMs) were prepared by single doping and codoping of these two MOFs, respectively. It was found that codoping of these two MOFs with suitable sizes was more conducive to the proton conductivity enhancement of the composite PEM. A synergistic effect between these two MOFs led to the the formation of more consecutive hydration channels in the composite PEM. It further greatly promoted the proton conductivity of the composite PEM. The proton conductivity of the codoped PEM reached up to 0.256 S/cm under 90 °C, 95% RH, which was ∼1.17 times higher than that of the recast Nafion (0.118 S/cm). Besides, the methanol permeability of the codoped PEM was prominently decreased owing to the methanol trapping effect of the pores of these two MOFs. Meanwhile, the high water and thermal stabilities of these two MOFs were beneficial to the high proton conductivity stability of the codoped PEM under high humidity and high temperature. The proton conductivity of the codoped PEM was almost unchanged throughout 3000 min of testing under 90 °C, 95% RH. This work provides a valuable reference for designing different functionalized MOFs to synergistically promote the proton conductivities of PEMs.

  17. Exchange rate policy under sovereign default risk

    OpenAIRE

    Schabert, Andreas

    2011-01-01

    We examine monetary policy options for a small open economy where sovereign default might occur due to intertemporal insolvency. Under interest rate policy and floating exchange rates the equilibrium is indetermined. Under a fixed exchange rate the equilibrium is uniquely determined and independent of sovereign default.

  18. Exchange Rate and the PRC Foreign Trade

    Directory of Open Access Journals (Sweden)

    Izotov D. A.

    2009-09-01

    Full Text Available The stages of exchange rate regulation and foreign trade systems reforming in PRC during the period 1978-2008 are examined. A quantitative assessment of PRC foreign trade parameters reactions to the currency rate dynamics on the national and regional levels is made. Also the import and export impact of potential exchange rate changes is estimated

  19. Exchange Rate Pass-Through in Turkey

    OpenAIRE

    Marco Rossi; Daniel Leigh

    2002-01-01

    In light of the strong correlation between exchange rate movements and domestic prices in Turkey, it is important to assess the impact of the exchange rate on domestic prices, in particular as Turkey moves to an inflation targeting regime. This paper uses a recursive vector autoregression model to investigate the impact of exchange rate movements on prices in Turkey. We find that (i) the impact of the exchange rate on prices is over after about a year, but is mostly felt in the first four mon...

  20. Proton Conductive Channel Optimization in Methanol Resistive Hybrid Hyperbranched Polyamide Proton Exchange Membrane

    Directory of Open Access Journals (Sweden)

    Liying Ma

    2017-12-01

    Full Text Available Based on a previously developed polyamide proton conductive macromolecule, the nano-scale structure of the self-assembled proton conductive channels (PCCs is adjusted via enlarging the nano-scale pore size within the macromolecules. Hyperbranched polyamide macromolecules with different size are synthesized from different monomers to tune the nano-scale pore size within the macromolecules, and a series of hybrid membranes are prepared from these two micromoles to optimize the PCC structure in the proton exchange membrane. The optimized membrane exhibits methanol permeability low to 2.2 × 10−7 cm2/s, while the proton conductivity of the hybrid membrane can reach 0.25 S/cm at 80 °C, which was much higher than the value of the Nafion 117 membrane (0.192 S/cm. By considering the mechanical, dimensional, and the thermal properties, the hybrid hyperbranched polyamide proton exchange membrane (PEM exhibits promising application potential in direct methanol fuel cells (DMFC.

  1. Interest Rate Rules, Exchange Market Pressure, and Successful Exchange Rate Management

    NARCIS (Netherlands)

    Klaassen, F.; Mavromatis, K.

    2016-01-01

    Central banks with an exchange rate objective set the interest rate in response to what they call ''pressure.'' Instead, existing interest rate rules rely on the exchange rate minus its target. To stay closer to actual policy, we introduce a rule that uses exchange market pressure (EMP), the

  2. Choice of exchange rate regimes for African countries: Fixed or Flexible Exchange rate regimes?

    OpenAIRE

    Simwaka, Kisu

    2010-01-01

    The choice of an appropriate exchange rate regime has been a subject of ongoing debate in international economics. The majority of African countries are small open economies and thus where the choice of the exchange rate regime is an important policy issue. Aside from factors such as interest rates and inflation, the exchange rate is one of the most important determinants of a country’s relative level of economic health. For this reason, exchange rates are among the most watched analyzed and ...

  3. Proton exchange membranes based on PVDF/SEBS blends

    Energy Technology Data Exchange (ETDEWEB)

    Mokrini, A.; Huneault, M.A. [Industrial Materials Institute, National Research Council of Canada, 75 de Mortagne Blvd., Boucherville, Que. (Canada J4B 6Y4)

    2006-03-09

    Proton-conductive polymer membranes are used as an electrolyte in the so-called proton exchange membrane fuel cells. Current commercially available membranes are perfluorosulfonic acid polymers, a class of high-cost ionomers. This paper examines the potential of polymer blends, namely those of styrene-(ethylene-butylene)-styrene block copolymer (SEBS) and polyvinylidene fluoride (PVDF), in the proton exchange membrane application. SEBS/PVDF blends were prepared by twin-screw extrusion and the membranes were formed by calendering. SEBS is a phase-segregated material where the polystyrene blocks can be selectively functionalized offering high ionic conductivity, while PVDF insures good dimensional stability and chemical resistance to the films. Proton conductivity of the films was obtained by solid-state grafting of sulfonic acid moieties. The obtained membranes were characterized in terms of conductivity, ionic exchange capacity and water uptake. In addition, the membranes were characterized in terms of morphology, microstructure and thermo-mechanical properties to establish the blends morphology-property relationships. Modification of interfacial properties between SEBS and PVDF was found to be a key to optimize the blends performance. Addition of a methyl methacrylate-butyl acrylate-methyl methacrylate block copolymer (MMA-BA-MMA) was found to compatibilize the blend by reducing the segregation scale and improving the blend homogeneity. Mechanical resistance of the membranes was also improved through the addition of this compatibilizer. As little as 2wt.% compatibilizer was sufficient for complete interfacial coverage and lead to improved mechanical properties. Compatibilized blend membranes also showed higher conductivities, 1.9x10{sup -2} to 5.5x10{sup -3}Scm{sup -1}, and improved water management. (author)

  4. The tail index of exchange rate returns

    NARCIS (Netherlands)

    C.G. Koedijk (Kees); M. Schafgans (Marcia); C.G. de Vries (Casper)

    1990-01-01

    textabstractIn the literature on the empirical distribution of foreign exchange rates there is now consensus that exchange rate yields are fat-tailed. Three problems, however, persist: (1) Which class of distribution functions is most appropriate? (2) Are the parameters of the distribution invariant

  5. Model Uncertainty and Exchange Rate Forecasting

    NARCIS (Netherlands)

    R.R.P. Kouwenberg (Roy); A. Markiewicz (Agnieszka); R. Verhoeks (Ralph); R.C.J. Zwinkels (Remco)

    2013-01-01

    textabstractWe propose a theoretical framework of exchange rate behavior where investors focus on a subset of economic fundamentals. We find that any adjustment in the set of predictors used by investors leads to changes in the relation between the exchange rate and fundamentals. We test the

  6. Model Uncertainty and Exchange Rate Forecasting

    NARCIS (Netherlands)

    Kouwenberg, R.; Markiewicz, A.; Verhoeks, R.; Zwinkels, R.C.J.

    2017-01-01

    Exchange rate models with uncertain and incomplete information predict that investors focus on a small set of fundamentals that changes frequently over time. We design a model selection rule that captures the current set of fundamentals that best predicts the exchange rate. Out-of-sample tests show

  7. The Foreign Exchange Rate Exposure of Nations

    OpenAIRE

    Entorf, Horst; Moebert, Jochen; Sonderhof, Katja

    2007-01-01

    Following the well-known approach by Adler and Dumas (1984), we evaluate the foreign exchange rate exposure of nations. Results based on data from 27 countries show that national foreign exchange rate exposures are significantly related to the current trade balance variables of corresponding economies.

  8. Advantages of chemical exchange-sensitive spin-lock (CESL) over chemical exchange saturation transfer (CEST) for hydroxyl- and amine-water proton exchange studies.

    Science.gov (United States)

    Jin, Tao; Kim, Seong-Gi

    2014-11-01

    The chemical exchange (CE) rate of endogenous hydroxyl and amine protons with water is often comparable to the difference in their chemical shifts. These intermediate exchange processes have been imaged by the CE saturation transfer (CEST) approach with low-power and long-duration irradiation. However, the sensitivity is not optimal and, more importantly, the signal is contaminated by slow magnetization transfer processes. Here, the properties of CEST signals are compared with those of a CE-sensitive spin-lock (CESL) technique irradiating at the labile proton frequency. First, using a higher power and shorter irradiation in CE-MRI, we obtain: (i) an increased selectivity to faster CE rates via a higher sensitivity to faster CEs and a lower sensitivity to slower CEs and magnetization transfer processes; and (ii) a decreased in vivo asymmetric magnetization transfer contrast measured at ±15 ppm. The sensitivity gain of CESL over CEST is higher for a higher power and shorter irradiation. Unlike CESL, CEST signals oscillate at a very high power and short irradiation. Second, time-dependent CEST and CESL signals are well modeled by analytical solutions of CE-MRI with an asymmetric population approximation, which can be used for quantitative CE-MRI and validated by simulations of Bloch-McConnell equations and phantom experiments. Finally, the in vivo amine-water proton exchange contrast measured at 2.5 ppm with ω1 = 500 Hz is 18% higher in sensitivity for CESL than CEST at 9.4 T. Overall, CESL provides better exchange rate selectivity and sensitivity than CEST; therefore, CESL is more suitable for CE-MRI of intermediate exchange protons. Copyright © 2014 John Wiley & Sons, Ltd.

  9. Exchange rate regimes and monetary arrangements

    Directory of Open Access Journals (Sweden)

    Ivan Ribnikar

    2005-06-01

    Full Text Available There is a close relationship between a country’s exchange rate regime and monetary arrangement and if we are to examine monetary arrangements then exchange rate regimes must first be analysed. Within the conventional and most widely used classification of exchange rate regimes into rigid and flexible or into polar regimes (hard peg and float on one side, and intermediate regimes on the other there, is a much greater variety among intermediate regimes. A more precise and, as will be seen, more useful classification of exchange rate regimes is the first topic of the paper. The second topic is how exchange rate regimes influence or determine monetary arrangements and monetary policy or monetary policy regimes: monetary autonomy versus monetary nonautonomy and discretion in monetary policy versus commitment in monetary policy. Both topics are important for countries on their path to the EU and the euro area

  10. Stereochemistry-Dependent Proton Conduction in Proton Exchange Membrane Fuel Cells.

    Science.gov (United States)

    Thimmappa, Ravikumar; Devendrachari, Mruthyunjayachari Chattanahalli; Kottaichamy, Alagar Raja; Tiwari, Omshanker; Gaikwad, Pramod; Paswan, Bhuneshwar; Thotiyl, Musthafa Ottakam

    2016-01-12

    Graphene oxide (GO) is impermeable to H2 and O2 fuels while permitting H(+) shuttling, making it a potential candidate for proton exchange membrane fuel cells (PEMFC), albeit with a large anisotropy in their proton transport having a dominant in plane (σIP) contribution over the through plane (σTP). If GO-based membranes are ever to succeed in PEMFC, it inevitably should have a dominant through-plane proton shuttling capability (σTP), as it is the direction in which proton gets transported in a real fuel-cell configuration. Here we show that anisotropy in proton conduction in GO-based fuel cell membranes can be brought down by selectively tuning the geometric arrangement of functional groups around the dopant molecules. The results show that cis isomer causes a selective amplification of through-plane proton transport, σTP, pointing to a very strong geometry angle in ionic conduction. Intercalation of cis isomer causes significant expansion of GO (001) planes involved in σTP transport due to their mutual H-bonding interaction and efficient bridging of individual GO planes, bringing down the activation energy required for σTP, suggesting the dominance of a Grotthuss-type mechanism. This isomer-governed amplification of through-plane proton shuttling resulted in the overall boosting of fuel-cell performance, and it underlines that geometrical factors should be given prime consideration while selecting dopant molecules for bringing down the anisotropy in proton conduction and enhancing the fuel-cell performance in GO-based PEMFC.

  11. Is a more stable exchange rate associated with reduced exchange rate pass-through?

    OpenAIRE

    Mark J. Holmes

    2007-01-01

    Pass-through from the nominal effective exchange rate to import prices is modelled within a regime-switching environment. Evidence suggests that exchange rate pass through can be characterised as regime-specific where the probability of switching between regimes is influenced by the extent of exchange rate volatility.

  12. Composite proton exchange membrane based on sulfonated organic nanoparticles

    Science.gov (United States)

    Pitia, Emmanuel Sokiri

    As the world sets its sight into the future, energy remains a great challenge. Proton exchange membrane (PEM) fuel cell is part of the solution to the energy challenge because of its high efficiency and diverse application. The purpose of the PEM is to provide a path for proton transport and to prevent direct mixing of hydrogen and oxygen at the anode and the cathode, respectively. Hence, PEMs must have good proton conductivity, excellent chemical stability, and mechanical durability. The current state-of-the-art PEM is a perfluorosulfonate ionomer, Nafion®. Although Nafion® has many desirable properties, it has high methanol crossover and it is expensive. The objective of this research was to develop a cost effective two-phase, composite PEM wherein a dispersed conductive organic phase preferentially aligned in the transport direction controls proton transport, and a continuous hydrophobic phase provides mechanical durability to the PEM. The hypothesis that was driving this research was that one might expect better dispersion, higher surface to volume ratio and improved proton conductivity of a composite membrane if the dispersed particles were nanometer in size and had high ion exchange capacity (IEC, = [mmol sulfonic acid]/gram of polymer). In view of this, considerable efforts were employed in the synthesis of high IEC organic nanoparticles and fabrication of a composite membrane with controlled microstructure. High IEC, ~ 4.5 meq/g (in acid form, theoretical limit is 5.4 meq/g) nanoparticles were achieved by emulsion copolymerization of a quaternary alkyl ammonium (QAA) neutralized-sulfonated styrene (QAA-SS), styrene, and divinylbenzene (DVB). The effects of varying the counterion of the sulfonated styrene (SS) monomer (alkali metal and QAA cations), SS concentration, and the addition of a crosslinking agent (DVB) on the ability to stabilize the nanoparticles to higher IECs were assessed. The nanoparticles were ion exchanged to acid form. The extent of ion

  13. Advanced proton-exchange materials for energy efficient fuel cells.

    Energy Technology Data Exchange (ETDEWEB)

    Fujimoto, Cy H.; Grest, Gary Stephen; Hickner, Michael A.; Cornelius, Christopher James; Staiger, Chad Lynn; Hibbs, Michael R.

    2005-12-01

    The ''Advanced Proton-Exchange Materials for Energy Efficient Fuel Cells'' Laboratory Directed Research and Development (LDRD) project began in October 2002 and ended in September 2005. This LDRD was funded by the Energy Efficiency and Renewable Energy strategic business unit. The purpose of this LDRD was to initiate the fundamental research necessary for the development of a novel proton-exchange membranes (PEM) to overcome the material and performance limitations of the ''state of the art'' Nafion that is used in both hydrogen and methanol fuel cells. An atomistic modeling effort was added to this LDRD in order to establish a frame work between predicted morphology and observed PEM morphology in order to relate it to fuel cell performance. Significant progress was made in the area of PEM material design, development, and demonstration during this LDRD. A fundamental understanding involving the role of the structure of the PEM material as a function of sulfonic acid content, polymer topology, chemical composition, molecular weight, and electrode electrolyte ink development was demonstrated during this LDRD. PEM materials based upon random and block polyimides, polybenzimidazoles, and polyphenylenes were created and evaluated for improvements in proton conductivity, reduced swelling, reduced O{sub 2} and H{sub 2} permeability, and increased thermal stability. Results from this work reveal that the family of polyphenylenes potentially solves several technical challenges associated with obtaining a high temperature PEM membrane. Fuel cell relevant properties such as high proton conductivity (>120 mS/cm), good thermal stability, and mechanical robustness were demonstrated during this LDRD. This report summarizes the technical accomplishments and results of this LDRD.

  14. Modeling Real Exchange Rate Persistence in Chile

    Directory of Open Access Journals (Sweden)

    Leonardo Salazar

    2017-07-01

    Full Text Available The long and persistent swings in the real exchange rate have for a long time puzzled economists. Recent models built on imperfect knowledge economics seem to provide a theoretical explanation for this persistence. Empirical results, based on a cointegrated vector autoregressive (CVAR model, provide evidence of error-increasing behavior in prices and interest rates, which is consistent with the persistence observed in the data. The movements in the real exchange rate are compensated by movements in the interest rate spread, which restores the equilibrium in the product market when the real exchange rate moves away from its long-run benchmark value. Fluctuations in the copper price also explain the deviations of the real exchange rate from its long-run equilibrium value.

  15. Exchange rate policy and devaluation in Malawi:

    OpenAIRE

    Pauw, Karl; Dorosh, Paul A.; Mazunda, John

    2013-01-01

    This study demonstrates why devaluation was ultimately necessary in Malawi and also what its eventual impact might be in terms of prices, income distribution, and domestic production. Our approach is to use a computable general equilibrium (CGE) model to evaluate the economywide impacts of foreign exchange shortages in Malawi under two alternative exchange rate regimes. The foreign exchange shortages are modeled by simulating the effect of actual shocks, including tobacco price declines and r...

  16. Searching for an Appropriate Exchange Rate Regime

    Directory of Open Access Journals (Sweden)

    Yunjong Wang

    2001-06-01

    Full Text Available This paper attempts to survey current debates on the choice of exchange rate regime in emerging market economies. The issue of choosing an appropriate exchange rate regime is being actively discussed since the recent Asian crisis. As a lesson from the recent crises, one widely shared conclusion is that soft peg exchange rate regimes are extremely vulnerable in a world of volatile capital movements. Consequently, new orthodoxy based on the impossible trinity hypothesis favours two corner solutions ― greater flexibility or credible institutional assurance, like a currency board system or dollarization. Nevertheless, questions whether such corner solutions are adequate for developing countries are rising of late. "Fear of floating" is still conspicuous in many developing countries having adopted nominally a free-floating exchange rate regime. Developing countries are sensitive to exchange rate fluctuations because the cost of exchange rate volatility is greater than the benefit when compared to developed countries. Monitoring bands is a compromise solution, but it still needs further enhancement of estimation techniques for fundamental equilibrium exchange rates in order to make those estimation results more workable in practice. Other alternatives include the creation of soft peg of the G-3 currencies. Despite counterarguments, the stability of G-3 currencies could prove to be beneficial to emerging market economies.

  17. Fear of Floating: Exchange Rate Flexibility Indices

    OpenAIRE

    Reinhart, Carmen

    2001-01-01

    Many emerging market countries have suffered financial crises. One view blames soft pegs for these crises. Adherents to that view suggest that countries move to corner solutions--hard pegs or floating exchange rates. We analyze the behavior of exchange rates, reserves, and interest rates to assess whether there is evidence that country practice is moving toward corner solutions. We focus on whether countries that claim they are floating are indeed doing so. We find that countries that say th...

  18. Tandem cathode for proton exchange membrane fuel cells

    DEFF Research Database (Denmark)

    Siahrostami, Samira; Björketun, Mårten E.; Strasser, Peter

    2013-01-01

    The efficiency of proton exchange membrane fuel cells is limited mainly by the oxygen reduction reaction at the cathode. The large cathodic overpotential is caused by correlations between binding energies of reaction intermediates in the reduction of oxygen to water. This work introduces a novel...... to identify potentially active and selective materials for both catalysts. Co-porphyrin is recommended for the first step, formation of hydrogen peroxide, and three different metal oxides – SrTiO3(100), CaTiO3(100) and WO3(100) – are suggested for the subsequent reduction step....

  19. Modeling Of Proton Exchange Membrane Fuel Cell Systems

    DEFF Research Database (Denmark)

    Nielsen, Mads Pagh

    The objective of this doctoral thesis was to develop reliable steady-state and transient component models suitable to asses-, develop- and optimize proton exchange membrane (PEM) fuel cell systems. Several components in PEM fuel cell systems were characterized and modeled. The developed component...... cell systems. Consequences of indirectly fueling PEM stacks with hydrocarbons using reforming technology were investigated using a PEM stack model including CO poisoning kinetics and a transient Simulink steam reforming system model. Aspects regarding the optimization of PEM fuel cell systems...

  20. Proton Exchange Membrane Fuel Cells Applied for Transport Sector

    DEFF Research Database (Denmark)

    Hosseinzadeh, Elham; Rokni, Masoud

    2010-01-01

    A thermodynamic analysis of a PEMFC (proton exchange membrane fuel cell) is investigated. PEMFC may be the most promising technology for fuel cell automotive systems, which is operating at quite low temperatures, (between 60 to 80℃). In this study the fuel cell motive power part of a lift truck has...... been investigated. The fuel cell stack used in this model is developed using a Ballard PEMFC [1], so that the equations used in the stack modeling are derived from the experimental data. The stack can produce 3 to 15 kilowatt electricity depending on the number of cells used in the stack. Some...

  1. Construction and evaluation of a proton exchange fuel cell

    International Nuclear Information System (INIS)

    Gutierrez, Omar; Monsalve, Carlos; Trujillo, Gonzalo; Hoyos, Bibian; Sanchez, Carlos; Gonzalez, Javier

    2005-01-01

    One design of a hydrogen proton exchange membrane fuel cell (PEMFC) is proposed. Porous carbon supported platinum electrodes were manufactured by impregnation, reduction and hot-press methods; noble metal loading of 0.4 mg/cm 2 was achieved. The conditions to obtain the porous support were: composition of 15 % Teflon and 85 % carbon, pressure of 100 Kgf/cm 2 , temperature of 300 Celsius degrade and 20 minutes of hot-pressing. The pattern of gas flow distribution was made possible by machined interdigitated channels into conductor graphite plates. Several tests were run varying the load resistance to obtain the polarization curves. Comparison with a commercial PEMFC is also made

  2. Cross-lined PEEK proton exchange membranes for fuel cell - Conference Poster

    CSIR Research Space (South Africa)

    Luo, H

    2009-07-01

    Full Text Available The low-cost cross-linked Polyetheretherketone (PEEK) proton exchange membranes were prepared via the simple route. The membranes exhibited similar electrochemical properties as compared with commercial Nafion. The membranes were highly proton...

  3. The foreign exchange rate rate exposure of nations

    OpenAIRE

    Entorf, Horst; Moebert, Jochen; Sonderhof, Katja

    2007-01-01

    Following the well-known approach by Adler and Dumas (1984) we evaluate the foreign exchange rate exposure of nations. Results based on data from 27 countries show that national foreign exchange rate exposures are significantly related to the current trade balance variables of corresponding economies.

  4. MONETARY MODELS AND EXCHANGE RATE DETERMINATION ...

    African Journals Online (AJOL)

    Power Party [PPP] based on the law of one price asserts that the change in the exchange rate between .... exchange in international economic transactions has made it vitally evident that the management of ... One lesson from this episode is to ...

  5. Apparent exchange rate imaging in anisotropic systems

    DEFF Research Database (Denmark)

    Sønderby, Casper Kaae; Lundell, Henrik M; Søgaard, Lise V

    2014-01-01

    Double-wave diffusion experiments offer the possibility of probing correlation between molecular diffusion at multiple time points. It has recently been shown that this technique is capable of measuring the exchange of water across cellular membranes. The aim of this study was to investigate...... the effect of macroscopic tissue anisotropy on the measurement of the apparent exchange rate (AXR) in multicompartment systems....

  6. Exchange Rate Deregulation and Industrial Performance: An ...

    African Journals Online (AJOL)

    FIRST LADY

    economic management and therefore an important macroeconomic indicator used in assessing the ..... Adeolu, O. A. and Babatunde, W. A. (2005), “Trade and Exchange Rate ... Dickey, D. A. and Fuller, W. A. (1981), “Likelihood Ratio Tests for.

  7. International trade and exchange rate volatility

    NARCIS (Netherlands)

    J.M.A. Viaene (Jean-Marie); C.G. de Vries (Casper)

    1992-01-01

    textabstractFor currencies with well developed forward markets several papers have investigated the conjectured negative relationship between trade and short term exchange rate volatility, without being very successful. A theoretical explanation for the empirical anomalies is provided by solving

  8. Water Soluble Polymers as Proton Exchange Membranes for Fuel Cells

    Directory of Open Access Journals (Sweden)

    Bing-Joe Hwang

    2012-03-01

    Full Text Available The relentless increase in the demand for useable power from energy-hungry economies continues to drive energy-material related research. Fuel cells, as a future potential power source that provide clean-at-the-point-of-use power offer many advantages such as high efficiency, high energy density, quiet operation, and environmental friendliness. Critical to the operation of the fuel cell is the proton exchange membrane (polymer electrolyte membrane responsible for internal proton transport from the anode to the cathode. PEMs have the following requirements: high protonic conductivity, low electronic conductivity, impermeability to fuel gas or liquid, good mechanical toughness in both the dry and hydrated states, and high oxidative and hydrolytic stability in the actual fuel cell environment. Water soluble polymers represent an immensely diverse class of polymers. In this comprehensive review the initial focus is on those members of this group that have attracted publication interest, principally: chitosan, poly (ethylene glycol, poly (vinyl alcohol, poly (vinylpyrrolidone, poly (2-acrylamido-2-methyl-1-propanesulfonic acid and poly (styrene sulfonic acid. The paper then considers in detail the relationship of structure to functionality in the context of polymer blends and polymer based networks together with the effects of membrane crosslinking on IPN and semi IPN architectures. This is followed by a review of pore-filling and other impregnation approaches. Throughout the paper detailed numerical results are given for comparison to today’s state-of-the-art Nafion® based materials.

  9. Labour Demand and Exchange Rate Volatility

    OpenAIRE

    Udo Broll; Sabine Hansen

    2004-01-01

    The purpose of this paper is to assess under what conditions exchange rate volatility exerts a positive effect on a firm's labour demand. As the exchange rate volatility increases, so does the value of the export option provided the firm under study is flexible. Flexibility is important because it gives the firm option value. Higher volatility increases the potential gains from trade and may increase the demand for labour. This may explain part of the mixed empirical findings regarding the ef...

  10. Exporter Price Response to Exchange Rate Changes

    DEFF Research Database (Denmark)

    Fosse, Henrik Barslund

    Firms exporting to foreign markets face a particular challenge: to price their exports in a foreign market when the exchange rate changes. This paper takes on pricing- to-market using a unique data set that covers rm level monthly trade at great detail. As opposed to annual trade ows, monthly trade...... theoretical contributions to the litterature on pricing-to-market and exchange rate pass-through....

  11. A New Approach to Forecasting Exchange Rates

    OpenAIRE

    Kenneth W Clements; Yihui Lan

    2006-01-01

    Building on purchasing power parity theory, this paper proposes a new approach to forecasting exchange rates using the Big Mac data from The Economist magazine. Our approach is attractive in three aspects. Firstly, it uses easily-available Big Mac prices as input. These prices avoid several serious problems associated with broad price indexes, such as the CPI, that are used in conventional PPP studies. Secondly, this approach provides real-time exchange-rate forecasts at any forecast horizon....

  12. Real Exchange Rates in Advanced Transition Economies

    Directory of Open Access Journals (Sweden)

    Sanja Grubacic

    2015-10-01

    Full Text Available The recent evidence from Eastern Europe suggests that one of the major obstacles towards the adoption of euro may lie in the impact that the recession of 2008 exerted on the trajectory of real exchange rates in new member countries (European Commission, 2015.  This paper aims to establish and explain the relationship between the external shocks derived from the global financial crisis and recession of 2008 and equilibrium real exchange rate in advanced transition economies of Eastern Europe. The interplay between the external and internal balances is explained by developing an inter-temporal optimizing model of the real exchange rate determination in a small open economy with structural distortions. The results of our model suggest that, in the aftermath of recession, if the Eastern European economies attempt to restore and maintain the balance between the consumption, saving, and investment, the equilibrium real exchange rate will tend to reverse its trajectory from appreciation to depreciation over time in order to encourage a greater production in the future. The equilibrium real exchange rate depreciation in the future may obtain either as a result of an increase in the direct subsidies on investment or as a result of reduced subsidies on the "net-of-investment" income.  The deprecation of countries’ real exchange rate, however, may continue to act as an effective constraint against the adoption of euro.

  13. Exchange rate stabilization under imperfect credibility

    OpenAIRE

    Calvo, Guillermo; Vegh, Carlos

    1991-01-01

    This paper analyzes stabilization policy under predetermined exchange rates in a cash-in-advance, staggered-prices model. Under full credibility, a reduction in the rate of devaluation results in an immediate and permanent reduction in the inflation rate, with no effect on output or consumption. In contrast, a non-credible stabilization results in an initial expansion of output, followed by a later recession. The inflation rate of home goods remains above the rate of devaluation throughout...

  14. DOES CURRENCY SUBSTITUTION AFFECT EXCHANGE RATE VOLATILITY?

    Directory of Open Access Journals (Sweden)

    Hisao Kumamoto

    2014-10-01

    Full Text Available This study investigates the impacts of the degree of currency substitution on nominal exchange rate volatility in seven countries (Indonesia, the Philippines, the Czech Republic, Hungary, Poland, Argentina, and Peru. We use the Threshold ARCH model to consider the ratchet effect of currency substitution and sample periods in the 2000s, during which time the economies of the sample countries stabilized, while the U.S. dollar and euro depreciated against other major currencies following the recent global financial crisis. The presented empirical analyses show that the degree of currency substitution has significant positive effects on the conditional variance of the depreciation rate of the nominal exchange rate in most sample countries. Moreover, a shock to the depreciation rate of the nominal exchange rate has asymmetric effects on the conditional variance, depending on the sign. One possible explanation for these differential effects is the existence of the ratchet effect of currency substitution.

  15. On the importance of exchangeable NH protons in creatine for the magnetic coupling of creatine methyl protons in skeletal muscle

    NARCIS (Netherlands)

    Kruiskamp, M.J.; Nicolaij, K.

    2001-01-01

    The methyl protons of creatine in skeletal muscle exhibit a strong off-resonance magnetization transfer effect. The mechanism of this process is unknown. We previously hypothesized that the exchangeable amide/amino protons of creatine might be involved. To test this the characteristics of the

  16. Bretton Woods Fixed Exchange Rate System versus Floating Exchange Rate System

    OpenAIRE

    Geza, Paula; Giurca Vasilescu, Laura

    2011-01-01

    One of the most important issues of monetary policy is to find out whether the state should intervene among the exchange rates, taking into account the fact that changes in the exchange rates represent a significant transmission channel of the effects generated by the monetary policy. Taking into consideration the failure of fixed exchange rate regimes and the recent improvement of financial markets, the return in the near future to such a regime – as for example the Bretton Woods system –...

  17. Brazilian exchange rate complexity: Financial crisis effects

    Science.gov (United States)

    Piqueira, José Roberto C.; Mortoza, Letícia Pelluci D.

    2012-04-01

    With the financial market globalization, foreign investments became vital for the economies, mainly in emerging countries. In the last decades, Brazilian exchange rates appeared as a good indicator to measure either investors' confidence or risk aversion. Here, some events of global or national financial crisis are analyzed, trying to understand how they influenced the "dollar-real" rate evolution. The theoretical tool to be used is the López-Mancini-Calbet (LMC) complexity measure that, applied to real exchange rate data, has shown good fitness between critical events and measured patterns.

  18. Correlation of the antimicrobial activity of salicylaldehydes with broadening of the NMR signal of the hydroxyl proton. Possible involvement of proton exchange processes in the antimicrobial activity.

    Science.gov (United States)

    Elo, Hannu; Kuure, Matti; Pelttari, Eila

    2015-03-06

    Certain substituted salicylaldehydes are potent antibacterial and antifungal agents and some of them merit consideration as potential chemotherapeutic agents against Candida infections, but their mechanism of action has remained obscure. We report here a distinct correlation between broadening of the NMR signal of the hydroxyl proton of salicylaldehydes and their activity against several types of bacteria and fungi. When proton NMR spectra of the compounds were determined using hexadeuterodimethylsulfoxide as solvent and the height of the OH proton signal was measured, using the signal of the aldehyde proton as an internal standard, it was discovered that a prerequisite of potent antimicrobial activity is that the proton signal is either unobservable or relatively very low, i.e. that it is extremely broadened. Thus, none of the congeners whose OH proton signal was high were potent antimicrobial agents. Some congeners that gave a very low OH signal were, however, essentially inactive against the microbes, indicating that although drastic broadening of the OH signal appears to be a prerequisite, also other (so far unknown) factors are needed for high antimicrobial activity. Because broadening of the hydroxyl proton signal is related to the speed of the proton exchange process(es) involving that proton, proton exchange may be involved in the mechanism of action of the compounds. Further studies are needed to analyze the relative importance of different factors (such as electronic effects, strength of the internal hydrogen bond, co-planarity of the ring and the formyl group) that determine the rates of those processes. Copyright © 2015 Elsevier Masson SAS. All rights reserved.

  19. Analysis performance of proton exchange membrane fuel cell (PEMFC)

    Science.gov (United States)

    Mubin, A. N. A.; Bahrom, M. H.; Azri, M.; Ibrahim, Z.; Rahim, N. A.; Raihan, S. R. S.

    2017-06-01

    Recently, the proton exchange membrane fuel cell (PEMFC) has gained much attention to the technology of renewable energy due to its mechanically ideal and zero emission power source. PEMFC performance reflects from the surroundings such as temperature and pressure. This paper presents an analysis of the performance of the PEMFC by developing the mathematical thermodynamic modelling using Matlab/Simulink. Apart from that, the differential equation of the thermodynamic model of the PEMFC is used to explain the contribution of heat to the performance of the output voltage of the PEMFC. On the other hand, the partial pressure equation of the hydrogen is included in the PEMFC mathematical modeling to study the PEMFC voltage behaviour related to the input variable input hydrogen pressure. The efficiency of the model is 33.8% which calculated by applying the energy conversion device equations on the thermal efficiency. PEMFC’s voltage output performance is increased by increasing the hydrogen input pressure and temperature.

  20. Development of a proton exchange membrane fuel cell cogeneration system

    Energy Technology Data Exchange (ETDEWEB)

    Hwang, Jenn Jiang; Zou, Meng Lin [Department of Greenergy, National University of Tainan, Tainan 700 (China)

    2010-05-01

    A proton exchange membrane fuel cell (PEMFC) cogeneration system that provides high-quality electricity and hot water has been developed. A specially designed thermal management system together with a microcontroller embedded with appropriate control algorithm is integrated into a PEM fuel cell system. The thermal management system does not only control the fuel cell operation temperature but also recover the heat dissipated by FC stack. The dynamic behaviors of thermal and electrical characteristics are presented to verify the stability of the fuel cell cogeneration system. In addition, the reliability of the fuel cell cogeneration system is proved by one-day demonstration that deals with the daily power demand in a typical family. Finally, the effects of external loads on the efficiencies of the fuel cell cogeneration system are examined. Results reveal that the maximum system efficiency was as high as 81% when combining heat and power. (author)

  1. Molecular simulations of hydrated proton exchange membranes. The structure

    Energy Technology Data Exchange (ETDEWEB)

    Marcharnd, Gabriel [Duisburg-Essen Univ., Essen (Germany). Lehrstuhl fuer Theoretische Chemie; Bordeaux Univ., Talence (France). Dept. of Chemistry; Bopp, Philippe A. [Bordeaux Univ., Talence (France). Dept. of Chemistry; Spohr, Eckhard [Duisburg-Essen Univ., Essen (Germany). Lehrstuhl fuer Theoretische Chemie

    2013-01-15

    The structure of two hydrated proton exchange membranes for fuel cells (PEMFC), Nafion {sup registered} (Dupont) and Hyflon {sup registered} (Solvay), is studied by all-atom molecular dynamics (MD) computer simulations. Since the characteristic times of these systems are long compared to the times for which they can be simulated, several different, but equivalent, initial configurations with a large degree of randomness are generated for different water contents and then equilibrated and simulated in parallel. A more constrained structure, analog to the newest model proposed in the literature based on scattering experiments, is investigated in the same way. One might speculate that a limited degree of entanglement of the polymer chains is a key feature of the structures showing the best agreement with experiment. Nevertheless, the overall conclusion remains that the scattering experiments cannot distinguish between the several, in our view equally plausible, structural models. We thus find that the characteristic features of experimental scattering curves are, after equilibration, fairly well reproduced by all systems prepared with our method. We thus study in more detail some structural details. We attempt to characterize the spatial and size distribution of the water rich domains, which is where the proton diffusion mostly takes place, using several clustering algorithms. (orig.)

  2. On the proton exchange contribution to electron-hydrogen atom elastic scattering

    International Nuclear Information System (INIS)

    Mignaco, J.A.; Tort, A.C.

    1979-05-01

    It is shown that the exchange contribution to the electron-proton potential Born term in elastic electron-hydrogen atom scattering arises as the non relativistic limit from the exchange of a proton between the two participant electrons - calculated from quantum electrodynamics including properly bound states (as solution of Bethe - Salpeter equation). (Author) [pt

  3. Visibility graph approach to exchange rate series

    Science.gov (United States)

    Yang, Yue; Wang, Jianbo; Yang, Huijie; Mang, Jingshi

    2009-10-01

    By means of a visibility graph, we investigate six important exchange rate series. It is found that the series convert into scale-free and hierarchically structured networks. The relationship between the scaling exponents of the degree distributions and the Hurst exponents obeys the analytical prediction for fractal Brownian motions. The visibility graph can be used to obtain reliable values of Hurst exponents of the series. The characteristics are explained by using the multifractal structures of the series. The exchange rate of EURO to Japanese Yen is widely used to evaluate risk and to estimate trends in speculative investments. Interestingly, the hierarchies of the visibility graphs for the exchange rate series of these two currencies are significantly weak compared with that of the other series.

  4. Exchange rate regulation, the behavior of exchange rates, and macroeconomic stability in Brazil

    Directory of Open Access Journals (Sweden)

    Francisco Eduardo Pires de Souza

    2011-12-01

    Full Text Available In the last two decades an entirely new set of rules governing the foreign exchange transactions was established in Brazil, substituting for the framework inherited from the 1930s. Foreign exchange controls were dismantled and a floating exchange rate regime replaced different forms of peg. In this paper we argue that although successful by comparison to previous experiences, the current arrangement has important flaws that should be addressed. We discuss how it first led to high volatility and extremely high interest rates, which, when overcome, gave way to a long lasting appreciation of the real exchange rate with adverse consequences to industry.

  5. The influence of interest rates on the exchange rate and exchange rate volatility

    OpenAIRE

    Florin MAVRIS; Dumitru-Cristian OANEA

    2014-01-01

    The dynamic of interest rates has been the subject of attention by both traders and researchers. We see in what manner different factors that depend on the actions of central banks that influence them by using a GARCH type model and we compare its performance with other models to see what approach explains and predicts the movement of the exchange rate. To better understand the type of model that is applicable the data is tested for heteroskedasticity, and only after that the model is impleme...

  6. Multivariable nonlinear analysis of foreign exchange rates

    Science.gov (United States)

    Suzuki, Tomoya; Ikeguchi, Tohru; Suzuki, Masuo

    2003-05-01

    We analyze the multivariable time series of foreign exchange rates. These are price movements that have often been analyzed, and dealing time intervals and spreads between bid and ask prices. Considering dealing time intervals as event timing such as neurons’ firings, we use raster plots (RPs) and peri-stimulus time histograms (PSTHs) which are popular methods in the field of neurophysiology. Introducing special processings to obtaining RPs and PSTHs time histograms for analyzing exchange rates time series, we discover that there exists dynamical interaction among three variables. We also find that adopting multivariables leads to improvements of prediction accuracy.

  7. Chartist Trading in Exchange Rate Theory

    OpenAIRE

    Selander, Carina

    2006-01-01

    This thesis consists of four papers, of which paper 1 and 4 are co-written with Mikael Bask. Paper [1] implements chartists trading in a sticky-price monetary model for determining the exchange rate. It is demonstrated that chartists cause the exchange rate to "overshoot the overshooting equilibrium" of a sticky-price monetary model. Chartists base their trading on a short-long moving average. The importance of technical trading depends inversely on the time horizon in currency trade. The exc...

  8. Exchange rate arrangements: From extreme to "normal"

    Directory of Open Access Journals (Sweden)

    Beker Emilija

    2006-01-01

    Full Text Available The paper studies theoretical and empirical location dispersion of exchange rate arrangements - rigid-intermediate-flexible regimes, in the context of extreme arrangements of a currency board, dollarization and monetary union moderate characteristics of intermediate arrangements (adjustable pegs crawling pegs and target zones and imperative-process "normalization" in the form of a managed or clean floating system. It is established that de iure and de facto classifications generate "fear of floating" and "fear of pegging". The "impossible trinity" under the conditions of capital liberalization and globalization creates a bipolar view or hypothesis of vanishing intermediate exchange rate regimes.

  9. Exchange-rate forecasts and asymmetric loss: empirical evidence for the yen/dollar exchange rate

    DEFF Research Database (Denmark)

    Stadtmann, Georg; Pierdzioch; Rülke

    2012-01-01

    We used the yen/dollar exchange-rate forecasts of the Wall Street Journal (WSJ) poll to analyse whether exchange-rate forecasters have an asymmetric loss function. To this end, we applied an approach recently developed by Elliott et al. (2005). We found that only few forecasters seem to form...

  10. Where Would the EUR/CHF Exchange Rate be Without the SNB's Minimum Exchange Rate Policy?

    DEFF Research Database (Denmark)

    Hanke, Michael; Poulsen, Rolf; Weissensteiner, Alex

    2015-01-01

    Since its announcement made on September 6, 2011, the Swiss National Bank (SNB) has been pursuing the goal of a minimum EUR/CHF exchange rate of 1.20, promising to intervene on currency markets to prevent the exchange rate from falling below this level.We use a compound option pricing approach...

  11. Moessbauer study of proton-exchanged LiNbO3:Fe

    International Nuclear Information System (INIS)

    Engelmann, H.; Andler, G.; Dezsi, I.

    1990-01-01

    Topotactic proton exchange (Li against H) can be achieved by treating LiBnO 3 with appropriate acids. In order to investigate the effect of proton exchange on Fe-impurities we studied LiNbO 3 :Fe powder material treated in sulphuric acid and LiNbO 3 :Fe single crystals treated in benzoic acid by Moessbauer spectroscopy. During the topotactic ion exchange only the Li-ions are exchanged for protons, whereas the Fe-impurities are retained in the material. (orig.)

  12. Apparent exchange rate for breast cancer characterization.

    Science.gov (United States)

    Lasič, Samo; Oredsson, Stina; Partridge, Savannah C; Saal, Lao H; Topgaard, Daniel; Nilsson, Markus; Bryskhe, Karin

    2016-05-01

    Although diffusion MRI has shown promise for the characterization of breast cancer, it has low specificity to malignant subtypes. Higher specificity might be achieved if the effects of cell morphology and molecular exchange across cell membranes could be disentangled. The quantification of exchange might thus allow the differentiation of different types of breast cancer cells. Based on differences in diffusion rates between the intra- and extracellular compartments, filter exchange spectroscopy/imaging (FEXSY/FEXI) provides non-invasive quantification of the apparent exchange rate (AXR) of water between the two compartments. To test the feasibility of FEXSY for the differentiation of different breast cancer cells, we performed experiments on several breast epithelial cell lines in vitro. Furthermore, we performed the first in vivo FEXI measurement of water exchange in human breast. In cell suspensions, pulsed gradient spin-echo experiments with large b values and variable pulse duration allow the characterization of the intracellular compartment, whereas FEXSY provides a quantification of AXR. These experiments are very sensitive to the physiological state of cells and can be used to establish reliable protocols for the culture and harvesting of cells. Our results suggest that different breast cancer subtypes can be distinguished on the basis of their AXR values in cell suspensions. Time-resolved measurements allow the monitoring of the physiological state of cells in suspensions over the time-scale of hours, and reveal an abrupt disintegration of the intracellular compartment. In vivo, exchange can be detected in a tumor, whereas, in normal tissue, the exchange rate is outside the range experimentally accessible for FEXI. At present, low signal-to-noise ratio and limited scan time allows the quantification of AXR only in a region of interest of relatively large tumors. © 2016 The Authors. NMR in Biomedicine published by John Wiley & Sons Ltd.

  13. Integrated Monetary and Exchange Rate Frameworks

    NARCIS (Netherlands)

    L. Vinhas de Souza

    2002-01-01

    textabstractHere the author empirically estimates if the different monetary and exchange rate frameworks observed in the Accession Countries of Central and Eastern Europe and the Baltics do yield different outcomes in terms of level and variance of a set of nominal and real variables. The author

  14. RADIATION STABILITY OF NAFION MEMBRANES USED FOR ISOTOPE SEPARATION BY PROTON EXCHANGE MEMBRANE ELECTROLYSIS

    International Nuclear Information System (INIS)

    Fox, E.

    2009-01-01

    Proton Exchange Membrane Electrolyzers have potential interest for use for hydrogen isotope separation from water. In order for PEME to be fully utilized, more information is needed on the stability of Nafion when exposed to radiation. This work examines Nafion 117 under varying exposure conditions, including dose rate, total dosage and atmospheric condition. Analytical tools, such as FT-IR, ion exchange capacity, DMA and TIC-TOC were used to characterize the exposed membranes. Analysis of the water from saturated membranes can provide important data on the stability of the membranes during radiation exposure. It was found that the dose rate of exposure plays an important role in membrane degradation. Potential mechanisms for membrane degradation include peroxide formation by free radicals

  15. RADIATION STABILITY OF NAFION MEMBRANES USED FOR ISOTOPE SEPARATION BY PROTON EXCHANGE MEMBRANE ELECTROLYSIS

    Energy Technology Data Exchange (ETDEWEB)

    Fox, E

    2009-05-15

    Proton Exchange Membrane Electrolyzers have potential interest for use for hydrogen isotope separation from water. In order for PEME to be fully utilized, more information is needed on the stability of Nafion when exposed to radiation. This work examines Nafion 117 under varying exposure conditions, including dose rate, total dosage and atmospheric condition. Analytical tools, such as FT-IR, ion exchange capacity, DMA and TIC-TOC were used to characterize the exposed membranes. Analysis of the water from saturated membranes can provide important data on the stability of the membranes during radiation exposure. It was found that the dose rate of exposure plays an important role in membrane degradation. Potential mechanisms for membrane degradation include peroxide formation by free radicals.

  16. Quantitation of chemical exchange rates using pulsed-field-gradient diffusion measurements

    International Nuclear Information System (INIS)

    Andrec, Michael; Prestegard, James H.

    1997-01-01

    A new approach to the quantitation of chemical exchange rates is presented, and its utility is illustrated with application to the exchange of protein amide protons with bulk water. The approach consists of a selective-inversion exchange HMQC experiment in which a short spin echo diffusion filter has been inserted into the exchange period. In this way, the kinetics of exchange are encoded directly in an apparent diffusion coefficient which is a function of the position of the diffusion filter in the pulse sequence. A detailed theoretical analysis of this experiment indicates that, in addition to the measurement of simple exchange rates, the experiment is capable of measuring the effect of mediated exchange, e.g. the transfer of magnetization from bulk water to an amide site mediated by an internal bound water molecule or a labile protein side-chain proton in fast exchange with bulk water. Experimental results for rapid water/amide exchange in acyl carrier protein are shown to be quantitatively consistent with the exchange rates measured using a selective-inversion exchange experiment

  17. The mass balance of a Proton Exchange Membrane Fuel Cell (PEMFC)

    International Nuclear Information System (INIS)

    Miloud, S.; Kamaruzzaman Sopian; Wan Ramli Wan Daud

    2006-01-01

    A Proton Exchange Membrane Fuel Cell (PEMFC), operating at low temperature uses a simple chemical process to combine hydrogen and oxygen into water, producing electric current and heat during the electrochemical reaction. This work concern on the theoretical consideration of the mass balance has been evaluated to predict the mass flow rate of the both gases (hydrogen/oxygen), the water mass balance, and the heat transfer in order to design a single cell PEMFC stack with a better flow field distributor on the performance of Polymer Electrolyte membrane fuel cells

  18. An Empirical Investigation into Exchange Rate Regime Choice and Exchange Rate Volatility

    OpenAIRE

    Helge Berger; Jan-Egbert Sturm; Jakob de Haan

    2000-01-01

    We test a simple model of exchange rate regime choice with data for 65 non-OECD countries covering the period 1980-94. We find that the variance of output at home and in potential target c ountries as well as the correlation between home and foreign real activity are powerful and robust predictors of exchange rate regime choice. Surprisingly, a more volatile foreign economy can be an argument in favor of a fixed exchange rate regime once similarities in the business cycle are taken into accou...

  19. A re-examination of the exchange rate overshooting hypothesis ...

    African Journals Online (AJOL)

    Southern African Business Review ... This finding is inconsistent with the monetary model of exchange rate determination, which asserts that there is a long-run relationship between the exchange rate ... Key words: Exchange rates, monetary model, autoregressive distributed lag, cointegration, exchange rate overshooting ...

  20. What determines the exchange rate: economic factors or market sentiment?

    OpenAIRE

    Gregory P. Hopper

    1997-01-01

    Do economic factors influence exchange rates? Or does market sentiment play a bigger role? Are short-run exchange rates predictable? Greg Hopper reviews exchange-rate economics, focusing on what is predictable and what isn't. He also examines the practical implications of exchange-rate theories for currency option pricing, risk management, and portfolio selection.

  1. Advantages of Chemical Exchange-Sensitive Spin-Lock (CESL) Over Saturation Transfer (CEST) for Hydroxyl- and Amine-Water Proton Exchange Studies

    Science.gov (United States)

    Jin, Tao; Kim, Seong-Gi

    2014-01-01

    The chemical exchange (CE) rate of endogenous hydroxyl and amine protons with water is often comparable to the difference in their chemical shifts. These intermediate exchange (IMEX) processes have been imaged by the CE saturation transfer (CEST) approach with low-power and long-duration irradiation. However, its sensitivity is not optimal, and more importantly, the signal is contaminated by slow magnetization transfer processes. Here, the property of CEST signals is compared to a CE-sensitive spin-locking (CESL) technique irradiating at the labile proton frequency. Firstly, using a higher power and shorter irradiation in CE-MRI yields i) increasing selectivity to faster chemical exchange rates by higher sensitivity to faster exchanges and less sensitivity to slower CE and magnetization transfer processes, and ii) decreasing in vivo asymmetric magnetization transfer contrast measured at ±15 ppm. The sensitivity gain of CESL over CEST is higher for a higher-power and shorter irradiation. Unlike CESL, CEST signals oscillate at a very high power and short irradiation. Secondly, time-dependent CEST and CESL signals are well modeled by analytical solutions of CE-MRI with asymmetric population approximation (CEAPA), which can be used for quantitative CE-MRI, and validated by simulations of Bloch-McConnell equations and phantom experiments. Lastly, in vivo amine-water proton exchange contrast measured at 2.5 ppm with ω1 of 500 Hz is 18% higher in sensitivity for CESL than CEST at 9.4 T. Overall, CESL provides better exchange rate selectivity and sensitivity than CEST; therefore, CESL is more suitable for CE-MRI of IMEX protons. PMID:25199631

  2. Interfacial Water-Transport Effects in Proton-Exchange Membranes

    Energy Technology Data Exchange (ETDEWEB)

    Kienitz, Brian; Yamada, Haruhiko; Nonoyama, Nobuaki; Weber, Adam

    2009-11-19

    It is well known that the proton-exchange membrane is perhaps the most critical component of a polymer-electrolyte fuel cell. Typical membranes, such as Nafion(R), require hydration to conduct efficiently and are instrumental in cell water management. Recently, evidence has been shown that these membranes might have different interfacial morphology and transport properties than in the bulk. In this paper, experimental data combined with theoretical simulations will be presented that explore the existence and impact of interfacial resistance on water transport for Nafion(R) 21x membranes. A mass-transfer coefficient for the interfacial resistance is calculated from experimental data using different permeation cells. This coefficient is shown to depend exponentially on relative humidity or water activity. The interfacial resistance does not seem to exist for liquid/membrane or membrane/membrane interfaces. The effect of the interfacial resistance is to flatten the water-content profiles within the membrane during operation. Under typical operating conditions, the resistance is on par with the water-transport resistance of the bulk membrane. Thus, the interfacial resistance can be dominant especially in thin, dry membranes and can affect overall fuel-cell performance.

  3. Microalgae dewatering based on forward osmosis employing proton exchange membrane.

    Science.gov (United States)

    Son, Jieun; Sung, Mina; Ryu, Hoyoung; Oh, You-Kwan; Han, Jong-In

    2017-11-01

    In this study, electrically-facilitated forward osmosis (FO) employing proton exchange membrane (PEM) was established for the purpose of microalgae dewatering. An increase in water flux was observed when an external voltage was applied to the FO equipped with the PEM; as expected, the trend became more dramatic with both concentration of draw solution and applied voltage raised. With this FO used for microalgae dewatering, 247% of increase in flux and 86% in final biomass concentration were observed. In addition to the effect on flux improvement, the electrically-facilitated FO exhibited the ability to remove chlorophyll from the dewatered biomass, down to 0.021±0015mg/g cell. All these suggest that the newly suggested electrically-facilitated FO, one particularly employed PEM, can indeed offer a workable way of dewatering of microalgae; it appeared to be so because it can also remove the ever-problematic chlorophyll from extracted lipids in a simultaneous fashion. Copyright © 2017 Elsevier Ltd. All rights reserved.

  4. CFD simulation of fuel cell proton exchange membrane multichannel

    International Nuclear Information System (INIS)

    Argota, Raúl; García, Lázaro; Torre, Raciel de la; González, Daniel

    2015-01-01

    Hydrogen has several applications that make the strongest candidate for implementation as an energy carrier in the future sustainable scenario. Current hydrogen production is based on fossil fuels that have a high contribution to air pollution. The imminent depletion of fossil fuels and high emissions of greenhouse gases that cause consumption has brought the world to consider energy scenarios that are more environmentally friendly and yet profitable. The use of hydrogen as an energy carrier generally occurs with good application prospects. Fuel cells have attracted great interest for its application mainly in the transport sector. The fuel cell PEM proton exchange membrane which convert chemical energy stored in hydrogen into electrical energy directly and efficiently, with water as a byproduct, have the ability to reduce emissions and dependence on fossil fuels. A model for multiple cell PEM five channels using the ANSYS software CFD occurs. Performance analysis and optimization of the thermodynamic and geometric parameters of the fuel cell is performed. It was analyzed the overall electrical performance and assessed performance by local current density, flow and temperatures. (full text)

  5. Proton exchange membrane fuel cell technology for transportation applications

    Energy Technology Data Exchange (ETDEWEB)

    Swathirajan, S. [General Motors R& D Center, Warren, MI (United States)

    1996-04-01

    Proton Exchange Membrane (PEM) fuel cells are extremely promising as future power plants in the transportation sector to achieve an increase in energy efficiency and eliminate environmental pollution due to vehicles. GM is currently involved in a multiphase program with the US Department of Energy for developing a proof-of-concept hybrid vehicle based on a PEM fuel cell power plant and a methanol fuel processor. Other participants in the program are Los Alamos National Labs, Dow Chemical Co., Ballard Power Systems and DuPont Co., In the just completed phase 1 of the program, a 10 kW PEM fuel cell power plant was built and tested to demonstrate the feasibility of integrating a methanol fuel processor with a PEM fuel cell stack. However, the fuel cell power plant must overcome stiff technical and economic challenges before it can be commercialized for light duty vehicle applications. Progress achieved in phase I on the use of monolithic catalyst reactors in the fuel processor, managing CO impurity in the fuel cell stack, low-cost electrode-membrane assembles, and on the integration of the fuel processor with a Ballard PEM fuel cell stack will be presented.

  6. Hydrogen-exchange kinetics of the indole NH proton of the buried tryptophan in the constant fragment of the immunoglobulin light chain

    International Nuclear Information System (INIS)

    Kawata, Y.; Goto, Y.; Hamaguchi, K.; Hayashi, F.; Kobayashi, Y.; Kyogoku, Y.

    1988-01-01

    The constant fragment of the immunoglobulin light chain (type λ) has two trytophyl residues at positions 150 and 187. Trp-150 is buried in the interior, and Trp-187 lies on the surface of the molecule. The hydrogen-deuterium exchange kinetics of the indole NH proton Trp-150 were studied at various pH values at 25 0 C by 1 H nuclear magnetic resonance. Exchange rates were approximately first order in hydroxyl ion dependence above pH 8, were relatively independent of pH between pH 7 and 8, and decreased below pH 7. On the assumption that the exchange above pH 8 proceeds through local fluctuations of the protein molecule, the exchange rates between pH 7 and 8 through global unfolding were estimated. The exchange rate constant within this pH range at 25 0 C thus estimated was consistent with that of the global unfolding of the constant fragment under the same conditions as those reported previously. The activation energy for the exchange process at pH 7.8 was the same as that for the unfolding process by 2 M guanidine hydrochloride. The exchange rates of backbone NH protons were almost the same as that of the indole NH proton of Trp-150 at pH 7.l. These observations also indicated that the exchange between pH 7 and 8 occurs through global unfolding of the protein molecule and is rate-limited by the unfolding. At around pH 9, on the other hand, the activation energy for the exchange process of the indole NH proton of Trp-150 was smaller than that for the unfolding process, and the exchange rates differed according to the different signals of backbone NH protons. These findings together with the pH dependence of the rate constant indicated that exchange due to local fluctuations is predominant above pH 8

  7. Recurrence plots of exchange rates of currencies

    OpenAIRE

    Sparavigna, Amelia Carolina

    2014-01-01

    Used to investigate the presence of distinctive recurrent behaviours in natural processes, the recurrence plots can be applied to the analysis of economic data, and, in particular, to the characterization of exchange rates of currencies too. In this paper, we will show that these plots are able to characterize the periods of oscillation and random walk of currencies and enhance their reply to news and events, by means of texture transitions. The examples of recurrence plots given here are obt...

  8. Exchange rate variability, market activity and heterogeneity

    OpenAIRE

    Rime, Dagfinn; Sucarrat, Genaro

    2007-01-01

    We study the role played by geographic and bank-size heterogeneity in the relation between exchange rate variability and market activity. We find some support for the hypothesis that increases in short-term global interbank market activity, which can be interpreted as due to variation in information arrival, increase variability. However, our results do not suggest that local short-term activity increases variability. With respect to long-term market activity, which can be interpreted as a me...

  9. Predicting Ionization Rates from SEP and Solar Wind Proton Precipitation into the Martian Atmosphere

    Science.gov (United States)

    Jolitz, R.; Dong, C.; Lee, C. O.; Curry, S.; Lillis, R. J.; Brain, D.; Halekas, J. S.; Larson, D. E.; Bougher, S. W.; Jakosky, B. M.

    2017-12-01

    Precipitating energetic particles ionize planetary atmospheres and increase total electron content. At Mars, the solar wind and solar energetic particles (SEPs) can precipitate directly into the atmosphere because solar wind protons can charge exchange to become neutrals and pass through the magnetosheath, while SEPs are sufficiently energetic to cross the magnetosheath unchanged. In this study we will present predicted ionization rates and resulting electron densities produced by solar wind and SEP proton ionization during nominal solar activity and a CME shock front impact event on May 16 2016. We will use the Atmospheric Scattering of Protons and Energetic Neutrals (ASPEN) model to compare ionization by SEP and solar wind protons currently measured by the SWIA (Solar Wind Ion Analyzer) and SEP instruments aboard the MAVEN spacecraft. Results will help to quantify how the ionosphere responds to extreme solar events during solar minimum.

  10. Proton exchange membranes prepared by grafting of styrene/divinylbenzene into crosslinked PTFE membranes

    International Nuclear Information System (INIS)

    Li Jingye; Ichizuri, Shogo; Asano, Saneto; Mutou, Fumihiro; Ikeda, Shigetoshi; Iida, Minoru; Miura, Takaharu; Oshima, Akihiro; Tabata, Yoneho; Washio, Masakazu

    2005-01-01

    Thin PTFE membranes were prepared by coating the PTFE dispersion onto the aluminum films. Thus the thin crosslinked PTFE (RX-PTFE) membranes were obtained by means of electron beam irradiation above the melting temperature of PTFE under oxygen-free atmosphere. The RX-PTFE membranes were pre-irradiated and grafted by styrene with or without divinylbenzene (DVB) in liquid phase. The existence of DVB accelerated the initial grafting rate. The styrene grafted RX-PTFE membranes are white colored, on the other hand, the styrene/DVB grafted RX-PTFE membranes are colorless. The proton exchange membranes (PEMs) were obtained by sulfonating the grafted membranes using chlorosulfonic acid. The ion exchange capacity (IEC) values of the PEMs ranging from 1.5 to 2.8 meq/g were obtained. The PEMs made from the styrene/DVB grafted membranes showed higher chemical stability than those of the styrene grafted membranes under oxidative circumstance

  11. Low stoichiometry operation of a proton exchange membrane fuel cell employing the interdigitated flow field

    DEFF Research Database (Denmark)

    Berning, Torsten; Kær, Søren Knudsen

    2012-01-01

    A multiphase fuel cell model based on computational fluid dynamics is used to investigate the possibility of operating a proton exchange membrane fuel cell at low stoichiometric flow ratios (ξ gases. A case study...

  12. The effects of real exchange rate misalignment and real exchange volatility on exports

    OpenAIRE

    Diallo, Ibrahima Amadou

    2011-01-01

    This paper uses panel data cointegration techniques to study the impacts of real exchange rate misalignment and real exchange rate volatility on total exports for a panel of 42 developing countries from 1975 to 2004. The results show that both real exchange rate misalignment and real exchange rate volatility affect negatively exports. The results also illustrate that real exchange rate volatility is more harmful to exports than misalignment. These outcomes are corroborated by estimations on s...

  13. Thermo-economic analysis of proton exchange membrane fuel cell fuelled with methanol and methane

    International Nuclear Information System (INIS)

    Suleiman, B.; Abdulkareem, A.S.; Musa, U.; Mohammed, I.A.; Olutoye, M.A.; Abdullahi, Y.I.

    2016-01-01

    Highlights: • Modified proton exchange membrane fuel cell was reported. • Thermolib software was used for the simulation of PEM fuel cell configurations. • Optimal operating parameters at 50 kW output of each process were determined. • Thermo-economic analysis is the most efficient way of process selection. • Methane system configuration has been identified as the best preferred PEM fuel cell. - Abstract: Exergy and economic analysis is often used to find and identify the most efficient process configuration for proton exchange membrane fuel cell from the thermo-economic point of view. This work gives an explicit account of the synergetic effect of exergetic and economic analysis of proton exchange membrane fuel cell (PEMFC) using methanol and methane as fuel sources. This was carried out through computer simulation using Thermolib simulation toolbox. Data generated from the simulated model were subsequently used for the thermodynamic and economic analysis. Analysis of energy requirement for the two selected processes revealed that the methane fuelled system requires the lower amount of energy (4.578 kJ/s) in comparison to the methanol fuelled configuration which requires 180.719 J/s. Energy analysis of both configurations showed that the principle of energy conservation was satisfied while the result of the exergy analysis showed high exergetic efficiency around major equipment (heat exchangers, compressors and pumps) of methane fuelled configuration. Higher irreversibility rate were observed around the burner, stack, and steam reformer. These trends of exergetic efficiency and irreversibility rate were observed around equipment in the methanol fuelled system but with lower performance when compared with the methane fuelled process configuration. On the basis of overall exergetic efficiency and lost work, the methanol system was more efficient with lower irreversibility rate of 547.27 kJ/s and exergetic efficiency of 34.44% in comparison with the methane

  14. Stochastic Simulation of the Exchange Rate

    Directory of Open Access Journals (Sweden)

    Anamaria ALDEA

    2007-01-01

    Full Text Available The rational expectations paradigm, that dominates macroeconomicsfails to take into account the complexity of the information, which is so vast that the individual brain cannot understand the full of it. The agents are boundedly rational,so they use simple forecasting rules that do not incorporate all available information, but they are willing to learn and will switch to other rules if it turns out that these rules are more profitable than the rule they have been using. Such trial and error learning strategies create the dynamics in the foreign exchange market, with two types of equilibria, a fundamental and a non-fundamental equilibrium to which the exchange rate is attracted.

  15. 14 CFR 65.43 - Rating privileges and exchange.

    Science.gov (United States)

    2010-01-01

    ... 14 Aeronautics and Space 2 2010-01-01 2010-01-01 false Rating privileges and exchange. 65.43... § 65.43 Rating privileges and exchange. (a) The holder of a senior rating on August 31, 1970, may at any time after that date exchange his rating for a facility rating at the same air traffic control...

  16. 38 CFR 3.32 - Exchange rates for foreign currencies.

    Science.gov (United States)

    2010-07-01

    ... Exchange rates for foreign currencies. When determining the rates of pension or parents' DIC or the amounts... parents' DIC. (1) Because exchange rates for foreign currencies cannot be determined in advance, rates of... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Exchange rates for...

  17. High temperature proton exchange membranes prepared from epoxycyclohexylethyltrimethoxysilane and amino trimethylene phosphonic acid as anhydrous proton conductors

    International Nuclear Information System (INIS)

    Chen, Cheng; Shen, Chunhui; Kong, Gengjin; Gao, Shanjun

    2013-01-01

    High temperature anhydrous proton exchange membranes based on phosphonic acid were prepared from epoxycyclohexylethyltrimethoxysilane (EHTMS) and amino trimethylene phosphonic acid (ATMP) by sol–gel process. The structures and properties of membranes with different phosphonic acid content were extensively characterized by FTIR, TG-DSC and XRD. Their proton conductivity under dry condition was also investigated under different temperature. The results show that the proton conductivity of the prepared membranes strongly depends on temperature, and the proton conductivity ranges from 8.81 × 10 −5 S cm −1 at 20 °C to 4.65 × 10 −2 S cm −1 at 140 °C under anhydrous condition. It indicates that the increasing temperature is favorable for congregating of the grafted–PO 3 H 2 and increasing of the proton mobility. In addition, from the results of AFM images, it was confirmed that the continuous distribution of phosphonic acid groups is favorable for the formation of the proton transport channel, which can significantly enhance the proton conductivity of the membranes. Highlights: ► Hybrid membranes of Epoxycyclohexylethyltrimethoxysilane and Amino trimethylene phosphonic acid. ► The proton conductivity is 4.65 × 10 −2 S cm −1 at 140 °C under anhydrous condition. ► Continuous uniform distributions of phosphonic acid groups can be observed by AFM. ► There could be hydrogen bond network within high temperature membranes

  18. Estimation of contact resistance in proton exchange membrane fuel cells

    Energy Technology Data Exchange (ETDEWEB)

    Zhang, Lianhong; Liu, Ying; Song, Haimin; Wang, Shuxin [School of Mechanical Engineering, Tianjin University, 92 Weijin Road, Nankai District, Tianjin 300072 (China); Zhou, Yuanyuan; Hu, S. Jack [Department of Mechanical Engineering, The University of Michigan, Ann Arbor, MI 48109-2125 (United States)

    2006-11-22

    The contact resistance between the bipolar plate (BPP) and the gas diffusion layer (GDL) is an important factor contributing to the power loss in proton exchange membrane (PEM) fuel cells. At present there is still not a well-developed method to estimate such contact resistance. This paper proposes two effective methods for estimating the contact resistance between the BPP and the GDL based on an experimental contact resistance-pressure constitutive relation. The constitutive relation was obtained by experimentally measuring the contact resistance between the GDL and a flat plate of the same material and processing conditions as the BPP under stated contact pressure. In the first method, which was a simplified prediction, the contact area and contact pressure between the BPP and the GDL were analyzed with a simple geometrical relation and the contact resistance was obtained by the contact resistance-pressure constitutive relation. In the second method, the contact area and contact pressure between the BPP and GDL were analyzed using FEM and the contact resistance was computed for each contact element according to the constitutive relation. The total contact resistance was then calculated by considering all contact elements in parallel. The influence of load distribution on contact resistance was also investigated. Good agreement was demonstrated between experimental results and predictions by both methods. The simplified prediction method provides an efficient approach to estimating the contact resistance in PEM fuel cells. The proposed methods for estimating the contact resistance can be useful in modeling and optimizing the assembly process to improve the performance of PEM fuel cells. (author)

  19. Multi-block sulfonated poly(phenylene) copolymer proton exchange membranes

    Science.gov (United States)

    Fujimoto, Cy H [Albuquerque, NM; Hibbs, Michael [Albuquerque, NM; Ambrosini, Andrea [Albuquerque, NM

    2012-02-07

    Improved multi-block sulfonated poly(phenylene) copolymer compositions, methods of making the same, and their use as proton exchange membranes (PEM) in hydrogen fuel cells, direct methanol fuel cells, in electrode casting solutions and electrodes. The multi-block architecture has defined, controllable hydrophobic and hydrophilic segments. These improved membranes have better ion transport (proton conductivity) and water swelling properties.

  20. Proton exchange in acid–base complexes induced by reaction coordinates with heavy atom motions

    International Nuclear Information System (INIS)

    Alavi, Saman; Taghikhani, Mahdi

    2012-01-01

    Highlights: ► Proton exchange in acid–base complexes is studied. ► The structures, binding energies, and normal mode vibrations are calculated. ► Transition state structures of proton exchange mechanism are determined. ► In the complexes studied, the reaction coordinate involves heavy atom rocking. ► The reaction coordinate is not simply localized in the proton movements. - Abstract: We extend previous work on nitric acid–ammonia and nitric acid–alkylamine complexes to illustrate that proton exchange reaction coordinates involve the rocking motion of the base moiety in many double hydrogen-bonded gas phase strong acid–strong base complexes. The complexes studied involve the biologically and atmospherically relevant glycine, formic, acetic, propionic, and sulfuric acids with ammonia/alkylamine bases. In these complexes, the magnitude of the imaginary frequencies associated with the proton exchange transition states are −1 . This contrasts with widely studied proton exchange reactions between symmetric carboxylic acid dimers or asymmetric DNA base pair and their analogs where the reaction coordinate is localized in proton motions and the magnitude of the imaginary frequencies for the transition states are >1100 cm −1 . Calculations on complexes of these acids with water are performed for comparison. Variations of normal vibration modes along the reaction coordinate in the complexes are described.

  1. Quantification of protein backbone hydrogen-deuterium exchange rates by solid state NMR spectroscopy

    International Nuclear Information System (INIS)

    Lopez del Amo, Juan-Miguel; Fink, Uwe; Reif, Bernd

    2010-01-01

    We present the quantification of backbone amide hydrogen-deuterium exchange rates (HDX) for immobilized proteins. The experiments make use of the deuterium isotope effect on the amide nitrogen chemical shift, as well as on proton dilution by deuteration. We find that backbone amides in the microcrystalline α-spectrin SH3 domain exchange rather slowly with the solvent (with exchange rates negligible within the individual 15 N-T 1 timescales). We observed chemical exchange for 6 residues with HDX exchange rates in the range from 0.2 to 5 s -1 . Backbone amide 15 N longitudinal relaxation times that we determined previously are not significantly affected for most residues, yielding no systematic artifacts upon quantification of backbone dynamics (Chevelkov et al. 2008b). Significant exchange was observed for the backbone amides of R21, S36 and K60, as well as for the sidechain amides of N38, N35 and for W41ε. These residues could not be fit in our previous motional analysis, demonstrating that amide proton chemical exchange needs to be considered in the analysis of protein dynamics in the solid-state, in case D 2 O is employed as a solvent for sample preparation. Due to the intrinsically long 15 N relaxation times in the solid-state, the approach proposed here can expand the range of accessible HDX rates in the intermediate regime that is not accessible so far with exchange quench and MEXICO type experiments.

  2. Exchange Rate Volatility and Investment: A Panel Data Cointegration Approach

    Directory of Open Access Journals (Sweden)

    Ibrahima Amadou DIALLO

    2015-05-01

    Full Text Available This paper examines the link between real exchange rate volatility and domestic investment by using panel data cointegration techniques. We study the empirical connection between real effective exchange rate volatility and investment for 51 developing countries (23 low-income and 28 middle-income countries. The theoretical relationship between investment and real exchange rate volatility predicts that the effects of exchange rate uncertainty on profits are ambiguous. The empirical results illustrate that real effective exchange rate volatility has a strong negative impact on investment. This outcome is robust in low income and middle income countries, and by using an alternative measurement of exchange rate volatility.

  3. Complexity, rate of energy exchanges and stochasticity

    International Nuclear Information System (INIS)

    Casartelli, M.; Sello, S.

    1987-01-01

    The complexity of trajectories in the phase of anharmonic crystal (mostly a Lennard-Jones chain) is analysed by the variance of microcanonical density and by new parameters P and chi defined, respectively, as the mean value of the time averages and the relative variance of the absolute exchange rate of energies among the normal modes. Evidence is given to the trapping action of residual invariant surfaces in low stochastic regime of motion. The parameter chi, moreover, proves efficient in exploring the border of stochasticity. A simple power law for P vs. the specific energy is obtained and proved to be independent of stochasticity and of the type of anharmonic potential

  4. KRW/USD Exchange Rate Volatility and Efficient Risk Management

    OpenAIRE

    Sang-Yong Joo; Chae-Shick Chung; Young-Woo Lee

    1999-01-01

    This thesis analyzes the relationship between the exchange rate of Korean Won and US dollar and the amount of foreign exchange, and studies the direction of the amendment of the risk control of foreign exchange. The GARCH (Generalized Auto Regressive Conditional Heteroscedasticity) model which visually embodies the auto-regress of the wave of exchange rate shows that the amount of trade will enhance the fluidity of the exchange rate, that is, the various expects of the participators of the ma...

  5. Effect of Nafion ionometer content on proton conductivity in the catalyst layer of proton exchange fuel cell

    Energy Technology Data Exchange (ETDEWEB)

    Ozalevlia, Cihan Cemil; Jian Xie; Xu, Fan [METU MS Mechanical Engineering (United States)], email: cihan.ozalevli@metu.edu.tr, email: jianxie@iupui.edu, email: fanxu@iupui.edu

    2011-07-01

    In the energy conversion sector, proton exchange fuel cells (PEFC's) are among the most promising technologies for the future. The Nafion ionometer is the most important part of the membrane electrode assembly (MEA) which is the core technology of the system. The Nafion ionometer is both a proton conductor and a binder for the catalyst layer in the technology. The aim of this study is to assess the effect of the Nafion content in the cathode catalyst layer on the proton conductivity of the MEA. Two MEAs with different Nafion content were prepared following the LANL process and the proton conductivity of the catalyst layer was measured. Results showed a much higher performance of the 28wt. % Nafion MEA than the 10wt. %. This study demonstrated that when the Nafion ionometer content decreases, the performance of the fuel cell decreases; further investigations should be undertaken with Nafion ionometer amounts of 15wt. % to 20wt. %.

  6. Exchange-rate regimes and economic growth: An empirical evaluation

    OpenAIRE

    Simón Sosvilla-Rivero; María del Carmen Ramos-Herrera

    2014-01-01

    Based on a dataset of 123 economies, this paper empirically investigates the relation between exchange-rate regimes and economic growth. We find that growth performance is best under intermediate exchange rate regimes, while the smallest growth rates are associated with flexible exchange rates. Nevertheless, this conclusion is tempered when we analyze the countries by income level: even though countries that adopt intermediate exchange-rate regimes are characterized by higher economic growth,...

  7. Exchange rate volatility and international trade: The option approach

    OpenAIRE

    Franke, Günter

    1986-01-01

    Usually it is argued that an increase in exchange rate volatility reduces the volume of international trade since trading firms are risk averse. This paper shows for risk neutral firms that the expected international trade volume in standardized commodities grows with exchange rate volatility. The firms adjust their trade volume to the exchange rate level. The more favorable the exchange rate is, the higher is the export volume. If the rate drops below some level, exports are stopped. Thus in...

  8. Exchange Rate Determinants in Russia; 1992-1993

    OpenAIRE

    Vincent Koen; Eric Meyermans

    1994-01-01

    This paper examines the evolution of the exchange rate of the ruble vis-à-vis the U.S. dollar from exchange rate unification, in July 1992, to the end of 1993. The expected and actual paths of the exchange rate are related to the exchange and trade regime and to the stance of financial and exchange rate policies. An econometric analysis based on weekly data is offered, which suggests that monetary factors have a significant impact on the short run behavior of the exchange rate.

  9. Rethinking ASGISA and the rand exchange rate

    Directory of Open Access Journals (Sweden)

    Willem H Boshoff

    2012-05-01

    Full Text Available Abstract: The ASGISA policy document identifies the exchange rate as one of the factors constraining accelerated growth in South Africa. This note argues that currency developments do not translate into business cycle movements in the aggregate economy, and that a weaker exchange rate is less likely to boost either foreign investment or export performance in the face of regulatory uncertainty. The South African government has recently launched the Accelerated and Shared Growth Initiative (ASGISA aimed at raising the long-term growth path of the economy. The plan identifies several so-called “binding constraints” that are considered to be inhibiting the economy from rising to more elevated levels of economic growth. One such “constraint”, according to the ASGISA policy document, is the “volatility and level of the currency” (Republic of South Africa, 2006. By including this issue, policymakers have signalled that fluctuations in the Rand are considered significant to broader economic fluctuations in South Africa. This research note questions such a conviction by offering evidence that currency fluctuations are not mirrored in the South African business cycle. Nonetheless, proponents may argue that a weaker Rand will stimulate particular sectors, mostly those that are export-oriented, while it will boost Foreign Direct Investment (FDI. However, this note argues further that a weaker Rand is less likely to generate sustainable improvement in either export-oriented industries or FDI in the absence of other reforms. The following sections consider these two issues in sequence.

  10. Analysis of the Chinese Exchange Rate Stability

    Directory of Open Access Journals (Sweden)

    Youngrok Cheng

    1998-03-01

    Full Text Available Asian Financial Crisis now is moving to a relatively stable phase, and at this time, whether Chinese RMB will depreciate is raising the concern of the outside world. If we simply consider economic factors, we will find REER (Real Effective Exchange Rate increased around 10%, where depreciation factors are lurking. However, after Vice Premier Zhu Rongji took the responsibility of economic operation and fixed the fundamental key of developing stably, many foreign departments present good impetus of development. After that, Foreign Exchange Rate Reservation increases and major focus is put on long-term operation for debt structure. On the contrary, If Chinese RMB depreciates dramatically, there will be some uneasiness towards domestic economy and also the burden of paying debt should be increased, people may suffer the loss quite a lot. Especially even we consider the responsibility as the central country in this region and the political & economical factors causing the harmonious atmosphere of Sino-American relationship, it can be predicted that Chinese RMB cannot depreciate dramatically within 1-2 years.

  11. real exchange rate misalignment and economic performance in ...

    African Journals Online (AJOL)

    ... effects of real exchange rate misalignment on economic performance in Nigeria. .... main factors that impacts on real exchange rate in India .... financial assets and ignores non-economic factor such as .... and fiscal policies to control inflation.

  12. On exchange rate misalignments in the Eurozone's peripheral countries

    Science.gov (United States)

    Grochová, Ladislava; Plecitá, Klára

    2013-10-01

    In this paper we model equilibrium exchange rates for the Eurozone's countries on the basis of the Behavioural Equilibrium Exchange Rate approach, which assumes, that equilibrium exchange rates are in the long run affected by economic fundamentals. To assess the degree of exchange rate misalignment for the Eurozone's peripheral countries - Portugal, Ireland, Greece and Spain - the gap between the actual and the modelled equilibrium exchange rate value is calculated. Our results show that Spain, Portugal and Ireland had their real exchange rates in equilibrium when they joined the Eurozone; however their real exchange rates have been persistently overvalued since the beginning of the 2000s. Greece, on the other hand, has experienced diminishing undervaluation at the beginning of its membership in the Eurozone and since 2009 has exhibited an overvalued real exchange rate.

  13. The Determinants of Real Exchange Rate Volatility in Nigeria

    African Journals Online (AJOL)

    Rahel

    magnitude of exchange rate volatility while the federal government exercises control of ... objectives in the area of price stability and economic growth. Volatile real ..... Exchange rate shocks and instability is a common feature of emerging.

  14. Misalignment under different exchange rate regimes: the case of Turkey

    OpenAIRE

    Dağdeviren, Sengül; Ogus Binatli, Ayla; Sohrabji, Niloufer

    2011-01-01

    The paper examines misalignment of the Turkish lira between 1998 to 2008. Misalignment, specifically overvaluation has been linked to fixed exchange rate regimes. By studying the case of Turkey during this period which covers both a fixed and floating exchange rate regime, we contribute to the literature on the relation between misalignment and exchange rate regimes. We first estimate the equilibrium real exchange rate for Turkey, then compute misalignment and finally test for structural brea...

  15. Political pressures and exchange rate stability in emerging market economies

    OpenAIRE

    Ester Faia; Massimo Giuliodori; Michele Ruta

    2008-01-01

    This paper presents a political economy model of exchange rate policy. The theory is based on a common agency approach with rational expectations. Financial and exporter lobbies exert political pressures to influence the government’s choice of exchange rate policy, before shocks to the economy are realized. The model shows that political pressures affect exchange rate policy and create an over-commitment to exchange rate stability. This helps to rationalize the empirical evidence on fear of l...

  16. Exchange rate predictability and state-of-the-art models

    OpenAIRE

    Yeșin, Pınar

    2016-01-01

    This paper empirically evaluates the predictive performance of the International Monetary Fund's (IMF) exchange rate assessments with respect to future exchange rate movements. The assessments of real trade-weighted exchange rates were conducted from 2006 to 2011, and were based on three state-of-the-art exchange rate models with a medium-term focus which were developed by the IMF. The empirical analysis using 26 advanced and emerging market economy currencies reveals that the "diagnosis" of ...

  17. The Estimation of the Equilibrium Real Exchange Rate for Romania

    OpenAIRE

    Bogdan Andrei Dumitrescu; Vasile Dedu

    2009-01-01

    This paper aims to estimate the equilibrium real exchange rate for Romania, respectively the real exchange rate consistent with the macroeconomic balance, which is achieved when the economy is operating at full employment and low inflation (internal balance) and has a current account that is sustainable (external balance). This equilibrium real exchange rate is very important for an economy because deviations of the real exchange rate from its equilibrium value can affect the competitiveness ...

  18. Examining the volatility of exchange rate: Does monetary policy matter?

    OpenAIRE

    Lim, Shu Yi; Sek, Siok Kun

    2014-01-01

    We conduct empirical analysis on examining the changes in exchange rate volatility under two monetary policy regimes, i.e. the pre- and post- inflation targeting (IT) regimes. In addition, we also investigate if the monetary decisions can have impacts on the volatility of exchange rate. The study is focused in four Asian countries that experienced drastic in the switch of monetary policy from the rigid exchange rate to flexible exchange rate and inflation targeting after the Asian financial c...

  19. Overcoming Fear of Floating: Exchange Rate Policies in Chile.

    OpenAIRE

    Jose De Gregorio; Andrea Tokman R.

    2004-01-01

    The paper reviews the exchange rate management experience in Chile, with particular emphasis on the floating exchange rate regime and its two forex intervention episodes. It presents evidence on Chile’s favorable conditions to face exchange rate shocks: a well-developed financial sector, that offers hedging opportunities taken up by the corporate sector to decrease its vulnerability through balance sheet effects; and a low and decreasing level of passthrough from the exchange rate to prices. ...

  20. Exchange Rate Regime in Russia, Evaluation and Recommendations

    OpenAIRE

    Olga, Vasilevskaya

    2009-01-01

    This paper studies exchange rate choice in Russia with respect to social, economic and political determinants. The study deliberately narrowed the scope of the discussion to two extreme cases, i.e. fixed and floating exchange rate. Today Russia applies managed floating exchange rate arrangement and it is important to determine the direction of the further monetary policy development either towards fixed or floating exchange rate. The paper argues that the logical extension of the historical t...

  1. Exchange-Rate Unification with Black Market Leakages; Russia 1992

    OpenAIRE

    Linda S. Goldberg

    1993-01-01

    In 1992 Russia unified the multiple exchange rates that had applied to international transactions. This paper describes the multiple exchange rate system that existed in Russia prior to mid-1992 and undertakes a theoretical exploration of the effects of the exchange rate unification that took place in July 1992. The model developed here allows for leakages between official and black markets and permits flexibility of the exchange rates in both official and parallel currency markets. Within th...

  2. The case for regional exchange rate arrangement in East Asia

    OpenAIRE

    Takuji Kinkyo

    2004-01-01

    The Asian crisis highlighted the difficulties for developing countries to actively manage exchange rates in an environment of high capital mobility. Now it became fashionable to argue that the exchange rate should be either allowed to float freely or irrevocably fixed. This paper examines the case for regional exchange rate arrangements as an instrument to enhance the manageability of exchange rates and discusses the options in East Asia. It critically assess the existing proposal of common b...

  3. THE EFFECT OF EXCHANGE RATE VOLATILITY ON WHEAT TRADE WORLDWIDE

    OpenAIRE

    Sun, Changyou; Kim, Mina; Koo, Won W.; Cho, Guedae; Jin, Hyun Joung

    2002-01-01

    A modified gravity-type model was employed to evaluate the effect of exchange rate volatility on wheat exports worldwide. Special attention was given to the econometric properties of the gravity model within panel framework. Short and long-term measures of exchange rate volatility were constructed and compared. Both measures of exchange rate volatility have exhibited a negative effect on world wheat trade and the long-term effect was even larger. This result implies that exchange rate volatil...

  4. A Case for Intermediate Exchange-Rate Regimes

    OpenAIRE

    Agnès Bénassy-Quéré; Véronique Salins

    2010-01-01

    Despite increasing capital mobility and the subsequent difficulty in controlling exchange rates, intermediate exchange-rate regimes have remained widespread, especially in emerging and developing economies. This piece of evidence hardly fits the "impossible Trinity" theory arguing that it becomes difficult to control the exchange rate without a "hard" device when capital flows are freed. Calvo and Reinhart (2000) have suggested several explanations for such "fear of floating": exchange rate p...

  5. Inflation Targeting and Exchange Rate Management in Korea

    Directory of Open Access Journals (Sweden)

    Won-Am Park

    2008-06-01

    Full Text Available This paper investigates the experience of inflation targeting in Korea with an emphasis on exchange rate management. The Korean call rate responded to not only expected inflation, but also to output gap and changes in the real effective exchange rate of the Korean won, when we estimated the call rate reaction function over the period of 1999-2007. It was found that the call rate responded to changes in real effective exchange rate more than it did to expected inflation. We also examined whether Korean inflation targeting was actually centered on the exchange rate by estimating the Singaporean style of exchange rate reaction function. It was found that Korean monetary policy was not exchange-rate- centered, since the nominal effective exchange rate of the Korean won responded modestly to inflation and output gap, far less than did the Singaporean dollar.

  6. Resonance charge exchange between excited states in slow proton-hydrogen collisions

    International Nuclear Information System (INIS)

    Tolstikhina, Inga Yu.; Kato, Daiji

    2010-01-01

    The theory of resonance charge exchange in slow collisions of a proton with a hydrogen atom in the excited state is developed. It extends the Firsov-Demkov theory of resonance charge exchange to the case of degenerate initial and final states. The theory is illustrated by semiclassical and quantum calculations of charge exchange cross sections between states with n=2 in parabolic and spherical coordinates. The results are compared with existing close-coupling calculations.

  7. Causes and Results of Exchange Rate Intervention Under Inflation Targeting

    Directory of Open Access Journals (Sweden)

    Bora Suslu

    2012-06-01

    Full Text Available Under inflation targeting, central banks exchange rate interventions are discussed frequently in the economic literature recently. Effectiveness of intervention in exchange rate under inflation targeting are examined from three perspectives. These are expectations of the actors and the impact on the variance, reserve accumulation and the cost of sterilization. Since 2003 the Central Bank of Turkey has intervened exchange rate with both direct and indirect methods. The purpose of this study is to examine the results of these three aspects of the CBRT and the foreign exchange interventions. We found that by logit analysis under the inflation targeting of CBRT as a result of the intervention of exchange rate is effect expectations of economic unit and reduce of exchange rate the variance; after thes intervention the variance of exchange rate and cost of sterilization are increased. In this respect, the effectiveness of the intervention of the Central Bank exchange rate market is only reserve accumulation

  8. Exchange Rate Volatility, Inflation Uncertainty and Foreign Direct ...

    African Journals Online (AJOL)

    This article examines the effect of exchange rate volatility and inflation uncertainty on foreign direct investment in Nigeria. The investigation covers the period between 1970 and 2005. Exchange rate volatility and inflation uncertainty were estimated using the GARCH model. Estimation results indicated that exchange rate ...

  9. Essays on exchange rate policy in developing countries

    NARCIS (Netherlands)

    Khamfula, Y.A.

    1999-01-01

    The breakdown of the Bretton Woods system of pegged exchange rates has since 1971 given developing countries a wider range of choice with regard to their exchange rate regimes than had previously existed. With the emergence of a variety of exchange rate regimes, increasing attention has been given

  10. Exchange rates and climate change: An application of fund

    NARCIS (Netherlands)

    Tol, R.S.J.

    2006-01-01

    As economic and emissions scenarios assume convergence of per capita incomes, they are sensitivity to the exchange rate used for international comparison. Particularly, developing countries are project to grow slower with a purchasing power exchange rate than with a market exchange rate. Different

  11. A Range-Based Multivariate Model for Exchange Rate Volatility

    NARCIS (Netherlands)

    B. Tims (Ben); R.J. Mahieu (Ronald)

    2003-01-01

    textabstractIn this paper we present a parsimonious multivariate model for exchange rate volatilities based on logarithmic high-low ranges of daily exchange rates. The multivariate stochastic volatility model divides the log range of each exchange rate into two independent latent factors, which are

  12. The determinants of real exchange rate volatility in Nigeria | Ajao ...

    African Journals Online (AJOL)

    This study recommends that the central monetary authority should institute policies that will minimize the magnitude of exchange rate volatility while the federal government exercises control of viable macroeconomic variables which have direct influence on exchange rate fluctuation. Keywords: Exchange Rate, Volatility, ...

  13. An Investigation of Proton Conductivity of Vinyltriazole-Grafted PVDF Proton Exchange Membranes Prepared via Photoinduced Grafting

    OpenAIRE

    Sezgin, Sinan; Sinirlioglu, Deniz; Muftuoglu, Ali Ekrem; Bozkurt, Ayhan

    2014-01-01

    Proton exchange membrane fuel cells (PEMFCs) are considered to be a promising technology for clean and efficient power generation in the twenty-first century. In this study, high performance of poly(vinylidene fluoride) (PVDF) and proton conductivity of poly(1-vinyl-1,2,4-triazole) (PVTri) were combined in a graft copolymer, PVDF-g-PVTri, by the polymerization of 1-vinyl-1,2,4-triazole on a PVDF based matrix under UV light in one step. The polymers were doped with triflic acid (TA) at differe...

  14. Monetary policy and exchange rate dynamics: the exchange rate as a shock absorber

    Czech Academy of Sciences Publication Activity Database

    Audzei, Volha; Brázdik, F.

    2015-01-01

    Roč. 65, č. 5 (2015), s. 391-410 ISSN 0015-1920 Institutional support: PRVOUK-P23 Keywords : Czech Republic * exchange rates * sign restrictions Subject RIV: AH - Economics Impact factor: 0.449, year: 2015 http://journal.fsv.cuni.cz/storage/1340_audzei.pdf

  15. Long-term dependence in exchange rates

    Directory of Open Access Journals (Sweden)

    A. Karytinos

    2000-01-01

    Full Text Available The extent to which exchange rates of four major currencies against the Greek Drachma exhibit long-term dependence is investigated using a R/S analysis testing framework. We show that both classic R/S analysis and the modified R/S statistic if enhanced by bootstrapping techniques can be proven very reliable tools to this end. Our findings support persistence and long-term dependence with non-periodic cycles for the Deutsche Mark and the French Franc series. In addition a noisy chaos explanation is favored over fractional Brownian motion. On the contrary, the US Dollar and British Pound were found to exhibit a much more random behavior and lack of any long-term structure.

  16. Triangular arbitrage as an interaction among foreign exchange rates

    Science.gov (United States)

    Aiba, Yukihiro; Hatano, Naomichi; Takayasu, Hideki; Marumo, Kouhei; Shimizu, Tokiko

    2002-07-01

    We first show that there are in fact triangular arbitrage opportunities in the spot foreign exchange markets, analyzing the time dependence of the yen-dollar rate, the dollar-euro rate and the yen-euro rate. Next, we propose a model of foreign exchange rates with an interaction. The model includes effects of triangular arbitrage transactions as an interaction among three rates. The model explains the actual data of the multiple foreign exchange rates well.

  17. Proton exchange between oxymethyl radical and acids and bases: semiempirical quantum-chemical study

    Directory of Open Access Journals (Sweden)

    Irina Pustolaikina

    2016-12-01

    Full Text Available The reactions with proton participation are widely represented in the analytical, technological and biological chemistry. Quantum-chemical study of the exchange processes in hydrogen bonding complexes will allow us to achieve progress in the understanding of the elementary act mechanism of proton transfer in hydrogen bonding chain as well as the essence of the acid-base interactions. Oxymethyl radical •CH2ОН is small in size and comfortable as a model particle that well transmits protolytic properties of paramagnetic acids having more complex structure. Quantum-chemical modeling of proton exchange reaction oxymethyl radical ∙CH2OH and its diamagnetic analog CH3OH with amines, carboxylic acids and water was carried out using UAM1 method with the help of Gaussian-2009 program. QST2 method was used for the search of transition state, IRC procedure was applied for the calculation of descents along the reaction coordinate. The difference in the structure of transition states of ∙CH2OH/ CH3OH with bases and acids has been shown. It has been confirmed that in the case of bases, consecutive proton exchange mechanism was fixed, and in the case of complexes with carboxylic acids parallel proton exchange mechanism was fixed. The similarity in the reaction behavior of paramagnetic and diamagnetic systems in the proton exchange has been found. It was suggested that the mechanism of proton exchange reaction is determined by the structure of the hydrogen bonding cyclic complex, which is, in turn, depends from the nature of the acid-base interactions partners.

  18. Impulse Response of the Exchange Rate Volatility to a Foreign Exchange Intervention Shock

    OpenAIRE

    Hoshikawa, Takeshi

    2009-01-01

    This paper uses Lin's technique (1997) to report on the impulse response function analysis that traces the dynamics of exchange rate volatility from innovations in Japanese foreign exchange intervention. Using a multivariate GARCH model, we employed a volatility impulse response function based on Lin (1997) to detect the impulse response of exchange rate volatility on a one-unit foreign exchange intervention shock. The main findings of t his paper are as follows: (1) a foreign exchange inter...

  19. VOLATILITY OF EXCHANGE RATE IN THE CONTEXT OF FOREIGN TRADE

    Directory of Open Access Journals (Sweden)

    Oleg STRATULAT

    2016-09-01

    Full Text Available Moderate fluctuation of the exchange rate, basically in its floating regime is considered normality. Meanwhile,excessive volatility of the exchange rate is an issue for many countries. Its elimination is directed to foreign trade, which, through essential exports, followed by significant currency inflows, contribute to the stability of exchange rates. Unfortunately, Moldova’s foreign trade has become a key factor in maintaining the stability of foreign exchange.

  20. Modelling Exchange Rate Volatility by Macroeconomic Fundamentals in Pakistan

    OpenAIRE

    Munazza Jabeen; Saud Ahmad Khan

    2014-01-01

    What drives volatility in foreign exchange market in Pakistan? This paper undertakes an analysis of modelling exchange rate volatility in Pakistan by potential macroeconomic fundamentals well-known in the economic literature. For this, monthly data on Pak Rupee exchange rates in the terms of major currencies (US Dollar, British Pound, Canadian Dollar and Japanese Yen) and macroeconomics fundamentals is taken from April, 1982 to November, 2011. The results show thatthe PKR-USD exchange rate vo...

  1. Determining the Exchange Rate: Purchasing Power Parity – PPP

    Directory of Open Access Journals (Sweden)

    Bangun WIDOYOKO

    2018-05-01

    Full Text Available This study aimed to examine the effect of inflation on the issue of exchange rate determination of the forward exchange rate on the exchange rate of RMB (Renminbi to Rupiah. Inflation has been chosen as an independent variable because of its close relation to PPP (purchasing power parity theory. Analyses in this research have used logistic analysis with time series data. The data that has been used include exchange rate data with the period 2007-2017 with a sample size of 132 data. The results of this study have shown that inflation is effective in determining the exchange rate.

  2. Increasing Stability in the Mix of Exchange-rate Policies.

    OpenAIRE

    Mushin, Jerry

    2008-01-01

    This paper is an examination of the experience of exchange-rate policy systems since 1996 and a comparison with the experience of 1978 to 1995. Exchange-rate policy has become more stable than it was in the earlier period. In addition, it has become polarized, with almost all countries choosing either a fixed exchange-rate regime (especially in low-GDP countries) or a floating exchange-rate regime (especially in high-GDP countries). Limited-flexibility exchange-rate systems have become unimpo...

  3. Fluctuation Dynamics of Exchange Rates on Indian Financial Market

    Science.gov (United States)

    Sarkar, A.; Barat, P.

    Here we investigate the scaling behavior and the complexity of the average daily exchange rate returns of the Indian Rupee against four foreign currencies namely US Dollar, Euro, Great Britain Pound and Japanese Yen. Our analysis revealed that the average daily exchange rate return of the Indian Rupee against the US Dollar exhibits a persistent scaling behavior and follow Levy stable distribution. On the contrary the average daily exchange rate returns of the other three foreign currencies show randomness and follow Gaussian distribution. Moreover, it is seen that the complexity of the average daily exchange rate return of the Indian Rupee against US Dollar is less than the other three exchange rate returns.

  4. Does Exchange Rate Volatility Affect Korea's Seaborne Import Volume?

    Directory of Open Access Journals (Sweden)

    Chang Beom Kim

    2017-03-01

    Full Text Available This study used monthly data from 2000 to 2015 to analyze the effects of USD/KRW exchange rate volatility on seaborne import volume in Korea. The results of an autoregressive distributed lag (ARDL analysis indicate that USD/KRW exchange rate volatility has a statistically significant negative influence on Korea's seaborne import volume. Moreover, the results of a vector error correction model (VECM analysis found that the USD/KRW exchange rate volatility exhibited short-term unidirectional causality on import volume and real income, and confirmed bidirectional causality between the real effective exchange rate and exchange rate volatility.

  5. High temperature proton exchange membranes prepared from epoxycyclohexylethyltrimethoxysilane and amino trimethylene phosphonic acid as anhydrous proton conductors

    Energy Technology Data Exchange (ETDEWEB)

    Chen, Cheng [Department of Polymer Materials and Engineering, School of Material Science and Engineering, Wuhan University of Technology, No. 122 Luoshi Road, Wuhan 430070 (China); Shen, Chunhui, E-mail: shenchunhui@whut.edu.cn [Department of Polymer Materials and Engineering, School of Material Science and Engineering, Wuhan University of Technology, No. 122 Luoshi Road, Wuhan 430070 (China); Kong, Gengjin; Gao, Shanjun [Department of Polymer Materials and Engineering, School of Material Science and Engineering, Wuhan University of Technology, No. 122 Luoshi Road, Wuhan 430070 (China)

    2013-06-15

    High temperature anhydrous proton exchange membranes based on phosphonic acid were prepared from epoxycyclohexylethyltrimethoxysilane (EHTMS) and amino trimethylene phosphonic acid (ATMP) by sol–gel process. The structures and properties of membranes with different phosphonic acid content were extensively characterized by FTIR, TG-DSC and XRD. Their proton conductivity under dry condition was also investigated under different temperature. The results show that the proton conductivity of the prepared membranes strongly depends on temperature, and the proton conductivity ranges from 8.81 × 10{sup −5} S cm{sup −1} at 20 °C to 4.65 × 10{sup −2} S cm{sup −1} at 140 °C under anhydrous condition. It indicates that the increasing temperature is favorable for congregating of the grafted–PO{sub 3}H{sub 2} and increasing of the proton mobility. In addition, from the results of AFM images, it was confirmed that the continuous distribution of phosphonic acid groups is favorable for the formation of the proton transport channel, which can significantly enhance the proton conductivity of the membranes. Highlights: ► Hybrid membranes of Epoxycyclohexylethyltrimethoxysilane and Amino trimethylene phosphonic acid. ► The proton conductivity is 4.65 × 10{sup −2} S cm{sup −1} at 140 °C under anhydrous condition. ► Continuous uniform distributions of phosphonic acid groups can be observed by AFM. ► There could be hydrogen bond network within high temperature membranes.

  6. Numerical study on channel size effect for proton exchange membrane fuel cell with serpentine flow field

    International Nuclear Information System (INIS)

    Wang Xiaodong; Yan Weimon; Duan Yuanyuan; Weng Fangbor; Jung Guobin; Lee Chiyuan

    2010-01-01

    This work numerically investigates the effect of the channel size on the cell performance of proton exchange membrane (PEM) fuel cells with serpentine flow fields using a three-dimensional, two-phase model. The local current densities in the PEM, oxygen mass flow rates and liquid water concentrations at the interface of the cathode gas diffusion layer and catalyst layer were analyzed to understand the channel size effect. The predictions show that smaller channel sizes enhance liquid water removal and increase oxygen transport to the porous layers, which improve cell performance. Additionally, smaller channel sizes also provide more uniform current density distributions in the cell. However, as the channel size decreases, the total pressure drops across the cell increases, which leads to more pump work. With taking into account the pressure losses, the optimal cell performance occurs for a cell with a flow channel cross-sectional area of 0.535 x 0.535 mm 2 .

  7. Carbon Corrosion at Pt/C Interface in Proton Exchange Membrane Fuel Cell Environment

    International Nuclear Information System (INIS)

    Choi, Min Ho; Beam, Won Jin; Park, Chan Jin

    2010-01-01

    This study examined the carbon corrosion at Pt/C interface in proton exchange membrane fuel cell environment. The Pt nano particles were electrodeposited on carbon substrate, and then the corrosion behavior of the carbon electrode was examined. The carbon electrodes with Pt nano electrodeposits exhibited the higher oxidation rate and lower oxidation overpotential compared with that of the electrode without Pt. This phenomenon was more active at 75 .deg. C than 25 .deg. C. In addition, the current transients and the corresponding power spectral density (PSD) of the carbon electrodes with Pt nano electrodeposits were much higher than those of the electrode without Pt. The carbon corrosion at Pt/C interface was highly accelerated by Pt nano electrodeposits. Furthermore, the polarization and power density curves of PEMFC showed degradation in the performance due to a deterioration of cathode catalyst material and Pt dissolution

  8. New load cycling strategy for enhanced durability of high temperature proton exchange membrane fuel cell

    DEFF Research Database (Denmark)

    Thomas, Sobi; Jeppesen, Christian; Steenberg, Thomas

    2017-01-01

    The objective of this paper is to develop a new operational strategy to increase the lifetime of a high temperature proton exchange membrane (HT-PEMFCs) fuel cell system by using load cycling patterns to reduce the phosphoric acid loss from the fuel cell. Four single cells were operated under.......8 Acm-2 for the higher end, were selected for the load cycling operation. The relaxation time, which is the period of time spent at low current density operation, is varied to understand how the performance over prolonged period behaves. The duration of the high current density operation is selected...... based on the relaxation time in order to have the same average current density of (0.55 Acm-2 ) for all the cells. Cell 5, with a relaxation time of 2 min performs best and shows lower degradation rate of 36 μVh-1 compared to other load cycling cells with smaller relaxation times. The cell operated...

  9. Performance Analysis of Air Breathing Proton Exchange Membrane Fuel Cell Stack (PEMFCS) At Different Operating Condition

    Science.gov (United States)

    Sunil, V.; Venkata siva, G.; Yoganjaneyulu, G.; Ravikumar, V. V.

    2017-08-01

    The answer for an emission free power source in future is in the form of fuel cells which combine hydrogen and oxygen producing electricity and a harmless by product-water. A proton exchange membrane (PEM) fuel cell is ideal for automotive applications. A single cell cannot supply the essential power for any application. Hence PEM fuel cell stacks are used. The effect of different operating parameters namely: type of convection, type of draught, hydrogen flow rate, hydrogen inlet pressure, ambient temperature and humidity, hydrogen humidity, cell orientation on the performance of air breathing PEM fuel cell stack was analyzed using a computerized fuel cell test station. Then, the fuel cell stack was subjected to different load conditions. It was found that the stack performs very poorly at full capacity (runs only for 30 min. but runs for 3 hours at 50% capacity). Hence, a detailed study was undertaken to maximize the duration of the stack’s performance at peak load.

  10. KRW/USD Exchange Rate Volatility and Efficient Risk Management

    Directory of Open Access Journals (Sweden)

    Sang-Yong Joo

    1999-03-01

    Full Text Available This thesis analyzes the relationship between the exchange rate of Korean Won and US dollar and the amount of foreign exchange, and studies the direction of the amendment of the risk control of foreign exchange. The GARCH (Generalized Auto Regressive Conditional Heteroscedasticity model which visually embodies the auto-regress of the wave of exchange rate shows that the amount of trade will enhance the fluidity of the exchange rate, that is, the various expects of the participators of the market affect the amount of trade and the fluidity, so in the process of trading, the trader who is in the dry tree of information bears more trading expenditure. It is predicted that the liberalization of foreign exchange rate and fluctuated exchange rate system will jointly bring the enhancement of the fluidity of the exchange rate and the amount of exchange trade. The change of this system will bring the rise of participators in foreign exchange market; meanwhile, it will also initiate superfluous fluidity of foreign exchange market. In order to overcome this problem, the government needs to implement the development strategy of the understructure of the foreign exchange market and the enterprises need to carry through systemic exchange rate risk control.

  11. Electrochemical characterization of proton exchange membrane fuel cells; Caracterizacao eletroquimica de celulas a combustivel de membrana polimerica trocadora de protons

    Energy Technology Data Exchange (ETDEWEB)

    Furtado, Jose Geraldo de Melo; Serra, Eduardo Torres [Centro de Pesquisas de Energia Eletrica (CEPEL), Rio de Janeiro, RJ (Brazil)]. E-mail: furtado@cepel.br; Codeceira Neto, Alcides [Companhia HidroEletrica do Sao Francisco (CHESF), Recife, PE (Brazil)

    2008-07-01

    This paper describes the electrochemical behavior of a proton exchange membrane fuel cell in function of temperature and time of operation. Different polarization phenomena are considered in the 30 to 70 deg C temperature range, as well as the degradation of electrochemical behavior of the fuel cell analyzed up to 1260 hours of operation. The results show that there is a tendency for the experimental values approaching the theoretical as it increases the temperature of the membrane electrolyte. The electrochemical behavior of the PEMFC studied proved to be less stable at 70 deg C. On the other hand, at 30 deg C the fuel cell performance proved to be considerably lower than at other temperatures. Also, it was found that in certain current ranges occurs greater overlay in potential-current curves, and in some cases reversing between these curves depending on the electric current required for the data obtained at 60 and 70 deg C, indicating, perhaps, that at 70 deg C the characteristics of the electrolyte are slightly inferior to those at 70 deg C, corresponding to an electrolyte degradation. Additionally, for the system studied, we found that the rate of variation of the potential difference in function of the temperature is quite high at the beginning of the operation process and tends to stabilize in a level of around 2,3-2,5 {mu}V per minute for times greater than 330 hours of operation. (author)

  12. Accelerating parameter identification of proton exchange membrane fuel cell model with ranking-based differential evolution

    International Nuclear Information System (INIS)

    Gong, Wenyin; Cai, Zhihua

    2013-01-01

    Parameter identification of PEM (proton exchange membrane) fuel cell model is a very active area of research. Generally, it can be treated as a numerical optimization problem with complex nonlinear and multi-variable features. DE (differential evolution), which has been successfully used in various fields, is a simple yet efficient evolutionary algorithm for global numerical optimization. In this paper, with the objective of accelerating the process of parameter identification of PEM fuel cell models and reducing the necessary computational efforts, we firstly present a generic and simple ranking-based mutation operator for the DE algorithm. Then, the ranking-based mutation operator is incorporated into five highly-competitive DE variants to solve the PEM fuel cell model parameter identification problems. The main contributions of this work are the proposed ranking-based DE variants and their application to the parameter identification problems of PEM fuel cell models. Experiments have been conducted by using both the simulated voltage–current data and the data obtained from the literature to validate the performance of our approach. The results indicate that the ranking-based DE methods provide better results with respect to the solution quality, the convergence rate, and the success rate compared with their corresponding original DE methods. In addition, the voltage–current characteristics obtained by our approach are in good agreement with the original voltage–current curves in all cases. - Highlights: • A simple and generic ranking-based mutation operator is presented in this paper. • Several DE (differential evolution) variants are used to solve the parameter identification of PEMFC (proton exchange membrane fuel cells) model. • Results show that our method accelerates the process of parameter identification. • The V–I characteristics are in very good agreement with experimental data

  13. DeVelopment of the high-intensity polarized H- source with proton charge exchange on sodium optically oriented atoms

    International Nuclear Information System (INIS)

    Zelenskij, A.N.; Kokhanovskij, S.A.

    1982-01-01

    The results of experimental study on the source of polarized H - ions at polarized electron capture by proton from optically oriented sodium atoms are presented. Circular-polarized dye laser radiation with lamp pumping is used for polarization of highly dense sodium vapors in the pulsed mode. A facility for polarization measurement in the ion source is described. Dependence of the counting rate of metastables for the right and left circular radiation polarization in respect to wave length is presented. The results of measuring the degree of polarization under change of sodium density are revealed. The measurements have disclosed that obtaining of high polarization degree at 20-30% charge exchange effectiveness is possible but large radiation power is required. Use of a dense charge exchange target provides high effectiveness of hte whole polarization process. Yield of polarized H - ions can approach 10 μA/1 mA of the initial proton current

  14. Proton exchange in systems: Glucose-water and uric acid-water

    International Nuclear Information System (INIS)

    Maarof, S.

    2007-01-01

    It is clear that formation of glucose-water and uric acid-water solutions is related in principle to interaction accepter - donor between hydrogen atom in water and oxygen atom in glucose or uric acid. The proton exchange in hydrogen bond system is an integral process and it goes by tunnel mechanism (transfer of proton within the hydrogen bridge in these structures). Proton exchange process goes very quickly at low concentrations for glucose and uric acid solutions, because these compounds are able to form more than one hydrogen bond, which helps the proton transfer within obtained structure. However, at its high concentrations, the process becomes very slow due to higher viscosity of its solutions, which result in break down of the structures, and more hydrogen bonds. (author)

  15. An artificial neural network ensemble method for fault diagnosis of proton exchange membrane fuel cell system

    International Nuclear Information System (INIS)

    Shao, Meng; Zhu, Xin-Jian; Cao, Hong-Fei; Shen, Hai-Feng

    2014-01-01

    The commercial viability of PEMFC (proton exchange membrane fuel cell) systems depends on using effective fault diagnosis technologies in PEMFC systems. However, many researchers have experimentally studied PEMFC (proton exchange membrane fuel cell) systems without considering certain fault conditions. In this paper, an ANN (artificial neural network) ensemble method is presented that improves the stability and reliability of the PEMFC systems. In the first part, a transient model giving it flexibility in application to some exceptional conditions is built. The PEMFC dynamic model is built and simulated using MATLAB. In the second, using this model and experiments, the mechanisms of four different faults in PEMFC systems are analyzed in detail. Third, the ANN ensemble for the fault diagnosis is built and modeled. This model is trained and tested by the data. The test result shows that, compared with the previous method for fault diagnosis of PEMFC systems, the proposed fault diagnosis method has higher diagnostic rate and generalization ability. Moreover, the partial structure of this method can be altered easily, along with the change of the PEMFC systems. In general, this method for diagnosis of PEMFC has value for certain applications. - Highlights: • We analyze the principles and mechanisms of the four faults in PEMFC (proton exchange membrane fuel cell) system. • We design and model an ANN (artificial neural network) ensemble method for the fault diagnosis of PEMFC system. • This method has high diagnostic rate and strong generalization ability

  16. Study of proton polarization in charge exchange process on optically oriented sodium atoms

    International Nuclear Information System (INIS)

    Zelenskij, A.N.; Kokhanovskij, S.A.

    1984-01-01

    Using high-power adjustable dye lasers for electron spin orientation in a charge-exchange target enables to significantly increase the proton polarization efficiency. A device is described that permits to avoid growth of the polarized proton beam emittance in a charge-exchange process in a strong magnetic field. The devise main feature is the use of an intensive source of neutral hydrogen atoms and the presence of a helium additional charge-exchange target which actualy is a proton ''source''. The helium charge-exchange cell is placed in the same magnetic field of a solenoid where a cell with oriented sodium is placed, a polarized electron being captured by a proton in the latter cell. In this case the beam at the solenoid inlet and outlet is in a neutral state; emittance growth related to the effect of end magnetic fields is not observed. The device after all prouduces polarized protons, their polarization degree is measured and the effect of various factors on polarization degree is studied. The description of the laser source and laser system is given. Measurement results have shown the beam intensity of neutral 7 keV atoms which passed through a polarizer to be 2 mA. The proton current doesn't depend. On the beeld fin the region of chrge exchange for the 8 kGs magnetic field. The degree of sodium polarization was 80% and polarized proton current approximately 70 μA at a temperature of the polarized sodium cell corresponding to the density of sodium vapar approximately 3x10 13 at/cm 2

  17. Modelling of proton and metal exchange in the alginate biopolymer.

    Science.gov (United States)

    De Stefano, Concetta; Gianguzza, Antonio; Piazzese, Daniela; Sammartano, Silvio

    2005-10-01

    Acid-base behaviour of a commercial sodium alginate extracted from brown seaweed (Macrocystis pyrifera) has been investigated at different ionic strengths (0.1titration calorimetric data were expressed as a function of the dissociation degree (alpha) using different models (Henderson-Hasselbalch modified, Högfeldt three parameters and linear equations). The dependence on ionic strength of the protonation constants was taken into account by a modified specific interaction theory model. Differences among different media were explained in terms of the interaction between polyanion and metal cations of the supporting electrolytes. Quantitative information on the proton-binding capacity, together with the stabilities of different species formed, is reported. Protonation thermodynamic parameters, at alpha=0.5, are log K H=3.686+/-0.005, DeltaG 0=-21.04+/-0.03 kJ mol(-1), DeltaH 0=4.8+/-0.2 kJ mol(-1) and TDeltaS 0=35.7+/-0.3 kJ mol(-1), at infinite dilution. Protonation enthalpies indicate that the main contribution to proton binding arises from the entropy term. A strict correlation between DeltaG and TDeltaS was found, TDeltaS=-9.5-1.73 DeltaG. Results are reported in light of building up a chemical complexation model of general validity to explain the binding ability of naturally occurring polycarboxylate polymers and biopolymers. Speciation profiles of alginate in the presence of sodium and magnesium ions, naturally occurring cations in natural waters, are also reported.

  18. Exchange rate risks and their impact upon the energy market

    Directory of Open Access Journals (Sweden)

    Abed Al-Zabidi

    2007-04-01

    Full Text Available The expansion of international business in Slovakia brought not only the opening of markets and expansion of enterprise possibilities but also an increase in the competition and new risks. One of such risks is also the exchange rate risk. The business that realizes a financial transaction exceeding borders of the state or derives his buying or selling prices in Slovak crowns from the foreign currency, is subjected to the exchange rate risks. The exchange rate risks are caused by volatility of exchange courses of Slovak crowns related to foreign currencies. The progress of exchange rates can considerably influence a real result of a transaction negatively; therefore it is important for enterprises to identify possible risks resulting from changes in exchange rates, so they could react accordingly.The proposed article is aimed at the explanation of basic techniques of minimizing exchange rate risks with the use of financial tools available on the financial market.

  19. Fiscal Policy and Welfare under Different Exchange Rate Regimes

    DEFF Research Database (Denmark)

    Østrup, Finn

    a representativeindividual's utility, it is demonstrated that there are differences betweenexchange rate regimes with respect to the level of government spending. Thesedifferences arise first because a rise in government spending affects macroeconomicvariables differently under different exchange rate regimes......, and secondbecause the government's inclination to expand government spending is affectedby inflation which depends on the exchange rate regime. At low rates of inflation,the government is inclined to set a higher level of government spending under afixed exchange rate regime than under a floating exchange rate...... regime in whichthe monetary authority optimises preferences which include an employment targetand an inflation target. As government spending affects the representativeindividual's utility, the choice of exchange rate regime has an impact on welfare.Keywords: exchange rate regimes; fiscal policy...

  20. Does oxidative stress affect the activity of the sodium-proton exchanger?

    Science.gov (United States)

    Bober, Joanna; Kedzierska, Karolina; Kwiatkowska, Ewa; Stachowska, Ewa; Gołembiewska, Edyta; Mazur, Olech; Staniewicz, Zdzisław; Ciechanowski, Kazimierz; Chlubek, Dariusz

    2010-01-01

    Accumulation of reactive oxygen species (ROS) takes place in patients with chronic renal failure (CRF). Oxidative stress causes disorders in the activity of the sodium-proton exchanger (NHE). Studies on NHE in CRF produced results that are discrepant and difficult to interpret. The aim of this study was to demonstrate that oxidative stress had an effect on the activity of NHE. We enrolled 87 subjects divided into 4 groups: patients with CRF treated conservatively; patients with CRF hemodialyzed without glucose--HD-g(-); patients with CRF hemodialyzed with glucose--HD-g(+); controls (C). The activity of NHE, the rate of proton efflux V(max), Michaelis constant (Km), and the concentration of thiobarbituric acid-reactive substances (TBARS, an indicator of oxidative stress) in plasma, as well as the concentration of reduced glutathione in blood were determined. The concentration of TBARS was significantly higher in hemodialyzed patients before and after dialysis and in patients with CRF on conservative treatment in comparison with group C. TBARS in plasma correlated negatively with VpH(i)6.4 in group C and with V(max) and VpH(i)6.4 after HD in group HD-g(-). We found that the concentration of creatinine correlated with TBARS (p < 0.0001; r = +0.51) in the conservatively treated group. We observed a marked oxidative stress and decreased NHE activity when dialysis was done without glucose, whereas patients dialyzed with glucose demonstrated a relatively low intensity of oxidative stress.

  1. Estimating Exchange Market Pressure and the Degree of Exchange Market Intervention for Finland during the Floating Exchange Rate Regime

    OpenAIRE

    Pösö, Mika; Spolander, Mikko

    1997-01-01

    In this paper, we use a fairly simple monetary macro model to calculate the quarterly measures of exchange market pressure and the degree of the Bank of Finland's intervention during the time the markka was floated. Exchange market pressure measures the size of the exchange rate change that would have occurred if the central bank had unexpectedly refrained from intervening in the foreign exchange market. Intervention activity of the central bank is measured as the proportion of exchange marke...

  2. World currency exchange rate cross-correlations

    Science.gov (United States)

    Droå¼dż, S.; Górski, A. Z.; Kwapień, J.

    2007-08-01

    World currency network constitutes one of the most complex structures that is associated with the contemporary civilization. On a way towards quantifying its characteristics we study the cross correlations in changes of the daily foreign exchange rates within the basket of 60 currencies in the period December 1998 May 2005. Such a dynamics turns out to predominantly involve one outstanding eigenvalue of the correlation matrix. The magnitude of this eigenvalue depends however crucially on which currency is used as a base currency for the remaining ones. Most prominent it looks from the perspective of a peripheral currency. This largest eigenvalue is seen to systematically decrease and thus the structure of correlations becomes more heterogeneous, when more significant currencies are used as reference. An extreme case in this later respect is the USD in the period considered. Besides providing further insight into subtle nature of complexity, these observations point to a formal procedure that in general can be used for practical purposes of measuring the relative currencies significance on various time horizons.

  3. Russian – Chinese Trade and Exchange Rate

    Directory of Open Access Journals (Sweden)

    Dmitry Alexandrovich Izotov

    2012-09-01

    Full Text Available The author assesses the impact of the Yuan exchange rate volatility on the indicators of the Russian-Chinese trade (the analysis is made on the ground of the statistical database CEIC. Quantitative estimates of changes in Russian-Chinese merchandise trade by commodity groups (in the HS classification due to the revaluation of the CNY against the USD were obtained via the regression analysis. In the case of the revaluation of the Yuan to the US dollar the value of Russian exports may increase for such commodity groups as mineral products, chemical industry products, base metals, precious stones and metals, and vehicles. This article shows that the value of Chinese imports will decrease for such merchandise groups as transport vehicles, machinery and equipment, leather industry products, non-precious metals and products from them; in this case, the import of the food industry products, mineral products and optical instruments will decrease insignificantly. The author concludes that the revaluation of the Yuan, contributing to the growth of Russian exports and the reduction in Chinese imports, will not cause a radical change in structure of the Russian-Chinese trade

  4. Approaches to proton single-event rate calculations

    International Nuclear Information System (INIS)

    Petersen, E.L.

    1996-01-01

    This article discusses the fundamentals of proton-induced single-event upsets and of the various methods that have been developed to calculate upset rates. Two types of approaches are used based on nuclear-reaction analysis. Several aspects can be analyzed using analytic methods, but a complete description is not available. The paper presents an analytic description for the component due to elastic-scattering recoils. There have been a number of studies made using Monte Carlo methods. These can completely describe the reaction processes, including the effect of nuclear reactions occurring outside the device-sensitive volume. They have not included the elastic-scattering processes. The article describes the semiempirical approaches that are most widely used. The quality of previous upset predictions relative to space observations is discussed and leads to comments about the desired quality of future predictions. Brief sections treat the possible testing limitation due to total ionizing dose effects, the relationship of proton and heavy-ion upsets, upsets due to direct proton ionization, and relative proton and cosmic-ray upset rates

  5. Sulfonated polyimides containing triphenylphosphine oxide for proton exchange membranes

    Energy Technology Data Exchange (ETDEWEB)

    Mandal, Arun Kumar; Bera, Debaditya; Banerjee, Susanta, E-mail: susanta@matsc.iitkgp.ernet.in

    2016-09-15

    A series of sulfonated co-polyimides (co-SPI) were prepared by one pot polycondensation reaction of a combination of diamines namely; 4,4′-diaminostilbene-2,2′-disulfonic acid (DSDSA) and prepared non-sulfonated diamine (DATPPO) containing triphenylphosphine oxide with 1,4,5,8-naphthalenetetracarboxylic dianhydride (NTDA). All these soluble co-SPI gave flexible membranes with high thermal stability and showed good mechanical property. Transmission electron microscopy (TEM) analysis revealed the microphase separated morphology with well-dispersed hydrophilic (cluster size in the range of 5–55 nm) domains. The co-SPI membranes showed high oxidative and hydrolytic stability with higher proton conductivity. All these co-SPI membranes exhibited low water uptake and swelling ratio. The co-SPI membrane TPPO-60 (60% degree of sulfonation) with IEC{sub W} = 1.84 mequiv g{sup −1} showed high proton conductivity (99 mS cm{sup −1} at 80 °C and 107 mS cm{sup −1} at 90 °C) in water with high oxidative (20 h) and hydrolytic stability (only 5% degradation in 24 h). - Highlights: • Triphenylphosphine oxide containing sulfonated polyimides (SPIs) was synthesized. • The SPIs showed good oxidative and hydrolytic stability and high proton conductivity. • TEM analysis revealed well separated morphology of the SPIs.

  6. Management of exchange rate regimes in emerging Asia

    Directory of Open Access Journals (Sweden)

    Ramkishen S. Rajan

    2012-04-01

    Full Text Available This paper revisits the issue of exchange rate regimes in emerging Asia over the decade 1999–2009. It finds that while Asia is home to a wide array of exchange rate regimes, there are signs of gradual movement toward somewhat greater exchange rate flexibility in many of the regional countries. There appears to be evidence of an apparent “fear of appreciation” which is manifested in asymmetric exchange rate intervention—i.e., a willingness to allow depreciations but reluctance to allow appreciations. This policy of effective exchange rate undervaluation is rather unorthodox from a neoclassical sense, but is consistent with a development policy centered on suppressing the price of non-tradable goods relative to tradables (i.e., real exchange rate undervaluation.

  7. Asymmetric Exchange Rate Exposure - Research in Southeast Asian Countries

    Directory of Open Access Journals (Sweden)

    Minh Thi Hong Le

    2017-04-01

    Full Text Available The study aims to analyse the impact of exchange rate exposure on stock returns in six countries representative of Southeast Asia, including Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam from 2009 to 2014. Both nominal and real exchange rates are taken into account for evaluating exchange rate fluctuations via panel data. In order to achieve this goal, a panel regressive estimation approach is proposed in which a GLS model is firstly used to treat heteroscedasticity in the panel data and, then, a GMM estimator is employed to ensure the consistency of the estimates. The results point out that the exchange rate exposure of these countries is asymmetric. At market level, for a rise in the exchange rate (or local currency depreciates, the average stock returns tend to decrease. However, due to the favourable impact of currency depreciation on the net export position, the reduction speed of stock returns is faster than the rising speed of the exchange rate.

  8. Estimating the effects of Exchange and Interest Rates on Stock ...

    African Journals Online (AJOL)

    The monthly closing returns of All-share index, exchange rates and interest rates ... The interest rate also showed a negative relationship but insignificant at the ... is a prerequisite for attracting investments especially foreign direct investment.

  9. Terms of trade and exchange rate regimes in developing countries

    OpenAIRE

    Christian Broda

    2002-01-01

    Since Friedman (1953), an advantage often attributed to flexible exchange rate regimes over fixed regimes is their ability to insulate more effectively the economy against real shocks. I use a post-Bretton Woods sample (1973-96) of seventy-five developing countries to assess whether the responses of real GDP, real exchange rates, and prices to terms-of-trade shocks differ systematically across exchange rate regimes. I find that responses are significantly different across regimes in a way tha...

  10. The Skill-Biased Effects of Exchange Rate Fluctuations

    OpenAIRE

    Boris Kaiser; Michael Siegenthaler

    2015-01-01

    This paper examines the linkages between real exchange rate movements and firms' skill demand. Real exchange rate movements may affect unskilled workers differently than skilled workers because of skill-specific adjustment costs, or because exchange rates lead to changes in relative factor prices and firms' competition intensity. Using panel data on Swiss manufacturers, we find that an appreciation increases high-skilled and reduces low-skilled employment in most firms, while total employment...

  11. A Range-Based Multivariate Model for Exchange Rate Volatility

    OpenAIRE

    Tims, Ben; Mahieu, Ronald

    2003-01-01

    textabstractIn this paper we present a parsimonious multivariate model for exchange rate volatilities based on logarithmic high-low ranges of daily exchange rates. The multivariate stochastic volatility model divides the log range of each exchange rate into two independent latent factors, which are interpreted as the underlying currency specific components. Due to the normality of logarithmic volatilities the model can be estimated conveniently with standard Kalman filter techniques. Our resu...

  12. Asymmetric Exchange Rate Exposure - Research in Southeast Asian Countries

    OpenAIRE

    Minh Thi Hong Le; Ha Thi Cam Huynh; Hong Thi Thu Dinh

    2017-01-01

    The study aims to analyse the impact of exchange rate exposure on stock returns in six countries representative of Southeast Asia, including Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam from 2009 to 2014. Both nominal and real exchange rates are taken into account for evaluating exchange rate fluctuations via panel data. In order to achieve this goal, a panel regressive estimation approach is proposed in which a GLS model is firstly used to treat heteroscedasticity in the...

  13. Preparation and characterization of self-crosslinked organic/inorganic proton exchange membranes

    Science.gov (United States)

    Zhong, Shuangling; Cui, Xuejun; Dou, Sen; Liu, Wencong

    A series of silicon-containing sulfonated polystyrene/acrylate (Si-sPS/A) nanoparticles are successfully synthesized via simple emulsion polymerization method. The Si-sPS/A latexes show good film-forming capability and the self-crosslinked organic/inorganic proton exchange membranes are prepared by pouring the Si-sPS/A nanoparticle latexes into glass plates and drying at 60 °C for 10 h and 120 °C for 2 h. The potential of the membranes in direct methanol fuel cells (DMFCs) is characterized preliminarily by studying their thermal stability, ion-exchange capacity, water uptake, methanol diffusion coefficient, proton conductivity and selectivity (proton conductivity/methanol diffusion coefficient). The results indicate that these membranes possess excellent thermal stability and methanol barrier due to the existence of self-crosslinked silica network. In addition, the proton conductivity of the membranes is in the range of 10 -3-10 -2 S cm -1 and all the membranes show much higher selectivity in comparison with Nafion ® 117. These results suggest that the self-crosslinked organic/inorganic proton exchange membranes are particularly promising in DMFC applications.

  14. Martingale Regressions for a Continuous Time Model of Exchange Rates

    OpenAIRE

    Guo, Zi-Yi

    2017-01-01

    One of the daunting problems in international finance is the weak explanatory power of existing theories of the nominal exchange rates, the so-called “foreign exchange rate determination puzzle”. We propose a continuous-time model to study the impact of order flow on foreign exchange rates. The model is estimated by a newly developed econometric tool based on a time-change sampling from calendar to volatility time. The estimation results indicate that the effect of order flow on exchange rate...

  15. Measuring real exchange rate misalignment in Croatia: cointegration approach

    Directory of Open Access Journals (Sweden)

    Irena Palić

    2014-12-01

    Full Text Available The purpose of the paper is to analyze misalignment of the real exchange rate in Croatia. The misalignment analysis is conducted using the permanent equilibrium exchange rate approach. The equilibrium real exchange rate is computed using the cointegration approach whereby the real exchange rate and its fundamentals, namely terms of trade, net foreign assets and the ratio of prices of tradables to non-tradables are included in cointegration analysis. The Hodrick and Prescott filter is used to obtain permanent values of the equilibrium real exchange rate. The real exchange rate misalignment is computed as the deviation of the RER from its permanent equilibrium level. Four overvaluation periods and three undervaluation periods are recorded in Croatia in the observed period. Overvaluation periods are more often and of longer duration than undervaluation periods. However, the real exchange rate does not deviate largely from its estimated equilibrium value in the observed period, and it is neither overvalued nor undervalued constantly, but the periods alternate. Considering the results of the analysis, together with the empirical characteristics of Croatian economy, namely the high foreign currency indebtedness, highly euroized economy and underdeveloped export oriented sector, the depreciation of the real exchange rate is not recommended to economic policy makers and the current Croatian exchange rate policy is appropriate.

  16. Essays on exchange rate policy in developing countries

    OpenAIRE

    Khamfula, Y.A.

    1999-01-01

    The breakdown of the Bretton Woods system of pegged exchange rates has since 1971 given developing countries a wider range of choice with regard to their exchange rate regimes than had previously existed. With the emergence of a variety of exchange rate regimes, increasing attention has been given to the rationale for choosing one type of regime over another and how the variations in the nominal or real exchange rate affect the economies of these countries. This Ph.D. thesis is a combination ...

  17. Search for a new exchange-rate regime.

    Science.gov (United States)

    Williamson, J

    1987-07-31

    The regime of unmanaged floating exchange rates was implicitly judged a failure when, with the Plaza Agreement, attempts at cooperative exchange-rate management were reintroduced primarily because of concern at the size of misalignments. Any satisfactory successor regime will need to limit misalignments while retaining the genuine social benefits of exchange-rate flexibility. It is argued that a system of target zones for exchange rates, ideally embedded in a more comprehensive set of guidelines for international economic policy coordination, could best reconcile these needs.

  18. Mapping {sup 15}O Production Rate for Proton Therapy Verification

    Energy Technology Data Exchange (ETDEWEB)

    Grogg, Kira; Alpert, Nathaniel M.; Zhu, Xuping [Center for Advanced Radiological Sciences, Nuclear Medicine and Molecular Imaging, Radiology Department, Massachusetts General Hospital, Boston, Massachusetts (United States); Min, Chul Hee [Department of Radiological Science, College of Health Science, Yonsei University, Wonju, Kangwon (Korea, Republic of); Testa, Mauro; Winey, Brian [Department of Radiation Oncology, Massachusetts General Hospital and Harvard Medical School, Boston, Massachusetts (United States); Normandin, Marc D. [Center for Advanced Radiological Sciences, Nuclear Medicine and Molecular Imaging, Radiology Department, Massachusetts General Hospital, Boston, Massachusetts (United States); Shih, Helen A.; Paganetti, Harald; Bortfeld, Thomas [Department of Radiation Oncology, Massachusetts General Hospital and Harvard Medical School, Boston, Massachusetts (United States); El Fakhri, Georges, E-mail: elfakhri@pet.mgh.harvard.edu [Center for Advanced Radiological Sciences, Nuclear Medicine and Molecular Imaging, Radiology Department, Massachusetts General Hospital, Boston, Massachusetts (United States)

    2015-06-01

    Purpose: This work was a proof-of-principle study for the evaluation of oxygen-15 ({sup 15}O) production as an imaging target through the use of positron emission tomography (PET), to improve verification of proton treatment plans and to study the effects of perfusion. Methods and Materials: Dynamic PET measurements of irradiation-produced isotopes were made for a phantom and rabbit thigh muscles. The rabbit muscle was irradiated and imaged under both live and dead conditions. A differential equation was fitted to phantom and in vivo data, yielding estimates of {sup 15}O production and clearance rates, which were compared to live versus dead rates for the rabbit and to Monte Carlo predictions. Results: PET clearance rates agreed with decay constants of the dominant radionuclide species in 3 different phantom materials. In 2 oxygen-rich materials, the ratio of {sup 15}O production rates agreed with the expected ratio. In the dead rabbit thighs, the dynamic PET concentration histories were accurately described using {sup 15}O decay constant, whereas the live thigh activity decayed faster. Most importantly, the {sup 15}O production rates agreed within 2% (P>.5) between conditions. Conclusions: We developed a new method for quantitative measurement of {sup 15}O production and clearance rates in the period immediately following proton therapy. Measurements in the phantom and rabbits were well described in terms of {sup 15}O production and clearance rates, plus a correction for other isotopes. These proof-of-principle results support the feasibility of detailed verification of proton therapy treatment delivery. In addition, {sup 15}O clearance rates may be useful in monitoring permeability changes due to therapy.

  19. Review of low pressure plasma processing of proton exchange membrane fuel cell electrocatalysts

    OpenAIRE

    Brault , Pascal

    2016-01-01

    Review article; International audience; The present review is describing recent advances in plasma deposition and treatment of low temperature proton exchange membrane fuel cells electrocatalysts. Interest of plasma processing for growth of platinum based, non-precious and metal free electrocatalysts is highlighted. Electrocatalysts properties are tentatively correlated to plasma parameters.

  20. Phosphoric acid doped imidazolium polysulfone membranes for high temperature proton exchange membrane fuel cells

    DEFF Research Database (Denmark)

    Yang, Jingshuai; Li, Qingfeng; Jensen, Jens Oluf

    2012-01-01

    A novel acid–base polymer membrane is prepared by doping of imidazolium polysulfone with phosphoric acid for high temperature proton exchange membrane fuel cells. Polysulfone is first chloromethylated, followed by functionalization of the chloromethylated polysulfone with alkyl imidazoles i.e. me...

  1. Multiphase Simulations and Design of Validation Experiments for Proton Exchange Membrane Fuel Cells

    DEFF Research Database (Denmark)

    Berning, Torsten

    2013-01-01

    Proton exchange membrane fuel cells directly convert into electricity the chemical energy of hydrogen and oxygen from air. The by-products are just water and waste heat. Depending on the operating conditions the water may be in the liquid or gas phase, and liquid water can hence plug the porous m...

  2. Model-based fault detection for proton exchange membrane fuel cell ...

    African Journals Online (AJOL)

    In this paper, an intelligent model-based fault detection (FD) is developed for proton exchange membrane fuel cell (PEMFC) dynamic systems using an independent radial basis function (RBF) networks. The novelty is that this RBF networks is used to model the PEMFC dynamic systems and residuals are generated based ...

  3. Carbon nanofiber growth on carbon paper for proton exchange membrane fuel cells

    NARCIS (Netherlands)

    Celebi, S.; Nijhuis, T.A.; Schaaf, van der J.; Bruijn, de F.A.; Schouten, J.C.

    2011-01-01

    Homogeneous deposition precipitation (HDP) of nickel has been investigated for the growth of carbon nanofibers (CNFs) on carbon paper for use in proton exchange membrane fuel cells as a gas diffusion layer. Selective CNF growth on only one side of carbon paper is required to transfer the generated

  4. EFECT OF FOREIGN EXCHANGE RATE FLUCTUATIONS ON NIGERIAN ECONOMY

    Directory of Open Access Journals (Sweden)

    Lawrence Olisaemeka UFOEZE

    2018-03-01

    Full Text Available This study investigated the effect of exchange rate fluctuations on Nigerian economy. The fixed and floating exchange eras were compared to know the exchange rate system in which the economy has fairly better. The time period covered was 1970 to 2012. The study employed the ordinary least square (OLS multiple regression technique for the analysis. The coefficient of determination (R2, F-test, t-test, beta and Durbin-Watson were used in the interpretation of the results. The resulted revealed that about 85% of the changes in macroeconomic indicators are explained in the fixed exchange era. In the floating exchange era, 99% was explained while the whole periods has 73% explanatory power, hence the floating exchange era (1986 to date is more effective in explaining economic trend in Nigeria. Also, exchange rate has significant positive effect on GDP during the fixed exchange rate era and negative effect the eras floating and all-time; inflation has insignificant negative effect on GDP during the fixed exchange era; significant effect in floating era and significant negative effect in the all-time period; money supply has insignificant negative effect GDP in fixed exchange era; and significant positive effect during the floating and all-time period; and oil revenue has significant positive effect on the GDP in all the exchange rate regimes (floating, fixed and all-time in Nigeria.  The study thus conclude that exchange rate movement is a good indicator for monitoring Nigerian economic growth. So far exchange rate has always been a key economic indicator for Nigeria. The floating exchange period has outperformed the fixed exchange rate in terms of contribution inflation, money supply and oil revenue to economic growth. This indicate that the floating exchange rate has been a better economic regime for sustainable economic growth in Nigeria. From the findings, it is evident that oil revenue has positive effect in Nigeria and has remained the mainstay

  5. Annealed proton exchanged optical waveguides in lithium niobate differences between the X- and Z-cuts

    CERN Document Server

    Nekvindova, P; Cervena, J; Budnar, M; Razpet, A; Zorko, B; Pelicon, P; 10.1016/S0925-3467(01)00186-0

    2002-01-01

    Summarizes results and assessments of our systematic fabrication and characterization of proton exchanged (PE) and annealed proton exchanged (APE) waveguides in lithium niobate. This study focused on different behavior of crystallographically diverse X(1120) and Z (0001) substrate cuts during waveguide fabrication, and differences in characteristics of the resulting waveguides. Non-toxic adipic acid was used as a proton source, and the waveguides properties were defined by mode spectroscopy (waveguide characteristics) and neutron depth profiling (NDP, lithium concentration and distribution), infrared vibration spectra and elastic recoil detection analysis (ERDA, concentration and depth distribution of hydrogen). It was discovered that the X-cut structure is more permeable for moving particles (lithium and hydrogen ions), which leads to a higher effectiveness of the PE process within the X-cut. The explanation of this phenomenon is based on fitting X-cut orientation towards cleavage planes of lithium niobate c...

  6. Study of Hydrogen Consumption by Control System in Proton Exchange Membrane Fuel Cell

    International Nuclear Information System (INIS)

    Ros Emilia Rosli; Edy Herianto Majlan; Siti Afiqah Abd Hamid; Wan Ramli Wan Daud; Ramizi Mohamed; Dedi Rohendi

    2016-01-01

    Efficient operation results from a proper control strategy. In the operation and performance of a Proton Exchange Membrane Fuel Cell (PEMFC), the hydrogen gas flow rate is one of the most essential control parameter in addition to operating pressure, water management, temperature and humidity. This is because of the high cost and amount of energy are required to produce the purity hydrogen gas. In this paper, a Proportional Integral Derivative (PID) feedback control system is used to control the hydrogen flow rate. A strategy is adapted to balance the hydrogen use based on the loading requirements, especially during start-ups and sudden power demands. This system is implemented using National Instrument (NI) devices powered by the LabVIEW program. This is due to its simplicity and customization flexibility for measuring, processing and recording data. Designed structure allows the real-time implementation of a robust control law that is able to address the related nonlinearities and uncertainties without incurring a heavy computational load for the controller algorithm. While it facilitating a fast sampling rate according to the needs of the power system. Test results from the controller show that the new fuel control system provides good performance by reducing the amount of wasted hydrogen gas compared with that of the previous open loop system by 30 % to over 80 % saved by the varied load. This improvement is beneficial for any PEMFC that experiences fluctuating power demand, especially for vehicle applications. (author)

  7. A new ion exchange behavior of protonated titanate nanotubes after deprotonation and the study on their morphology and optical properties

    International Nuclear Information System (INIS)

    Zhang Huibin; Cao Lixin; Liu Wei; Su Ge

    2012-01-01

    Graphical abstract: The morphological transformation of protonated titanate nanotubes under alkali solution before ion exchange (a) and after ion exchange (b). Highlights: ► A novel ion exchange behavior of protonated titanate nanotubes after deprotonation. ► The exchangeability of protonated titanate nanotubes are not as inert as past reported. ► The tube walls of H 2 Ti 3 O 7 nanotubes is observed to get loosened after ion exchange. ► The paper proves a new and easy way to modify protonated titanate nanotubes. - Abstract: After the deprotonation of protonated titanate nanotubes (H 2 Ti 3 O 7 ), we observed a novel ion exchange behavior on them. In the past literatures, protonated titanate nanotubes prepared via hydrothermal method have been reported with a poor exchangeability which may due to the chemical bonding of interlayer protons to nearby oxygen atoms. However, in this experiment under alkali environment (pH > 10), protonated titanate nanotubes exhibited a vast ion exchange capacity toward [Co(NH 3 ) 6 ] 2+ . This interesting phenomenon is contrary to the past reports which found protonated titanate nanotubes hardly could be ionexchanged by objective cations. This paper proves the deprotonation process on H 2 Ti 3 O 7 nanotubes sufficiently facilitates the diffusion of metal complex cations into protonated titanate nanotubes and significantly changes their ion exchange capacity. As a consequence of cabalt intercalting via ion exchange, the tube wall of H 2 Ti 3 O 7 nanotubes is observed to get loosened. Additionally, the exciton concentrations corresponding to the nanotube surface states are discussed in the paper.

  8. Role of Exchange Rate Volatility in Exchange Rate Pass-Through to Import Prices: Some Evidence from Japan

    OpenAIRE

    Guneratne Banda Wickremasinghe; Param Silvapulle

    2004-01-01

    This paper investigates the effect of exchange rate volatility on the degree of exchange rate pass-through in Japan for the period January 1975 to June 1997. Although several studies put forward theoretical arguments for the volatility-domestic import price relationship, only a very few studies produced empirical evidence. The volatility of contractual currency based exchange rate index returns was modelled using GARCH-type processes with skewed student t-distribution, capturing the typical n...

  9. Two-photon exchange corrections in elastic lepton-proton scattering

    Energy Technology Data Exchange (ETDEWEB)

    Tomalak, Oleksandr; Vanderhaeghen, Marc [Johannes Gutenberg Universitaet Mainz (Germany)

    2015-07-01

    The measured value of the proton charge radius from the Lamb shift of energy levels in muonic hydrogen is in strong contradiction, by 7-8 standard deviations, with the value obtained from electronic hydrogen spectroscopy and the value extracted from unpolarized electron-proton scattering data. The dominant unaccounted higher order contribution in scattering experiments corresponds to the two photon exchange (TPE) diagram. The elastic contribution to the TPE correction was studied with the fixed momentum transfer dispersion relations and compared to the hadronic model with off-shell photon-nucleon vertices. A dispersion relation formalism with one subtraction was proposed. Theoretical predictions of the TPE elastic contribution to the unpolarized elastic electron-proton scattering and polarization transfer observables in the low momentum transfer region were made. The TPE formalism was generalized to the case of massive leptons and the elastic contribution was evaluated for the kinematics of upcoming muon-proton scattering experiment (MUSE).

  10. Investigating the effects of liquidity and exchange rate on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Younos Vakil Alroaia

    2014-08-01

    Full Text Available This paper presents an empirical investigation to study the effects of two macroeconomic factors; namely exchange rate and liquidity on stock index. The proposed study was applied in Iran and on major index of Tehran Stock Exchange over the period 2001-2011. They reported that the currency exchange maintained negative impact on stock exchange for the period of investigation. This is due to the fact that when currency devalued, working capital decreases and firms did not enough money to purchase raw materials, pay wages, etc. In addition, liquidity marinated a direct and positive relationship with exchange index. However, the impact of liquidity seems to be bigger than currency exchange.

  11. Proton magnetic resonance study of the influence of chemical modification, mutation, quaternary state, and ligation state on dynamic stability of the heme pocket in hemoglobin as reflected in the exchange of the proximal histidyl ring labile proton

    International Nuclear Information System (INIS)

    Han, K.H.; La Mar, G.N.; Nagai, K.

    1989-01-01

    Proton nuclear magnetic resonance spectroscopy has been utilized to investigate the rates of exchange with deuterium of the proximal histidyl ring protons in a series of chemically modified and mutated forms of Hb A. Differences in rates of exchange are related to differences in the stability of the deformed or partially unfolded intermediates from which exchange with bulk solvent takes place. Each modified/mutated Hb exhibited kinetic subunit heterogeneity in the reduced ferrous state, with the alpha subunit exhibiting faster exchange than the beta subunit. Modification or mutation resulted in significant increases in the His F8 ring NH exchange rates primarily for the affected subunit and only if the modification/mutation occurs at the allosterically important alpha 1 beta 2 subunit interface. Moreover, this enhancement in exchange rate is observed primarily in that quaternary state of the modified/mutated Hb in which the modified/substituted residue makes the intersubunit contact. This confirms the importance of allosteric constraints in determining the dynamic properties of the heme pocket. Using modified or mutated Hbs that can switch between the alternate quaternary states within a given ligation state or ligate within a given quaternary state, we show that the major portion of the enhanced exchange rate in R-state oxy Hb relative to T-state deoxy Hb originates from the quaternary switch rather than from ligation. However, solely ligation effects are not negligible. The exchange rates of the His F8 ring labile protons increase dramatically upon oxidizing the iron to the ferric state, and both the subunit kinetic heterogeneity and the allosteric sensitivity to the quaternary state are essentially abolished

  12. Proton upset rate prediction: a new sensitive volume concept definition

    International Nuclear Information System (INIS)

    Inguimbert, Christophe

    1999-01-01

    We present a model for predicting proton induced single event upset rate. The approach uses heavy ion cross section experimental data combined with nuclear reaction calculations in order to determine the proton upset cross section. The p+Si nuclear reaction as well as the Si(p, p)Si Coulombic scattering are described. The upset rate calculation depends on the energy deposited available in the charge collection region (sensitive region). This region is treated as a rectangular parallelepiped of thickness d at depth h. The sensitive thickness d is used as an input parameter in our model we have developed an original method to probe the sensitive region to evaluate d with reasonable accuracy d. We use short range ions and we propose a new mathematical analysis of these experimental data to determine h and d. This method consists in de-convoluting the heavy ion upset cross section σ_S_E_U(r) by the LET function of the incident ion LET(r) (r is the range of the incident ion). Our results are in relatively good agreement with other models. The accuracy of the method allows us to discuss the validity of the sensitive volume concept. Furthermore, we extrapolate an internal gain factor α that permit to take into account the charge collection mechanisms. α and d serve for quick and reasonably accurate prediction of proton induced SEU cross section in microelectronic devices. (author) [fr

  13. The Brazilian experience in managing interest-exchange rate nexus

    OpenAIRE

    Ricardo Carneiro; Pedro Rossi

    2013-01-01

    This paper addresses four main questions: firstly, it discusses some theoretical background related to the interest-exchange rate nexus; secondly, it makes an attempt to explain why the interest rate in Brazil is so high, examining briefly the main explanations for it; thirdly, it describes Brazil’s foreign exchange markets, their size and hierarchy; and lastly, it explains the carry trade dynamics considering the institutionalism of the Brazilian foreign exchange market and also the govern...

  14. The energy dependence of neutron-proton charge exchange

    International Nuclear Information System (INIS)

    Bouquet, A.; Diu, R.

    1978-01-01

    The new Fermilab data on up charge exchange are analysed phenomenologically, to determine the energy dependence of the amplitudes in the corresponding domain (60 2 trajectories. If one imposes the presence of standard rho-A 2 terms (three-component analysis), one has to introduce a pomeronlike contribution, with a trajectory α approximately equal to 1.0+0.25t. In both cases, the resulting parametrization gives a good description of the data from Psub(lab)=1GeV/c up to 300GeV/c

  15. 9Real exchange rate misalignment and economic performance in ...

    African Journals Online (AJOL)

    the impact of real exchange rate misalignment has not received adequate attention .... investment (FDI) and the commercial exploitation of oil in 1999. Notably, the flow of .... the analysis proceeds in two steps: 1) we measure the exchange rate misalignment, ... non-tradable goods (TAX) and the net foreign income (NFI).

  16. IMPROVING THE EFFECTIVENESS OF EXCHANGE RATE POLICY IN CONTEMPORARY VIETNAM

    Directory of Open Access Journals (Sweden)

    The Dong Phung

    2014-01-01

    Full Text Available The article discusses the issue of effectiveness of exchange rate policy in contemporary Vietnam, along with the assessment of the mechanism of this policy from 1989 to the present day. The author analyzes constraints of implementing the exchange rate policy in the past and gives recommendations aimed at improving its efficiency nowadays.

  17. A re-examination of the exchange rate overshooting hypothesis

    African Journals Online (AJOL)

    kirstam

    Studies on exchange rate overshooting on the Zambian foreign exchange rate market are .... depreciation between 2008 and 2009 during the great recession. Figure 2 shows ...... manufacturing sector in Nigeria', European Journal of Business and Management, 5(22):. 67–73 .... paper. Washington, DC: IMF Working Paper.

  18. The effect of exchange rate devaluation on selected agricultural ...

    African Journals Online (AJOL)

    The effect of exchange rate devaluation on selected agricultural export commodities in Nigeria. ... The overall results confirmed that in most cases, the lagged values of exchange rate devaluation had a significant and positive relationship with agricultural export commodities but of a higher magnitude in the Total agricultural ...

  19. Exchange rate volatility and regime change: a Visegrad comparison

    Czech Academy of Sciences Publication Activity Database

    Kočenda, Evžen; Valachy, J.

    2006-01-01

    Roč. 34, č. 4 (2006), s. 727-753 ISSN 0147-5967 Institutional research plan: CEZ:MSM0021620846 Keywords : exchange rate s * exchange rate regime s * volatility Subject RIV: EH - Ecology, Behaviour Impact factor: 0.964, year: 2006 http://dx.doi.org/10.1016/j.jce.2006.07.003

  20. Unpredictable After All? A short note on exchange rate predictability

    NARCIS (Netherlands)

    G.A. Moerman (Gerard)

    2001-01-01

    textabstractEarlier research has shown that it is very hard to outperform the random walk model with respect to forecasting exchange rates. In this paper we propose an extension to the regular regime-switching model in order to capture the exchange rate dynamics. The model is extended by including

  1. Are international fund flows related to exchange rate dynamics?

    NARCIS (Netherlands)

    Li, Suxiao; de Haan, Jakob; Scholtens, Bert

    2018-01-01

    Employing monthly data for 53 countries between 1996 and 2015, we investigate the relationship between international fund flows and exchange rate dynamics. We find strong co-movement between funds flows (as measured with the EPFR Global data base) and bilateral real exchange rates vis-à-vis the USD.

  2. Monetary models and exchange rate determination: The Nigerian ...

    African Journals Online (AJOL)

    Monetary models and exchange rate determination: The Nigerian evidence. ... income levels and real interest rate differentials provide better forecasts of the ... partner can expect to suffer depreciation in the external value of her currency.

  3. Impact of exchange rates on the world uranium market

    International Nuclear Information System (INIS)

    Fulton, M.E.; Combs, G.F. Jr.

    1986-01-01

    A preliminary analysis of the relationship between exchange rates and US uranium prices and product ion is presented. This analysis supplements the discussions on the broader topic of fuel prices, exchange rates and other international economic phenomena scheduled during the 1985 EPRI Fuel Supply Seminar. By varying exchange rate assumptions in the recently developed Uranium Market Model, estimates of the magnitude and timing of price and production effects were obtained. These effects do indeed appear to be large and have implications in procurement, fuel planning and commodity policy. While analysts may differ on details, the inescapable conclusion is that exchange rates matter a great deal in the uranium market. The case described is for a scenario of exchange rates with other currencies returning to their 1980 levels. A second case, an across the board weakening of the dollar by 25%, the results of which are somewhat less dramatic is also examined

  4. The Exchange Rate Exposure of Danish Non-Financial Companies

    DEFF Research Database (Denmark)

    Aabo, Tom

    1999-01-01

    of the extra-market exchange rate exposure of individual companies. As such, only a minority of companies has significant exposures when using the effective Danish exchange rate in an OLS regression analysis while half of the companies have significant exposures when using five main exchange rates. A GARCH(1......A shortcut to measuring exchange rate exposure at the company level can be to exploit the information content in the stock prices. A regression analysis is conducted for the main Danish non-financial companies. The use of one all-comprising exchange rate indicator fails to address the complexity......,1) regression analysis is shown to further improve the detection of exposures. The success in identifying exposures for Danish non-financial companies is in contrast to earlier US studies and is relevant in a European context....

  5. Forecasting Exchange Rate Volatility in the Presence of Jumps

    DEFF Research Database (Denmark)

    Busch, Thomas; Christensen, Bent Jesper; Nielsen, Morten Ørregaard

    We study measures of foreign exchange rate volatility based on high-frequency (5-minute) $/DM exchange rate returns using recent nonparametric statistical techniquesto compute realized return volatility and its separate continuous sample path and jumpcomponents, and measures based on prices...... of exchange rate futures options, allowingcalculation of option implied volatility. We find that implied volatility is an informationallyefficient but biased forecast of future realized exchange rate volatility. Furthermore,we show that log-normality is an even better distributional approximation...... for impliedvolatility than for realized volatility in this market. Finally, we show that the jump componentof future realized exchange rate volatility is to some extent predictable, and thatoption implied volatility is the dominant forecast of the future jump component....

  6. Proton exchange mechanism of synthesizing CdS quantum dots in nafion

    International Nuclear Information System (INIS)

    Nandakumar, P.; Vijayan, C.; Murti, Y.V.G.S.; Dhanalakshmi, K.; Sundararajan, G.

    1999-01-01

    Nanocrystals of CdS are synthesized in the proton exchange membrane nafion in different sizes in the range 1.6 to 6 nm. To understand the process leading to the formation of these quantum dots, we have probed the proton exchange by ac conductance measurements in the frequency range 100 Hz to 13 MHz. Nafion shows good electrical conductivity due to proton transport probably via the Grothus mechanism. Incorporation of cadmium ions by replacement of the hydrogen ions in the sulphonic acid group resulted in a large decrease in conductance indicating the reduction of the mobile carrier density. The conductivity plots all show strong frequency dependence with higher conductance towards the higher frequencies where a near-flat frequency response is seen. After the formation of CdS clusters, there is a partial recovery of conductance corresponding to the reinstatement of the protonic carriers on the side groups. The conductivity of the nafion films embedded with the semiconductor quantum dots exhibits a size-dependence with the highest conductivity obtained for the largest clusters. These findings lend clear experimental evidence for the model of synthesis of quantum dots in nafion by the exchange mechanism. (author)

  7. Real Exchange Rate and Productivity in an OLG Model

    OpenAIRE

    Thi Hong Thinh DOAN; Karine GENTE

    2013-01-01

    This article develops an overlapping generations model to show how demography and savings affect the relationship between real exchange rate (RER) and productivity. In high-saving (low-saving) countries and/or low-population-growth-rate countries, a rise in productivity leads to a real depreciation (appreciation) whereas the RER may appreciate or depreciate in highproduction-growth-rate. Using panel data, we conclude that a rise in productivity generally causes a real exchange rate appreciati...

  8. Characterization of creatine guanidinium proton exchange by water-exchange (WEX) spectroscopy for absolute-pH CEST imaging in vitro.

    Science.gov (United States)

    Goerke, Steffen; Zaiss, Moritz; Bachert, Peter

    2014-05-01

    Chemical exchange saturation transfer (CEST) enables indirect detection of small metabolites in tissue by MR imaging. To optimize and interpret creatine-CEST imaging we characterized the dependence of the exchange-rate constant k(sw) of creatine guanidinium protons in aqueous creatine solutions as a function of pH and temperature T in vitro. Model solutions in the low pH range (pH = 5-6.4) were measured by means of water-exchange (WEX)-filtered ¹H NMR spectroscopy on a 3 T whole-body MR tomograph. An extension of the Arrhenius equation with effective base-catalyzed Arrhenius parameters yielded a general expression for k(sw) (pH, T). The defining parameters were identified as the effective base-catalyzed rate constant k(b,eff) (298.15 K) = (3.009 ± 0.16) × 10⁹  Hz l/mol and the effective activation energy E(A,b,eff)  = (32.27 ± 7.43) kJ/mol at a buffer concentration of c(buffer)  = (1/15) M. As expected, a strong dependence of k(sw) on temperature was observed. The extrapolation of the exchange-rate constant to in vivo conditions (pH = 7.1, T = 37 °C) led to the value of the exchange-rate constant k(sw)  = 1499 Hz. With the explicit function k(sw) (pH, T) available, absolute-pH CEST imaging could be realized and experimentally verified in vitro. By means of our calibration method it is possible to adjust the guanidinium proton exchange-rate constant k(sw) to any desired value by preparing creatine model solutions with a specific pH and temperature. Copyright © 2014 John Wiley & Sons, Ltd.

  9. Empirical Studies of Exchange Rates: Price Behavior, Rate Determinationand Market Efficiency

    OpenAIRE

    Richard M. Levich

    1983-01-01

    Theoretical and empirical research completed over the last decade has dramatically increased our understanding of exchange rate behavior. The major insight to come from this decade of research is that foreign exchange is a financial asset. In an asset pricing framework, current exchange rates reflect the expected values of future exogenous variables. The purpose of this paper is to survay the empirical evidence on exchange rate behavior, market efficiency and related topics. Section 2 present...

  10. Employing Hot Wire Anemometry to Directly Measure the Water Balance of a Commercial Proton Exchange Membrane Fuel Cell Stack

    DEFF Research Database (Denmark)

    Shakhshir, Saher Al; Berning, Torsten

    2016-01-01

    Proton exchange membrane fuel cells (PEMFC’s) are currently being commercialized for various applications ranging from automotive (e.g. the Toyota Mirai) to stationary such as powering telecom backup units. In PEMFC’s, oxygen from air is internally combined with hydrogen to form water and produce...... and increased degradation rates. Clearly, a fundamental understanding of all aspects of water management in PEMFC is imperative. This includes the fuel cell water balance, i.e. which fraction of the product water leaves the fuel cell via the anode channels versus the cathode channel. Our research group...... signal received gives valuable insight into heat and mass transfer phenomena in a PEMFC....

  11. Mathematical modeling of water mass balance for proton exchange membrane fuel cell

    International Nuclear Information System (INIS)

    Wan Ramli Wan Daud; Kamaruzzaman Sopian; Jaafar Sahari; Nik Suhaimi Mat Hassan

    2006-01-01

    Gas and water management are key to achieving good performance from a proton exchange membrane fuel cell (PEMFC) stack. Water plays a critical role in PEMFC. The proton conductivity is increase with the water content. In order to achieve enough hydration, water is normally introduced into the cell externally by a variety of methods such as liquid injection, steam introduction, and humidification of reactants by passing them through humidifiers before entering the cell. In this paper, mathematical modeling of water mass balance for PEMFC at anode and cathode side are proposed by using external humidification and assume that steady state, constant pressure, constant temperature and gases distribution are uniform

  12. Double cross-linked polyetheretherketone proton exchange membrane for fuel cell

    CSIR Research Space (South Africa)

    Luo, H

    2012-04-01

    Full Text Available and separating the fuel from oxidant. A polyperfluorosulfonic acid ionomer Nafion? (developed by Dupont) is the mostly used proton exchange membrane in PEMFCs, because of its high proton conductivity and excellent chemical stability [3, 4]. However, the high...-Methyl-2-pyrrolidinone. After the solution was homogenized by stirring, the polymer solution was cast on a glass Petri dish. The solvent was then removed in a vacuum oven at 130 ?C. The membrane was peeled off from the Petri dish. Thereafter...

  13. An Investigation of Proton Conductivity of Vinyltriazole-Grafted PVDF Proton Exchange Membranes Prepared via Photoinduced Grafting

    Directory of Open Access Journals (Sweden)

    Sinan Sezgin

    2014-01-01

    Full Text Available Proton exchange membrane fuel cells (PEMFCs are considered to be a promising technology for clean and efficient power generation in the twenty-first century. In this study, high performance of poly(vinylidene fluoride (PVDF and proton conductivity of poly(1-vinyl-1,2,4-triazole (PVTri were combined in a graft copolymer, PVDF-g-PVTri, by the polymerization of 1-vinyl-1,2,4-triazole on a PVDF based matrix under UV light in one step. The polymers were doped with triflic acid (TA at different stoichiometric ratios with respect to triazole units and the anhydrous polymer electrolyte membranes were prepared. All samples were characterized by FTIR and 1H-NMR spectroscopies. Their thermal properties were examined by thermogravimetric analysis (TGA and differential scanning calorimetry (DSC. TGA demonstrated that the PVDF-g-PVTri and PVDF-g-PVTri-(TAx membranes were thermally stable up to 390°C and 330°C, respectively. NMR and energy dispersive X-ray spectroscopy (EDS results demonstrated that PVDF-g-PVTri was successfully synthesized with a degree of grafting of 21%. PVDF-g-PVTri-(TA3 showed a maximum proton conductivity of 6×10-3 Scm−1 at 150°C and anhydrous conditions. CV study illustrated that electrochemical stability domain for PVDF-g-PVTri-(TA3 extended over 4.0 V.

  14. The feasibility of a fixed exchange rate regime for new EU-members: evidence from real exchange rates

    NARCIS (Netherlands)

    Candelon, B.; Kool, C.J.M.; Raabe, K.; van Veen, T.

    2005-01-01

    In this paper, we estimate fundamental bilateral real exchange rates for a group of eight accession countries using a panel-cointegration approach for the period 1993-2003. We document a significant positive link between productivity levels and the corresponding real exchange rate levels. Future

  15. The feasibility of a fixed exchange rate regime for new EU-members : Evidence from real exchange rates

    NARCIS (Netherlands)

    Candelon, B.; Kool, C.J.M.; Raabe, K.; Veen, van A.P. (Tom)

    2005-01-01

    In this paper, we estimate fundamental bilateral real exchange rates for a group of eight accession countries using a panel-cointegration approach for the period 1993-2003. We document a significant positive link between productivity levels and the corresponding real exchange rate levels. Future

  16. Anisotropic amplification of proton transport in proton exchange membrane fuel cells

    Science.gov (United States)

    Thimmappa, Ravikumar; Fawaz, Mohammed; Devendrachari, Mruthyunjayachari Chattanahalli; Gautam, Manu; Kottaichamy, Alagar Raja; Shafi, Shahid Pottachola; Thotiyl, Musthafa Ottakam

    2017-07-01

    Though graphene oxide (GO) membrane shuttles protons under humid conditions, it suffer severe disintegration and anhydrous conditions lead to abysmal ionic conductivity. The trade-off between mechanical integrity and ionic conductivity challenge the amplification of GO's ionic transport under anhydrous conditions. We show anisotropic amplification of GO's ionic transport with a selective amplification of in plane contribution under anhydrous conditions by doping it with a plant extract, phytic acid (PA). The hygroscopic nature of PA stabilized interlayer water molecules and peculiar geometry of sbnd OH functionalities around saturated hydrocarbon ring anisotropically enhanced ionic transport amplifying the fuel cell performance metrics.

  17. Exchange rate risk in Central European countries

    Czech Academy of Sciences Publication Activity Database

    Kočenda, Evžen; Poghosyan, T.

    2010-01-01

    Roč. 60, č. 1 (2010), s. 22-39 ISSN 0015-1920 R&D Projects: GA ČR(CZ) GA402/08/1376; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : foreign exchange risk * time-varying risk premium * stochastic discount factor Subject RIV: AH - Economics Impact factor: 0.278, year: 2010 http://journal.fsv.cuni.cz/storage/1178_str_22_39_-_ko%C4%8Denda.pdf

  18. Interest Rates and Exchange Rate Relationship in BRIC-T Countries

    OpenAIRE

    Selim KAYHAN; Tayfur BAYAT; Ahmet UGUR

    2013-01-01

    This study examines the dynamic relationships between the real exchange rate and the real interest rate in the BRIC-T (Brazil, Russia, India, China and Turkey) countries by employing monthly data from the beginning of flexible exchange rate regime to July 2011. For this aim, non-linear causality test and frequency domain causality test approaches are used. According to frequency domain causality test results, interest rate affects exchange rate in only China and this effect exist only in the ...

  19. Quantitative description of proton exchange processes between water and endogenous and exogenous agents for WEX, CEST, and APT experiments.

    Science.gov (United States)

    Zhou, Jinyuan; Wilson, David A; Sun, Phillip Zhe; Klaus, Judith A; Van Zijl, Peter C M

    2004-05-01

    The proton exchange processes between water and solutes containing exchangeable protons have recently become of interest for monitoring pH effects, detecting cellular mobile proteins and peptides, and enhancing the detection sensitivity of various low-concentration endogenous and exogenous species. In this work, the analytic expressions for water exchange (WEX) filter spectroscopy, chemical exchange-dependent saturation transfer (CEST), and amide proton transfer (APT) experiments are derived by the use of Bloch equations with exchange terms. The effects of the initial states for the system, the difference between a steady state and a saturation state, and the relative contributions of the forward and backward exchange processes are discussed. The theory, in combination with numerical calculations, provides a useful tool for designing experimental schemes and assessing magnetization transfer (MT) processes between water protons and solvent-exchangeable protons. As an example, the case of endogenous amide proton exchange in the rat brain at 4.7 T is analyzed in detail. Copyright 2004 Wiley-Liss, Inc.

  20. Modeling the Volatility of Exchange Rates: GARCH Models

    Directory of Open Access Journals (Sweden)

    Fahima Charef

    2017-03-01

    Full Text Available The modeling of the dynamics of the exchange rate at a long time remains a financial and economic research center. In our research we tried to study the relationship between the evolution of exchange rates and macroeconomic fundamentals. Our empirical study is based on a series of exchange rates for the Tunisian dinar against three currencies of major trading partners (dollar, euro, yen and fundamentals (the terms of trade, the inflation rate, the interest rate differential, of monthly data, from jan 2000 to dec-2014, for the case of the Tunisia. We have adopted models of conditional heteroscedasticity (ARCH, GARCH, EGARCH, TGARCH. The results indicate that there is a partial relationship between the evolution of the Tunisian dinar exchange rates and macroeconomic variables.

  1. Exchange Rate – Relative Price Nonlinear Cointegration Relationship in Malaysia

    OpenAIRE

    Venus Khim-Sen Liew; Chee-Keong Choong; Evan Lau; Kian-Ping Lim

    2005-01-01

    The finding of exchange rate–relative price nonlinear cointegration relationship in Malaysia, among others, suggests that nonlinear Purchasing Power Parity (PPP) equilibrium may be regarded as reference point in judging the short run misalignment of the Ringgit currency and thereby deducing effective policy actions. Moreover, economists who wish to extend the simple PPP exchange rate model into the more complicated monetary exchange models may do so comfortably, at least in the text of Malays...

  2. Determination of the Optimal Exchange Rate Via Control of the Domestic Interest Rate in Nigeria

    Directory of Open Access Journals (Sweden)

    Virtue U. Ekhosuehi

    2014-01-01

    Full Text Available An economic scenario has been considered where the government seeks to achieve a favourable balance-of-payments over a fixed planning horizon through exchange rate policy and control of the domestic interest rate. The dynamics of such an economy was considered in terms of a bounded optimal control problem where the exchange rate is the state variable and the domestic interest rate is the control variable. The idea of balance-of-payments was used as a theoretical underpinning to specify the objective function. By assuming that, changes in exchange rates were induced by two effects: the impact of the domestic interest rate on the exchange rate and the exchange rate system adopted by the government. Instances for both fixed and flexible optimal exchange rate regimes have been determined. The use of the approach has been illustrated employing data obtained from the Central Bank of Nigeria (CBN statistical bulletin. (original abstract

  3. Exchange rate formation in Ukraine and its impact on macroeconomic indicators

    OpenAIRE

    Koroliuk Tatiana Aleksandrovna

    2014-01-01

    The factors of exchange rate formation in Ukraine are analyzes in this paper, the influence of exchange rate on macroeconomic indicators of development and the main priorities of the exchange rate policy are determined exchange.

  4. Exchange Rate and International Trade: Case From Indonesian Manufacturing Sector

    Directory of Open Access Journals (Sweden)

    Anung Yoga Anindhita

    2017-07-01

    Full Text Available Exchange rate fluctuation in Floating Exchange Rate Regime is considered to Exchange rate fluctuation in Floating Exchange Rate Regime is considered to have impacts on the international trade through its adjustment to the price and its volatility to the trade risk. This paper is aimed at estimating those impacts on the international trade of manufacturing sector in Indonesia for period 2007 to 2014. To conduct estimation, it uses multiple regression analysis on two models: First, the import of raw-and-auxiliary materials; Second, the export of manufacturing sector. The results show that the exchange rate impacts both work significantly on the import of raw-and-auxiliary materials. The finding implies that, through the import of raw-and-auxiliary materials, manufacturing sector is very susceptible to the shock caused by exchange rate changes. Meanwhile, the export of manufacturing sector is not able to take advantage of the depreciation of the exchange rate due to the lack of competitiveness.DOI: 10.15408/sjie.v6i2.5210

  5. China’s Exchange Rate Policy: A Double Edged Sword

    Science.gov (United States)

    2013-12-01

    market.10 These four characteristics allowed the East Asian countries of Japan, Taiwan , and South Korea to develop at exponential rates for decades. This...EXCHANGE RATE POLICY Chapter II provides background on important factors affecting China’s exchange rate policy, as well as an overview of its...include telecommunications, tourism , hospitality, 51 World’s Richest Countries, “Top Ten Chinese

  6. Covered Interest Parity, Uncovered Interest Parity, and Exchange Rate Dynamics

    OpenAIRE

    Eaton, Jonathan; Turnovsky, Stephen J.

    1981-01-01

    A number of macroeconomic models of open economies under flexible exchange rate assume a strong version of perfect capital mobility which implies that currency speculation commands no risk premium. If this assumption is dropped a number of important results no longer obtain. First, the exchange rate and interest rate cannot be in steady state unless both the government deficit and current account equal zero, not simply their sum, as would otherwise be the case. Second, even in steady state th...

  7. Exchange rate regimes and inflation: Evidence from India.

    OpenAIRE

    Mohanty, Biswajit; Bhanumurthy, N.R.

    2014-01-01

    Exchange rate stability is crucial for inflation management as a stable rate is expected to reduce domestic inflation pressures through a `policy discipline effect'- restricting money supply growth, and a `credibility effect'- inducing higher money demand and reduced velocity of money. Alternatively, the impossibility trillema predicts that in the presence of an open capital account, a stable exchange rate may lead to lack of control on monetary policy and, hence, higher inflation. Using a mo...

  8. Effect of glycidyl methacrylate (GMA) incorporation on water uptake and conductivity of proton exchange membranes

    Science.gov (United States)

    Sproll, Véronique; Schmidt, Thomas J.; Gubler, Lorenz

    2018-03-01

    The aim of this work was to investigate how hygroscopic moieties like hydrolyzed glycidyl methacrylate (GMA) influence the properties of sulfonated polysytrene based proton exchange membranes (PEM). Therefore, several membranes were synthesized by electron beam treatment of the ETFE (ethylene-alt-tetrafluoroethylene) base film with a subsequent co-grafting of styrene and GMA at different ratios. The obtained membranes were sulfonated to introduce proton conducting groups and the epoxide moiety of the GMA unit was hydrolyzed for a better water absorption. The PEM was investigated regarding its structural composition, water uptake and through-plane conductivity. It could be shown that the density of sulfonic acid groups has a higher influence on the proton conductivity of the PEM than an increased water uptake.

  9. Proton Exchange Membrane Fuel Cell/Supercapasitor Hybrid Power Management System for a Golf Cart

    International Nuclear Information System (INIS)

    Siti Afiqah Abd Hamid; Ros Emilia Rosli; Edy Herianto Majlan; Wan Ramli Wan Daud; Ramizi Mohamed; Ramli Sitanggang

    2016-01-01

    This paper presented the transformation of a golf cart system powered lead acid battery into an environmental friendly hybrid vehicle. The design developed by using an advantage contributes by the uprising alternative power source candidate which is Proton Exchange Membrane Fuel Cell (PEMFC) and the maintenance free energy storage device, a supercapacitor (SC). The fuel cell (FC) stack was an in house manufactured with 450 W (36 V, 12.5 A) power, while the SC was from Maxwell Technologies (48 V, 165 F). This two power sources were controlled by the mechanical relay, meanwhile the reactant (hydrogen) are control by mass flow controller (MFC) both signaled by a National Instrument (NI) devices. The power management controller are programmed in the LabVIEW environment and then downloaded to the NI devices. The experimental result of the power trend was compared before and after the transformation with the same route to validate the effectiveness of the proposed power management strategy. The power management successfully controls the power sharing between power sources and satisfies the load transient. While the reactant control managed to vary the hydrogen mass flow rate feed according to the load demand in vehicular applications. (author)

  10. The empirical relationship between energy futures prices and exchange rates

    International Nuclear Information System (INIS)

    Sadorsky, P.

    2000-01-01

    This paper investigates the interaction between energy futures prices and exchange rates. Results are presented to show that futures prices for crude oil, heating oil and unleaded gasoline are co-integrated with a trade-weighted index of exchange rates. This is important because it means that there exists a long-run equilibrium relationship between these four variables. Granger causality results for both the long- and short-run are presented. Evidence is also presented that suggests exchange rates transmit exogenous shocks to energy futures prices. 22 refs

  11. EXCHANGE-RATES FORECASTING: EXPONENTIAL SMOOTHING TECHNIQUES AND ARIMA MODELS

    Directory of Open Access Journals (Sweden)

    Dezsi Eva

    2011-07-01

    Full Text Available Exchange rates forecasting is, and has been a challenging task in finance. Statistical and econometrical models are widely used in analysis and forecasting of foreign exchange rates. This paper investigates the behavior of daily exchange rates of the Romanian Leu against the Euro, United States Dollar, British Pound, Japanese Yen, Chinese Renminbi and the Russian Ruble. Smoothing techniques are generated and compared with each other. These models include the Simple Exponential Smoothing technique, as the Double Exponential Smoothing technique, the Simple Holt-Winters, the Additive Holt-Winters, namely the Autoregressive Integrated Moving Average model.

  12. Real exchange rate persistence and the excess return puzzle

    DEFF Research Database (Denmark)

    Juselius, Katarina; Assenmacher, Katrin

    2017-01-01

    The PPP puzzle refers to the wide swings of nominal exchange rates around their long-run equilibrium values whereas the excess return puzzle represents the persistent deviation of the domestic-foreign interest rate differential from the expected change in the nominal exchange rate. Using the I(2......) cointegrated VAR model, much of the excess return puzzle disappears when an uncertainty premium in the foreign exchange market, proxied by the persistent PPP gap, is introduced. Self-reinforcing feedback mechanisms seem to cause the persistence in the Swiss-US parity conditions. These results support imperfect...

  13. Exchange rate determination and the flaws of mainstream monetary theory

    Directory of Open Access Journals (Sweden)

    HEINER FLASSBECK

    2018-03-01

    Full Text Available ABSTRACT Developing countries in general need flexibility and a sufficient number of instruments to prevent excessive volatility. Evidence does not support the orthodox belief that, with free floating, international financial markets will perform that role by smoothly adjusting exchange rates to their “equilibrium” level. In reality, exchange rates under a floating regime have proved to be highly unstable, leading to long spells of misalignment. The experience with hard pegs has not been satisfactory either: the exchange rate could not be corrected in cases of external shocks or misalignment. Given this experience, “intermediate” regimes are preferable when there is instability in international financial markets.

  14. Exchange Rate Effects on International Commercial Trade Competitiveness

    Directory of Open Access Journals (Sweden)

    Ionel Bostan

    2018-04-01

    Full Text Available This study is meant to be an evaluation sustained by theoretical and empirical considerations of the exchange rate impact on international commercial trade competitiveness. In this respect, the study aims to find how the exchange rate influences Romanian competitiveness through assessing the effects generated on exports and imports. The main purpose of the study is to assess the complex action of the exchange rate on international commercial trade competitiveness in contemporaneity and the connections between these variables. The empirical part contains a regression analysis where exports and imports are dependent variables influenced by a series of determinants.

  15. Jump spillover between oil prices and exchange rates

    Science.gov (United States)

    Li, Xiao-Ping; Zhou, Chun-Yang; Wu, Chong-Feng

    2017-11-01

    In this paper, we investigate the jump spillover effects between oil prices and exchange rates. To identify the latent historical jumps for exchange rates and oil prices, we use a Bayesian MCMC approach to estimate the stochastic volatility model with correlated jumps in both returns and volatilities for each. We examine the simultaneous jump intensities and the conditional jump spillover probabilities between oil prices and exchange rates, finding strong evidence of jump spillover effects. Further analysis shows that the jump spillovers are mainly due to exogenous events such as financial crises and geopolitical events. Thus, the findings have important implications for financial risk management.

  16. Nanostructure-based proton exchange membrane for fuel cell applications at high temperature.

    Science.gov (United States)

    Li, Junsheng; Wang, Zhengbang; Li, Junrui; Pan, Mu; Tang, Haolin

    2014-02-01

    As a clean and highly efficient energy source, the proton exchange membrane fuel cell (PEMFC) has been considered an ideal alternative to traditional fossil energy sources. Great efforts have been devoted to realizing the commercialization of the PEMFC in the past decade. To eliminate some technical problems that are associated with the low-temperature operation (such as catalyst poisoning and poor water management), PEMFCs are usually operated at elevated temperatures (e.g., > 100 degrees C). However, traditional proton exchange membrane (PEM) shows poor performance at elevated temperature. To achieve a high-performance PEM for high temperature fuel cell applications, novel PEMs, which are based on nanostructures, have been developed recently. In this review, we discuss and summarize the methods for fabricating the nanostructure-based PEMs for PEMFC operated at elevated temperatures and the high temperature performance of these PEMs. We also give an outlook on the rational design and development of the nanostructure-based PEMs.

  17. Current Account and Real Exchange Rate Dynamics in Indonesia

    Directory of Open Access Journals (Sweden)

    Firman Mochtar

    2015-07-01

    Full Text Available We analyze the role of both permanent and temporary factors in affecting the Indonesian current account and real exchange dynamics before and after 2000. Adopting Lee and Chinn (1998; 2006 approach as well as Chinn et al. (2007, two results stand out. First, we confirm that the behavior of the real exchange rate has altered since 2000. Identifications show that permanent shocks are the primary causes for the movement of the real exchange rate after 2000, while in the period before 2000, the Indonesian real exchange rate changes are characterized by greater dominance of temporary shocks. The apparent change in the real exchange rate behavior may be strongly justified by the implementation of free-floating exchange rate system since August 1997. Second, the shift of the real exchange rate behavior after 2000 does not necessarily affect the current account dynamics. Empirical evidence confirms that the variance of current account post 2000 remains largely due to temporary shocks. Albeit having increasing influence, permanent shocks have insignificant effect in explaining fluctuations of the current account. In this sense, the current account surplus after 2000 is attributed largely to nominal variables such as price increase, while the impact of productivity improvement is still limited.

  18. Effects of interest and exchange rate policies on Brazilian exports

    Directory of Open Access Journals (Sweden)

    Cláudia Maria Sonaglio

    2016-01-01

    Full Text Available In heterodox literature, the industrial sector is considered strategic for economic development. Consequently, reducing the contribution of this sector in the production of the country before it has reached the stage of economic maturity, affects the productive dynamics and slow technical progress. The appreciation of the real exchange rate is seen as one of the factors responsible for the reduction of the external competitiveness of Brazilian manufactures, and this exchange rate valuation may be occurring due to the differences between domestic and international interest rates. Given this context, the aim of this study is to evaluate the impact of changes in the monetary and exchange rate policy and in the composition of the total exports on the performance of the Brazilian economy using a structuralist model. The results reinforce the importance of the manufacturing sector to economic growth, especially in a competitive exchange rate environment.

  19. Relationship between indoor radon concentrations and air exchange rate

    International Nuclear Information System (INIS)

    Wang Jingshu; Liu Yuyu; Yao Xiaohua; Meng Jianfeng; Zhang Yongyi; Wang Xiaohe; Yu Xiufen.

    1995-01-01

    The indoor concentration of radon and the air exchange rate were simultaneously measured in four empty rooms, made of brick and cement, which were located in different floors of dwelling houses in Taiyuan, Shanxi, China. SF 6 tracer gas decay method was used to measure the air exchange rate. Indoor radon was collected with the dimembrane method. When the ventilation rate increased, the concentration of radon dropped rapidly. Regression analysis indicated that the indoor concentration of radon was equal to the outdoor level of radon when the air exchange rate was greater than 3-4. SF 6 decay method was an effective and convenient method for measuring the air exchange rate. There was no marked difference in measurements obtained in different locations of a room. (N.K.)

  20. Macroeconomic stabilization and intervention policy under an exchange rate band

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; van der Ploeg, F.

    1998-01-01

    Macroeconomic stabilization and foreign exchange market interventions are investigated for a small open economy with a nominal exchange rate band. In a first-best situation, a band is not advisable from a stabilization perspective, even though with money demand shocks no welfare losses are incurred.

  1. MONETARY TRANSMISSION CHANNELS IN FLEXIBLE MONETARY AND EXCHANGE RATE REGIMES: THE CASE OF SELECTED TRANSITION ECONOMIES

    OpenAIRE

    JOSIFIDIS, Kosta; PUCAR, Emilija Beker; SUPIĆ, Novica

    2010-01-01

    The paper explores selected monetary transmission channels in the case of transition economies. Namely, an exchange rate channel, an interest rate channel, direct and indirect influence to an exchange rate, are focused. Specific (former) transition economies are differentiated according the combination of implemented monetary and exchange rate regimes: exchange rate as a nominal anchor and rigid exchange rate regimes, exchange rate as a nominal anchor and intermediate exchange rate regimes, a...

  2. Investigation of water distribution in proton exchange membrane fuel cells via Terahertz imaging

    International Nuclear Information System (INIS)

    Thamboon, P.; Buaphad, P.; Thongbai, C.; Saisud, J.; Kusoljariyakul, K.; Rhodes, M.W.; Vilaithong, T.

    2011-01-01

    Coherent transition radiation in a THz regime generated from a femtosecond electron bunch is explored for its potential use in imaging applications. Due to water sensitivity, the THz imaging experiment is performed on a proton exchange membrane fuel cell (PEMFC) to assess the ability to quantify water in the flow field of the cell. In this investigation, the PEMFC design and the experimental setup for the THz imaging is described. The results of the THz images in the flow field are also discussed.

  3. Dynamic Model of the High Temperature Proton Exchange Membrane Fuel Cell Stack Temperature

    DEFF Research Database (Denmark)

    Andreasen, Søren Juhl; Kær, Søren Knudsen

    2009-01-01

    The present work involves the development of a model for predicting the dynamic temperature of a high temperature proton exchange membrane (HTPEM) fuel cell stack. The model is developed to test different thermal control strategies before implementing them in the actual system. The test system co...... elements for start-up, heat conduction through stack insulation, cathode air convection, and heating of the inlet gases in the manifold. Various measurements are presented to validate the model predictions of the stack temperatures....

  4. Proton exchange membrane fuel cell operation and degradation in short-circuit.

    OpenAIRE

    Silva , R.E.; Harel , F.; Jemei , S.; Gouriveau , Rafael; Hissel , Daniel; Boulon , L.; Agbossou , K.

    2013-01-01

    International audience; Hybridization of proton exchange membrane fuel cells (PEMFC) and ultra capacitors (UC) are considered as an alternative way to implement high autonomy, high dynamic, and reversible energy sources. PEMFC allow high efficiency and high autonomy, however their dynamic response is limited and this source does not allow recovering energy. UC appears to be a complementary source to fuel cell systems (FCS) due to their high power density, fast dynamics, and reversibility. A d...

  5. LINEAR AND NONLINEAR VISCOELASTIC CHARACTERIZATION OF PROTON EXCHANGE MEMBRANES AND STRESS MODELING FOR FUEL CELL APPLICATIONS

    OpenAIRE

    Patankar, Kshitish A

    2009-01-01

    In this dissertation, the effect of temperature and humidity on the viscoelastic and fracture properties of proton exchange membranes (PEM) used in fuel cell applications was studied. Understanding and accurately modeling the linear and nonlinear viscoelastic constitutive properties of a PEM are important for making hygrothermal stress predictions in the cyclic temperature and humidity environment of operating fuel cells. In this study, Nafion® NRE 211, Gore-Select® 57, and Ion Power® N111...

  6. Helium Ion Microscopy of proton exchange membrane fuel cell electrode structures

    DEFF Research Database (Denmark)

    Chiriaev, Serguei; Dam Madsen, Nis; Rubahn, Horst-Günter

    2017-01-01

    electrode interface structure dependence on ionomer content, systematically studied by Helium Ion Microscopy (HIM). A special focus was on acquiring high resolution images of the electrode structure and avoiding interface damage from irradiation and tedious sample preparation. HIM demonstrated its....... In the hot-pressed electrodes, we found more closed contact between the electrode components, reduced particle size, polymer coalescence and formation of nano-sized polymer fiber architecture between the particles. Keywords: proton exchange membrane fuel cells (PEMFCs); Helium Ion Microscopy (HIM...

  7. Preparation of new proton exchange membranes using sulfonated poly(ether sulfone) modified by octylamine (SPESOS)

    International Nuclear Information System (INIS)

    Mabrouk, W.; Ogier, L.; Matoussi, F.; Sollogoub, C.; Vidal, S.; Dachraoui, M.; Fauvarque, J.F.

    2011-01-01

    Highlights: → New, simple and cheap way to synthesize a membrane. → The membranes combine good proton conductivities with good mechanical properties. → The membrane performances in a fuel cell are similar to the Nafion 117. - Abstract: Sulfonated poly(arylene ether sulfone) (SPES) has received considerable attention in membrane preparation for proton exchange membrane fuel cell (PEMFC). But such membranes are brittle and difficult to handle in operation. We investigated new membranes using SPES grafted with various degrees of octylamine. Five new materials made from sulfonated polyethersulfone sulfonamide (SPESOS) were synthetized with different grades of grafting. They were made from SPES, with initially an ionic exchange capacity (IEC) of 2.4 meq g -1 (1.3 H + per monomer unit). Pristine SPES with that IEC is water swelling and becomes soluble at 80 deg. C, its proton conductivity is in the range of 0.1 S cm -1 at room temperature in aqueous H 2 SO 4 1 M, similar to that of Nafion. After grafting with various amounts of octylamine, the material is water insoluble; membranes are less brittle and show sufficient ionic conductivity. Proton transport numbers were measured close to 1.

  8. New insights into proton surface mobility processes in PEMFC catalysts using isotopic exchange methods.

    Science.gov (United States)

    Ferreira-Aparicio, Paloma

    2009-09-01

    The surface chemistry and the adsorption/desorption/exchange behavior of a proton-exchange membrane fuel cell catalyst are analyzed as a case study for the development of tailor-made support materials of enhanced performance and stability. By using H2, D2, and CO as probe molecules, the relevance of some surface functional groups of the catalyst support on several diffusion processes taking place during the adsorption is shown. Sulfonic groups associated with the vulcanized carbon black surface have been detected by means of spectroscopic techniques (X-ray photoelectron spectroscopy and Fourier transform infrared spectroscopy) and by analysis of the desorbed products during temperature-programmed desorption tests by mass spectrometry. Such hydrophilic species have been observed to favor proton surface mobility and exchange with Pt-adsorbed deuterium even in the presence of adsorbed CO. This behavior is relevant both for the proper characterization of these kinds of catalysts using adsorption probes and for the design of new surface-modified carbon supports, enabling alternative proton-transfer pathways throughout the catalytic layers toward the membrane.

  9. Two-dimensional analytical model of a proton exchange membrane fuel cell

    International Nuclear Information System (INIS)

    Liu, Jia Xing; Guo, Hang; Ye, Fang; Ma, Chong Fang

    2017-01-01

    In this study, a two-dimensional full cell analytical model of a proton exchange membrane fuel cell is developed. The analytical model describes electrochemical reactions on the anode and cathode catalyst layer, reactants diffusion in the gas diffusion layer, and gases flow in the gas channel, etc. The analytical solution is derived according to the basic physical equations. The performance predicted by the model is in good agreement with the experimental data. The results show that the polarization mainly occurs in the cathode side of the proton exchange membrane fuel cell. The anodic overpotential cannot be neglected. The hydrogen and oxygen concentrations decrease along the channel flow direction. The hydrogen and oxygen concentrations in the catalyst layer decrease with the current density. As predicted by the model, concentration polarization mainly occurs in the cathode side. - Highlights: • A 2D full cell analytical model of a proton exchange membrane fuel cell is developed. • The analytical solution is deduced according to the basic equations. • The anode overpotential is not so small that it cannot be neglected. • Species concentration distributions in the fuel cell is obtained and analyzed.

  10. On equilibrium real exchange rates in euro area: Special focus on behavioral equilibrium exchange rates in Ireland and Greece

    Directory of Open Access Journals (Sweden)

    Klára Plecitá

    2012-01-01

    Full Text Available This paper focuses on the intra-euro-area imbalances. Therefore the first aim of this paper is to identify euro-area countries exhibiting macroeconomic imbalances. The subsequent aim is to estimate equilibrium real exchange rates for these countries and to compute their degrees of real exchange rate misalignment. The intra-area balance is assessed using the Cluster Analysis and the Principle Component Analysis; on this basis Greece and Ireland are selected as the two euro-area countries with largest imbalances in 2010. Further the medium-run equilibrium exchange rates for Greece and Ireland are estimated applying the Behavioral Equilibrium Exchange Rate (BEER approach popularised by Clark and MacDonald (1998. In addition, the long-run equilibrium exchange rates are estimated using the Permanent Equilibrium Exchange Rate (PEER model. Employing the BEER and PEER approaches on quarterly time series of real effective exchange rates (REER from 1997: Q1 to 2010: Q4 we identify an undervaluation of the Greek and Irish REER around their entrance to the euro area. For the rest of the period analysed their REER is broadly in line with estimated BEER and PEER levels.

  11. Rate of oxygen isotope exchange between selenate and water.

    Science.gov (United States)

    Kaneko, Masanori; Poulson, Simon R

    2012-04-17

    The rate of oxygen isotope exchange between selenate and water was investigated at conditions of 10 to 80 °C and pH -0.6 to 4.4. Oxygen isotope exchange proceeds as a first-order reaction, and the exchange rate is strongly affected by reaction temperature and pH, with increased rates of isotope exchange at higher temperature and lower pH. Selenate speciation (HSeO(4)(-) vs SeO(4)(2-)) also has a significant effect on the rate of isotope exchange. The half-life for isotope exchange at example natural conditions (25 °C and pH 7) is estimated to be significantly in excess of 10(6) years. The very slow rate of oxygen isotope exchange between selenate and water under most environmental conditions demonstrates that selenate-δ(18)O signatures produced by biogeochemical processes will be preserved and hence that it will be possible to use the value of selenate-δ(18)O to investigate the biogeochemical behavior of selenate, in an analogous fashion to the use of sulfate-δ(18)O to study the biogeochemical behavior of sulfate.

  12. Exchange Rate Fluctuation and the Nigeria Economic Growth

    Directory of Open Access Journals (Sweden)

    Lawal Adedoyin Isola

    2016-11-01

    Full Text Available The aim of this study is to investigate the impact of exchange rate fluctuation on economic growth in Nigeria within the context of four profound theories: purchasing power parity; monetary model of exchange rates; the portfolio balance approach; and the optimal currency area theory. Data was collected from the CBN statistical bulletin in Nigeria from 2003– 2013and the Autoregressive Distributed Lag (ARDL model was employed to estimate the model. In the model, real GDP (RGDP was used as the proxy for economic growth while Inflation rate (IF, Exchange rate (EXC, Interest rate (INT and Money Supply(M2 as proxies for other macroeconomic variables. The empirical results show that exchange rate fluctuation has no effect on economic growth in the long run though a short run relationship exist between the two. Based on these findings, this paper recommends that the Central bank for policy purposes should ensure that stern foreign exchange control policies are put in place in order to help in appropriate determination of the value of the exchange rate. This will in the long run help to strengthen the value of the Naira.

  13. Evaluation of Exchange Rate Policy on Agricultural Trade in Nigeria ...

    African Journals Online (AJOL)

    International Journal of Agriculture and Rural Development ... this study was to evaluate the effect of exchange rate policy on agricultural trade in Nigeria. ... Government support to farmers in the form of credit and input subsidies is a veritable ...

  14. Can producer currency pricing models generate volatile real exchange rates?

    OpenAIRE

    Povoledo, L.

    2012-01-01

    If the elasticities of substitution between traded and nontraded and between Home and Foreign traded goods are sufficiently low, then the real exchange rate generated by a model with full producer currency pricing is as volatile as in the data.

  15. MONETARY SHOCKS AND REAL EXCHANGE RATE FLUCTUATIONS IN CEE COUNTRIES

    Directory of Open Access Journals (Sweden)

    Nataša Erjavec

    2012-12-01

    Full Text Available The aim of this paper is to investigate the role of the exchange rate regime in absorbing macroeconomic shocks for a group of Central and East European countries (CEE. Whether the flexible exchange rate regime is beneficial for an economy depends on the capacity of the exchange rate to act as a shock absorber. An appropriate framework for assessing the role of the exchange rate is a structural vector autoregressive (SVAR model. Impact of two types of macroeconomic shocks is estimated: nominal and real. The shocks are identified on the basis of Blanchard-Quah long run identification scheme which means that the restrictions are imposed on the long run responses while the short run dynamics is kept unrestricted. The importance of nominal and real shocks is assessed using the variance decomposition and the impulse response functions.

  16. Exchange Rate Regime and External Adjustment in CEE Countries

    Directory of Open Access Journals (Sweden)

    Jacek Pietrucha

    2015-04-01

    Full Text Available The paper reviews effects of exchange rate regime's choice for adjustments processes in current accounts (CA in the Central and Eastern Europe countries between 2008-2012. During the period of global financial crisis, Poland may be treated as a handbook example of the reaction of floating exchange rate to shock and adjustments in the form of expenditure switching. However, the Polish experience is not typical among the Central and Eastern Europe countries. There is no evidence for the positive role of floating exchange rate in macroeconomic adjustments after the crisis in Central and Eastern Europe countries which belong to EU. The adjustments in the countries with fixed regimes were fast and deep. The real exchange rate decreased and export, CA and goods and services balance improved, development distance against EU countries was reduced. However, the experience of Baltic countries, which have internal devaluation, should be very carefully conveyed to other countries.

  17. Intervention analysis of Nigeria's foreign exchange rate | Mosugu ...

    African Journals Online (AJOL)

    Journal of Applied Sciences and Environmental Management ... impact of Nigeria's foreign exchange rate using classical multiple regression model under ... A useful approach is to test the significant change between the long-run mean effect ...

  18. An Essay on the Foreign Exchange Rate Expectations in Brazil

    Directory of Open Access Journals (Sweden)

    Ana Luiza Louzada Pereira

    2005-06-01

    Full Text Available This article analyses the behavior of the Brazilian exchange rate (Real/US dollar and the corresponding values forecasted by the market agents, from 2001 (November to 2004 (may. We use the data-base of the Brazilian Central Bank, called Sistema de Expectativas de Mercado, which has been created in 1999. We evaluate the rational expectations hypothesis (REH for the exchange rate market, comparing the mean value predicted by some Brazilian financial institutions with the daily exchange rate that has really occurred (PTAX. The particular arrangement of the data-base allows us to make the analysis in two different ways: with fixed-event forecasts. The main result suggests that the Brazilian exchange rate market support the weak form of the REH, for short horizons of forecasting.

  19. Characterization and Modification of Electrospun Fiber Mats for Use in Composite Proton Exchange Membranes

    Science.gov (United States)

    Mannarino, Matthew Marchand

    . Post-spin thermal annealing was used to modify the fiber morphology, inter-fiber welding, and crystallinity within the fibers. Morphological changes, in-plane tensile response, friction coefficient, and wear rate were characterized as functions of the annealing temperature. The Young's moduli, yield stresses and toughnesses of the PA 6(3)T nonwoven mats improved by two- to ten-fold when annealed slightly above the glass transition temperature, but at the expense of mat porosity. The mechanical and tribological properties of the thermally annealed P A 6,6 fiber mats exhibited significant improvements through the Brill transition temperature, comparable to the improvements observed for amorphous P A 6(3)T electrospun mats annealed near the glass transition temperature. The wear rates for both polymer systems correlate with the yield properties of the mat, in accordance with a modified Ratner-Lancaster model. The variation in mechanical and tribological properties of the mats with increasing annealing temperature is consistent with the formation of fiber-to-fiber junctions and a mechanism of abrasive wear that involves the breakage of these junctions between fibers. A mechanically robust proton exchange membrane with high ionic conductivity and selectivity is an important component in many electrochemical energy devices such as fuel cells, batteries, and photovoltaics. The ability to control and improve independently the mechanical response, ionic conductivity, and selectivity properties of a membrane is highly desirable in the development of next generation electrochemical devices. In this thesis, the use of layer-by-layer (LbL) assembly of polyelectrolytes is used to generate three different polymer film morphologies on highly porous electrospun fiber mats: webbed, conformal coating, and pore-bridging films. Specifically, depending on whether a vacuum is applied to the backside of the mat or not, the spray-LbL assembly either fills the voids of the mat with the proton

  20. MANAGED FLOAT EXCHANGE RATE SYSTEM: THE SINGAPORE EXPERIENCE

    OpenAIRE

    HOE EE KHOR; JASON LEE; EDWARD ROBINSON; SAKTIANDI SUPAAT

    2007-01-01

    This paper examines the key characteristics of Singapore's exchange rate-centered monetary policy; in particular, its managed float regime which incorporates key features of the basket, band and crawl system popularized by Williamson (1998, 1999). We assess how the flexibility accorded by this framework has been advantageous in facilitating adjustment to various shocks to the economy. A characterization of the countercyclical nature of Singapore's exchange rate policy is also offered, with re...

  1. Trade Openness And Real Exchange Rate Volatility: Panel Data Evidence

    OpenAIRE

    César Calderón

    2004-01-01

    A recent strand of the literature, the so-called “New Open Economy Macroeconomics”, argues that nonmonetary factors have gained importance in explaining exchange rate volatility. In this context, it has been suggested the inclusion of shocks to productivity, terms of trade, and government spending, among others. The goal of the present paper is to explain the real exchange rate volatility by positing a structural relationship between volatility and its determinants. To perform our task we col...

  2. Productivity Demand Shocks And Asia-Pacific Real Exchange Rates

    OpenAIRE

    Ordean Olson

    2011-01-01

    The evidence for a productivity-based explanation for real exchange rate behavior of East Asian currencies is examined using sectoral output and employment data, relative prices and relative productivities for China, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand. Time series regressions of the real exchange rate on relative productivity ratios indicate significant relationships for the Philippines, Hong Kong, Thailand, Singapore, Taiwan and Korea. Only when a...

  3. Real Effective Exchange Rate Dynamics in Malawi and South Africa

    OpenAIRE

    Kisu Simwaka

    2004-01-01

    This study investigates the main determinants of real effective exchange rate in Malawi and South Africa. In our empirical analysis, we conducted unit root and cointegration test in order to determine the time series properties of the data and establish whether there is a long run relationship between real effective exchange rate and explanatory variables. Having ascertained that almost all variiables are integrated of order one and cointegrated, an error correction model is formulated and es...

  4. Statistical Analysis of the Exchange Rate of Bitcoin

    Science.gov (United States)

    Chu, Jeffrey; Nadarajah, Saralees; Chan, Stephen

    2015-01-01

    Bitcoin, the first electronic payment system, is becoming a popular currency. We provide a statistical analysis of the log-returns of the exchange rate of Bitcoin versus the United States Dollar. Fifteen of the most popular parametric distributions in finance are fitted to the log-returns. The generalized hyperbolic distribution is shown to give the best fit. Predictions are given for future values of the exchange rate. PMID:26222702

  5. Hot Tip: Nominal Exchange Rates and Inflation Indexed Bond Yields

    OpenAIRE

    Richard H. Clarida

    2013-01-01

    This paper derives a structural relationship between the nominal exchange rate, national price levels, and observed yields on long maturity inflation - indexed bonds. This relationship can be interpreted as defining the fair value of the exchange rate that will prevail in any model or real world economy in which inflation indexed bonds are traded. An advantage of our derivation is that it does not require restrictive assumptions on financial market equilibrium to be operational. We take our t...

  6. Statistical Analysis of the Exchange Rate of Bitcoin.

    Directory of Open Access Journals (Sweden)

    Jeffrey Chu

    Full Text Available Bitcoin, the first electronic payment system, is becoming a popular currency. We provide a statistical analysis of the log-returns of the exchange rate of Bitcoin versus the United States Dollar. Fifteen of the most popular parametric distributions in finance are fitted to the log-returns. The generalized hyperbolic distribution is shown to give the best fit. Predictions are given for future values of the exchange rate.

  7. Statistical Analysis of the Exchange Rate of Bitcoin.

    Science.gov (United States)

    Chu, Jeffrey; Nadarajah, Saralees; Chan, Stephen

    2015-01-01

    Bitcoin, the first electronic payment system, is becoming a popular currency. We provide a statistical analysis of the log-returns of the exchange rate of Bitcoin versus the United States Dollar. Fifteen of the most popular parametric distributions in finance are fitted to the log-returns. The generalized hyperbolic distribution is shown to give the best fit. Predictions are given for future values of the exchange rate.

  8. Estimating the equilibrium real exchange rate in Venezuela

    OpenAIRE

    Hilde Bjørnland

    2004-01-01

    To determine whether the real exchange rate is misaligned with respect to its long-run equilibrium is an important issue for policy makers. This paper clarifies and calculates the concept of the equilibrium real exchange rate, using a structural vector autoregression (VAR) model. By imposing long-run restrictions on a VAR model for Venezuela, four structural shocks are identified: Nominal demand, real demand, supply and oil price shocks. The identified shocks and their impulse responses are c...

  9. Targeting the Real Exchange Rate; Theory and Evidence

    OpenAIRE

    Carlos A. Végh Gramont; Guillermo Calvo; Carmen Reinhart

    1994-01-01

    This paper presents a theoretical and empirical analysis of policies aimed at setting a more depreciated level of the real exchange rate. An intertemporal optimizing model suggests that, in the absence of changes in fiscal policy, a more depreciated level of the real exchange can only be attained temporarily. This can be achieved by means of higher inflation and/or higher real interest rates, depending on the degree of capital mobility. Evidence for Brazil, Chile, and Colombia supports the mo...

  10. How Do Countries Choose their Exchange Rate Regime?

    OpenAIRE

    Helene Poirson Ward

    2001-01-01

    This paper investigates the determinants of exchange rate regime choice in 93 countries during 1990-98. Cross-country analysis of variations in international reserves and nominal exchange rates shows that (i) truly fixed pegs and independent floats differ significantly from other regimes and (ii) significant discrepancies exist between de jure and de facto flexibility. Regression results highlight the influence of political factors (political instability and government temptation to inflate),...

  11. Exchange rate based stabilization : tales from Europe and Latin America

    OpenAIRE

    Ades, Alberto F.; Kiguel, Miguel; Liviatan, Nissan

    1993-01-01

    There is convincing empirical evidence that the cycle for exchange-rate-based disinflation in high-inflation Latin American economies typically begins with expansion and ends in recession - a surprising pattern. The authors explore whether a similar cycle can be observed in exchange-rate-based disinflation in low-inflation economies. They draw on empirical evidence from stabilizaton programs in three European countries in the early 1980s: in Denmark (1982), Ireland (1982), and France (1983). ...

  12. International portfolio flows and exchange rate volatility for emerging markets

    OpenAIRE

    Caporale, Guglielmo Maria; Ali, Faek Menla; Spagnolo, Fabio; Spagnolo, Nicola

    2015-01-01

    This paper investigates the effects of equity and bond portfolio inflows on exchange rate volatility, using monthly bilateral data for the US vis-a-vis eight Asian developing and emerging countries (India, Indonesia, South Korea, Pakistan, Hong Kong, Thailand, the Philippines, and Taiwan) over the period 1993:01-2012:11, and estimating a time-varying transition probability Markov-switching model. We find that net equity (bond) inflows drive the exchange rate to a high (low) volatility state. ...

  13. Inflation, Growth and Exchange Rate Regimes in Small Open Economies

    OpenAIRE

    Hernandez-Verme, Paula

    2002-01-01

    Summary. This is an extended working paper version of the paper that appeared in Economic Theory. It paper compares the merits of alternative exchange rate regimes in small open economies where financial intermediaries perform a real allocative function, there are multiple reserve requirements, and credit market frictions may or may not cause credit rationing. Under floating exchange rates, raising domestic inflation can increase production if credit is rationed. However, there exist infla...

  14. ANALYSIS OF MACROECONOMIC DETERMINANTS OF EXCHANGE RATE VOLATILITY IN INDIA

    Directory of Open Access Journals (Sweden)

    Anita Mirchandani

    2013-01-01

    Full Text Available The Foreign Exchange Market in India has undergone substantial changes over last decade. It is imperative by the excessive volatility of Indian Rupee causing its depreciation against major dominating currencies in international market. This research has been carried out in order to investigate various macroeconomic variables leading to acute variations in the exchange rate of a currency. An attempt has been made to review the probable reasons for the depreciation of the Rupee and analyse different macroeconomic determinants that have impact on the volatility of exchange rate and their extent of correlation with the same.

  15. Capital Controls and the Real Exchange Rate

    NARCIS (Netherlands)

    van Wijnbergen, S.J.G.

    1990-01-01

    Capital import taxes lower (raise) world (home) interest rates. This shifts home expenditure from the present to the future and foreign expenditure from the future to today. With identical home and foreign expenditure patterns, the change in the composition of world expenditure has no effects on

  16. Towards neat methanol operation of direct methanol fuel cells: a novel self-assembled proton exchange membrane.

    Science.gov (United States)

    Li, Jing; Cai, Weiwei; Ma, Liying; Zhang, Yunfeng; Chen, Zhangxian; Cheng, Hansong

    2015-04-18

    We report here a novel proton exchange membrane with remarkably high methanol-permeation resistivity and excellent proton conductivity enabled by carefully designed self-assembled ionic conductive channels. A direct methanol fuel cell utilizing the membrane performs well with a 20 M methanol solution, very close to the concentration of neat methanol.

  17. Transfer Rate Edited experiment for the selective detection of Chemical Exchange via Saturation Transfer (TRE-CEST)

    Science.gov (United States)

    Friedman, Joshua I.; Xia, Ding; Regatte, Ravinder R.; Jerschow, Alexej

    2015-07-01

    Chemical Exchange Saturation Transfer (CEST) magnetic resonance experiments have become valuable tools in magnetic resonance for the detection of low concentration solutes with far greater sensitivity than direct detection methods. Accurate measures of rates of chemical exchange provided by CEST are of particular interest to biomedical imaging communities where variations in chemical exchange can be related to subtle variations in biomarker concentration, temperature and pH within tissues using MRI. Despite their name, however, traditional CEST methods are not truly selective for chemical exchange and instead detect all forms of magnetization transfer including through-space NOE. This ambiguity crowds CEST spectra and greatly complicates subsequent data analysis. We have developed a Transfer Rate Edited CEST experiment (TRE-CEST) that uses two different types of solute labeling in order to selectively amplify signals of rapidly exchanging proton species while simultaneously suppressing 'slower' NOE-dominated magnetization transfer processes. This approach is demonstrated in the context of both NMR and MRI, where it is used to detect the labile amide protons of proteins undergoing chemical exchange (at rates ⩾ 30 s-1) while simultaneously eliminating signals originating from slower (∼5 s-1) NOE-mediated magnetization transfer processes. TRE-CEST greatly expands the utility of CEST experiments in complex systems, and in-vivo, in particular, where it is expected to improve the quantification of chemical exchange and magnetization transfer rates while enabling new forms of imaging contrast.

  18. An Econometric Diffusion Model of Exchange Rate Movements within a Band - Implications for Interest Rate Differential and Credibility of Exchange Rate Policy

    OpenAIRE

    Rantala, Olavi

    1992-01-01

    The paper presents a model ofexchange rate movements within a specified exchange rate band enforced by central bank interventions. The model is based on the empirical observation that the exchange rate has usually been strictly inside the band, at least in Finland. In this model the distribution of the exchange rate is truncated lognormal from the edges towards the center of the band and hence quite different from the bimodal distribution of the standard target zone model. The model is estima...

  19. Performance evaluation of an air-breathing high-temperature proton exchange membrane fuel cell

    International Nuclear Information System (INIS)

    Wu, Qixing; Li, Haiyang; Yuan, Wenxiang; Luo, Zhongkuan; Wang, Fang; Sun, Hongyuan; Zhao, Xuxin; Fu, Huide

    2015-01-01

    Highlights: • An air-breathing HT-PEMFC was designed and evaluated experimentally. • The peak power density of the air-breathing HT-PEMFC was 220.5 mW cm"−"2 at 200 °C. • Break-in behavior and effects of temperature and anodic stoichiometry were studied. • The effect of cell orientations on the performance was investigated. • The degradation rate of the air-breathing HT-PEMFC was around 58.32 μV h"−"1. - Abstract: The air-breathing proton exchange membrane fuel cell (PEMFC) is of great interest in mobile power sources because of its simple system design and low parasitic power consumption. Different from previous low-temperature air-breathing PEMFCs, a high-temperature PEMFC with a phosphoric acid doped polybenzimidazole (PBI) membrane as the polymer electrolyte is designed and investigated under air-breathing conditions. The preliminary results show that a peak power density of 220.5 mW cm"−"2 at 200 °C can be achieved without employing any water managements, which is comparable to those with conventional Nafion® membranes operated at low temperatures. In addition, it is found that with the present cell design, the limiting current density arising from the oxygen transfer limitation is around 700 mA cm"−"2 even at 200 °C. The short-term durability test at 200 mA cm"−"2 and 180 °C reveals that all the cells exhibit a gradual decrease in the voltage along with a rise in the internal resistance. The degradation rate of continuous operation is around 58.32 μV h"−"1, which is much smaller than those of start/stop cycling operations.

  20. Water droplet accumulation and motion in PEM (Proton Exchange Membrane) fuel cell mini-channels

    International Nuclear Information System (INIS)

    Carton, J.G.; Lawlor, V.; Olabi, A.G.; Hochenauer, C.; Zauner, G.

    2012-01-01

    Effective water management is one of the key strategies for improving low temperature PEM (Proton Exchange Membrane) fuel cell performance and durability. Phenomena such as membrane dehydration, catalyst layer flooding, mass transport and fluid flow regimes can be affected by the interaction, distribution and movement of water in flow plate channels. In this paper a literature review is completed in relation to PEM fuel cell water flooding. It is clear that droplet formation, movement and interaction with the GDL (Gas Diffusion Layer) have been studied extensively. However slug formation and droplet accumulation in the flow channels has not been analysed in detail. In this study, a CFD (Computational Fluid Dynamic) model and VOF (Volume of Fluid) method is used to simulate water droplet movement and slug formation in PEM fuel cell mini-channels. In addition, water slug visualisation is recorded in ex situ PEM fuel cell mini-channels. Observation and simulation results are discussed with relation to slug formation and the implications to PEM fuel cell performance. -- Highlights: ► Excess water in mini-channels from the collision and coalescence of droplets can directly form slugs in PEM fuel cells. ► Slugs can form at low flow rates so increasing the flow rate can reduce the size and frequency of slugs. ► One channel of a double serpentine mini-channel may become blocked due to the redistribution of airflow and pressure caused by slug formation. ► Correct GDL and mini-channel surface coatings are essential to reduce slug formation and stagnation. ► Having geometry changes (bends and steps) in the flow fields can disrupt slug movement and avoid channel blockages.

  1. Exchange-Rate-Based Stabilization under Imperfect Credibility

    OpenAIRE

    Guillermo Calvo; Carlos A. Végh Gramont

    1991-01-01

    This paper analyzes stabilization policy under predetermined exchange rates in a cash-in-advance, staggered-prices model. Under full credibility, a reduction in the rate of devaluation results in an immediate and permanent reduction in the inflation rate, with no effect on output or consumption. In contrast, a non-credible stabilization results in an initial expansion of output, followed by a later recession. The inflation rate of home goods remains above the rate of devaluation throughout th...

  2. A Model of Exchange-Rate-Based Stabilization for Turkey

    OpenAIRE

    Ozlem Aytac

    2008-01-01

    The literature on the exchange-rate-based stabilization has focused almost exclusively in Latin America. Many other countries however, such as Egypt, Lebanon and Turkey; have undertaken this sort of programs in the last 10-15 years. I depart from the existing literature by developing a model specifically for the 2000-2001 heterodox exchange-rate-based stabilization program in Turkey: When the government lowers the rate of crawl, the rate of domestic credit creation is set equal to the lower r...

  3. On equilibrium real exchange rates in euro area: Special focus on behavioral equilibrium exchange rates in Ireland and Greece

    OpenAIRE

    Klára Plecitá; Luboš Střelec

    2012-01-01

    This paper focuses on the intra-euro-area imbalances. Therefore the first aim of this paper is to identify euro-area countries exhibiting macroeconomic imbalances. The subsequent aim is to estimate equilibrium real exchange rates for these countries and to compute their degrees of real exchange rate misalignment. The intra-area balance is assessed using the Cluster Analysis and the Principle Component Analysis; on this basis Greece and Ireland are selected as the two euro-area countries with ...

  4. Exchange Rate Changes and Inflation in Post-Crisis Asian Economies: VAR Analysis of the Exchange Rate Pass-Through

    OpenAIRE

    Takatoshi Ito; Kiyotaka Sato

    2006-01-01

    Macroeconomic consequences of a large currency depreciation among the crisis-hit Asian economies had varied from one country to another. Inflation did not soar in most Asian countries, including Thailand and Korea, after the exchange rate depreciated during the crisis. Indonesia, however, suffered very high inflation following a very large nominal depreciation of the rupiah. As a result, price competitive advantage by the rupiah depreciation was lost in the real exchange rate terms. The objec...

  5. Hydrogen/deuterium exchange of multiply-protonated cytochrome c ions

    International Nuclear Information System (INIS)

    Wood, T.D.; Guan, Ziqiang; O'Connor, P.B.

    1995-01-01

    Low resolution measurements show gaseous multiply-protonated cytochrome c ions undergo hydrogen/deuterium (H/D) exchange with pseudo first-order kinetics at three distinct exchange levels, suggesting the co-existence of gaseous protein conformations. Although exchange levels first increase with increasing charge values, they decrease at the highest charge values, consistent with solution-phase behavior of cytochrome c, where the native structure unfolds with decreasing pH until folding into a compact A-state at lowest pH. High resolution measurements indicate the presence of at least six H/D exchange levels. Infrared (IR) laser heating and fast collisions via quadrupolar excitation (QE) increase H/D exchange levels (unfolding) while charge-stripping ions to lower charge values can increase or decrease H/D exchange levels (unfolding or folding). Wolynes has suggested studying proteins in vacuo could play an important role in delineating the contributions various forces play in the protein folding process, provided appropriate comparisons can be made between gas-phase and solution-phase structures

  6. Econometric Analysis of Croatia’s Proclaimed Foreign Exchange Rate

    Directory of Open Access Journals (Sweden)

    Mance Davor

    2015-04-01

    Full Text Available The officially proclaimed foreign exchange policy of the Croatian National Bank (CNB is a managed float with a discretionary right of intervention on the Croatian kuna/euro foreign exchange (FX market in order to maintain price stability. This paper examines the validity of three monetary policy hypotheses: the stability of the nominal exchange rate, the stability of exchange rate changes, and the exchange rate to inflation pass-through effect. The CNB claims a direct FX to inflation rate pass-through channel for which we find no evidence, but we find a strong link between FX rate changes and changes in M4, as well as between M4 changes and inflation. Changes in foreign investment Granger cause changes in monetary aggregates that further Granger cause inflation. Changes in FX rate Granger cause a reaction in M4 that indirectly Granger causes a further rise in inflation. Vector Autoregression Impulse Response Functions of changes in FX rate, M1, M4, and CPI confirm the Granger causalities in the established order.

  7. Modeling inflation rates and exchange rates in Ghana: application of multivariate GARCH models.

    Science.gov (United States)

    Nortey, Ezekiel Nn; Ngoh, Delali D; Doku-Amponsah, Kwabena; Ofori-Boateng, Kenneth

    2015-01-01

    This paper was aimed at investigating the volatility and conditional relationship among inflation rates, exchange rates and interest rates as well as to construct a model using multivariate GARCH DCC and BEKK models using Ghana data from January 1990 to December 2013. The study revealed that the cumulative depreciation of the cedi to the US dollar from 1990 to 2013 is 7,010.2% and the yearly weighted depreciation of the cedi to the US dollar for the period is 20.4%. There was evidence that, the fact that inflation rate was stable, does not mean that exchange rates and interest rates are expected to be stable. Rather, when the cedi performs well on the forex, inflation rates and interest rates react positively and become stable in the long run. The BEKK model is robust to modelling and forecasting volatility of inflation rates, exchange rates and interest rates. The DCC model is robust to model the conditional and unconditional correlation among inflation rates, exchange rates and interest rates. The BEKK model, which forecasted high exchange rate volatility for the year 2014, is very robust for modelling the exchange rates in Ghana. The mean equation of the DCC model is also robust to forecast inflation rates in Ghana.

  8. The Impact of Real Exchange Rate on Employment in Albania

    Directory of Open Access Journals (Sweden)

    Edmira Cakrani

    2015-10-01

    Full Text Available Unemployment is a big economical and social issue for each country, in particular for Albania, which is a country that comes from a centralized system where the state ensured full employment. In the struggle of applying the transition to market economy, each government had to face the two-digit levels of unemployment. Because of this, the application of the right policies in order to decrease the level of unemployment has been in the centre of the program of each government in Albania. The objective of this paper is to show if the undervaluation or overvaluation of the real exchange rate can affect in a significant way the level of employment in Albania and that to answer the question, if the real exchange rate can be used as a political instrument for the reduction of the level of unemployment. There are relatively few works that study the impact of real exchange rate on the Albanian economy and in my knowledge there is not a previous work on employment and real exchange rate relationship in Albania, so this can be considered as the first study that attempt to assess this relationship. To evaluate the link between the real exchange rate and the level of employment the Johansen procedure and Vector Error Correction Term method is used. The result of the study demonstrates not statistically significant impact of real exchange rate on level of employment, suggesting that the increase of competition of the country through the real exchange rate doesn’t improve the condition of the employment in Albania, so the Albanian government should implement other strategies to increase the level of employment in the country.

  9. Epoxides cross-linked hexafluoropropylidene polybenzimidazole membranes for application as high temperature proton exchange membranes

    International Nuclear Information System (INIS)

    Yang, Jingshuai; Xu, Yixin; Liu, Peipei; Gao, Liping; Che, Quantong; He, Ronghuan

    2015-01-01

    Covalently cross-linked hexafluoropropylidene polybenzimidazole (F 6 PBI) was prepared and used to fabricate high temperature proton exchange membranes with enhanced mechanical strength against thermoplastic distortion. Three different epoxides, i.e. bisphenol A diglycidyl ether (R 1 ), bisphenol A propoxylate diglycidyl ether (R 2 ) and poly(ethylene glycol) diglycidyl ether (R 3 ), were chosen as the cross-linkers to investigate the influence of their structures on the properties of the cross-linked F 6 PBI membranes. All the cross-linked F 6 PBI membranes displayed excellent stability towards the radical oxidation. Comparing with the pure F 6 PBI membrane, the cross-linked F 6 PBI membranes showed high acid doping level but less swelling after doping phosphoric acid at elevated temperatures. The mechanical strength at 130 °C was improved from 0.4 MPa for F 6 PBI membrane to a range of 0.8–2.0 MPa for the cross-linked F 6 PBI membranes with an acid doping level as high as around 14, especially for that crosslinking with the epoxide (R 3 ), which has a long linear structure of alkyl ether. The proton conductivity of the cross-linked membranes was increased accordingly due to the high acid doping levels. Fuel cell tests demonstrated the technical feasibility of the acid doped cross-linked F 6 PBI membranes for high temperature proton exchange membrane fuel cells

  10. Transfer Rate Edited experiment for the selective detection of Chemical Exchange via Saturation Transfer (TRE-CEST).

    Science.gov (United States)

    Friedman, Joshua I; Xia, Ding; Regatte, Ravinder R; Jerschow, Alexej

    2015-07-01

    Chemical Exchange Saturation Transfer (CEST) magnetic resonance experiments have become valuable tools in magnetic resonance for the detection of low concentration solutes with far greater sensitivity than direct detection methods. Accurate measures of rates of chemical exchange provided by CEST are of particular interest to biomedical imaging communities where variations in chemical exchange can be related to subtle variations in biomarker concentration, temperature and pH within tissues using MRI. Despite their name, however, traditional CEST methods are not truly selective for chemical exchange and instead detect all forms of magnetization transfer including through-space NOE. This ambiguity crowds CEST spectra and greatly complicates subsequent data analysis. We have developed a Transfer Rate Edited CEST experiment (TRE-CEST) that uses two different types of solute labeling in order to selectively amplify signals of rapidly exchanging proton species while simultaneously suppressing 'slower' NOE-dominated magnetization transfer processes. This approach is demonstrated in the context of both NMR and MRI, where it is used to detect the labile amide protons of proteins undergoing chemical exchange (at rates⩾30s(-1)) while simultaneously eliminating signals originating from slower (∼5s(-1)) NOE-mediated magnetization transfer processes. TRE-CEST greatly expands the utility of CEST experiments in complex systems, and in-vivo, in particular, where it is expected to improve the quantification of chemical exchange and magnetization transfer rates while enabling new forms of imaging contrast. Copyright © 2015 Elsevier Inc. All rights reserved.

  11. Exchange rate behavior with negative interest rates: Some early negative observations

    OpenAIRE

    Hameed, Allaudeen S.; Rose, Andrew

    2017-01-01

    This paper examines exchange rate behavior during the recent period with negative nominal interest rates. We use a daily panel of data on 61 currencies from January 2010 through May 2016, during which five economies - Denmark, the European Economic and Monetary Union, Japan, Sweden, and Switzerland - experienced negative nominal interest rates. We examine both effective exchange rates and bilateral rates; the latter typically measured against the Swiss franc since Switzerland has had the long...

  12. Football and exchange rates: empirical support for behavioral economics.

    Science.gov (United States)

    Eker, Gulin; Berument, Hakan; Dogan, Burak

    2007-10-01

    Recently, economic theory has been expanded to incorporate emotions, which have been assumed to play an important role in financial decisions. The present study illustrates this by showing a connection between the sports performance of popular national football teams (Besiktas, Fenerbahce, and Galatasaray) and performance of the Turkish economy. Specifically, a significant positive association was found between the success of three major professional Turkish football teams and the exchange rate of the Turkish lira against the U.S. dollar. The effect of the football success of several Turkish football teams on the exchange rate of the Turkish lira was examined using the simultaneous multiple regression model with predictor measures of wins, losses, and ties for different combinations of teams to predict the depreciation rate of the Turkish lira between the years 1987 and 2003. Wins by Turkish football teams against foreign (non-Turkish) rivals increased with exchange rate depreciation of the Turkish lira against the U.S. dollar.

  13. Exchange-Driven Growth with Birth Rate Less Than Death

    International Nuclear Information System (INIS)

    Lin Zhenquan; Ye Gaoxiang; Ke Jianhong

    2005-01-01

    We further study the kinetic behavior of the exchange-driven growth with birth and death for the case of birth rate kernel being less than that of death based on the mean-field theory. The symmetric exchange rate kernel is K(k,j) = K'(k,j) = Ikj υ , and the birth and death rates are proportional to the aggregate's size. The long time asymptotic behavior of the aggregate size distribution a k (t) is found to obey a much unusual scaling law with an exponentially growing scaling function Φ(x) = exp (x).

  14. Estimating the Effects of Exchange Rate Volatility on Export Volumes

    OpenAIRE

    Wang, Kai-Li; Barrett, Christopher B.

    2007-01-01

    This paper takes a new empirical look at the long-standing question of the effect of exchange rate volatility on international trade flows by studying the case of Taiwan's exports to the United States from 1989-1998. In particular, we employ sectoral-level, monthly data and an innovative multivariate GARCH-M estimator with corrections for leptokurtic errors. This estimator allows for the possibility that traders' forward-looking contracting behavior might condition the way in which exchange r...

  15. The determinants of exchange rates and the movements of EUR/RON exchange rate via non-linear stochastic processes

    Directory of Open Access Journals (Sweden)

    Petrică Andreea-Cristina

    2017-07-01

    Full Text Available Modeling exchange rate volatility became an important topic for research debate starting with 1973, when many countries switched to floating exchange rate system. In this paper, we focus on the EUR/RON exchange rate both as an economic measure and present the implied economic links, and also as a financial investment and analyze its movements and fluctuations through two volatility stochastic processes: the Standard Generalized Autoregressive Conditionally Heteroscedastic Model (GARCH and the Exponential Generalized Autoregressive Conditionally Heteroscedastic Model (EGARCH. The objective of the conditional variance processes is to capture dependency in the return series of the EUR/RON exchange rate. On this account, analyzing exchange rates could be seen as the input for economic decisions regarding Romanian macroeconomics - the exchange rates being influenced by many factors such as: interest rates, inflation, trading relationships with other countries (imports and exports, or investments - portfolio optimization, risk management, asset pricing. Therefore, we talk about political stability and economic performance of a country that represents a link between the two types of inputs mentioned above and influences both the macroeconomics and the investments. Based on time-varying volatility, we examine implied volatility of daily returns of EUR/RON exchange rate using the standard GARCH model and the asymmetric EGARCH model, whose parameters are estimated through the maximum likelihood method and the error terms follow two distributions (Normal and Student’s t. The empirical results show EGARCH(2,1 with Asymmetric order 2 and Student’s t error terms distribution performs better than all the estimated standard GARCH models (GARCH(1,1, GARCH(1,2, GARCH(2,1 and GARCH(2,2. This conclusion is supported by the major advantage of the EGARCH model compared to the GARCH model which consists in allowing good and bad news having different impact on the

  16. The role of charge-exchange cross-section for pickup protons and neutrals in the inner heliosheath

    Science.gov (United States)

    Chalov, S. V.

    2018-06-01

    The process of deceleration of the solar wind downstream of the termination shock is studied on the basis of a one-dimensional multi-component model. It is assumed that the solar wind consists of thermal protons, electrons and interstellar pickup protons. The protons interact with interstellar hydrogen atoms by charge-exchange. Two cases are considered. In the first one, the charge-exchange cross-section for thermal protons and hydrogen atoms is the same as for pickup protons and atoms. Under this condition, there is a strong dependence of the solar wind velocity on the downstream temperature of pickup protons. When the proton temperature is close to 10 keV, the change in the velocity with the distance from the termination shock is similar to that measured on the Voyager 1 spacecraft: linear velocity decrease is accompanied by an extended transition region with near-zero velocity. However, with a more careful approach to the choice of the charge-exchange cross-section, the situation changes dramatically. The strong dependence of the solar wind speed on the pickup proton temperature disappears and the transition region in the heliosheath disappears as well, at least at reasonable distances from the TS.

  17. Empirical Correction for Differences in Chemical Exchange Rates in Hydrogen Exchange-Mass Spectrometry Measurements.

    Science.gov (United States)

    Toth, Ronald T; Mills, Brittney J; Joshi, Sangeeta B; Esfandiary, Reza; Bishop, Steven M; Middaugh, C Russell; Volkin, David B; Weis, David D

    2017-09-05

    A barrier to the use of hydrogen exchange-mass spectrometry (HX-MS) in many contexts, especially analytical characterization of various protein therapeutic candidates, is that differences in temperature, pH, ionic strength, buffering agent, or other additives can alter chemical exchange rates, making HX data gathered under differing solution conditions difficult to compare. Here, we present data demonstrating that HX chemical exchange rates can be substantially altered not only by the well-established variables of temperature and pH but also by additives including arginine, guanidine, methionine, and thiocyanate. To compensate for these additive effects, we have developed an empirical method to correct the hydrogen-exchange data for these differences. First, differences in chemical exchange rates are measured by use of an unstructured reporter peptide, YPI. An empirical chemical exchange correction factor, determined by use of the HX data from the reporter peptide, is then applied to the HX measurements obtained from a protein of interest under different solution conditions. We demonstrate that the correction is experimentally sound through simulation and in a proof-of-concept experiment using unstructured peptides under slow-exchange conditions (pD 4.5 at ambient temperature). To illustrate its utility, we applied the correction to HX-MS excipient screening data collected for a pharmaceutically relevant IgG4 mAb being characterized to determine the effects of different formulations on backbone dynamics.

  18. Molecular dynamics simulation of radiation grafted FEP films as proton exchange membranes: Effects of the side chain length

    DEFF Research Database (Denmark)

    Li, Xue; Zhao, Yang; Li, Weiwei

    2017-01-01

    In order to study the microstructure of the prepared potential proton exchange membrane (PEM), molecular dynamics (MD) simulations were used to lucubrate the transport behavior of water molecules and hydronium ions inside the hydrated sulfonated styrene grafted fluorinated ethylene propylene (FEP...... whereas larger water clusters formed. The results of the mean square displacements (MSDs) show that the proton conductivities of the membranes with the proposed side chain lengths were about three fifths of the experimental data, of which the membrane with side chain length of 7 sulfonic styrene units...... was supposed to exhibit the highest proton conductivity, that is 115.69 mS cm-1. All of the supposed membrane models presented good proton conductivity that could definitely meet the application requirements of the proton exchange membranes. The MD simulations can provide an insight to the chain structure...

  19. A review on the effect of proton exchange membranes in microbial fuel cells

    Directory of Open Access Journals (Sweden)

    Mostafa Rahimnejad

    2014-03-01

    Full Text Available Microorganisms in microbial fuel cells (MFC liberate electrons while the electron donors are consumed. In the anaerobic anode compartment, substrates such as carbohydrates are utilized and as a result bioelectricity is produced in the MFC. MFCs may be utilized as electricity generators in small devices such as biosensors. MFCs still face practical barriers such as low generated power and current density. Recently, a great deal of attention has been given to MFCs due to their ability to operate at mild conditions and using different biodegradable substrates as fuel. The MFC consists of anode and cathode compartments. Active microorganisms are actively catabolized to carbon sources, therefore generating bioelectricity. The produced electron is transmitted to the anode surface but the generated protons must pass through the proton exchange membrane (PEM in order to reach the cathode compartment. PEM as a key factor affecting electricity generation in MFCs has been investigated here and its importance fully discussed.

  20. A perturbative treatment of double gluon exchange in γ*-proton DIS

    International Nuclear Information System (INIS)

    Kharraziha, H.

    2000-04-01

    A new model for the exchange of two gluons between the virtual photon and the proton, in non-diffractive deeply inelastic electron-proton scattering, is developed and studied. This model relies on a perturbative calculation, previously applied to diffraction, and a general result from Regge theory. As a first application of the model, we study corrections to the momentum transfer to the quark-anti-quark pair, at the photon-vertex. We find a significant enhancement of the cross-section at ∝Q 2 momentum transfers, and large negative corrections for small momentum transfers. The implication of this result for jet-distributions measured at HERA, is discussed. (orig.)

  1. Amide proton solvent protection in amylin fibrils probed by quenched hydrogen exchange NMR.

    Directory of Open Access Journals (Sweden)

    Andrei T Alexandrescu

    Full Text Available Amylin is an endocrine hormone that accumulates in amyloid plaques in patients with advanced type 2 diabetes. The amyloid plaques have been implicated in the destruction of pancreatic β-cells, which synthesize amylin and insulin. To better characterize the secondary structure of amylin in amyloid fibrils we assigned the NMR spectrum of the unfolded state in 95% DMSO and used a quenched hydrogen-deuterium exchange technique to look at amide proton solvent protection in the fibrils. In this technique, partially exchanged fibrils are dissolved in 95% DMSO and information about amide proton occupancy in the fibrils is determined from DMSO-denatured monomers. Hydrogen exchange lifetimes at pH 7.6 and 37°C vary between ∼5 h for the unstructured N-terminus to 600 h for amide protons in the two β-strands that form inter-molecular hydrogen bonds between amylin monomers along the length of the fibril. Based on the protection data we conclude that residues A8-H18 and I26-Y37 comprise the two β-strands in amylin fibrils. There is variation in protection within the β-strands, particularly for strand β1 where only residues F15-H18 are strongly protected. Differences in protection appear to be due to restrictions on backbone dynamics imposed by the packing of two-layers of C2-symmetry-related β-hairpins in the protofilament structure, with strand β1 positioned on the surface and β2 in the interior.

  2. Dynamics of oil price, precious metal prices, and exchange rate

    International Nuclear Information System (INIS)

    Sari, Ramazan; Soytas, Ugur; Hammoudeh, Shawkat

    2010-01-01

    This study examines the co-movements and information transmission among the spot prices of four precious metals (gold, silver, platinum, and palladium), oil price, and the US dollar/euro exchange rate. We find evidence of a weak long-run equilibrium relationship but strong feedbacks in the short run. The spot precious metal markets respond significantly (but temporarily) to a shock in any of the prices of the other metal prices and the exchange rate. Furthermore, we discover some evidence of market overreactions in the palladium and platinum cases as well as in the exchange rate market. In conclusion, whether there are overreactions and re-adjustments or not, investors may diversify at least a portion of the risk away by investing in precious metals, oil, and the euro. Policy implications are provided. (author)

  3. Extreme-value dependence: An application to exchange rate markets

    Science.gov (United States)

    Fernandez, Viviana

    2007-04-01

    Extreme value theory (EVT) focuses on modeling the tail behavior of a loss distribution using only extreme values rather than the whole data set. For a sample of 10 countries with dirty/free float regimes, we investigate whether paired currencies exhibit a pattern of asymptotic dependence. That is, whether an extremely large appreciation or depreciation in the nominal exchange rate of one country might transmit to another. In general, after controlling for volatility clustering and inertia in returns, we do not find evidence of extreme-value dependence between paired exchange rates. However, for asymptotic-independent paired returns, we find that tail dependency of exchange rates is stronger under large appreciations than under large depreciations.

  4. EXCHANGE RATE AND ECONOMIC GROWTH. THE CASE OF ROMANIA

    Directory of Open Access Journals (Sweden)

    Nicolae Ghiba

    2010-12-01

    Full Text Available Considering the difficulties created by the economic crisis, many exporters have criticized the National Bank of Romania (NBR’s policy regarding the exchange rate evolution. They argue that depreciation is a necessary condition for recovery and not financial stability. On the contrary, Romania cannot afford a shock in the exchange rate level. The risk associated with such a measure is too high for an emerging country and it annihilates any export competitive advantages. Therefore, depreciation may delay the imperative of Romanian economic recovery. A solid economic recovery should have as starting point a financial system sound and stable. Excessive exchange rate depreciation jeopardizes the financial soundness of banks and the borrower’s ability to repay their loans. Therefore, it creates inflationary flare-ups, particularly dangerous for the economy of any state.

  5. Modeling and predicting historical volatility in exchange rate markets

    Science.gov (United States)

    Lahmiri, Salim

    2017-04-01

    Volatility modeling and forecasting of currency exchange rate is an important task in several business risk management tasks; including treasury risk management, derivatives pricing, and portfolio risk evaluation. The purpose of this study is to present a simple and effective approach for predicting historical volatility of currency exchange rate. The approach is based on a limited set of technical indicators as inputs to the artificial neural networks (ANN). To show the effectiveness of the proposed approach, it was applied to forecast US/Canada and US/Euro exchange rates volatilities. The forecasting results show that our simple approach outperformed the conventional GARCH and EGARCH with different distribution assumptions, and also the hybrid GARCH and EGARCH with ANN in terms of mean absolute error, mean of squared errors, and Theil's inequality coefficient. Because of the simplicity and effectiveness of the approach, it is promising for US currency volatility prediction tasks.

  6. Synthesis of the diazonium (perfluoroalkyl) benzenesulfonimide monomer from Nafion monomer for proton exchange membrane fuel cells

    Science.gov (United States)

    Mei, Hua; D'Andrea, Dan; Nguyen, Tuyet-Trinh; Nworie, Chima

    2014-02-01

    One diazonium (perfluoroalkyl) benzenesulfonimide monomer, perfluoro-3, 6-dioxa-4-methyl-7-octene benzenesulfonyl imide, has been synthesized from Nafion monomer for the first time. With trifluorovinyl ether and diazonium precursors, the partially-fluorinated diazonium PFSI monomer can be polymerized and will provide chemically bonding with carbon electrode in proton exchange membrane fuel cells. A systematic study of the synthesis and characterization of this diazonium PFSI monomer has been conducted by varying reaction conditions. The optimized synthesis method has been established in the lab.

  7. Modified hydrogenated PBLH copolymer synthesis with styrene for proton exchange membranes fuel cell application

    International Nuclear Information System (INIS)

    Ferraz, Fernando A.; Oliveira, Angelo R.S.; Rodrigues, Maraiza F.; Groetzner, Mariana B.; Cesar-Oliveira, Maria Aparecida F.; Cantao, Mauricio P.

    2005-01-01

    Polymers used as electrolyte in fuel cells are expected to have functional groups in their structure which are responsible for proton conductivity. Since the use of hydroxylated liquid polybutadiene (PBLH) has not been mentioned in the literature as an ion exchange membrane for fuel cell application (PEMFC), and its structure can be modified for a later sulfonation, it has been studied. In this work, PBLH was modified through a hydrogenation reaction. Furthermore, hydrogenated polymeric esters were obtained by esterification and transesterification reactions (PBLH- estearate and PBLH- methacrylate). Reacting the PBLH methacrylate with styrene, it was generated a copolymer with appropriated structure for sulfonation, justifying researches for fuel cell. (author)

  8. Proton Exchange Membrane Fuel Cell Modelling Using Moving Least Squares Technique

    Directory of Open Access Journals (Sweden)

    Radu Tirnovan

    2009-07-01

    Full Text Available Proton exchange membrane fuel cell, with low polluting emissions, is a great alternative to replace the traditional electrical power sources for automotive applications or for small stationary consumers. This paper presents a numerical method, for the fuel cell modelling, based on moving least squares (MLS. Experimental data have been used for developing an approximated model of the PEMFC function of the current density, air inlet pressure and operating temperature of the fuel cell. The method can be applied for modelling others fuel cell sub-systems, such as the compressor. The method can be used for off-line or on-line identification of the PEMFC stack.

  9. Forward two-photon exchange in elastic lepton-proton scattering and hyperfine-splitting correction

    Energy Technology Data Exchange (ETDEWEB)

    Tomalak, Oleksandr [Johannes Gutenberg Universitaet, Institut fuer Kernphysik and PRISMA Cluster of Excellence, Mainz (Germany)

    2017-08-15

    We relate the forward two-photon exchange (TPE) amplitudes to integrals of the inclusive lepton-proton scattering cross sections. These relations yield an alternative way for the evaluation of the TPE correction to hyperfine-splitting (HFS) in the hydrogen-like atoms with an equivalent to the standard approach (Iddings, Drell and Sullivan) result implying the Burkhardt-Cottingham sum rule. For evaluation of the individual effects (e.g., elastic contribution) our approach yields a distinct result. We compare both methods numerically on examples of the elastic contribution and the full TPE correction to HFS in electronic and muonic hydrogen. (orig.)

  10. Continual Energy Management System of Proton Exchange Membrane Fuel Cell Hybrid Power Electric Vehicles

    Directory of Open Access Journals (Sweden)

    Ren Yuan

    2016-01-01

    Full Text Available Current research status in energy management of Proton Exchange Membrane (PEM fuel cell hybrid power electric vehicles are first described in this paper, and then build the PEMFC/ lithium-ion battery/ ultra-capacitor hybrid system model. The paper analysis the key factors of the continuous power available in PEM fuel cell hybrid power electric vehicle and hybrid power system working status under different driving modes. In the end this paper gives the working flow chart of the hybrid power system and concludes the three items of the system performance analysis.

  11. Presolvated Electron Reaction with Methylacetoacetate: Electron Localization, Proton-Deuteron Exchange, and H-atom Abstraction

    Science.gov (United States)

    Petrovici, Alex; Adhikary, Amitava; Kumar, Anil; Sevilla, Michael D.

    2015-01-01

    Radiation-produced electrons initiate various reaction processes that are important to radiation damage to biomolecules. In this work, the site of attachment of the prehydrated electrons with methylacetoacetate (MAA, CH3-CO-CH2-CO-OCH3) at 77 K and subsequent reactions of the anion radical (CH3-CO•−-CH2-CO-OCH3) in the temperature range (77 to ca. 170 K) have been investigated in homogeneous H2O and D2O aqueous glasses by electron spin resonance (ESR) spectroscopy. At 77 K, the prehydrated electron attaches to MAA forming the anion radical in which the electron is delocalized over the two carbonyl groups. This species readily protonates to produce the protonated electron adduct radical CH3-C(•)OH-CH2-CO-OCH3. The ESR spectrum of CH3-C(•)OH-CH2-CO-OCH3 in H2O shows line components due to proton hyperfine couplings of the methyl and methylene groups. Whereas, the ESR spectrum of CH3-C(•)OH-CH2-CO-OCH3 in D2O glass shows only the line components due to proton hyperfine couplings of CH3 group. This is expected since the methylen protons in MAA are readily exchangeable in D2O. On stepwise annealing to higher temperatures (ca. 150 to 170 K), CH3-C(•)OH-CH2-CO-OCH3 undergoes bimolecular H-atom abstraction from MAA to form the more stable radical, CH3-CO-CH•-CO-OCH3. Theoretical calculations using density functional theory (DFT) support the radical assignments. PMID:25255751

  12. Currency wars, what drives the wild fluctuations in exchange rates?

    OpenAIRE

    Petridis, George; Πετρίδης, Γεώργιος

    2016-01-01

    Currency wars or competitive devaluation has change dramatically throughout history. The meaning of currency wars is completely different in comparison with that before the change of currency rates system. Firstly, in my thesis, there will be a brief history of currency wars and a reference of quantitative easing in US, Europe and Japan. Then the factors which determine the currency exchange rates and the reasons for the wild fluctuation in currency rates during a currency war will be mention...

  13. Exchange Rate Exposure Management: "Speculation" in Non-Financial Companies

    DEFF Research Database (Denmark)

    Aabo, Tom

    "Speculation" in non-financial companies in relation to exchange rate exposure management constitutes one of the contributing factors behind corporate (or more widespread) crises. Deviations from benchmark positions constitute speculation. An empirical study of Danish non-financial companies finds...... that the larger the company (ability) and the larger its relative sale on foreign markets (relevance), the more likely the company will be to benchmark its exchange rate exposures. However, at the same time the very same factors (size and foreign sale) lead to more extensive speculation. Financial solvency (value...

  14. CAUSAL RELATIONSHIPS BETWEEN GRAIN, MEAT PRICES AND EXCHANGE RATES

    Directory of Open Access Journals (Sweden)

    Naveen Musunuru

    2017-10-01

    Full Text Available Understanding agricultural commodity price relationships are important as they help producers improve their awareness regarding production costs and ultimately aid in income determination. The present paper empirically examines the dynamic interrelationships among grain, meat prices and the U.S. dollar exchange rate. Johansen cointegration tests reveal no cointegrating relationships among the study variables. Majority of the commodities studied in the paper exhibited unidirectional causality except for corn and lean hogs. The vector autoregression (VAR model results indicate that the grain and meat prices are influenced by their own past prices. The role of exchange rates is found to be limited in linking the agricultural commodities.

  15. Diffusion equations and the time evolution of foreign exchange rates

    Energy Technology Data Exchange (ETDEWEB)

    Figueiredo, Annibal; Castro, Marcio T. de [Institute of Physics, Universidade de Brasília, Brasília DF 70910-900 (Brazil); Fonseca, Regina C.B. da [Department of Mathematics, Instituto Federal de Goiás, Goiânia GO 74055-110 (Brazil); Gleria, Iram, E-mail: iram@fis.ufal.br [Institute of Physics, Federal University of Alagoas, Brazil, Maceió AL 57072-900 (Brazil)

    2013-10-01

    We investigate which type of diffusion equation is most appropriate to describe the time evolution of foreign exchange rates. We modify the geometric diffusion model assuming a non-exponential time evolution and the stochastic term is the sum of a Wiener noise and a jump process. We find the resulting diffusion equation to obey the Kramers–Moyal equation. Analytical solutions are obtained using the characteristic function formalism and compared with empirical data. The analysis focus on the first four central moments considering the returns of foreign exchange rate. It is shown that the proposed model offers a good improvement over the classical geometric diffusion model.

  16. Diffusion equations and the time evolution of foreign exchange rates

    Science.gov (United States)

    Figueiredo, Annibal; de Castro, Marcio T.; da Fonseca, Regina C. B.; Gleria, Iram

    2013-10-01

    We investigate which type of diffusion equation is most appropriate to describe the time evolution of foreign exchange rates. We modify the geometric diffusion model assuming a non-exponential time evolution and the stochastic term is the sum of a Wiener noise and a jump process. We find the resulting diffusion equation to obey the Kramers-Moyal equation. Analytical solutions are obtained using the characteristic function formalism and compared with empirical data. The analysis focus on the first four central moments considering the returns of foreign exchange rate. It is shown that the proposed model offers a good improvement over the classical geometric diffusion model.

  17. Oil price fluctuations and U.S. dollar exchange rates

    International Nuclear Information System (INIS)

    Lizardo, Radhames A.; Mollick, Andre V.

    2010-01-01

    Adding oil prices to the monetary model of exchange rates, we find that oil prices significantly explain movements in the value of the U.S. dollar (USD) against major currencies from the 1970s to 2008. Our long-run and forecasting results are remarkably consistent with an oil-exchange rate relationship. Increases in real oil prices lead to a significant depreciation of the USD against net oil exporter currencies, such as Canada, Mexico, and Russia. On the other hand, the currencies of oil importers, such as Japan, depreciate relative to the USD when the real oil price goes up. (author)

  18. E-Commerce and Exchange Rate Exposure Management

    DEFF Research Database (Denmark)

    Aabo, Tom

    2001-01-01

    The aim of this paper is to address the impact of E-commerce on the balance between real hedging and financial hedging in the context of exchange rate exposure management in non-financial companies. A cross-case study of industrial companies highlights the inadequacy in taking a partial and static...... financial approach when managing exchange rate exposures. The paper argues that the emergence of E-commerce - by reducing the cost of obtaining, analyzing and allocating information - affects the dynamics of the markets and the dynamics of the company in such a way that a general tilt towards real hedging...

  19. Exchange rate policy when the labour market exhibits hysteresis

    OpenAIRE

    Barry, Frank

    1994-01-01

    This paper analyzes the effects of exchange rate shocks in a small open economy whose labor market exhibits hysteresis. The model is used to highlight deficiencies in the response of the Irish authorities to exchange rate crisis of 1992/93. A secondary purpose of the paper, though, is to induce those who accept that the Irish labour market is characterised by hysteresis but who reject the argument made here that a more aggressive devaluation should have been pursued, to spell out the labour-m...

  20. Exchange rate volatility effects on export competitiveness. Romanian Case

    Directory of Open Access Journals (Sweden)

    Anca GHERMAN

    2013-09-01

    Full Text Available In this paper we determine and analyze the impact of the exchange rate variation over the international trade of Romania. We highlighted the sense of the relationship between exchange rate and exports or imports, but the intensity between the variables and the lags that characterize the interdependency between them. In the context of actual great imbalances in the global economy and other risks (financial, political or social that drive to the decrease in aggregate demand on global level, we consider that external competitivity became one of the key variable for the economic growth in Romania like an integrated process in the European economy.

  1. Diffusion equations and the time evolution of foreign exchange rates

    International Nuclear Information System (INIS)

    Figueiredo, Annibal; Castro, Marcio T. de; Fonseca, Regina C.B. da; Gleria, Iram

    2013-01-01

    We investigate which type of diffusion equation is most appropriate to describe the time evolution of foreign exchange rates. We modify the geometric diffusion model assuming a non-exponential time evolution and the stochastic term is the sum of a Wiener noise and a jump process. We find the resulting diffusion equation to obey the Kramers–Moyal equation. Analytical solutions are obtained using the characteristic function formalism and compared with empirical data. The analysis focus on the first four central moments considering the returns of foreign exchange rate. It is shown that the proposed model offers a good improvement over the classical geometric diffusion model.

  2. CONTINUOUS MODELING OF FOREIGN EXCHANGE RATE OF USD VERSUS TRY

    Directory of Open Access Journals (Sweden)

    Yakup Arı

    2011-01-01

    Full Text Available This study aims to construct continuous-time autoregressive (CAR model and continuous-time GARCH (COGARCH model from discrete time data of foreign exchange rate of United States Dollar (USD versus Turkish Lira (TRY. These processes are solutions to stochastic differential equation Lévy-driven processes. We have shown that CAR(1 and COGARCH(1,1 processes are proper models to represent foreign exchange rate of USD and TRY for different periods of time February 2002- June 2010.

  3. Proton and neutron decay rates in conventional and supersymmetric guts

    International Nuclear Information System (INIS)

    Salati, P.; Wallet, J.C.

    1982-01-01

    We present a general calculation of the two body decay rates of the nucleon, for the most general form of four-fermion ΔB = ΔL operators, in the framework of the SU(6) non-relativistic quark model. We have applied our general formulas to Higgs mediated decays in conventional and in supersymmetric SU(5) models. Lower bounds upon, the exchanged particles masses are given. We point out that the hierarchies of branching ratios in decays mediated by Higgs bosons are different from those of gauge boson decay modes (in the former case, neutrinos modes are dominant). We give, in conclusion, an experimental way to distinguish non-supersymmetric GUTs from supersymmetric ones, if the nucleon decays via Higgs bosons

  4. Development of proton exchange membranes fuel cells with sulfonated HTPB-phenol; Desenvolvimento de membranas polimericas trocadoras de protons utilizando PBLH-fenol

    Energy Technology Data Exchange (ETDEWEB)

    Ferraz, Fernando A.; Oliveira, Angelo R.S.; Cesar-Oliveira, Maria Aparecida F. [Universidade Federal do Parana (UFPR), Curitiba, PR (Brazil). Dept. de Quimica. Lab. de Polimeros Sinteticos], e-mail: ferraz@quimica.ufpr.br; Cantao, Mauricio P. [LACTEC - Instituto de Tecnologia para o Desenvolvimento, Curitiba, PR (Brazil). Centro Politecnico

    2007-07-01

    Proton exchange membrane fuel cells (PEMFC) have been paid attention as promising candidates for vehicle and portable applications. PEMFC employ proton exchange polymer membrane which serves as an electrolyte between anode and cathode. Nafion{sup R} (DuPont), perfluorosulfonic acid/PTFE copolymer membranes are typically used as the polymer electrolyte in PEMFC due to their good chemical and mechanical properties as well as high proton conductivity. However, high cost of these materials is one of main obstacles for commercialization of PEMFC. Extensive efforts have been devoted to develop alternative polymer electrolyte membranes. Our group have investigated the development of proton exchange membranes fuel cells using sulfonated HTPB-Phenyl ether (HTPB-Phenol), making possible the formation of membranes with sulfonated groups amount of 2,4, 2,5 and 2,8 mmol/g of dry polymer from HTPB-Phenol 80, 98 and 117 respectively. These results mean a bigger values than those of the Nafion{sup R} membranes, that possess an ion exchange capacity of 0,67 up to 1,25 mmol/g of sulfonated groups. (author)

  5. Forecasting exchange rates; Kawase yosoku no riron to jissai

    Energy Technology Data Exchange (ETDEWEB)

    Kiuchi, T. [The Long-Term Credit Bank of Japan, Ltd., Tokyo (Japan)

    1995-11-20

    This paper explains the theory and practice of foreign exchange rate fluctuation. It also explains various factors that constitute the reasons for the difficulty of forecasting the fluctuation in a short to medium period of time as a practical problem, even though forecasting it over a long period of time may be possible theoretically. Export, of which payment received in dollars cannot be used unless exchanged to yen, forms the yen buying demand. Increase in export and trade surplus turns into pressure for the yen appreciation after all. The amounts of exports and imports depend on such fundamentals as productivity and inflation in the country, as well as the cycle of strong business conditions and recession. Staggering of business conditions in Japan and the U.S. causes trade imbalance and fluctuation in foreign exchange rates. Attempts of grabbing the basic tone of the foreign exchange rates upon equalizing the business conditions in both countries is the purchasing power parity theory, which in fact can explain the long-term fluctuations in the past data. However, in the actual scenes where forecasting over a short to medium period is demanded, the forecasting actions are disturbed by such factors lying complexly as exports and imports of capitals, that is the capital circulation in long and short periods, foreign exchange tradings, and difference in interests inside and outside the country. 3 figs.

  6. THE IMPLICATIONS OF VARYING EXCHANGE RATES FOR THE INTERNATIONAL TRADE

    Directory of Open Access Journals (Sweden)

    Sandu Carmen

    2011-07-01

    Full Text Available The benefit of international trade is a more efficient employment of the productive forces of the world. (John Stuart Mill The exchange rate is a primary factor that influences economy. This instrument is used by some countries in order to improve the lack of balance caused as a result of the financial crisis felt in many countries considered by then infallible. The negative effects of the financial crisis can also be found in the decreased volume of commodities involved in international trade exchanges, as a consequence of modified prices and decreased offer. The globalizing trend leads to a constant expansion of exchanges between countries and to the consolidation of international cooperation. Except that economic interdependence generates an increased risk under the influence of economic, financial, monetary or political factors. The currency risk can generate either a gain or loss during foreign trade operations. The long period of RON depreciation made possible the entry of Romanian products on the international markets due to their prices. Sheltered by the gain generated by the evolution of the exchange rate, most of the exporters were not concerned by the increase of product competitiveness or by avoiding the currency risk. The fact that, for many years, the evolution of the exchange rate generated substantial losses for the exporters shows that risk coverage in Romania is, in most cases, a purely theoretical concept.

  7. Foreign exchange rate entropy evolution during financial crises

    Science.gov (United States)

    Stosic, Darko; Stosic, Dusan; Ludermir, Teresa; de Oliveira, Wilson; Stosic, Tatijana

    2016-05-01

    This paper examines the effects of financial crises on foreign exchange (FX) markets, where entropy evolution is measured for different exchange rates, using the time-dependent block entropy method. Empirical results suggest that financial crises are associated with significant increase of exchange rate entropy, reflecting instability in FX market dynamics. In accordance with phenomenological expectations, it is found that FX markets with large liquidity and large trading volume are more inert - they recover quicker from a crisis than markets with small liquidity and small trading volume. Moreover, our numerical analysis shows that periods of economic uncertainty are preceded by periods of low entropy values, which may serve as a tool for anticipating the onset of financial crises.

  8. Determination of the equilibrium micelle-inserting position of the fusion peptide of gp41 of human immunodeficiency virus type 1 at amino acid resolution by exchange broadening of amide proton resonances

    International Nuclear Information System (INIS)

    Chang, D.-K.; Cheng, S.-F.

    1998-01-01

    The exchange broadening of backbone amide proton resonances of a 23-mer fusion peptide of the transmembrane subunit of HIV-1 envelope glycoprotein gp41, gp41-FP, was investigated at pH 5 and 7 at room temperature in perdeuterated sodium dodecyl sulfate (SDS) micellar solution. Comparison of resonance peaks for these pHs revealed an insignificant change in exchange rate between pH 5 and 7 for amide protons of residues 4 through 14, while the exchange rate increase at neutral pH was more prominent for amide protons of the remaining residues, with peaks from some protons becoming undetectable. The relative insensitivity to pH of the exchange for the amide protons of residues 4 through 14 is attributable to the drastic reduction in [OH-] in the micellar interior, leading to a decreased exchange rate. The A15-G16 segment represents a transition between these two regimes. The data are thus consistent with the notion that the peptide inserts into the hydrophobic core of a membrane-like structure and the A15-G16 dipeptide is located at the micellar-aqueous boundary

  9. Novel proton exchange membrane based on crosslinked poly(vinyl alcohol) for direct methanol fuel cells

    Science.gov (United States)

    Liu, Chien-Pan; Dai, Chi-An; Chao, Chi-Yang; Chang, Shoou-Jinn

    2014-03-01

    In this study, we report the synthesis and the characterization of poly (vinyl alcohol) based proton conducting membranes. In particular, we describe a novel physically and chemically PVA/HFA (poly (vinyl alcohol)/hexafluoroglutaric acid) blending membranes with BASANa (Benzenesulfonic acid sodium salt) and GA (Glutaraldehyde) as binary reaction agents. The key PEM parameters such as ion exchange capacity (IEC), water uptake, proton conductivity, and methanol permeability were controlled by adjusting the chemical composition of the membranes. The IEC value of the membrane is found to be an important parameter in affecting water uptake, conductivity as well as the permeability of the resulting membrane. Plots of the water uptake, conductivity, and methanol permeability vs. IEC of the membranes show a distinct change in the slope of their curves at roughly the same IEC value which suggests a transition of structural changes in the network. The proton conductivities and the methanol permeability of all the membranes are in the range of 10-3-10-2 S cm-1 and 10-8-10-7 cm2 s-1, respectively, depending on its binary crosslinking density, and it shows great selectivity compared with those of Nafion®-117. The membranes display good mechanical properties which suggest a good lifetime usage of the membranes applied in DMFCs.

  10. HOGEN{trademark} proton exchange membrane hydrogen generators: Commercialization of PEM electrolyzers

    Energy Technology Data Exchange (ETDEWEB)

    Smith, W.F.; Molter, T.M. [Proton Energy Systems, Inc., Rocky Hill, CT (United States)

    1997-12-31

    PROTON Energy Systems` new HOGEN series hydrogen generators are Proton Exchange Membrane (PEM) based water electrolyzers designed to generate 300 to 1000 Standard Cubic Feet Per Hour (SCFH) of high purity hydrogen at pressures up to 400 psi without the use of mechanical compressors. This paper will describe technology evolution leading to the HOGEN, identify system design performance parameters and describe the physical packaging and interfaces of HOGEN systems. PEM electrolyzers have served US and UK Navy and NASA needs for many years in a variety of diverse programs including oxygen generators for life support applications. In the late 1970`s these systems were advocated for bulk hydrogen generation through a series of DOE sponsored program activities. During the military buildup of the 1980`s commercial deployment of PEM hydrogen generators was de-emphasized as priority was given to new Navy and NASA PEM electrolysis systems. PROTON Energy Systems was founded in 1996 with the primary corporate mission of commercializing PEM hydrogen generators. These systems are specifically designed and priced to meet the needs of commercial markets and produced through manufacturing processes tailored to these applications. The HOGEN series generators are the first step along the path to full commercial deployment of PEM electrolyzer products for both industrial and consumer uses. The 300/1000 series are sized to meet the needs of the industrial gases market today and provide a design base that can transition to serve the needs of a decentralized hydrogen infrastructure tomorrow.

  11. Alarming of exchange rate crisis: A risk management approach

    Directory of Open Access Journals (Sweden)

    Da Zhao

    2016-05-01

    Full Text Available Recently, with increasing volatility of foreign exchange rate, risk management becomes more and more important not only for multinational companies and individuals but also for central governments. This paper attempts to build an econometrics model so as to forecast and manage risks in foreign exchange market, especially during the eve of turbulent periods. By following McNeil and Frey’s (2000 two stage approach called conditional EVT to estimate dynamic VaR commonly used in stock and insurance markets, we extend it by applying a more general asymmetric ARMA-GARCH model to analyze daily foreign exchange dollar-denominated trading data from four countries of different development levels across Asia and Europe for a period of more than 10 years from January 03, 2005 to May 29, 2015, which is certainly representative of global markets. Conventionally, different kinds of backtesting methods are implemented ultimately to evaluate how well the model behaves. Inspiringly, test results show that by taking several specific characteristics (including fat-tails, asymmetry and long-range dependence of the foreign exchange market return data into consideration, the violation ratio of out-of-sample data can be forecasted very well for both fixed and flexible foreign exchange regimes. Moreover, all of the violations are evenly distributed along the whole period which indicates another favorable property of our model. Meanwhile, we find evidence of asymmetry volatility in all of the studied foreign exchange markets even though the magnitudes of the most of them are weak

  12. Fluorinated poly(ether sulfone) ionomers with disulfonated naphthyl pendants for proton exchange membrane applications

    Science.gov (United States)

    Hu, Zhaoxia; Lu, Yao; Zhang, Xulve; Yan, Xiaobo; Li, Na; Chen, Shouwen

    2018-06-01

    Proton exchange membranes based on fluorinated poly(ether sulfone)s with disulfonated naphthyl pendants (sSPFES) have been successfully prepared by post functionalization through polymeric SNAr reaction. Copolymer structure was confirmed by H-nuclear magnetic resonance spectroscopy and Fourier transform infrared spectroscopy, the physico-chemical properties of the sSPFES membranes were evaluated by thermogravimetric analysis, gel permeation chromatography, electro-chemical impedance spectroscopy, atomic force microscopy, Fenton, water-swelling and fuel cell test. The pendant grafting degree was controlled by varying the feeding amount of the disulfonaphthols, resulting in the ion exchange capacity about 1.28-1.73 mmol/g. The obtained sSPFES membranes were thermal stable, mechanical ductile, and exhibited dimensional change less than 17%, water uptake below 70%, and proton conductivity as high as 0.17-0.28 S/cm at 90°C in water. In a single H2/O2 fuel cell test at 80°C, the sSPFES-B-3.2 membrane (1.61 mmol/g) showed the maximum power output of 593-658 mW/cm2 at 60%-80% relative humidity, indicating their rather promising potential for fuel cell applications.

  13. Sulfonation of cPTFE Film grafted Styrene for Proton Exchange Membrane Fuel Cell

    Directory of Open Access Journals (Sweden)

    Yohan Yohan

    2010-10-01

    Full Text Available Sulfonation of γ-ray iradiated and styrene-grafted crosslinked polytetrafluoroethylene film (cPTFE-g-S film have been done. The aim of the research is to make hydropyl membrane as proton exchange membrane fuel cell. Sulfonation was prepared with chlorosulfonic acid in chloroethane under various conditions. The impact of the percent of grafting, the concentration of chlorosulfonic acid, the reaction time,and the reaction temperature on the properties of sulfonated film is examinated. The results show that sulfonation of surface-grafted films is incomplete at room  temperature. The increasing of concentration of chlorosulfonic acid and reaction temperature accelerates the reaction but they also add favor side reactions. These will lead to decreasing of the ion-exchange capacity, water uptake, and proton conductivity but increasing the resistance to oxidation in a perhidrol solution. The cPTFE-g-SS membrane which is resulted has stability in a H2O2 30% solution for 20 hours.

  14. Applying hot-wire anemometry to directly measure the water balance in a proton exchange membrane fuel cell

    DEFF Research Database (Denmark)

    Al Shakhshir, Saher; Andreasen, Søren Juhl; Berning, Torsten

    2016-01-01

    In order to better understand and more accurately measure the water balance in a proton exchange membrane fuel cell, our group has recently proposed to apply hot wire anemometry in the fuel cell's anode outlet. It was theoretically shown that the electrical signal obtained from the hot wire sensor...... can be directly converted into the fuel cell water balance. In this work an ex-situ experimental investigation is performed to examine the effect of the wire diameter and the outlet pipe diameter on the voltage signal. For a laboratory fuel cell where the mass flow rate the anode outlet is small...... number Nu range between m = 0.137 and m = 0.246. In general, it is shown that applying hot wire anemometry yields in fact very clear voltage readings with high frequency, and it can be used as a diagnosis tool in various fuel cell applications....

  15. Design and implementation of fixed-order robust controllers for a proton exchange membrane fuel cell system

    Energy Technology Data Exchange (ETDEWEB)

    Wang, Fu-Cheng; Chen, Hsuan-Tsung [Department of Mechanical Engineering, National Taiwan University, No.1, Sec. 4, Roosevelt Road, 10617 Taipei (China)

    2009-03-15

    This paper applies fixed-order multivariable robust control strategies to a proton exchange membrane fuel cell (PEMFC) system, and implements the designed controllers on a microchip for system miniaturization. In previous studies, robust control was applied to guarantee system stability and to reduce hydrogen consumption for a PEMFC system. It was noted that for standard robust control design, the order of resulting H{sub {infinity}} controllers is dictated by the plants and weighting functions. However, for hardware implementation, controllers with lower orders are preferable in terms of computing efforts and cost. Therefore, in this paper the PEMFC is modeled as multivariable transfer matrices, then three fixed-order robust control algorithms are applied to design controllers with specified orders for a PEMFC. Finally, the designed controllers are implemented on a microchip to regulate the air and hydrogen flow rates. From the experimental results, fixed-order robust control is deemed effective in supplying steady power and reducing fuel consumption. (author)

  16. Design of an optical thermal sensor for proton exchange membrane fuel cell temperature measurement using phosphor thermometry

    Science.gov (United States)

    Inman, Kristopher; Wang, Xia; Sangeorzan, Brian

    Internal temperatures in a proton exchange membrane (PEM) fuel cell govern the ionic conductivities of the polymer electrolyte, influence the reaction rate at the electrodes, and control the water vapor pressure inside the cell. It is vital to fully understand thermal behavior in a PEM fuel cell if performance and durability are to be optimized. The objective of this research was to design, construct, and implement thermal sensors based on the principles of the lifetime-decay method of phosphor thermometry to measure temperatures inside a PEM fuel cell. Five sensors were designed and calibrated with a maximum uncertainty of ±0.6 °C. Using these sensors, surface temperatures were measured on the cathode gas diffusion layer of a 25 cm 2 PEM fuel cell. The test results demonstrate the utility of the optical temperature sensor design and provide insight into the thermal behavior found in a PEM fuel cell.

  17. Currency option pricing in a credible exchange rate target zone

    NARCIS (Netherlands)

    Veestraeten, D.

    2013-01-01

    This article examines currency option pricing within a credible target zone arrangement where interventions at the boundaries push the exchange rate back into its fluctuation band. Valuation of such options is complicated by the requirement that the reflection mechanism should prevent the arbitrage

  18. Currency option pricing in a credible exchange rate target zone

    NARCIS (Netherlands)

    Veestraeten, D.

    2012-01-01

    This article examines currency option pricing within a credible target zone arrangement where interventions at the boundaries push the exchange rate back into its fluctuation band. Valuation of such options is complicated by the requirement that the reflection mechanism should prevent the arbitrage

  19. Statistics of exchange rate regimes in Nigeria | Iwueze | Global ...

    African Journals Online (AJOL)

    The three distinct exchange rate regimes of Nigeria were subjected to Autoregressive Integrated Moving Average (ARIMA) modeling in order to compare them with respect to model structure. It was found that the three regimes admit different models. Regime one admits Moving average model of order 2, Regime two admits ...

  20. Volatility Analysis of Exchange Rate of Emerging Economies: A ...

    African Journals Online (AJOL)

    The aim of this study is to analyze the volatility of exchange rates of the currencies of the five East African Community (EAC) countries. Time series modeling is applied to the data of these countries. Various models were fitted and compared using Maximum Likelihood approach in order to select the best fitting model for each ...

  1. exchange rate pass-through to import and consumer prices

    African Journals Online (AJOL)

    Eyerusalem

    degree of pass-through is estimated by the means of impulse response functions. ..... through from exchange rate fluctuations to each stage of the distribution chain ..... exclusion test (which is asymptotically chi-square distributed) and the results ...... Endogenous variables: DLWCPI YGap DLNEER DLMPI DLCPI DLM2. Root.

  2. Exchange Rate Reform Policies and Trade Balances in Nigeria ...

    African Journals Online (AJOL)

    This paper investigates the effect of the exchange rate on the trade balance in Nigeria between 1970 and 2012. Annual data were collected from the Central Bank of Nigeria's Statistical Bulletin, and World Development Indicator of the World Bank. Co-integrating and Error Correcting Method were used for this estimation.

  3. Introducing False EUR and False EUR exchange rates

    Science.gov (United States)

    Ausloos, M.; Ivanova, K.

    2000-10-01

    The Euro ( EUR) is a new currency introduced by the European Community. Its exchange rate is very puzzling. We have invented a false Euro ( FEUR) dating back to 1993 and have derived the exchange rates of the FEUR with respect to currencies not belonging to the EUR, i.e., DKK, CHF, JPY and USD. This allows us to search for correlations between the fluctuations preexisting to the introduction of EUR and present ones in such financial data. The detrended fluctuation analysis ( DFA) statistical method is used. This leads to assume a power-law behavior, i.e., a scaling hypothesis, through an exponent α. The latter has demonstrated its usefulness for the investigations of long-range power-law correlations in several types of financial sequences. Our findings show that the α exponent interestingly characterizes fractional Brownian motion of the currency exchange rates between EUR and DKK over a 25 day interval, and usual Brownian motion otherwise and for the three other investigated exchange rates. We can devise an investment strategy based on the localα technique and obtain appreciable gains for the time being.

  4. Emission trading in Europe with an exchange rate

    International Nuclear Information System (INIS)

    Klassen, G.A.J.; Amann, M.; Foersund, F.R.

    1994-01-01

    The analytical and empirical properties of a new method for emission trading according to a fixed exchange rate are explored. The exchange rate is based on the ratios of the marginal costs of abatement in the optimal solution in order to account for the impact of the location of emission sources on the deposition. It is shown that, generally, this system will not achieve the optimal solution and does not guarantee that environmental deposition constraints are not violated, although total abatement costs are always reduced. A routine was developed to mimic trading as a bilateral, sequential process, subject to an exchange rate. Use has been made of an adapted version of the optimization module in the RAINS (REgional Acidification INformation and Simulation) model. In the example used, results for SO 2 emissions in Europe show that, starting from a uniform reduction, exchange-rate trading achieves higher cost savings than one-to-one trading, without achieving the cost minimum. Sulfur deposition targets are not violated since the initial emission allocation overfulfilled targets at many places. The results are sensitive to: pre-trade emission levels, the transaction costs, the availability of information on potential cost savings and assumptions made on the behavior of trading partners. 6 figs., 3 tabs., 28 refs

  5. The limiting distribution of extremal exchange rate yields

    NARCIS (Netherlands)

    M.C.A.B. Hols (Martien); C.G. de Vries (Casper)

    1991-01-01

    textabstractSeveral nonnested fat-tailed distributions have been advocated for modelling exchange rate returns. Instead of directly estimating these nonnested distributions we investigate the extremal distribution of the returns. The advantage is that the parameter which characterizes the amount of

  6. Exchange rate volatility and regime change: Visegrad comparison

    Czech Academy of Sciences Publication Activity Database

    Kočenda, Evžen; Valachy, J.

    -, č. 7 (2006), s. 1-36 R&D Projects: GA ČR GA402/06/1293 Institutional research plan: CEZ:AV0Z70850503 Keywords : exchange rate regime s * volatility * transition Subject RIV: AH - Economics http://deepblue.lib.umich.edu/bitstream/2027.42/21616/1/IPC-working-paper-007-KocendaValachy.pdf

  7. Exchange rate movement and import price of Machineries in Nigeria ...

    African Journals Online (AJOL)

    The empirical estimates reveal that one lag variability of import price, exchange rate, foreign cost, domestic competitors price and demand pressure proxied by GDP impact it in the long-run. However, the ECM coefficient is properly signed with -0.549. By implication, approximately 54% of the discrepancy from long run ...

  8. Impact of Exchange Rate on Balance of Payment in Nigeria ...

    African Journals Online (AJOL)

    Exchange rate policies have to be used along with the fiscal and monetary instruments to get meaningful results. This implies that our balance of payments problems can be solved simultaneously from two angles, namely, boosting supply and managing demand. Export diversification and promotion, import substitution and ...

  9. Government spending shocks, sovereign risk and the exchange rate regime

    NARCIS (Netherlands)

    Bonam, D.; Lukkezen, J.H.J.

    2014-01-01

    Keynesian theory predicts output responses upon a fiscal expansion in a small open economy to be larger under fixed than floating exchange rates. We analyse the effects of fiscal expansions using a New Keynesian model and find that the reverse holds in the presence of sovereign default risk. By

  10. Cooperation between bound waters and hydroxyls in controlling isotope-exchange rates

    Science.gov (United States)

    Panasci, Adele F.; McAlpin, J. Gregory; Ohlin, C. André; Christensen, Shauna; Fettinger, James C.; Britt, R. David; Rustad, James R.; Casey, William H.

    2012-02-01

    Mineral oxides differ from aqueous ions in that the bound water molecules are usually attached to different metal centers, or vicinal, and thus separated from one another. In contrast, for most monomeric ions used to establish kinetic reactivity trends, such as octahedral aquo ions (e.g., Al(H 2O) 63+), the bound waters are closely packed, or geminal. Because of this structural difference, the existing literature about ligand substitution in monomer ions may be a poor guide to the reactions of geochemical interest. To understand how coordination of the reactive functional groups might affect the rates of simple water-exchange reactions, we synthesized two structurally similar Rh(III) complexes, [Rh(phen) 2(H 2O) 2] 3+ [ 1] and [Rh(phen) 2(H 2O)Cl] 2+ [ 2] where (phen) = 1,10-phenanthroline. Complex [ 1] has two adjacent, geminal, bound waters in the inner-coordination sphere and [ 2] has a single bound water adjacent to a bound chloride ion. We employed Rh(III) as a trivalent metal rather than a more geochemically relevant metal like Fe(III) or Al(III) to slow the rate of reaction, which makes possible measurement of the rates of isotopic substitution by simple mass spectrometry. We prepared isotopically pure versions of the molecules, dissolved them into isotopically dissimilar water, and measured the rates of exchange from the extents of 18O and 16O exchange at the bound waters. The pH dependency of rates differ enormously between the two complexes. Pseudo-first-order rate coefficients at 298 K for water exchanges from the fully protonated molecules are close: k0298 = 5 × 10 -8(±0.5 × 10 -8) s -1 for [ 1] and k0298 = 2.5 × 10 -9(±1 × 10 -9) for [ 2]. Enthalpy and entropy activation parameters (Δ H‡ and Δ S‡) were measured to be 119(±3) kJ mol -1, and 14(±1) J mol -1 K -1, respectively for [ 1]. The corresponding parameters for the mono-aquo complex, [ 2], are 132(±3) kJ mol -1 and 41.5(±2) J mol -1 K -1. Rates increase by many orders of magnitude

  11. Incentives from Exchange Rate Regimes in an Institutional Context

    OpenAIRE

    Goyal, Ashima

    2008-01-01

    In a simple open economy macromodel, calibrated to the typical institutions and shocks of a densely populated emerging market economy, it is shown that a monetary stimulus preceding a temporary supply shock can abort inflation at minimum output cost, since of the appreciation of exchange rates, accompanying a fall in interest rates and rise in output. Analytic results obtained for two periods are generalized through simulations and validated through estimation. The results imply that one inst...

  12. Rate of radiocarbon retention onto calcite by isotope exchange

    Energy Technology Data Exchange (ETDEWEB)

    Lempinen, Janne; Lehto, Jukka [Helsinki Univ. (Finland). Lab. of Radiochemistry

    2016-11-01

    Radiocarbon ({sup 14}C) is a top priority class radionuclide associated with the long-term safety of spent nuclear fuel disposal. Dissolved inorganic radiocarbon can be retained in bedrock via isotope exchange with calcite (CaCO{sub 3}) at solubility equilibrium with groundwater. In the present study, the rate of the isotope exchange process was investigated on synthetic calcite using batch experiments. Experiments were performed in solutions with a calcium concentration of 0.0002-0.1 M, including two synthetic reference groundwaters. The radiocarbon activity in the solutions decreased exponentially as a function of time, thus following first-order kinetics. The rate of isotope exchange was quantified from an exponential fit to the activity data over time. The rate of radiocarbon retention increased as a function of the calcium activity. The isotope exchange half-life was only 4.3 days at calcium ion activities over 0.01. This half-life is very much shorter than the half-life of {sup 14}C or the time scale of groundwater movements; consequently calcite can effectively retain radiocarbon from brackish and saline groundwaters.

  13. Rate of radiocarbon retention onto calcite by isotope exchange

    International Nuclear Information System (INIS)

    Lempinen, Janne; Lehto, Jukka

    2016-01-01

    Radiocarbon ( 14 C) is a top priority class radionuclide associated with the long-term safety of spent nuclear fuel disposal. Dissolved inorganic radiocarbon can be retained in bedrock via isotope exchange with calcite (CaCO 3 ) at solubility equilibrium with groundwater. In the present study, the rate of the isotope exchange process was investigated on synthetic calcite using batch experiments. Experiments were performed in solutions with a calcium concentration of 0.0002-0.1 M, including two synthetic reference groundwaters. The radiocarbon activity in the solutions decreased exponentially as a function of time, thus following first-order kinetics. The rate of isotope exchange was quantified from an exponential fit to the activity data over time. The rate of radiocarbon retention increased as a function of the calcium activity. The isotope exchange half-life was only 4.3 days at calcium ion activities over 0.01. This half-life is very much shorter than the half-life of 14 C or the time scale of groundwater movements; consequently calcite can effectively retain radiocarbon from brackish and saline groundwaters.

  14. Recommended data on proton-ion collision rate coefficients for Fe X-Fe XV ions

    International Nuclear Information System (INIS)

    Skobelev, I.; Murakami, I.; Kato, T.

    2006-01-01

    The proton-ion collisions are important for excitation of some ion levels in a high-temperature low density plasma. In the present work evaluation of data obtained for proton-induced transitions in Fe X - Fe XV ions with the help of different theoretical methods is carried out. It is suggested a simple analytical formula with 7 parameters allowing to describe dependency of proton rate coefficient on proton temperature in an enough wide temperature range. The values of free parameters have been determined by fitting of approximation formula to numerical data and are presented for recommended data together with fitting accuracies. By comparing of proton collision rates with electron ones it is shown that proton impact excitation processes may be important for Fe X, XI, XIII-XV ions. The results obtained can be used for plasma kinetics calculations and for development of spectroscopy methods of plasma diagnostics. (author)

  15. Long-memory exchange rate dynamics in the euro era

    International Nuclear Information System (INIS)

    Barkoulas, John T.; Barilla, Anthony G.; Wells, William

    2016-01-01

    We investigate the long-run dynamics of a system of eight major exchange rates in the euro era using both integer and fractional cointegration methodologies. Contrary to the fragile evidence in the pre-euro era, robust evidence of linear cointegratedness is obtained in the foreign exchange market during the euro era. Upon closer examination, deviations from the cointegrating relationship exhibit nonstationary, long-memory dynamic behavior (Joseph effect). We find the long-memory evidence to be temporally stable in the most recent era. Finally, the foreign exchange system dynamics appears to be characterized by less persistence (smaller fractional exponent) in the euro era (as compared to pre-euro time periods), potentially indicating increased policy coordination by central banks in the recent period.

  16. Exchange Rate Regimes – A periodical overview and a critical analysis of exchange rate regimes in Kosovo

    Directory of Open Access Journals (Sweden)

    Flamur Bunjaku

    2015-03-01

    Full Text Available Exchange rate regimes and the monetary policy are the key instruments governments use to achieve their economic and financial objectives. Moreover, due to global financial crisis the latter instruments get more importance. Empirical evidences show that exchange rate regimes in Kosovo and its monetary policy throughout their development were mainly influenced by different political and historical developments. In regard of Euroisation of monetary system in Kosovo it was found that this action generated macro - financial stability in terms of inflation and price fluctuation. However, in terms of microeconomic aspects, the unilateral adaptation of Euro as the official currency of Kosovo failed to provide microeconomic advantages such as to export stimulation, and so forth. The main exchange rate regime systems were discussed focusing in their advantages and disadvantages, and it was concluded that there is no commonly accepted theory regarding the optimality of exchange rate regimes. In addition, the global financial crisis impact in the financial system of Kosovo is also discussed and it was found that negative impacts of global financial crisis were moderate and indirect.

  17. Effectiveness of high interest rate policy on exchange rates: A reexamination of the Asian financial crisis

    Directory of Open Access Journals (Sweden)

    Chin Diew Lai

    2006-09-01

    Full Text Available One of the most controversial issues in the aftermath of the Asian financial crisis has been the appropriate response of monetary policy to a sharp decline in the value of some currencies. In this paper, we empirically examine the effects on Asian exchange rates of sharply higher interest rates during the Asian financial crisis. Taking account of the currency contagion effect, our results indicate that sharply higher interest rates helped to support the exchange rates of South Korea, the Philippines, and Thailand. For Malaysia, no significant causal relation is found from the rate of interest to exchange rates, as the authorities in Malaysia did not actively adopt a high interest rate policy to defend the currency.

  18. Sensitivity of molecular vibrational dynamics to energy exchange rate constants

    International Nuclear Information System (INIS)

    Billing, G D; Coletti, C; Kurnosov, A K; Napartovich, A P

    2003-01-01

    The sensitivity of molecular vibrational population dynamics, governing the CO laser operated in fundamental and overtone transitions, to vibration-to-vibration rate constants is investigated. With this aim, three rate constant sets have been used, differing in their completeness (i.e. accounting for single-quantum exchange only, or for multi-quantum exchange with a limited number of rate constants obtained by semiclassical calculations, and, finally, with an exhaustive set of rate constants including asymmetric exchange processes, as well) and in the employed interaction potential. The most complete set among these three is introduced in this paper. An existing earlier kinetic model was updated to include the latter new data. Comparison of data produced by kinetic modelling with the above mentioned sets of rate constants shows that the vibrational distribution function, and, in particular, the CO overtone laser characteristics, are very sensitive to the choice of the model. The most complete model predicts slower evolution of the vibrational distribution, in qualitative agreement with experiments

  19. 12 CFR Appendix A to Subpart A of... - Minimum Capital Components for Interest Rate and Foreign Exchange Rate Contracts

    Science.gov (United States)

    2010-01-01

    ... sheet interest rate and foreign exchange rate contracts: a. Interest Rate Contracts i. Single currency... Contracts i. Cross-currency interest rate swaps. ii. Forward foreign exchange rate contracts. iii. Currency... contracts traded on exchanges that require daily payment of variation margins are excluded from the minimum...

  20. Interdependence and Exchange Rate Regimes in East Asia: Intra-regional Transmissions of Exchange Rate Policies after the Crisis (in Japanese)

    OpenAIRE

    OHNO Sanae; FUKUDA Shin-ichi

    2003-01-01

    Since the onset of the Asian crisis, what characterizes the East Asian exchange rates has been a topic of considerable discussion. In the pre-crisis period, the de facto pegs to the U.S. dollar sometimes destabilized the real "effective" exchange rates of these currencies. Several economists have, thus, proposed the desirability of intermediate exchange rate regimes in East Asia that might stabilize their effective exchange rates. The post-crisis experience in East Asia, however, taught us th...

  1. Recovery of 201Tl by ion exchange chromatography from proton bombarded thallium cyclotron targets

    International Nuclear Information System (INIS)

    Walt, T.N. van der; Naidoo, C.

    2000-01-01

    A method based on ion exchange chromatography is presented for the recovery of 201 Tl and its precursor 201 Pb from proton bombarded natural thallium cyclotron targets. After bombardment the target is dissolved in diluted nitric acid. Water, hydrazine and ammonium acetate are added to the solution and the lead radioisotopes separated from the thallium by cation exchange chromatography on a Bio-Rex 70 column. The sorbed lead radioisotopes are eluted with dilute nitric acid and the separation repeated on a second Bio-Rex 70 column. After elution of the remaining thallium the column is left for 32 hours and the 201 Tl formed by decay of 201 Pb is eluted with an ammonium acetate solution. The 201 Tl eluate is acidified with a HNO 3 -HBr-Br 2 mixture and the resulting solution is passed through an AG MP-1 anion exchanger column to remove any remaining lead isotopes. The 201 Tl is eluted with a hydrazine solution, the eluate evaporated to dryness and the 201 Tl finally dissolved in an appropriate solution to produce a 201 TlCl solution suitable for medical use. A high quality 201 Tl product is obtained containing ≤ 0.1 μg of Tl/mCi (37 MBq) 201 Tl. The radionuclidic impurities are less than the maximum values specified by the US Pharmacopoeia and the British Pharmacopoeia. (orig.)

  2. Exchange rate policy, growth, and foreign trade in China

    Directory of Open Access Journals (Sweden)

    Gligorić Mirjana

    2011-01-01

    Full Text Available This paper analyzes a hot topic: the influence of an undervalued currency on macroeconomic variables - primarily on the economic growth and trade balance of a country, but also on employment, foreign exchange reserves, competition, and living standards. It also reviews and explains the consequences of yuan undervaluation, points out the need for its appreciation, and states the negative effects that stem from this measure. Special attention is given to the problematic bilateral relations between China and the USA and the reasons why Americans are worried about the exchange rate policy that China implements. Although yuan appreciation would decrease the American foreign trade deficit, it also raises the question of further financing of the American deficit. There are also other problems that the possible appreciation would cause for the American economy, due to the effect of J-curve, passthrough, larger costs of input imported from China, etc. Therefore, Chinese foreign exchange policy is an important subject, but it is not the solution to the problems of the global economy - which have deeper roots than that. However, there is no excuse for China implementing unfair exchange rate policies, or replacing such policies with controversial protectionist policies (as some authors have suggested.

  3. Effects of proton radiation dose, dose rate and dose fractionation on hematopoietic cells in mice

    International Nuclear Information System (INIS)

    Ware, J.H.; Rusek, A.; Sanzari, J.; Avery, S.; Sayers, C.; Krigsfeld, G.; Nuth, M.; Wan, X.S.; Kennedy, A.R.

    2010-01-01

    The present study evaluated the acute effects of radiation dose, dose rate and fractionation as well as the energy of protons in hematopoietic cells of irradiated mice. The mice were irradiated with a single dose of 51.24 MeV protons at a dose of 2 Gy and a dose rate of 0.05-0.07 Gy/min or 1 GeV protons at doses of 0.1, 0.2, 0.5, 1, 1.5 and 2 Gy delivered in a single dose at dose rates of 0.05 or 0.5 Gy/min or in five daily dose fractions at a dose rate of 0.05 Gy/min. Sham-irradiated animals were used as controls. The results demonstrate a dose-dependent loss of white blood cells (WBCs) and lymphocytes by up to 61% and 72%, respectively, in mice irradiated with protons at doses up to 2 Gy. The results also demonstrate that the dose rate, fractionation pattern and energy of the proton radiation did not have significant effects on WBC and lymphocyte counts in the irradiated animals. These results suggest that the acute effects of proton radiation on WBC and lymphocyte counts are determined mainly by the radiation dose, with very little contribution from the dose rate (over the range of dose rates evaluated), fractionation and energy of the protons.

  4. Effects of proton radiation dose, dose rate and dose fractionation on hematopoietic cells in mice.

    Science.gov (United States)

    Ware, J H; Sanzari, J; Avery, S; Sayers, C; Krigsfeld, G; Nuth, M; Wan, X S; Rusek, A; Kennedy, A R

    2010-09-01

    The present study evaluated the acute effects of radiation dose, dose rate and fractionation as well as the energy of protons in hematopoietic cells of irradiated mice. The mice were irradiated with a single dose of 51.24 MeV protons at a dose of 2 Gy and a dose rate of 0.05-0.07 Gy/min or 1 GeV protons at doses of 0.1, 0.2, 0.5, 1, 1.5 and 2 Gy delivered in a single dose at dose rates of 0.05 or 0.5 Gy/min or in five daily dose fractions at a dose rate of 0.05 Gy/min. Sham-irradiated animals were used as controls. The results demonstrate a dose-dependent loss of white blood cells (WBCs) and lymphocytes by up to 61% and 72%, respectively, in mice irradiated with protons at doses up to 2 Gy. The results also demonstrate that the dose rate, fractionation pattern and energy of the proton radiation did not have significant effects on WBC and lymphocyte counts in the irradiated animals. These results suggest that the acute effects of proton radiation on WBC and lymphocyte counts are determined mainly by the radiation dose, with very little contribution from the dose rate (over the range of dose rates evaluated), fractionation and energy of the protons.

  5. Exchange Rate Volatility and Trade among the Asia Pacific Countries

    Directory of Open Access Journals (Sweden)

    Saang Joon Baak

    2004-06-01

    Full Text Available The purpose of this paper is to investigate the impact of exchange rate volatility on exports among 14 Asia Pacific countries, where various measures to raise the intra-region trade are being implemented. Specifically, this paper estimates a gravity model, in which the dependent variable is the product of the exports of two trading countries. In addition, it also estimates a unilateral exports model, in which the dependent variable is not the product of the exports of two trading countries but the exports from one country to another. By doing this, the depreciation rate of the exporting country's currency value can be included as one of the explanatory variables affecting the volume of exports. As the explanatory variables of the export volume, the gravity model adopts the product of the GDPs of two trading counties, their bilateral exchange rate volatility, their distance, a time trend and dummies for the share of the border line, the use of the same language, and the APEC membership. In the case of the unilateral exports model, the product of the GDPs is replaced by the GDP of the importing country, and the depreciation rate of the exporting country's currency value is dded. In addition, considering that the export volume will also depend on various onditions of the exporting country, dummies for exporting countries are also included as an explanatory variable. The empirical tests, using annual data for the period from 1980 to 2002, detect a significant negative impact of exchange rate volatility on the volume of exports. In addition, various tests using the data for sub-sample periods indicate that the negative impact had been weakened since 1989, when APEC had launched, and surged again from 1997, when the Asian financial crisis broke out. This finding implies that the impact of exchange rate volatility is time-dependent and that it is significantlynegative at least in the present time. This phenomenon is noticed regardless which estimation

  6. Do Exchange Rates Really Help Forecasting Commodity Prices?

    DEFF Research Database (Denmark)

    Bork, Lasse; Kaltwasser, Pablo Rovira; Sercu, Piet

    Chen et al. (2010) report that for ‘commodity currencies’, the exchange rate predicts the country’s commodity index but not vice versa. The commodity currency hypothesis is consistent with the Engle and West (2005) exchange rate model if the fundamental is chosen to be the country’s key export...... expectations, one should mostly observe contemporaneous correlations, not one-directional cross-predictability from one variable toward the other. Using three different data sets and various econometric techniques, we do find the contemporaneous correlations as predicted by the financial asset view......-averaged prices in the commodity index data that they use (price averaging induces spurious autocorrelation and predictability) and to features in their test procedures....

  7. Hybrid empirical mode decomposition- ARIMA for forecasting exchange rates

    Science.gov (United States)

    Abadan, Siti Sarah; Shabri, Ani; Ismail, Shuhaida

    2015-02-01

    This paper studied the forecasting of monthly Malaysian Ringgit (MYR)/ United State Dollar (USD) exchange rates using the hybrid of two methods which are the empirical model decomposition (EMD) and the autoregressive integrated moving average (ARIMA). MYR is pegged to USD during the Asian financial crisis causing the exchange rates are fixed to 3.800 from 2nd of September 1998 until 21st of July 2005. Thus, the chosen data in this paper is the post-July 2005 data, starting from August 2005 to July 2010. The comparative study using root mean square error (RMSE) and mean absolute error (MAE) showed that the EMD-ARIMA outperformed the single-ARIMA and the random walk benchmark model.

  8. Asymmetric cointegration between exchange rate and trade balance in Nigeria

    Directory of Open Access Journals (Sweden)

    Alhaji Jibrilla Aliyu

    2015-12-01

    Full Text Available This paper empirically examines the long-run pass through of the official exchange rates into trade balance in Nigeria by means of threshold cointegration and asymmetric error correction modeling. The study provides evidence for non-linear cointegration between our variables of interest. The estimated asymmetric error correction models provide new evidence for slower transmission of exchange rate depreciations into the country’s trade balance, which in turn appears to offer partial support for the Dutch disease hypothesis. This finding suggests that policy-makers cannot hope to use currency devaluation to improve the trade balance. It is recommended that policy-makers focus attention on diversification of the economy away from dependence on crude oil exports into productive manufacturing and non-oil exports, which will be vital in making the economy more competitive.

  9. On the spillover of exchange rate risk into default risk

    Directory of Open Access Journals (Sweden)

    Božović Miloš

    2009-01-01

    Full Text Available In order to reduce the exchange-rate risk, banks in emerging markets are typically denominating their loans in foreign currencies. However, in the event of a substantial depreciation of the local currency, the payment ability of a foreign-currency borrower may be reduced significantly, exposing the lender to additional default risk. This paper analyses how the exchange-rate risk of foreign currency loans spills over into default risk. We show that in an economy where foreign currency loans are a dominant source of financing economic activity, depreciation of the local currency establishes a negative feedback mechanism that leads to higher default probabilities, reduced credit supply, and reduced growth. This finding has some important implications that may be of special interest for regulators and market participants in emerging economies.

  10. THE IMPACT OF THE EXCHANGE RATE ON THE COMMERCIALS FLOWS

    Directory of Open Access Journals (Sweden)

    Mihaela IAVORSCHI

    2015-04-01

    Full Text Available The liberalization of capital movements between states and of the trade of goods and services, are one of the most important phenomena in the current world economy. The purpose of the present study, in the case of Romania, is to answer the question whether the interventions by means of the exchange rate of the national currency contributes to the fluidization and improvement of the commercial trades. The study demonstrates that the leu devaluation does not lead to a substantial increase of the exports. As a mechanism of influence of the commercials flows, the exchange rate has a short-term influence and the economy requires structural reforms, meant to stimulate the growth of the economic competitiveness.

  11. VaR: Exchange Rate Risk and Jump Risk

    Directory of Open Access Journals (Sweden)

    Fen-Ying Chen

    2010-01-01

    Full Text Available Incorporating the Poisson jumps and exchange rate risk, this paper provides an analytical VaR to manage market risk of international portfolios over the subprime mortgage crisis. There are some properties in the model. First, different from past studies in portfolios valued only in one currency, this model considers portfolios not only with jumps but also with exchange rate risk, that is vital for investors in highly integrated global financial markets. Second, in general, the analytical VaR solution is more accurate than historical simulations in terms of backtesting and Christoffersen's independence test (1998 for small portfolios and large portfolios. In other words, the proposed model is reliable not only for a portfolio on specific stocks but also for a large portfolio. Third, the model can be regarded as the extension of that of Kupiec (1999 and Chen and Liao (2009.

  12. Exchange Rate Expectations, Currency Crises, and the Pricing of American Depositary Receipts

    OpenAIRE

    Eichler, Stefan

    2012-01-01

    I.1 Motivation Exchange rates are a key issue in international economics and politics. While the determinants of exchange rates have been extensively studied in previous works, this dissertation contributes to the literature by deriving exchange rate expectations from stock market (ADR) data and analyzing their determinants. This exercise is done for three cases where one has to resort to exchange rate expectations since the national exchange rate is either manipulated by the central bank...

  13. Exchange Rate Volatility, Its Determinants and Effects on the Manufacturing Sector in Nigeria

    OpenAIRE

    Chimaobi V. Okolo; Onyinye S. Ugwuanyi; Kenneth A. Okpala

    2017-01-01

    This study evaluated the effect of exchange rate volatility on the manufacturing sector of Nigeria. The flow and stock market theories of exchange rate determination was adopted considering macroeconomic determinants such as balance of trade, trade openness, and net international investment. Furthermore, the influence of changes in parallel exchange rate, official exchange rate and real effective exchange rate was modeled on the manufacturing sector output. Vector autoregression techniques an...

  14. Exchange rate policy and external debt in emerging economies: an empirical analysis

    OpenAIRE

    Cebir, Bilgen

    2012-01-01

    In this thesis, we empirically analyze the e ects of exchange rate policy on external debt accumulation in emerging market economies with a sample of 15 countries over the period 1998-2010. The exchange rate policy is captured by the de facto exchange rate classi cation of Ilzetzki, Reinhart, and Rogo (2008). This classification is based on the actual exchange rate behavior rather than the officially declared regimes. Therefore, it is expected to better reflect the exchange rate policies act...

  15. Comparative Advantage, Exchange Rates, and G-7 Sectoral Trade Balances

    OpenAIRE

    Stephen S. Golub

    1994-01-01

    This paper uses a Ricardian framework to clarify the role of microeconomic and macroeconomic factors governing the time series and cross-section behavior of sectoral trade balances. Unit labor costs and trade balances are calculated for several sectors for the seven major industrial countries. The time series and cross-section variation in sectoral unit labor costs is decomposed into relative productivity, wage differentials, and exchange rate variations. The main findings are that changes ov...

  16. Endogenous trade participation with incomplete exchange rate pass-through

    OpenAIRE

    Imura, Yuko

    2013-01-01

    This paper investigates the implications of endogenous trade participation for international business cycles, trade flow dynamics and exchange rate pass-through when price adjustments are staggered across firms. I develop a two-country dynamic stochastic general equilibrium model wherein firms make state-dependent decisions on entry and exit in the export market and the frequency of price adjustment is time-dependent. Consistent with recent empirical findings, producers of traded goods in thi...

  17. Exchange Rate Movement and Foreign Direct Investment in Asean Economies

    OpenAIRE

    Lily, Jaratin; Kogid, Mori; Mulok, Dullah; Thien Sang, Lim; Asid, Rozilee

    2014-01-01

    The inflows of foreign direct investment (FDI) are important for a country's economic development, but the world market for FDI has become more competitive. This paper empirically analyses the exchange rate movements and foreign direct investment (FDI) relationship using annual data on ASEAN economies, that is, Malaysia, the Philippines, Thailand, and Singapore. By employing ARDL bounds test approach, the empirical results show the existence of significant long-run cointegration between excha...

  18. Discrete exchange rate changes with real wage resistance

    OpenAIRE

    Tapio Palokangas

    1992-01-01

    Fixed exchange rate policy is examined when money wages are determined by collective bargaining for fixed periods. The main results are as follows. If the interest elasticity of aggregate demand is high and the contract periods in the labour market are long, then in the short run, a devaluation produces expansion but in the long run, contraction. Expectations on a future devaluation cause expansion before the occurrence of the devaluation and at the moment of the occurrence, domestic expendit...

  19. Predicting High Frequency Exchange Rates using Machine Learning

    OpenAIRE

    Palikuca, Aleksandar; Seidl,, Timo

    2016-01-01

    This thesis applies a committee of Artificial Neural Networks and Support Vector Machines on high-dimensional, high-frequency EUR/USD exchange rate data in an effort to predict directional market movements on up to a 60 second prediction horizon. The study shows that combining multiple classifiers into a committee produces improved precision relative to the best individual committee members and outperforms previously reported results. A trading simulation implementing the committee classifier...

  20. Essays on Currency Competition, Institutional Restrictions and Exchange Rates

    OpenAIRE

    Bhattacharya, Arghya

    2017-01-01

    This dissertation consists of three essays on currency competition, institutional restrictions and exchange rates. When faced with currency competition, a country's government has two tools at its disposal: reduce the level of inflation or place institutional barriers to the use of foreign currency. In the first chapter, I propose a two-country, two-currency New Monetarist model to study currency competition. I model institutional barriers as a `tax' on the real value of foreign currency hol...

  1. Exchange rate system and policy in the present world

    OpenAIRE

    Grubišić Zoran

    2005-01-01

    The choice of exchange rate regime is important, not only in terms of its effect on trade flows, but also with respect to inflation expectations. Countries facing disinflation may find that pegs regimes are more appropriate solution. But where the trade balance account is significantly deteriorated and growth has been sluggish, a more flexible regime might be called for. The natural classification in eighties and early nineties suggests that intermediate regimes may provide important advantag...

  2. Exchange rate system and policy in the present world

    Directory of Open Access Journals (Sweden)

    Grubišić Zoran

    2005-01-01

    Full Text Available The choice of exchange rate regime is important, not only in terms of its effect on trade flows, but also with respect to inflation expectations. Countries facing disinflation may find that pegs regimes are more appropriate solution. But where the trade balance account is significantly deteriorated and growth has been sluggish, a more flexible regime might be called for. The natural classification in eighties and early nineties suggests that intermediate regimes may provide important advantages – to capture some of the benefits of both extremes while avoiding many of the costs. However today many experts predicted that exchange rate regimes would move in a "bipolar" manner to the extremes of "hard" pegs or free floats. An increasing number of countries did announce their intent to allow greater exchange rate flexibility. But, in practice, countries had a "fear of floating ". Distinction is made among advanced, emerging and other developing countries. Emerging markets have stronger links to international capital markets than do other developing economies. Thus, while non-emerging market developing economies may gain credibility through pegging their exchange rates, emerging markets find it harder to do so and could benefit from investing in "learning to float". More advanced economies with their access to international capital market are best positioned to enjoy the benefits of flexibility. It is found that the proportion of countries adopting intermediate regimes has indeed been shrinking in favor of greater flexibility or greater fixity, especially for countries more integrated with international markets. But, there is no final conclusion on the idea that intermediate regimes will dissapear.

  3. A review of proton exchange membrane water electrolysis on degradation mechanisms and mitigation strategies

    Science.gov (United States)

    Feng, Qi; Yuan, Xiao-Zi; Liu, Gaoyang; Wei, Bing; Zhang, Zhen; Li, Hui; Wang, Haijiang

    2017-10-01

    Proton exchange membrane water electrolysis (PEMWE) is an advanced and effective solution to the primary energy storage technologies. A better understanding of performance and durability of PEMWE is critical for the engineers and researchers to further advance this technology for its market penetration, and for the manufacturers of PEM water electrolyzers to implement quality control procedures for the production line or on-site process monitoring/diagnosis. This paper reviews the published works on performance degradations and mitigation strategies for PEMWE. Sources of degradation for individual components are introduced. With degradation causes discussed and degradation mechanisms examined, the review emphasizes on feasible strategies to mitigate the components degradation. To avoid lengthy real lifetime degradation tests and their high costs, the importance of accelerated stress tests and protocols is highlighted for various components. In the end, R&D directions are proposed to move the PEMWE technology forward to become a key element in future energy scenarios.

  4. A simple electric circuit model for proton exchange membrane fuel cells

    Science.gov (United States)

    Lazarou, Stavros; Pyrgioti, Eleftheria; Alexandridis, Antonio T.

    A simple and novel dynamic circuit model for a proton exchange membrane (PEM) fuel cell suitable for the analysis and design of power systems is presented. The model takes into account phenomena like activation polarization, ohmic polarization, and mass transport effect present in a PEM fuel cell. The proposed circuit model includes three resistors to approach adequately these phenomena; however, since for the PEM dynamic performance connection or disconnection of an additional load is of crucial importance, the proposed model uses two saturable inductors accompanied by an ideal transformer to simulate the double layer charging effect during load step changes. To evaluate the effectiveness of the proposed model its dynamic performance under load step changes is simulated. Experimental results coming from a commercial PEM fuel cell module that uses hydrogen from a pressurized cylinder at the anode and atmospheric oxygen at the cathode, clearly verify the simulation results.

  5. A review on the performance and modelling of proton exchange membrane fuel cells

    Energy Technology Data Exchange (ETDEWEB)

    Boucetta, A., E-mail: abirboucetta@yahoo.fr; Ghodbane, H., E-mail: h.ghodbane@mselab.org; Bahri, M., E-mail: m.bahri@mselab.org [Department of Electrical Engineering, MSE Laboratory, Mohamed khider Biskra University (Algeria); Ayad, M. Y., E-mail: ayadmy@gmail.com [R& D, Industrial Hybrid Vehicle Applications (France)

    2016-07-25

    Proton Exchange Membrane Fuel Cells (PEMFC), are energy efficient and environmentally friendly alternative to conventional energy conversion for various applications in stationary power plants, portable power device and transportation. PEM fuel cells provide low operating temperature and high-energy efficiency with near zero emission. A PEM fuel cell is a multiple distinct parts device and a series of mass, energy, transport through gas channels, electric current transport through membrane electrode assembly and electrochemical reactions at the triple-phase boundaries. These processes play a decisive role in determining the performance of the Fuel cell, so that studies on the phenomena of gas flows and the performance modelling are made deeply. This paper gives a comprehensive overview of the state of the art on the Study of the phenomena of gas flow and performance modelling of PEMFC.

  6. Carbon Nitride Materials as Efficient Catalyst Supports for Proton Exchange Membrane Water Electrolyzers

    Directory of Open Access Journals (Sweden)

    Ana Belen Jorge

    2018-06-01

    Full Text Available Carbon nitride materials with graphitic to polymeric structures (gCNH were investigated as catalyst supports for the proton exchange membrane (PEM water electrolyzers using IrO2 nanoparticles as oxygen evolution electrocatalyst. Here, the performance of IrO2 nanoparticles formed and deposited in situ onto carbon nitride support for PEM water electrolysis was explored based on previous preliminary studies conducted in related systems. The results revealed that this preparation route catalyzed the decomposition of the carbon nitride to form a material with much lower N content. This resulted in a significant enhancement of the performance of the gCNH-IrO2 (or N-doped C-IrO2 electrocatalyst that was likely attributed to higher electrical conductivity of the N-doped carbon support.

  7. Modelling of proton exchange membrane fuel cell performance based on semi-empirical equations

    Energy Technology Data Exchange (ETDEWEB)

    Al-Baghdadi, Maher A.R. Sadiq [Babylon Univ., Dept. of Mechanical Engineering, Babylon (Iraq)

    2005-08-01

    Using semi-empirical equations for modeling a proton exchange membrane fuel cell is proposed for providing a tool for the design and analysis of fuel cell total systems. The focus of this study is to derive an empirical model including process variations to estimate the performance of fuel cell without extensive calculations. The model take into account not only the current density but also the process variations, such as the gas pressure, temperature, humidity, and utilization to cover operating processes, which are important factors in determining the real performance of fuel cell. The modelling results are compared well with known experimental results. The comparison shows good agreements between the modeling results and the experimental data. The model can be used to investigate the influence of process variables for design optimization of fuel cells, stacks, and complete fuel cell power system. (Author)

  8. Flow field bipolar plates in a proton exchange membrane fuel cell: Analysis & modeling

    International Nuclear Information System (INIS)

    Kahraman, Huseyin; Orhan, Mehmet F.

    2017-01-01

    Highlights: • Covers a comprehensive review of available flow field channel configurations. • Examines the main design considerations and limitations for a flow field network. • Explores the common materials and material properties used for flow field plates. • Presents a case study of step-by-step modeling for an optimum flow field design. - Abstract: This study investigates flow fields and flow field plates (bipolar plates) in proton exchange membrane fuel cells. In this regard, the main design considerations and limitations for a flow field network have been examined, along with a comprehensive review of currently available flow field channel configurations. Also, the common materials and material properties used for flow field plates have been explored. Furthermore, a case study of step-by-step modeling for an optimum flow field design has been presented in-details. Finally, a parametric study has been conducted with respect to many design and performance parameters in a flow field plate.

  9. Direct fabrication of gas diffusion cathode by pulse electrodeposition for proton exchange membrane water electrolysis

    Science.gov (United States)

    Park, Hyanjoo; Choe, Seunghoe; Kim, Hoyoung; Kim, Dong-Kwon; Cho, GeonHee; Park, YoonSu; Jang, Jong Hyun; Ha, Don-Hyung; Ahn, Sang Hyun; Kim, Soo-Kil

    2018-06-01

    Pt catalysts for water electrolysis were prepared on carbon paper by using both direct current and pulse electrodeposition. Controlling the mass transfer of Pt precursor in the electrolyte by varying the deposition potential enables the formation of various Pt particle shapes such as flower-like and polyhedral particles. Further control of the deposition parameters for pulse electrodeposition resulted in changes to the particle size and density. In particular, the upper potential of pulse was found to be the critical parameter controlling the morphology of the particles and their catalytic activity. In addition to the typical electrochemical measurements, Pt samples deposited on carbon paper were used as cathodes for a proton exchange membrane water electrolyser. This single cell test revealed that our Pt particle samples have exceptional mass activity while being cost effective.

  10. Catalyst Degradation in High Temperature Proton Exchange Membrane Fuel Cells Based on Acid Doped Polybenzimidazole Membranes

    DEFF Research Database (Denmark)

    Cleemann, Lars Nilausen; Buazar, F.; Li, Qingfeng

    2013-01-01

    and multi‐walled carbon nanotubes were used as supports for electrode catalysts and evaluated in accelerated durability tests under potential cycling at 150 °C. Measurements of open circuit voltage, area specific resistance and hydrogen permeation through the membrane were carried out, indicating little...... contribution of the membrane degradation to the performance losses during the potential cycling tests. As the major mechanism of the fuel cell performance degradation, the electrochemical active area of the cathodic catalysts showed a steady decrease in the cyclic voltammetric measurements, which was also......Degradation of carbon supported platinum catalysts is a major failure mode for the long term durability of high temperature proton exchange membrane fuel cells based on phosphoric acid doped polybenzimidazole membranes. With Vulcan carbon black as a reference, thermally treated carbon black...

  11. Photosynthetic solar cell using nanostructured proton exchange membrane for microbial biofilm prevention.

    Science.gov (United States)

    Lee, Dong Hyun; Oh, Hwa Jin; Bai, Seoung Jae; Song, Young Seok

    2014-06-24

    Unwanted biofilm formation has a detrimental effect on bioelectrical energy harvesting in microbial cells. This issue still needs to be solved for higher power and longer durability and could be resolved with the help of nanoengineering in designing and manufacturing. Here, we demonstrate a photosynthetic solar cell (PSC) that contains a nanostructure to prevent the formation of biofilm by micro-organisms. Nanostructures were fabricated using nanoimprint lithography, where a film heater array system was introduced to precisely control the local wall temperature. To understand the heat and mass transfer phenomena behind the manufacturing and energy harvesting processes of PSC, we carried out a numerical simulation and experimental measurements. It revealed that the nanostructures developed on the proton exchange membrane enable PSC to produce enhanced output power due to the retarded microbial attachment on the Nafion membrane. We anticipate that this strategy can provide a pathway where PSC can ensure more renewable, sustainable, and efficient energy harvesting performance.

  12. In-situ Monitoring of Internal Local Temperature and Voltage of Proton Exchange Membrane Fuel Cells

    Directory of Open Access Journals (Sweden)

    Chi-Yuan Lee

    2010-06-01

    Full Text Available The distribution of temperature and voltage of a fuel cell are key factors that influence performance. Conventional sensors are normally large, and are also useful only for making external measurements of fuel cells. Centimeter-scale sensors for making invasive measurements are frequently unable to accurately measure the interior changes of a fuel cell. This work focuses mainly on fabricating flexible multi-functional microsensors (for temperature and voltage to measure variations in the local temperature and voltage of proton exchange membrane fuel cells (PEMFC that are based on micro-electro-mechanical systems (MEMS. The power density at 0.5 V without a sensor is 450 mW/cm2, and that with a sensor is 426 mW/cm2. Since the reaction area of a fuel cell with a sensor is approximately 12% smaller than that without a sensor, but the performance of the former is only 5% worse.

  13. Pt nanoparticle-reduced graphene oxide nanohybrid for proton exchange membrane fuel cells.

    Science.gov (United States)

    Park, Dae-Hwan; Jeon, Yukwon; Ok, Jinhee; Park, Jooil; Yoon, Seong-Ho; Choy, Jin-Ho; Shul, Yong-Gun

    2012-07-01

    A platinum nanoparticle-reduced graphene oxide (Pt-RGO) nanohybrid for proton exchange membrane fuel cell (PEMFC) application was successfully prepared. The Pt nanoparticles (Pt NPs) were deposited onto chemically converted graphene nanosheets via ethylene glycol (EG) reduction. According to the powder X-ray diffraction (XRD) pattern and transmission electron microscopy (TEM) analysis, the face-centered cubic Pt NPs (3-5 nm in diameter) were homogeneously dispersed on the RGO nanosheets. The electrochemically active surface area and PEMFC power density of the Pt-RGO nanohybrid were determined to be 33.26 m2/g and 480 mW/cm2 (maximum values), respectively, at 75 degrees C and at a relative humidity (RH) of 100% in a single-cell test experiment.

  14. Modeling electrochemical performance in large scale proton exchange membrane fuel cell stacks

    Energy Technology Data Exchange (ETDEWEB)

    Lee, J H [Los Alamos National Lab., NM (United States); Lalk, T R [Texas A and M Univ., College Station, TX (United States). Dept. of Mechanical Engineering; Appleby, A J [Center for Electrochemical Studies and Hydrogen Research, Texas Engineering Experimentation Station, Texas A and M Univ., College Station, TX (United States)

    1998-02-01

    The processes, losses, and electrical characteristics of a Membrane-Electrode Assembly (MEA) of a Proton Exchange Membrane Fuel Cell (PEMFC) are described. In addition, a technique for numerically modeling the electrochemical performance of a MEA, developed specifically to be implemented as part of a numerical model of a complete fuel cell stack, is presented. The technique of calculating electrochemical performance was demonstrated by modeling the MEA of a 350 cm{sup 2}, 125 cell PEMFC and combining it with a dynamic fuel cell stack model developed by the authors. Results from the demonstration that pertain to the MEA sub-model are given and described. These include plots of the temperature, pressure, humidity, and oxygen partial pressure distributions for the middle MEA of the modeled stack as well as the corresponding current produced by that MEA. The demonstration showed that models developed using this technique produce results that are reasonable when compared to established performance expectations and experimental results. (orig.)

  15. Multi-dimensional modeling of CO poisoning effects on proton exchange membrane fuel cells (PEMFCs)

    International Nuclear Information System (INIS)

    Ju, Hyun Chul; Lee, Kwan Soo; Um, Suk Kee

    2008-01-01

    Carbon monoxide (CO), which is preferentially absorbed on the platinum catalyst layer of a proton exchange membrane fuel cell (PEMFC), is extremely detrimental to cell performance. Essentially, the carbon monoxide absorption diminishes the cell's performance by blocking and reducing the number of catalyst sites available for the hydrogen oxidation reaction. In order to obtain a full understanding of CO poisoning characteristics and remediate CO-poisoned PEMFCs, a CO poisoning numerical model is developed and incorporated into a fully three-dimensional electrochemical and transport coupled PEMFC model. By performing CFD numerical simulations, this paper clearly demonstrates the CO poisoning mechanisms and characteristics of PEMFCs. The predictive capability for CO poisoning effects enables us to find major contributors to CO tolerance in a PEMFC and thus successfully integrate CO-resistant fuel cell systems

  16. In-situ monitoring of internal local temperature and voltage of proton exchange membrane fuel cells.

    Science.gov (United States)

    Lee, Chi-Yuan; Fan, Wei-Yuan; Hsieh, Wei-Jung

    2010-01-01

    The distribution of temperature and voltage of a fuel cell are key factors that influence performance. Conventional sensors are normally large, and are also useful only for making external measurements of fuel cells. Centimeter-scale sensors for making invasive measurements are frequently unable to accurately measure the interior changes of a fuel cell. This work focuses mainly on fabricating flexible multi-functional microsensors (for temperature and voltage) to measure variations in the local temperature and voltage of proton exchange membrane fuel cells (PEMFC) that are based on micro-electro-mechanical systems (MEMS). The power density at 0.5 V without a sensor is 450 mW/cm(2), and that with a sensor is 426 mW/cm(2). Since the reaction area of a fuel cell with a sensor is approximately 12% smaller than that without a sensor, but the performance of the former is only 5% worse.

  17. An Equivalent Electrical Circuit Model of Proton Exchange Membrane Fuel Cells Based on Mathematical Modelling

    Directory of Open Access Journals (Sweden)

    Dinh An Nguyen

    2012-07-01

    Full Text Available Many of the Proton Exchange Membrane Fuel Cell (PEMFC models proposed in the literature consist of mathematical equations. However, they are not adequately practical for simulating power systems. The proposed model takes into account phenomena such as activation polarization, ohmic polarization, double layer capacitance and mass transport effects present in a PEM fuel cell. Using electrical analogies and a mathematical modeling of PEMFC, the circuit model is established. To evaluate the effectiveness of the circuit model, its static and dynamic performances under load step changes are simulated and compared to the numerical results obtained by solving the mathematical model. Finally, the applicability of our model is demonstrated by simulating a practical system.

  18. Investigations of the temperature distribution in proton exchange membrane fuel cells

    International Nuclear Information System (INIS)

    Jung, Chi-Young; Shim, Hyo-Sub; Koo, Sang-Man; Lee, Sang-Hwan; Yi, Sung-Chul

    2012-01-01

    A two-dimensional, non-isothermal model of a proton exchange membrane fuel cell was implemented to elucidate heat balance through the membrane electrode assembly (MEA). To take local utilization of platinum catalyst into account, the model was presented by considering the formation of agglomerated catalyst structure in the electrodes. To estimate energy balance through the MEA, various modes of heat generation and depletion by reversible/irreversible heat release, ohmic heating and phase change of water were included in the present model. In addition, dual-pathway kinetics, that is a combination of Heyrovsky–Volmer and Tafel–Volmer kinetics, were employed to precisely describe the hydrogen oxidation reaction. The proposed model was validated with experimental cell polarization, resulting in excellent fit. The temperature distribution inside the MEA was analyzed by the model. Consequently, a thorough investigation was made of the relation between membrane thickness and the temperature distribution inside the MEA.

  19. The effect of nitrogen oxides in air on the performance of proton exchange membrane fuel cell

    International Nuclear Information System (INIS)

    Yang Daijun; Ma Jianxin; Xu Lin; Wu Minzhong; Wang Haijiang

    2006-01-01

    The effects of NO x on the performance of proton exchange membrane (PEM) fuel cell were investigated through the introduction of a mixture containing NO and NO 2 , in a ratio of 9:1, into the cathode stream of a single PEM fuel cell. The NO x concentrations used in the experiments were 1480 ppm, 140 ppm and 10 ppm, which cover a range of three orders. The experimental results obtained from the tests of durability, polarization, reversibility and electrochemical impedance spectroscopy (EIS) showed a detrimental effect of NO x on the cell performance. The electrochemical measurements results suggested that the impacts of NO x are mainly resulted from the superposition of the oxygen reduction reaction (ORR), NO and HNO 2 oxidation reactions, and the increased cathodic impedance. Complete recovery of the cell performance was reached after operating the cell with clean air and then purging with N 2 for hours

  20. Impedance study of membrane dehydration and compression in proton exchange membrane fuel cells

    Energy Technology Data Exchange (ETDEWEB)

    Le Canut, Jean-Marc; Latham, Ruth; Merida, Walter; Harrington, David A. [Institute for Integrated Energy Systems, University of Victoria, Victoria, British Columbia (Canada)

    2009-07-15

    Electrochemical impedance spectroscopy (EIS) is used to measure drying and rehydration in proton exchange membrane fuel cells running under load. The hysteresis between forward and backward acquisition of polarization curves is shown to be largely due to changes in the membrane resistance. Drying tests are carried out with hydrogen and simulated reformate (hydrogen and carbon dioxide), and quasi-periodic drying and rehydration conditions are studied. The membrane hydration state is clearly linked to the high-frequency arc in the impedance spectrum, which increases in size for dry conditions indicating an increase in membrane resistance. Changes in impedance spectra as external compression is applied to the cell assembly show that EIS can separate membrane and interfacial effects, and that changes in membrane resistance dominate. Reasons for the presence of a capacitance in parallel with the membrane resistance are discussed. (author)

  1. Performance prediction of a proton exchange membrane fuel cell using the ANFIS model

    Energy Technology Data Exchange (ETDEWEB)

    Vural, Yasemin; Ingham, Derek B.; Pourkashanian, Mohamed [Centre for Computational Fluid Dynamics, University of Leeds, Houldsworth Building, LS2 9JT Leeds (United Kingdom)

    2009-11-15

    In this study, the performance (current-voltage curve) prediction of a Proton Exchange Membrane Fuel Cell (PEMFC) is performed for different operational conditions using an Adaptive Neuro-Fuzzy Inference System (ANFIS). First, ANFIS is trained with a set of input and output data. The trained model is then tested with an independent set of experimental data. The trained and tested model is then used to predict the performance curve of the PEMFC under various operational conditions. The model shows very good agreement with the experimental data and this indicates that ANFIS is capable of predicting fuel cell performance (in terms of cell voltage) with a high accuracy in an easy, rapid and cost effective way for the case presented. Finally, the capabilities and the limitations of the model for the application in fuel cells have been discussed. (author)

  2. Improved Electrodes for High Temperature Proton Exchange Membrane Fuel Cells using Carbon Nanospheres.

    Science.gov (United States)

    Zamora, Héctor; Plaza, Jorge; Cañizares, Pablo; Lobato, Justo; Rodrigo, Manuel A

    2016-05-23

    This work evaluates the use of carbon nanospheres (CNS) in microporous layers (MPL) of high temperature proton exchange membrane fuel cell (HT-PEMFC) electrodes and compares the characteristics and performance with those obtained using conventional MPL based on carbon black. XRD, hydrophobicity, Brunauer-Emmett-Teller theory, and gas permeability of MPL prepared with CNS were the parameters evaluated. In addition, a short life test in a fuel cell was carried out to evaluate performance under accelerated stress conditions. The results demonstrate that CNS is a promising alternative to traditional carbonaceous materials because of its high electrochemical stability and good electrical conductivity, suitable to be used in this technology. © 2016 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim.

  3. Proton exchange membrane fuel cells for electrical power generation on-board commercial airplanes.

    Energy Technology Data Exchange (ETDEWEB)

    Curgus, Dita Brigitte; Munoz-Ramos, Karina (Sandia National Laboratories, Albuquerque, NM); Pratt, Joseph William; Akhil, Abbas Ali (Sandia National Laboratories, Albuquerque, NM); Klebanoff, Leonard E.; Schenkman, Benjamin L. (Sandia National Laboratories, Albuquerque, NM)

    2011-05-01

    Deployed on a commercial airplane, proton exchange membrane fuel cells may offer emissions reductions, thermal efficiency gains, and enable locating the power near the point of use. This work seeks to understand whether on-board fuel cell systems are technically feasible, and, if so, if they offer a performance advantage for the airplane as a whole. Through hardware analysis and thermodynamic and electrical simulation, we found that while adding a fuel cell system using today's technology for the PEM fuel cell and hydrogen storage is technically feasible, it will not likely give the airplane a performance benefit. However, when we re-did the analysis using DOE-target technology for the PEM fuel cell and hydrogen storage, we found that the fuel cell system would provide a performance benefit to the airplane (i.e., it can save the airplane some fuel), depending on the way it is configured.

  4. Proton Exchange Membrane Fuel Cells for Electrical Power Generation On-Board Commercial Airplanes

    Energy Technology Data Exchange (ETDEWEB)

    Pratt, Joesph W. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Klebanoff, Leonard E. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Munoz-Ramos, Karina [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Akhil, Abbas A. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Curgus, Dita B. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Schenkman, Benjamin L. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

    2011-05-01

    Deployed on a commercial airplane, proton exchange membrane fuel cells may offer emissions reductions, thermal efficiency gains, and enable locating the power near the point of use. This work seeks to understand whether on-board fuel cell systems are technically feasible, and, if so, if they offer a performance advantage for the airplane as a whole. Through hardware analysis and thermodynamic and electrical simulation, we found that while adding a fuel cell system using today’s technology for the PEM fuel cell and hydrogen storage is technically feasible, it will not likely give the airplane a performance benefit. However, when we re-did the analysis using DOE-target technology for the PEM fuel cell and hydrogen storage, we found that the fuel cell system would provide a performance benefit to the airplane (i.e., it can save the airplane some fuel), depending on the way it is configured.

  5. Grafting of glycidyl methacrylate/styrene onto polyvinyldine fluoride membranes for proton exchange fuel cell

    International Nuclear Information System (INIS)

    Abdel-Hady, E.E.; El-Toony, M.M.; Abdel-Hamed, M.O.

    2013-01-01

    Simultaneous gamma irradiation was used effectively for grafting facilitation of glycidyl methacrylate (GMA) and styrene (Sty) onto polyvinylidine fluoride (PVDF). Grafting percent was 122 when monomers ratio are 30% Sty and 70% GMA at 20 KGy gamma irradiation dose. Characterization of the membrane was performed using FT-IR, ion exchange capacity (IEC), water uptake. Mechanical behavior such as tensile strength was studied while morphological structure of the membrane was carried out by scan electron microscope (SEM). The membrane with degree of grafting 122% showed higher IEC (1.2 m mol/cm) than those of Nafion membrane with corresponding proton conductivity of 5.7 × 10 −2 S/cm similar to it. Operating the fuel cell unit showed higher voltage of the prepared membranes than that of Nafion 211. The prepared membranes stability for 300 h work approved their applicability from the cost benefit point of view

  6. Hybrid systems with lead-acid battery and proton-exchange membrane fuel cell

    Science.gov (United States)

    Jossen, Andreas; Garche, Juergen; Doering, Harry; Goetz, Markus; Knaupp, Werner; Joerissen, Ludwig

    Hybrid systems, based on a lead-acid battery and a proton-exchange membrane fuel cell (PEMFC) give the possibility to combine the advantages of both technologies. The benefits for different applications are discussed and the practical realisation of such systems is shown. Furthermore a numerical model for such a hybrid system is described and results are shown and discussed. The results show that the combination of lead-acid batteries and PEMFC shows advantages in case of applications with high peak power requirements (i.e. electric scooter) and applications where the fuel cell is used as auxiliary power supply to recharge the battery. The high efficiency of fuel cells at partial load operation results in a good fuel economy for recharging of lead-acid batteries with a fuel cell system.

  7. A New Hybrid Proton-Exchange-Membrane Fuel Cells-Battery Power System with Efficiencies Considered

    Science.gov (United States)

    Chao, Chung-Hsing; Shieh, Jenn-Jong

    Hybrid systems, based on lead-acid or lithium-ion batteries and proton-exchange-membrane fuel cells (PEMFCs), give the possibility of combining the benefit of both technologies. The merits of high energy density and power density for different applications are discussed in this paper in recognition of the practical realization of such hybrid power systems. Furthermore, experimental data for such a hybrid system is described and the results are shown and discussed. The results show that the combination of lead-acid batteries or lithium-ion batteries and PEMFCs shows advantages in cases of applications with high peak power requirements, such as electric scooters and applications where the fuel cell (FC) is used as an auxiliary power-supply to recharge the battery. The high efficiency of FCs operating with a partial load results in a good fuel economy for the purpose of recharging batteries within a FC system.

  8. Analysis and optimization of a proton exchange membrane fuel cell using modeling techniques

    International Nuclear Information System (INIS)

    Torre Valdés, Ing. Raciel de la; García Parra, MSc. Lázaro Roger; González Rodríguez, MSc. Daniel

    2015-01-01

    This paper proposes a three-dimensional, non-isothermal and steady-state model of Proton Exchange Membrane Fuel Cell using Computational Fluid Dynamic techniques, specifically ANSYS FLUENT 14.5. It's considered multicomponent diffusion and two-phasic flow. The model was compared with experimental published data and with another model. The operation parameters: reactants pressure and temperature, gases flow direction, gas diffusion layer and catalyst layer porosity, reactants humidification and oxygen concentration are analyzed. The model allows the fuel cell design optimization taking in consideration the channels dimensions, the channels length and the membrane thickness. Furthermore, fuel cell performance is analyzed working with SPEEK membrane, an alternative electrolyte to Nafion. In order to carry on membrane material study, it's necessary to modify the expression that describes the electrolyte ionic conductivity. It's found that the device performance has got a great sensibility to pressure, temperature, reactant humidification and oxygen concentration variations. (author)

  9. Double Polarized Neutron-Proton Scattering and Meson-Exchange Nucleon-Nucleon Potential Models

    International Nuclear Information System (INIS)

    Raichle, B.W.; Gould, C.R.; Haase, D.G.; Seely, M.L.; Walston, J.R.; Tornow, W.; Wilburn, W.S.; Raichle, B.W.; Gould, C.R.; Haase, D.G.; Seely, M.L.; Walston, J.R.; Tornow, W.; Wilburn, W.S.; Penttilae, S.I.; Hoffmann, G.W.

    1999-01-01

    We report on polarized beam - polarized target measurements of the spin-dependent neutron-proton total cross-section differences in longitudinal and transverse geometries (Δσ L and Δσ T , respectively) between E n =5 and 20MeV. Single-parameter phase-shift analyses were performed to extract the phase-shift mixing parameter var-epsilon 1 , which characterizes the strength of the nucleon-nucleon tensor interaction at low energies. Consistent with the trend of previous determinations at E n =25 and 50MeV, our values for var-epsilon 1 imply a stronger tensor force than predicted by meson-exchange nucleon-nucleon potential models and nucleon-nucleon phase-shift analyses. copyright 1999 The American Physical Society

  10. Ionic liquids in proton exchange membrane fuel cells: Efficient systems for energy generation

    Energy Technology Data Exchange (ETDEWEB)

    Padilha, Janine C.; Basso, Juliana; da Trindade, Leticia G.; Martini, Emilse M.A.; de Souza, Michele O.; de Souza, Roberto F. [Institute of Chemistry, UFRGS, Av. Bento Goncalves 9500, Porto Alegre 91501-970, P.O. Box 15003 (Brazil)

    2010-10-01

    Proton exchange membrane fuel cells (PEMFCs) are used in portable devices to generate electrical energy; however, the efficiency of the PEMFC is currently only 40%. This study demonstrates that the efficiency of a PEMFC can be increased to 61% when 1-butyl-3-methylimidazolium tetrafluoroborate (BMI.BF{sub 4}) ionic liquid (IL) is used together with the membrane electrode assembly (MEA). The results for ionic liquids (ILs) 1-butyl-3-methylimidazolium chloride (BMI.Cl) and 1-butyl-3-methylimidazolium tetrafluoroborate (BMI.BF{sub 4}) in aqueous solutions are better than those obtained with pure water. The current and the power densities with IL are at least 50 times higher than those obtained for the PEMFC wetted with pure water. This increase in PEMFC performance can greatly facilitate the use of renewable energy sources. (author)

  11. Phylogenetic differences of mammalian basal metabolic rate are not explained by mitochondrial basal proton leak.

    Science.gov (United States)

    Polymeropoulos, E T; Heldmaier, G; Frappell, P B; McAllan, B M; Withers, K W; Klingenspor, M; White, C R; Jastroch, M

    2012-01-07

    Metabolic rates of mammals presumably increased during the evolution of endothermy, but molecular and cellular mechanisms underlying basal metabolic rate (BMR) are still not understood. It has been established that mitochondrial basal proton leak contributes significantly to BMR. Comparative studies among a diversity of eutherian mammals showed that BMR correlates with body mass and proton leak. Here, we studied BMR and mitochondrial basal proton leak in liver of various marsupial species. Surprisingly, we found that the mitochondrial proton leak was greater in marsupials than in eutherians, although marsupials have lower BMRs. To verify our finding, we kept similar-sized individuals of a marsupial opossum (Monodelphis domestica) and a eutherian rodent (Mesocricetus auratus) species under identical conditions, and directly compared BMR and basal proton leak. We confirmed an approximately 40 per cent lower mass specific BMR in the opossum although its proton leak was significantly higher (approx. 60%). We demonstrate that the increase in BMR during eutherian evolution is not based on a general increase in the mitochondrial proton leak, although there is a similar allometric relationship of proton leak and BMR within mammalian groups. The difference in proton leak between endothermic groups may assist in elucidating distinct metabolic and habitat requirements that have evolved during mammalian divergence.

  12. Optimal Foreign Exchange Rate Intervention in Lévy Markets

    Directory of Open Access Journals (Sweden)

    Masimba Aspinas Mutakaya

    2014-01-01

    Full Text Available This paper considers an exchange rate problem in Lévy markets, where the Central Bank has to intervene. We assume that, in the absence of control, the exchange rate evolves according to Brownian motion with a jump component. The Central Bank is allowed to intervene in order to keep the exchange rate as close as possible to a prespecified target value. The interventions by the Central Bank are associated with costs. We present the situation as an impulse control problem, where the objective of the bank is to minimize the intervention costs. In particular, the paper extends the model by Huang, 2009, to incorporate a jump component. We formulate and prove an optimal verification theorem for the impulse control. We then propose an impulse control and construct a value function and then verify that they solve the quasivariational inequalities. Our results suggest that if the expected number of jumps is high the Central Bank will intervene more frequently and with large intervention amounts hence the intervention costs will be high.

  13. Modeling and operation optimization of a proton exchange membrane fuel cell system for maximum efficiency

    International Nuclear Information System (INIS)

    Han, In-Su; Park, Sang-Kyun; Chung, Chang-Bock

    2016-01-01

    Highlights: • A proton exchange membrane fuel cell system is operationally optimized. • A constrained optimization problem is formulated to maximize fuel cell efficiency. • Empirical and semi-empirical models for most system components are developed. • Sensitivity analysis is performed to elucidate the effects of major operating variables. • The optimization results are verified by comparison with actual operation data. - Abstract: This paper presents an operation optimization method and demonstrates its application to a proton exchange membrane fuel cell system. A constrained optimization problem was formulated to maximize the efficiency of a fuel cell system by incorporating practical models derived from actual operations of the system. Empirical and semi-empirical models for most of the system components were developed based on artificial neural networks and semi-empirical equations. Prior to system optimizations, the developed models were validated by comparing simulation results with the measured ones. Moreover, sensitivity analyses were performed to elucidate the effects of major operating variables on the system efficiency under practical operating constraints. Then, the optimal operating conditions were sought at various system power loads. The optimization results revealed that the efficiency gaps between the worst and best operation conditions of the system could reach 1.2–5.5% depending on the power output range. To verify the optimization results, the optimal operating conditions were applied to the fuel cell system, and the measured results were compared with the expected optimal values. The discrepancies between the measured and expected values were found to be trivial, indicating that the proposed operation optimization method was quite successful for a substantial increase in the efficiency of the fuel cell system.

  14. Novel high-performance nanocomposite proton exchange membranes based on poly (ether sulfone)

    Energy Technology Data Exchange (ETDEWEB)

    Hasani-Sadrabadi, Mohammad Mahdi [Polymer Engineering Department, Amirkabir University of Technology, Tehran (Iran); Biomedical Engineering Department, Amirkabir University of Technology, Tehran (Iran); Dashtimoghadam, Erfan; Ghaffarian, Seyed Reza [Polymer Engineering Department, Amirkabir University of Technology, Tehran (Iran); Hasani Sadrabadi, Mohammad Hossein [Faculty of Social and Economics Science, Alzahra University, Tehran (Iran); Heidari, Mahdi [Graduate School of Management and Economics, Sharif University of Technology, Tehran (Iran); Moaddel, Homayoun [Department of Materials Science and Engineering, University of California, Los Angeles, CA (United States)

    2010-01-15

    In the present research, proton exchange membranes based on partially sulfonated poly (ether sulfone) (S-PES) with various degrees of sulfonation were synthesized. It was found that the increasing of sulfonation degree up to 40% results in the enhancement of water uptake, ion exchange capacity and proton conductivity properties of the prepared membranes to 28.1%, 1.59 meq g{sup -1}, and 0.145 S cm{sup -1}, respectively. Afterwards, nanocomposite membranes based on S-PES (at the predetermined optimum sulfonation degree) containing various loading weights of organically treated montmorillonite (OMMT) were prepared via the solution intercalation technique. X-ray diffraction patterns revealed the exfoliated structure of OMMT in the macromolecular matrices. The S-PES nanocomposite membrane with 3.0 wt% of OMMT content showed the maximum selectivity parameter of about 520,000 S s cm{sup -3} which is related to the high conductivity of 0.051 S cm{sup -1} and low methanol permeability of 9.8 x 10{sup -8} cm{sup 2} s{sup -1}. Furthermore, single cell DMFC fuel cell performance test with 4 molar methanol concentration showed a high power density (131 mW cm{sup -2}) of the nanocomposite membrane at the optimum composition (40% of sulfonation and 3.0 wt% of OMMT loading) compared to the Nafion {sup registered} 117 membrane (114 mW cm{sup -2}). Manufactured nanocomposite membranes thanks to their high selectivity, ease of preparation and low cost could be suggested as the ideal candidate for the direct methanol fuel cell applications. (author)

  15. Direct sorbitol proton exchange membrane fuel cell using moderate catalyst loadings

    International Nuclear Information System (INIS)

    Oyarce, Alejandro; Gonzalez, Carlos; Lima, Raquel Bohn; Lindström, Rakel Wreland; Lagergren, Carina; Lindbergh, Göran

    2014-01-01

    Highlights: •The performance of a direct sorbitol fuel cell was evaluated at different temperatures. •The performance was compared to the performance of a direct glucose fuel cell. •The mass specific peak power density of the direct sorbitol fuel cell was 3.6 mW mg −1 totalcatalystloading at 80 °C. •Both sorbitol and glucose fuel cell suffer from deactivation. -- Abstract: Recent progress in biomass hydrolysis has made it interesting to study the use of sorbitol for electricity generation. In this study, sorbitol and glucose are used as fuels in proton exchange membrane fuel cells having 0.9 mg cm −2 PtRu/C at the anode and 0.3 mg cm −2 Pt/C at the cathode. The sorbitol oxidation was found to have slower kinetics than glucose oxidation. However, at low temperatures the direct sorbitol fuel cell shows higher performance than the direct glucose fuel cell, attributed to a lower degree of catalyst poisoning. The performance of both fuel cells is considerably improved at higher temperatures. High temperatures lower the poisoning, allowing the direct glucose fuel cell to reach a higher performance than the direct sorbitol fuel cell. The mass specific peak power densities of the direct sorbitol and direct glucose fuel cells at 65 °C was 3.2 mW mg −1 catalyst and 3.5 mW mg −1 catalyst , respectively. Both of these values are one order of magnitude larger than mass specific peak power densities of earlier reported direct glucose fuel cells using proton exchange membranes. Furthermore, both the fuel cells showed a considerably decrease in performance with time, which is partially attributed to sorbitol and glucose crossover poisoning the Pt/C cathode

  16. Two-Photon Exchange Effects in Elastic Electron-Proton Scattering

    Energy Technology Data Exchange (ETDEWEB)

    Johnson, Myriam James [Argonne National Lab. (ANL), Argonne, IL (United States)

    2013-08-01

    Two methods, Rosenbluth separation and polarization transfer, can be used to extract the proton form factor ratio μp GEp/GMp, but they do not yield the same results. It is thought that the disagreement is due to two photon exchange corrections to the differential cross sections. High precision proton Rosenbluth extractions were carried out at 102 kinematics points spanning 16 values of momentum transfer Q2, from 0.40 to 5.76 GeV2. Reduced cross sections were found to 1.1% or better for Q2 less than 3 GeV2 increasing to 4% at 5.76 GeV2 The form factor ratios were determined to 1:5-3% for Q2 < 1.5 GeV2, increasing to 9% by 3 GeV2 and rapidly above. Our data agrees with prior Rosenbluth, improving upon it the 1.0 - 2.0 GeV2 range to conclusively show a separation from polarization transfer where it had not been certain before. In addition, reduced cross sections at each Q2 were tested for nonlinearity in the angular variable. Such a departure from linearity would be a signature of two photon exchange effects, and prior data had not been sufficiently precise to show nonzero curvature. Our data begins to hint at negative curvature but does not yet show a significant departure from zero.

  17. Exergoeconomic analysis of vehicular PEM (proton exchange membrane) fuel cell systems with and without expander

    International Nuclear Information System (INIS)

    Sayadi, Saeed; Tsatsaronis, George; Duelk, Christian

    2014-01-01

    In this paper we perform an exergoeconomic analysis to a PEM (proton exchange membrane) vehicular fuel cell system used in the latest generation of environmentally friendly cars. Two alternative configurations of a fuel cell system are considered (with and without an expander), and two alternative design concepts for each configuration: BoL (Begin of Life) and EoL (End of Life). The system including an expander generates additional power from the exhaust gases leaving the fuel cell stack, which might increase the system efficiency. However the total investment costs for this case are higher than for the other system configuration without an expander, due to the investment costs associated with the expander and its accessories. The fuel cell stack area in the EoL-sized systems is larger than in the BoL-sized systems. A larger stack area on one hand raises the investment costs, but on the other hand decreases the fuel consumption due to a higher cell efficiency. In this paper, exergoeconomic analyses have been implemented to consider a trade-off between positive and negative effects of using an expander in the system and to select the proper design concept. The results from the exergoeconomic analysis show that (a) an EoL-sized system with an expander is the most cost effective system, (b) the compression and humidification of air are very expensive processes, (c) the stack is by far the most important component from the economic viewpoint, and (d) the thermodynamic efficiency of almost all components must be improved to increase the cost effectiveness of the overall system. - Highlights: • Two vehicular PEM (proton exchange membrane) fuel cell system configurations are studied in this paper. • Exergoeconomics has been performed to compare these two system configurations. • The compression and humidification of air are very expensive processes. • The stack is by far the most important component from the economic viewpoint. • The thermodynamic efficiencies

  18. Cobalt oxide-based catalysts deposited by cold plasma for proton exchange membrane fuel cells

    Energy Technology Data Exchange (ETDEWEB)

    Kazimierski, P.; Jozwiak, L.; Sielski, J.; Tyczkowski, J., E-mail: jacek.tyczkowski@p.lodz.pl

    2015-11-02

    In proton exchange membrane fuel cells (PEMFC), both the anodic hydrogen oxidation reaction and the cathodic oxygen reduction reaction (ORR) require appropriate catalysts. So far, platinum-based catalysts are still the best option for this purpose. However, because these catalysts are too expensive for making commercially viable fuel cells, extensive research over the past decade has focused on developing noble metal-free alternative catalysts. In this paper, an approach based on cobalt oxide films fabricated by plasma-enhanced metal-organic chemical vapor deposition is presented. Such a material can be used to prepare catalysts for ORR in PEMFC. The films containing CoO{sub X} were deposited on a carbon paper thereby forming the electrode. Morphology and atomic composition of the films were investigated by scanning electron microscopy and energy-dispersive X-ray spectroscopy, respectively. The possibility of their application as the electro-catalyst for ORR in PEMFC was investigated and the electro-catalytic activities were evaluated by the electrochemical measurements and single cell tests. It was found that the fuel cell with Pt as the anode catalyst and CoO{sub X} deposit as the cathode catalyst was characterized by the open circuit voltage of 635 mV, Tafel slope of approx. 130 mV/dec and the maximum power density of 5.3 W/m{sup 2}. - Highlights: • Cobalt oxide catalyst for proton exchange membrane fuel cells was plasma deposited. • The catalyst exhibits activity for the oxygen reduction reaction. • Morphology and atomic composition of the catalyst were determined.

  19. Analysis of proton exchange membrane fuel cell performance with alternate membranes

    Energy Technology Data Exchange (ETDEWEB)

    Wakizoe, Masanobu; Velev, O A; Srinivasan, S [Texas A and M Univ., College Station, TX (United States). Texas Engineering Experiment Station

    1995-02-01

    Renewed interest in proton exchange membrane fuel cell technology for space and terrestrial (particularly electric vehicles) was stimulated by the demonstration, in the mid 1980s, of high energy efficiencies and high power densities. One of the most vital components of the PEMFC is the proton conducting membrane. In this paper, an analysis is made of the performances of PEMFCs with Dupont`s Nafion, Dow`s experimental, and Asahi Chemical`s Aciplex-S membranes. Attempts were also made to draw correlations between the PEMFC performances with the three types of membranes and their physico-chemical characteristics. Practically identical levels of performances (energy efficiency, power density, and lifetime) were achieved in PEMFCs with the Dow and the Aciplex-S membranes and these performances were better than in the PEMFCs with the Nafion-115 membrane. The electrode kinetic parameters for oxygen reduction are better for the PEMFCs with the Aciplex-S and Nafion membranes than with the Dow membranes. The PEMFCs with the Aciplex-S and Dow membranes have nearly the same internal resistances which are considerably lower than for the PEMFC with the Nafion membrane. The desired membrane characteristics to obtain high levels of performance are low equivalent weight and high water content. (Author)

  20. Design of flow-field patterns for proton exchange membrane fuel cell application

    International Nuclear Information System (INIS)

    Rosli, M.I.; Wan Ramli Wan Daud; Kamaruzzaman Sopian; Jaafar Sahari

    2006-01-01

    Fuel cells are electrochemical devices that produce electricity at high efficiency without combustion. Fuel cells are emerging as viable candidates as power sources in many applications, including road vehicles, small-scale power stations, and possibly even portable electronics. This paper addresses the design of flow-field patterns for proton exchange membrane fuel cell (PEMFC). The PEMFC is a low-temperature fuel cell, in which a proton conductive polymer membrane is used as the electrolyte. In PEMFC, flow-field pattern is one important thing that effects the performance of PEMFC. This paper present three types of flow-field pattern that will be consider to be testing using CFD analysis and by experimental. The design look detail on to their shape and dimension to get the best pattern in term of more active electrode area compare to electrode area that will be used. Another advantage and disadvantage for these three type of flow-field patterns from literature also compared in this paper

  1. A Review on Cold Start of Proton Exchange Membrane Fuel Cells

    Directory of Open Access Journals (Sweden)

    Zhongmin Wan

    2014-05-01

    Full Text Available Successful and rapid startup of proton exchange membrane fuel cells (PEMFCs at subfreezing temperatures (also called cold start is of great importance for their commercialization in automotive and portable devices. In order to maintain good proton conductivity, the water content in the membrane must be kept at a certain level to ensure that the membrane remains fully hydrated. However, the water in the pores of the catalyst layer (CL, gas diffusion layer (GDL and the membrane may freeze once the cell temperature decreases below the freezing point (Tf. Thus, methods which could enable the fuel cell startup without or with slight performance degradation at subfreezing temperature need to be studied. This paper presents an extensive review on cold start of PEMFCs, including the state and phase changes of water in PEMFCs, impacts of water freezing on PEMFCs, numerical and experimental studies on PEMFCs, and cold start strategies. The impacts on each component of the fuel cell are discussed in detail. Related numerical and experimental work is also discussed. It should be mentioned that the cold start strategies, especially the enumerated patents, are of great reference value on the practical cold start process.

  2. Neutron radiography characterization of an operating proton exchange membrane fuel cell with localized current distribution measurements

    International Nuclear Information System (INIS)

    Gagliardo, J.J.; Owejan, J.P.; Trabold, T.A.; Tighe, T.W.

    2009-01-01

    Neutron radiography has proven to be a powerful tool to study and understand the effects of liquid water in an operating fuel cell. In the present work, this experimental method is coupled with locally resolved current and ohmic resistance measurements, giving additional insight into water management and fuel cell performance under a variety of conditions. The effects of varying the inlet humidification level and the current density of the 50 cm 2 cell are studied by simultaneously monitoring electrochemical performance with a 10x10 matrix of current sensors, and liquid water volumes are measured using the National Institute of Standards and Technology (NIST) neutron imaging facility. A counter flow, straight channel proton exchange membrane (PEM) fuel cell is used to demonstrate localized performance loss corresponds to water-filled channels that impede gas transport to the catalyst layer, thereby creating an area that has low current density. Furthermore, certain operating conditions causing excess water accumulation in the channels can result in localized proton resistance increase, a result that can only be accurately observed with combined radiography and distributed electrochemical measurements.

  3. Proton exchange membrane materials for the advancement of direct methanol fuel-cell technology

    Science.gov (United States)

    Cornelius, Christopher J [Albuquerque, NM

    2006-04-04

    A new class of hybrid organic-inorganic materials, and methods of synthesis, that can be used as a proton exchange membrane in a direct methanol fuel cell. In contrast with Nafion.RTM. PEM materials, which have random sulfonation, the new class of materials have ordered sulfonation achieved through self-assembly of alternating polyimide segments of different molecular weights comprising, for example, highly sulfonated hydrophilic PDA-DASA polyimide segment alternating with an unsulfonated hydrophobic 6FDA-DAS polyimide segment. An inorganic phase, e.g., 0.5 5 wt % TEOS, can be incorporated in the sulfonated polyimide copolymer to further improve its properties. The new materials exhibit reduced swelling when exposed to water, increased thermal stability, and decreased O.sub.2 and H.sub.2 gas permeability, while retaining proton conductivities similar to Nafion.RTM.. These improved properties may allow direct methanol fuel cells to operate at higher temperatures and with higher efficiencies due to reduced methanol crossover.

  4. Performance equations of proton exchange membrane fuel cells with feeds of varying degrees of humidification

    International Nuclear Information System (INIS)

    Hsuen, Hsiao-Kuo; Yin, Ken-Ming

    2012-01-01

    Performance equations that describe the dependence of cell potential on current density for proton exchange membrane fuel cells (PEMFCs) with feeds of varying degrees of humidification have been formulated in algebraic form. The equations are developed by the reduction of a one-dimensional multi-domain model that takes into account, in details, the transport limitations of gas species, proton migration and electron conduction, electrochemical kinetics, as well as liquid water flow within the cathode, anode, and membrane. The model equations for the anode and membrane were integrated with those of the cathode developed in the previous studies to form a complete set of equations for one-dimensional single cell model. Because the transport equations for the anode diffuser can be solved analytically, calculations of integrals are only needed in the membrane and the two-phase region of cathode diffuser. The proposed approach greatly reduces the complexity of the model equations, and only iterations of a single algebraic equation are required to obtain final solutions. Since the performance equations are originated from a mechanistic one-dimensional model, all the parameters appearing in the equations are endowed with a precise physical significance.

  5. Reversible Heterolytic Cleavage of the H-H Bond by Molybdenum Complexes: Controlling the Dynamics of Exchange Between Proton and Hydride

    Energy Technology Data Exchange (ETDEWEB)

    Zhang, Shaoguang; Appel, Aaron M.; Bullock, R. Morris

    2017-05-18

    Controlling the heterolytic cleavage of the H-H bond of dihydrogen is critically important in catalytic hydrogenations and in the catalytic oxidation of H2. We show how the rate of reversible heterolytic cleavage of H2 can be controlled over nearly four orders of magnitude at 25 °C, from 2.1 × 103 s-1 to ≥107 s-1. Bifunctional Mo complexes, [CpMo(CO)(κ3-P2N2)]+ (P2N2 = 1,5-diaza-3,7-diphosphacyclooctane with alkyl/aryl groups on N and P), have been developed for heterolytic cleavage of H2 into a proton and a hydride, akin to Frustrated Lewis Pairs. The H-H bond cleavage is enabled by the basic amine in the second coordination sphere. The products of heterolytic cleavage of H2, Mo hydride complexes bearing protonated amines, [CpMo(H)(CO)(P2N2H)]+, were characterized by spectroscopic studies and by X-ray crystallography. Variable temperature 1H, 15N and 2-D 1H-1H ROESY NMR spectra indicated rapid exchange of the proton and hydride. The exchange rates are in the order [CpMo(H)(CO)(PPh2NPh2H)]+ > [CpMo(H)(CO)(PtBu2NPh2H)]+ > [CpMo(H)(CO)(PPh2NBn2H)]+ > [CpMo(H)(CO)(PtBu2NBn2H)]+ > [CpMo(H)(CO)(PtBu2NtBu2H)]+. The pKa values determined in acetonitrile range from 9.3 to 17.7, and show a linear correlation with the logarithm of the exchange rates. Thus the exchange dynamics are controlled through the relative acidity of the [CpMo(H)(CO)(P2N2H)]+ and [CpMo(H2)(CO)(P2N2)]+ isomers, providing a design principle for controlling heterolytic cleavage of H2.

  6. Proton NMR investigation of heme pocket mobility in hemoglobin via hydrogen isotope exchange kinetics

    International Nuclear Information System (INIS)

    Han, K.

    1985-01-01

    Dynamic mobility of heme cavity, the active site of Hb, was investigated by analyzing the hydrogen isotope exchange kinetics of the proximal histidyl ring NH of various kinds of Hbs with the aid of the high field Fourier Transform 1 H NMR spectroscopy. The exchange reaction occurs faster in oxy or R-state Hb than in deoxy or T-state Hb and there exists a good correlation between the oxygen affinity of Hb and the heme pocket mobility reflected in the hydrogen exchange rate. The effect of pH on the exchange is dramatically different for the two subunits of Hb A. Studying the exchange characteristics of mutant Hbs and chemically modified Hbs not only showed the existence of three well-defined localized paths for transmission of conformational changes between different heme pockets through a 1 b 2 subunit interface, but also indicated that the heme pocket mobility is regulated by the quaternary state of Hb as well as by the ligation state of Hb. Finally, the effect of the quaternary state on the heme pocket mobility is separated from that of the ligation by following the exchange reactions in Hbs where only their quaternary structure transition can be achieved without changing their ligation states by adjusting experimental conditions such as adding inositol hexaphosphate

  7. Synthesis and Characterization of Sulfonated Graphene Oxide Reinforced Sulfonated Poly (Ether Ether Ketone (SPEEK Composites for Proton Exchange Membrane Materials

    Directory of Open Access Journals (Sweden)

    Ning Cao

    2018-03-01

    Full Text Available As a clean energy utilization device, full cell is gaining more and more attention. Proton exchange membrane (PEM is a key component of the full cell. The commercial-sulfonated, tetrafluoroethylene-based fluoropolymer-copolymer (Nafion membrane exhibits excellent proton conductivity under a fully humidified environment. However, it also has some disadvantages in practice, such as high fuel permeability, a complex synthesis process, and high cost. To overcome these disadvantages, a low-cost and novel membrane was developed. The sulfonated poly (ether ether ketone (SPEEK was selected as the base material of the proton exchange membrane. Sulfonated graphene (SG was cross-linked with SPEEK through the elimination reaction of hydrogen bonds. It was found that the sulfonic acid groups and hydrophilic oxygen groups increased obviously in the resultant membrane. Compared with the pure SPEEK membrane, the SG-reinforced membrane exhibited better proton conductivity and methanol permeability prevention. The results indicate that the SG/SPEEK could be applied as a new proton exchange membrane in fuel cells.

  8. Short-run Exchange-Rate Dynamics: Theory and Evidence

    DEFF Research Database (Denmark)

    Carlson, John A.; Dahl, Christian Møller; Osler, Carol L.

    Recent research has revealed a wealth of information about the microeconomics of currency markets and thus the determination of exchange rates at short horizons. This information is valuable to us as scientists since, like evidence of macroeconomic regularities, it can provide critical guidance...... of currency markets, it accurately reflects the constraints and objectives faced by the major participants, and it fits key stylized facts concerning returns and order flow. With respect to macroeconomics, the model is consistent with most of the major puzzles that have emerged under floating rates....

  9. On the Effect of Clamping Pressure and Method on the Current Mapping of Proton Exchange Membrane Water Electrolysis

    DEFF Research Database (Denmark)

    Al Shakhshir, Saher; Zhou, Fan; Kær, Søren Knudsen

    The degradation of the electrochemical reaction of the proton exchange membrane water electrolysis (PEMWE) can be characterized using in-situ current mapping measurements (CMM). CMM is significantly affected by the amount of clamping pressure and method. In this work the current is mapped...

  10. Correlated photon-pair generation in a periodically poled MgO doped stoichiometric lithium tantalate reverse proton exchanged waveguide

    NARCIS (Netherlands)

    Lobino, M.; Marshall, G.D.; Xiong, C.; Clark, A.S.; Bonneau, D.; Natarajan, C.M.; Tanner, M.G.; Hadfield, R.H.; Dorenbos, S.N.; Zijlstra, T.; Zwiller, V.; Marangoni, M.; Ramponi, R.; Thompson, M.G.; Eggleton, B.J.; O'Brien, J.L.

    2011-01-01

    We demonstrate photon-pair generation in a reverse proton exchanged waveguide fabricated on a periodically poled magnesium doped stoichiometric lithium tantalate substrate. Detected pairs are generated via a cascaded second order nonlinear process where a pump laser at wavelength of 1.55 ?m is first

  11. Dynamic behavior of liquid water transport in a tapered channel of a proton exchange membrane fuel cell cathode

    NARCIS (Netherlands)

    Akhtar, N.; Kerkhof, P.J.A.M.

    2011-01-01

    A numerical model of a proton exchange membrane fuel cell (PEMFC) cathode with a tapered channel design has been developed in order to examine the dynamic behavior of liquid water transport. Three-dimensional, transient simulations employing the level-set method (available in COMSOL 3.5a, a

  12. Predicting liquid water saturation through differently structured cathode gas diffusion media of a proton exchange Membrane Fuel Cell

    NARCIS (Netherlands)

    Akhtar, N.; Kerkhof, P.J.A.M.

    2012-01-01

    The role of gas diffusion media with differently structured properties have been examined with emphasis on the liquid water saturation within the cathode of a proton exchange membrane fuel cell (PEMFC). The cathode electrode consists of a gas diffusion layer (GDL), a micro-porous layer and a

  13. Compact modeling of a telecom back-up unit powered by air-cooled proton exchange membrane fuel cell

    DEFF Research Database (Denmark)

    Gao, Xin; Kær, Søren Knudsen

    2018-01-01

    Applications of proton exchange membrane fuel cells (PEMFC’s) are expanding in portable, automotive and stationary markets. One promising application is the back-up power for telecommunication applications in remote areas where usually air-cooled PMEFC’s are used. An air-cooled PEMFC system is much...

  14. Random walk theory and exchange rate dynamics in transition economies

    Directory of Open Access Journals (Sweden)

    Gradojević Nikola

    2010-01-01

    Full Text Available This paper investigates the validity of the random walk theory in the Euro-Serbian dinar exchange rate market. We apply Andrew Lo and Archie MacKinlay's (1988 conventional variance ratio test and Jonathan Wright's (2000 non-parametric ranks and signs based variance ratio tests to the daily Euro/Serbian dinar exchange rate returns using the data from January 2005 - December 2008. Both types of variance ratio tests overwhelmingly reject the random walk hypothesis over the data span. To assess the robustness of our findings, we examine the forecasting performance of a non-linear, nonparametric model in the spirit of Francis Diebold and James Nason (1990 and find that it is able to significantly improve upon the random walk model, thus confirming the existence of foreign exchange market imperfections in a small transition economy such as Serbia. In the last part of the paper, we conduct a comparative study on how our results relate to those of other transition economies in the region.

  15. Predictability of Exchange Rates in Sri Lanka: A Test of the Efficient Market Hypothesis

    OpenAIRE

    Guneratne B Wickremasinghe

    2007-01-01

    This study examined the validity of the weak and semi-strong forms of the efficient market hypothesis (EMH) for the foreign exchange market of Sri Lanka. Monthly exchange rates for four currencies during the floating exchange rate regime were used in the empirical tests. Using a battery of tests, empirical results indicate that the current values of the four exchange rates can be predicted from their past values. Further, the tests of semi-strong form efficiency indicate that exchange rate pa...

  16. Characterization of commercial proton exchange membrane materials after exposure to beta and gamma radiation

    Energy Technology Data Exchange (ETDEWEB)

    Thomson, S.N.; Carson, R.; Muirhead, C.; Li, H.; Castillo, I.; Boniface, H.; Suppiah, S. [Canadian Nuclear Laboratories, Chalk River, ON (Canada); Ratnayake, A.; Robinson, J. [Tyne Engineering Inc., Burlington, ON (Canada)

    2015-03-15

    Proton Exchange Membrane (PEM) type electrolysis cells have a potential use for tritium removal and heavy water upgrading. AECL is currently exposing various commercial PEM materials to both gamma (Cobalt-60 source) and beta (tritiated water) radiation to study the effects of radiation on these materials. This paper summarizes the testing methods and results that have been collected to date. The PEM materials that are or have been exposed to radiation are: Nafion 112, 212, 117 and 1110. Membrane characterization pre- and post- exposure consists of non-destructive inspection (FTIR, SEM/XPS), mechanical (tensile strength, percentage elongation, and modulus), electrical (resistance), or chemical (ion-exchange capacity - IEC). It has appeared that the best characterization techniques to compare exposed versus unexposed membranes were IEC, ultimate tensile strength and percent elongation. These testing techniques are easy and cheap to perform. The non-destructive tests, such as SEM and FTIR did not provide particularly useful information on radiation-induced degradation. Where changes in material properties were measured after radiation exposure, they would be expected to result in poorer cell performance. However, for modest γ-radiation exposure, all membranes showed a slight decrease in cell voltage (better performance). In contrast, the one β-radiation exposed membrane did show the expected increase in cell voltage. The counterintuitive trend for γ-radiation exposed membranes is not yet understood. Based on these preliminary results, it appears that γ- and β-radiation exposures have different effects.

  17. Preparation of the proton exchange membranes for fuel cell under pre-irradiation induced grafting method

    International Nuclear Information System (INIS)

    Li Jingye; Muto, F.; Matsuura, A.; Kakiji, T.; Miura, T.; Oshima, A.; Washio, M.; Katsumura, Y.

    2006-01-01

    Proton exchange membranes (PEMs) were prepared via pre-irradiation induced grafting of styrene or styrene/divinylbenzene (S/DVB) into the crosslinked polytetrafluoroethylene (RX-PTFE) films with thickness around 10 m and then sulfonated by chlorosulfonic acid. The membrane electrode assembles (MEAs) based on these PEMs with ion exchange capacity (IEC) values around 2meq/g were prepared by hot-press with Nafion dispersion coated on the surfaces of the membranes and electrodes. And the MEA based on the Nafion 112 membrane was also prepared under same procedure as a comparison. The performances of the MEAs in single fuel cell were tested under different working temperatures and humidification conditions. The performance of the synthesized PEMs showed better results than that of Nafion 112 membrane under low humidification at 80 degree C. The electrochemical impedance spectra (EIS) were taken with the direct current density of 0.5A/cm 2 and the resulted curves in Nyqvist representation obeyed the half circle pattern. (authors)

  18. Moment generating function approach to pricing interest rate and foreign exchange rate claims

    NARCIS (Netherlands)

    Dijkstra, T.K.; Yao, Y.

    2002-01-01

    This paper uses moment generating functions to provide a general framework to model international term structures and to price interest rate and foreign exchange rate claims. When moment generating functions of state variables have a closed-form formula, closed-form formulas for bond prices are

  19. Halogen–Metal Exchange on Bromoheterocyclics with Substituents Containing an Acidic Proton via Formation of a Magnesium Intermediate

    Directory of Open Access Journals (Sweden)

    Qingqiang Tian

    2017-11-01

    Full Text Available A selective and practical bromine–metal exchange on bromoheterocyclics bearing substituents with an acidic proton under non-cryogenic conditions was developed by a simple modification of an existing protocol. Our protocol of using a combination of i-PrMgCl and n-BuLi has not only solved the problem of intermolecular quenching that often occurred when using alkyl lithium alone as the reagent for halogen–lithium exchange, but also offered a highly selective method for performing bromo–metal exchange on dibrominated arene compounds through chelation effect.

  20. Effective Exchange Rates in Central and Eastern European Countries: Cyclicality and Relationship with Macroeconomic Fundamentals

    Directory of Open Access Journals (Sweden)

    Stavárek Daniel

    2015-06-01

    Full Text Available This paper examines the evolution of effective exchange rates in nine Central and Eastern European countries in terms of development trends, volatility and cyclicality. Consequently, it provides direct empirical evidence on the nature of the relationship between effective exchange rates and selected macroeconomic fundamentals, addressing a key precondition of numerous exchange rate determination models and theories that attempt to explain the role of exchange rates in the economy. The results suggest that flexible exchange rate arrangements are reflected in both nominal and real effective exchange rates having higher volatility and variability. Furthermore, the results provide mixed evidence in terms of intensity, direction and cyclicality, but show a weak correlation between exchange rates and fundamentals. Sufficiently high coefficients are found only for money supply. Consequently, using fundamentals for the determination of exchange rates and using the exchange rate to explain economic development may be of limited use for the countries analyzed.