Stable Exchange Research Articles

The Role of Currency Fluctuations in Shaping Kenya’s Export Performance

This study explores the impact of exchange rates on Kenya’s export performance from 1990 to 2022. The study utilizes a causal research design and time series data to assess the influence of exchange rate fluctuations, volatility, and relative price levels on export volumes and their contribution to GDP. Descriptive statistics reveal considerable variability, with exports displaying slight positive skewness and exchange rates exhibiting a slightly left-skewed distribution. Unit root tests confirm non-stationarity in the level forms of exports, exchange rates, the export unit value index, and the price level ratio, which become stationary after first differencing, thus suitable for econometric modeling. The Vector Error Correction Model results indicate insignificant long-run effects of exchange rates, export unit value index, andprice level ratio on exports, despite significant short-run adjustments correcting deviations from the long-run equilibrium by approximately 73.4% per period. Short-run analyses show insignificant effects of lagged exchange rate andexport unit value index differences on exports, while price level ratio exhibits a marginally significant negative effect. The research emphasizes the necessity for stable exchange rates to foster a predictable export environment, crucial for attracting investments and sustaining economic growth. The study recommends diversification of Kenya’s export base, enhanced competitiveness through technological advancements and skill development, and creation of financial instruments to mitigate exchange rate risks. Strengthening export promotion initiatives and improving data collection and research are also advocated to support informed policymaking. The study’s findings are pertinent to policymakers, investors, and researchers, highlighting how currency fluctuations affect economic stability, job creation, and living standards.

Analyzing factors shaping stock market development and regulation in emerging markets: Exchange rates, industrialization, press freedom, and capital flight

The research delved into the determinants of stock market development across nine Southern African Development Community (SADC) nations. The study employed seemingly unrelated regression (SUR) and system generalized methods of moments (SGMM) for comprehensive analysis. By building upon the research conducted by Bala and Hassan (2018) and Nyasha and Odhiambo (2020), this study applied El-Wassal’s (2013) four-factor framework to investigate the impact of capital flight, exchange rate regimes, industrialization, and press freedom on the development of the stock markets. Press freedom was identified as a catalyst for enlarging and enhancing liquidity in the stock market. Conversely, industrialization exhibited a negative impact on market size, while capital flight adversely affected market development, size, and liquidity. The study revealed that the pegged, crawling, and managed exchange rate regimes positively influenced stock market growth and capitalization while a floating exchange rate system detrimentally affected the same. This paper contributes to the extant body of theory and educates policymakers in the region regarding the criticality of selecting regimes that facilitate stable exchange rates, support unrestricted press, encourage industrialization, and mitigate capital flight.

An Empirical Analysis of Selected Macroeconomic Indicators and Agricultural Value Added in Nigeria

This study seeks to establish the relationship between agriculture value added and some selected macroeconomic factors in Nigeria from 2000-2022. Augmented Dickey Fuller unit root tests, co-integration test with Auto regressive Distributed Lag Bound test, Auto regressive Distributed Lag-Error Correction Model analysis were carried out on the data for the variable. The results revealed that GDP per capita (LNGDPC) (proxy for market size) has negative affect on agriculture value added while exchange rate (LNREXR), foreign direct investment (LNFDI) (proxy for technology), and index of human capital per person (LNIHC) (proxy for labour) exhibit positive impact on agriculture value added in Nigeria in the long run. As such, Nigerian government should promote policies (security issues) that are directed at attracting more foreign direct investment inflow to the agricultural sector so as to boost technology and agriculture value added. Similarly, it is critical to invest in human capital through training and education, given that agricultural technology is rapidly evolving. Lastly, through fiscal and monetary policies management, it is also vital for Nigerian government to increase agriculture value added by controlling inflation and building a stable exchange rate that will enhance foreign exchange earnings, encourage flexibility and competitiveness of farmer.

Commodity price shocks and monetary policies in commodity exporting African countries - A DSGE analysis

The study investigates alternative monetary policy rules in commodity-exporting African countries, by formulating, estimating and simulating a DSGE model for 5 African countries. We apply the Bayesian technique for our estimation and utilize impulse response functions to evaluate alternative monetary policy rules to commodity price shocks. Our results show that commodity price shocks influence business cycle fluctuations in African countries, whereas the results from alternative monetary policy rules are mixed. The findings show that nominal GDP targeting (NGDPT) is the best policy rule to minimize output volatility and price variations against positive commodity price shocks. However, if the objective is to minimize the effects of positive commodity price shocks on the exchange rate, the inflation targeting (IT) is the best policy rule. Further, the findings shows that IT and NGDPT are the best policy rules to stabilize output and prices against negative commodity price shocks while exchange rate targeting (ERT) is the best policy rule to stabilize exchange rate against negative commodity price shocks.

Composition of microbial communities as an indicator of the condition of water reservoirs artificially separated from the sea basins (based on the example of the Kislogubskaya tidal power plant bay, Barents sea)

The Kislaya Bay currently refers to the water reservoirs formed as a result of the construction of the dam of the tidal power station (TPP) in the Russian Federation (1968). As a result of the reduction in the influence of tidal currents mixing the water column of the bay, the hydrological regime of the reservoir has changed. The reduction in water exchange led to the appearance of bottom stagnant waters deprived of oxygen, as well as hydrogen sulfide contamination. In the 90-s of the twentieth century, the operation of the Kislogubskaya TPP ceased and the flow regime was partially restored. In the winter season of 2024, we conducted microbiological and biogeochemical studies of the Kislaya Bay. It was shown that there was no hydrogen sulfide in the bottom water of the bay, and the processes of sulfate reduction, methane formation and methane oxidation were extremely low. At the same time, in the subsurface layer of sediment, bacteria and archaea were found that dominate the microbial communities of anoxic waters of meromictic reservoirs. We believe that with a stable exchange of water through the TPP dam, the composition of the microbial community of water and sediment will be restored. In case of negative developments, it is possible to predict the transformation of the bay into a reservoir with a community of microorganisms similar to meromictic reservoirs.

Pengaruh Faktor Ekonomi Makro, Kestabilan Politik dan Harga Minyak Dunia pada Nilai Tukar Rupiah terhadap Dolar Amerika Serikat

<em>The exchange rate value of the rupiah against the US dollar fluctuates and tends to depreciate throughout the year. So it is very important to analyze the factors that influence the exchange rates to maintain its stability. The relationship between several macroeconomic factors such as inflation, interest rates, GDP, and trade openness as well as political stability factors and world oil prices on exchange rates are the main topics of discussion in this study. Monthly data in time series 2010-2020, processed using the Eviews 12 and tested using the multiple linear regression method. There is a significant positive effect between interest rates, GDP, and world oil prices for the type of WTI on the exchange rates. Meanwhile, trade openness, political stability, and world oil prices for the Brent type have a significant negative effect on the exchange rates. As for the inflation variable, it does not have a significant effect on the exchange rates. The government as a policy maker is expected to be able to regulate macroeconomic factors, maintain political stability, and control the supply of crude oil properly to maintain the exchange rate stability.</em>

Transboundary Livestock Network in Africa: How Circulate Pathogens and Where to Act to Prevent the Epizootics Spread?

Objectives: Transboundary animal diseases (TADs) of domestic ruminants are closely linked to livestock movements, consequently, understanding these latter provides information on the pathogen's dissemination pathways. This descriptive study, using the mapping and network analysis (NA) method, aims to characterize the cross-border mobility network of domestic ruminants on the African continent, to understand how it works, to identify the main countries controlling livestock mobility, to deduct their relationships with other countries, and finally, to highlight the articulation points of the network at which actions should be taken to stop the epizootics spread. Methodology: This is a synthetic, descriptive study, whose results make it possible to place it within the framework of epidemiological surveillance with a continental scope, aiming to guide the efforts of the concerned authorities. Based on deep documentary research, a total of 483 transhumant and commercial cross-border movements were identified. These movements were mapped by the geographic information system (GIS) to reconstruct the network of international movements between countries. The most regular movements, numbering 190 and constituting a more stable exchange network over time, were subjected to processing by the NA method, to highlight different indicators that permit the characterization of the network. The results obtained were then compared with health data on the distribution of the five main notifiable animal diseases circulating in the African continent in addition to rinderpest. All analyses were conducted using “R” software. Results: The centrality indicators enabled the identification of the main central countries, including the most active and unavoidable ones that contribute to diseases spread in Africa. They also made it possible to quantify their importance in the influence of movement, while the global measurements and network cohesion parameters showed that the latter is vulnerable to the spread of epizootics. This study revealed a strong livestock exchange relationship between 25 African countries, extending from nations on the Atlantic Ocean coasts to those of the Indian Ocean ones, which were found to be the most vulnerable to the establishment of contagious diseases. Different communities of countries whose livestock movements appear to be very cohesive and which presage significant mutual contamination have been highlighted. Certain African countries have proven to be key points in the articulation of flows between different countries and different regions and contribute significantly to the dissemination of diseases between the different regions of the continent. Accordingly, key countries where actions should be taken to stop the epizootics spread were identified. Conclusion: The results allowed a better understanding of diseases diffusion pathways through livestock movements across Africa and highlighted the main movement focal points which represent a high-risk of diseases spread, as well as the capacity to influence their diffusion through the control of the animal’s movement or the deployment of prophylactic actions at their level.

Electrochemical reconstruction of non-noble metal-based heterostructure nanorod arrays electrodes for highly stable anion exchange membrane seawater electrolysis

Direct seawater electrolysis for hydrogen production has been regarded as a viable route to utilize surplus renewable energy and address the climate crisis. However, the harsh electrochemical environment of seawater, particularly the presence of aggressive Cl−, has been proven to be prone to parasitic chloride ion oxidation and corrosion reactions, thus restricting seawater electrolyzer lifetime. Herein, hierarchical structure (Ni,Fe)O(OH)@NiCoS nanorod arrays (NAs) catalysts with heterointerfaces and localized oxygen vacancies were synthesized at nickel foam substrates via the combination of hydrothermal and annealing methods to boost seawater dissociation. The hierarchical nanostructure of NiCoS NAs enhanced electrode charge transfer rate and active surface area to accelerate oxygen evolution reaction (OER) and generated sulfate gradient layers to repulsive aggressive Cl−. The fabricated heterostructure and vacancies of (Ni,Fe)O(OH) tuned catalyst electronic structure into an electrophilic state to enhance the binding affinity of hydroxyl intermediates and facilitate the structural transformation into amorphous γ-NiFeOOH for promoting OER. Furthermore, through operando electrochemistry techniques, we found that the γ-NiFeOOH possessing an unsaturated coordination environment and lattice-oxygen-participated OER mechanism can minimize electrode Cl− corrosion enabled by stabilizing the adsorption of OH* intermediates, making it one of the best OER catalysts in the seawater medium reported to date. Consequently, these catalysts can deliver current densities of 100 and 500 mA cm−2 for boosting OER at minimal overpotentials of 245 and 316 mV, respectively, and thus prevent chloride ion oxidation simultaneously. Impressively, a highly stable anion exchange membrane (AEM) seawater electrolyzer based on the non-noble metal heterostructure electrodes reached a record low degradation rate under 100 μV h−1 at constant industrial current densities of 400 and 600 mA cm−2 over 300 h, which exhibits a promising future for the non-precious and stable AEMWE in the direct seawater electrolysis industry.

In Situ Electrochemical Restructuring B-Doped Metal-Organic Frameworks as Efficient OER Electrocatalysts for Stable Anion Exchange Membrane Water Electrolysis.

Metal organic frameworks (MOFs) are promising as effective electrocatalysts toward oxygen evolution reaction (OER). However, the origin of OER activity for MOF-based electrocatalysts is still unclear because of their structure reconstruction during electrocatalysis process. Here, a novel MOF (B-MOF-Zn-Co) with spherical superstructure is developed by hydrothermal treatment of zeolitic imidazolate framework-Zn, Co (ZIF-Zn-Co) using boric acid. The resultant B-MOF-Zn-Co shows high OER activity with a low overpotential of 362mV at 100mA cm-2. Remarkably, B-MOF-Zn-Co displays excellent stability with only 3.6% voltage delay over 300h at 100mA cm-2 in alkaline electrolyte. Surprisingly, B-MOF-Zn-Co thoroughly transforms into B-doped CoOOH (B-CoOOH) during electrolysis process, which isserved as actual active material for high OER electrocatalytic performance. The newly-formed B-CoOOH possesses lower energy barrier of potential-determining step (PDS) for OOH* formation compared with CoOOH, benefiting for high OER activity. More importantly, B-MOF-Zn-Co based anion exchange membrane water electrolytic cell (AEMWE) demonstrates continuously durable operation with stable current density of 200mA cm-2 over 300h, illustrating its potential application in practice water electrolysis. This work offers an in situ electrochemical reconstruction strategy for the development of stable and effective OER electrocatalysts toward practice AEMWE.

DETERMINANTS OF VIETNAM’S AGRICULTUAL EXPORTS, FOCUSING ON ITS TRADING PARTNERS’ CHARACTERISTICS

This study investigates the determinants of Vietnam’s agricultural exports, focusing on its trading partners’ characteristics. The author adopts Poisson Pseudo-Maximum Likelihood estimators to estimate a gravity model covering bilateral agricultural exports from Vietnam to 187 of its trading partners during 1996-2021. The empirical results reveal that exchange rate volatility and geographical distance hamper exports, while regional trade agreements (RTAs), shared borders, and dependent relationships in the past boost exports. When considering the features of importing countries, I find that population, GDP per capita, policy stability, and financial development are crucial in promoting Vietnam's agricultural exports. The findings of this study imply that it is necessary to maintain stable exchange rates and actively join RTAs to increase the agricultural exports of Vietnam. Moreover, to enhance agricultural exports, exporting firms should target trading partners in countries with large economic size, high per capita income, good governance quality, developed financial markets, or those who share a common border or have ever in dependent relationship with Vietnam.

Evolusi Penggunaan Mata Uang Lokal Dalam Kerja Sama ASEAN Studi Kasus Indonesia, Malaysia, Dan Thailand

By exploring international cooperation between Indonesia, Thailand and Malaysia in the use of local currency through the Local Currency Settlement (LCS) framework, this research details the deeper context regarding concerns regarding dependence on the US Dollar after the 2016-2017 financial crisis. with an emphasis on the development of the use of local currencies after the Asian crisis of 1997-1998. This research reveals that one of the main criteria for establishing an optimal currency area (OCA) is exchange rate stability. In looking at the research results, a positive evolution of the use of local currencies in post-crisis ASEAN cooperation is illustrated, especially through the LCS initiative involving Indonesia, Thailand and Malaysia. Although LCS implementation trends show positivity, further improvement is identified as an urgent need to bring it in line with total trade between countries. Hope lies in the LCS collaboration which is expected to strengthen currency stability, spur economic growth and increase trade activity in the region. Thus, this research provides valuable insight into the urgency of regional cooperation in managing dependence on global currencies, especially the US Dollar.

Uganda’s Debt Sustainability: Testing The Efficacy of Debt Overhang Theory

The primary objective of this paper is to discern the impact of key economic variables, including primary balance, real interest rate, GDP growth rate, real effective exchange rate, and current account balance, on the long-term and short-term sustainability of the country's debt. Drawing on an array of econometric analyses within the Auto Regressive Distributed Lag framework, the study establishes that a fiscal surplus and sound management positively influence debt sustainability in the long run. However, it reveals that higher real interest rates pose challenges, leading to increased debt loads. While GDP growth's impact remains inconclusive, a fluctuating real effective exchange rate and the influence of the current account balance on debt dynamics emerge as crucial determinants. The study recommends a cautious fiscal approach, interest rate management, economic growth stimulation, exchange rate stability, and a focus on achieving and maintaining current account surpluses as pivotal strategies for ensuring Uganda's long-term debt sustainability. Nonetheless, the study acknowledges limitations related to sample size and endogeneity, encouraging further research to enhance generalizability and address potential omitted variables.

Foreign Aids and Sustainable Development in Nigeria: An Application of Dynamic Least Squares Approach

The impact of foreign aid in donor and recipient countries is largely unsettled amongst existing studies, as well as, literature. This is attributed to the various arguments for and against the benefits of foreign aid, as it relates to sustainable development. As such, the study examined the effect of foreign aids on sustainable development in Nigeria from 1986-2021. The study used Augmented Dickey Fuller (ADF) unit root test, Johansen Co-integration test, Dynamic Least Squares (DOLS) and Granger Causality test. The ADF result showed that sustainable development, foreign aids, exchange rate, inflation rate and trade openness were stationary at first level difference. Also Johansen co-integration test confirmed a long-run relationship between the variables. The DOLS result revealed that, foreign aid, exchange rate and trade openness were significant with each exhibiting a direct link with sustainable development at 5%; while, that of foreign aid was at 10%. This suggests that inflow of foreign aids in different forms is essential for resource conservation. Also, inflation rate showed an inverse and significant link with sustainable development at 5%. In addition, a bi-directional causality was established between foreign aid and sustainable development. The study concluded that foreign aids in different forms, exchange rates stability and high exportation that comply with environmental sustainability boost Nigeria's sustainable development growth, but spiral inflation worsens it. Thus, it is advised that government should declare an emergency over environmental issues in order to guarantee an increase in the flow of foreign aid into environmental sustainability.

A high performance, stable anion exchange membrane for alkaline redox flow batteries

The development of cost-effective, safe, and low-corrosion alkaline aqueous redox flow batteries, such as alkaline zinc-iron flow batteries, has motivated the research of hydrocarbon-based anion exchange membranes. These membranes, characterized by their positively charged functional groups, facilitate the transport of hydroxide anions (OH−) in alkaline environments, rendering them as potential alternatives to conventional proton exchange membranes in emerging alkaline redox flow batteries. Herein, a facilely synthesized anion exchange membrane (AEM) with superior chemical stability in alkaline media and outstanding ion conductivity has been developed for use in an alkaline redox flow battery. The membrane consists of a partially imidazolium substituted poly (vinylbenzyl chloride) polymer matrix and low molecular weight polyethylene glycol (PEG) additive. The membrane provides positively charged polymer backbone with hydroxide anion as counter ions. The additive PEG not only augments membrane flexibility through interaction with the rigid polymer backbone, but also enhances the conductivity through conducting ions by the alkalized-ether functionality. The optimized anion exchange membrane demonstrates better ionic conductivity of 58.2 mS cm−1 and comparable permeability compared with commercially Nafion117 membrane, enabling promoted energy efficiency (83.5 %), coulombic efficiency (99.85 %) and excellent stability (280 cycles with negligible capacity degradation) of a zinc-iron flow battery at 80 mA cm−2.

The role of financial development and good governance in economic growth and environmental sustainability

New Zealand's environmental policies and political situation may have had an impact on all energy and non-energy factors that affect economic growth and CO2 emissions. Therefore, it is important to understand the impacts of these factors on NZ's CO2 emissions and economic growth, as the interconnectedness of these factors provides policymakers with valuable insights. This study assesses the various influences of energy, financial, government, and other non-energy factors on both economic growth and carbon emissions in New Zealand. To estimate the impact variables, this study uses the autoregressive distributed lag method using annual data from 1990 to 2020. The results suggest that renewable and non-renewable energy consumption, foreign direct investment, and good governance stimulate economic growth. Natural resource rents, on the other hand, have a negative impact on economic growth due to their high cost to the economy. Furthermore, the use of renewable energy, financial development, and good governance significantly reduce CO2 emissions. The exchange rate also contributes to reducing carbon emissions due to its negative impact on economic growth and trade. Finally, fossil fuel consumption is the major contributor to higher CO2 emissions. Promoting clean foreign direct investment can boost economic growth and preserve environmental quality when supported by good governance and stable exchange rates.

In-Situ Analysis of Electrodes Using Fine-Tuned Poly(Terphenyl Piperidinium) Ionomers in Anion Exchange Membrane Fuel Cells

In the field of low temperature polymer electrolyte fuel cells, anion exchange membrane fuel cells (AEMFCs) have been considered a promising alternative by circumventing the obstacles to commercialization faced by the established PEMFC technology. The application of platinum group metal-free catalysts for the oxygen reduction reaction, the potential to utilize cheaper and more sustainable polymers than the industry benchmark Nafion®, and the generally less corrosive alkaline operation conditions, have all been identified as inherent advantages of the AEMFC technology, potentially enabling more cost-effective and environmental-friendly mass production of AEMFC system.The first major challenge in developing AEMFC systems was the lack of stable and conductive anion exchange polymers to be used as membrane and ionomer materials. This challenge was at least partly overcome by the successful development of a variety of next-generation polymers. Among those, poly(arylene piperidinium) show great potential through the combination an ether-free aromatic backbone for increased mechanical stability with a piperidinium-based cationic groups displaying excellent resistance to hydroxide attack in highly alkaline environment [1]. Furthermore, the crucial parameters ion exchange capacity (IEC), water uptake and dimensional swelling can be finely controlled via copolymerization and partial substitution of the cationic functional group in the repeating unit [2].In a previous study using a series of poly(terphenyl piperidinium) membranes with different IECs, we established the importance of these three parameters, in particular for the ionomer used in the catalyst layer of the electrode [3]. Furthermore, it was established that water balance of AEMFC systems proved to be one of the greatest challenges in reaching and maintaining high cell performance. The asymmetrical nature of the simultaneous electrochemical production and consumption of water at the anode and cathode, respectively, necessitates fine-tuning the ionomer properties, as well as selecting operational parameters for each electrode individually in order to strike an optimal water balance [4].In this study, we expand on our previous work by analyzing a matrix of electrode combination based on three poly(terphenyl piperidinium)ionomers with different IEC values. Furthermore, we complemented our analysis by evaluating the effects of substituting a fraction of regular dissolvable ionomer with insoluble non-conformal particles of cross-linked poly(terphenyl piperidinium). The beneficial effects of insoluble non-conformal ionomer particles in the catalyst layer has been previously shown by Varcoe and coworkers utilizing radion-grafted anion exchange membranes [5], and by Holdcroft and coworkers utilizing phenylated poly(phenylene) ionomers for PEMFCs [6].Different electrode combinations were evaluated while varying operational parameters such as gas flow rates, gas relative humidities and back pressure. The recording of observed cell performances were complemented by in-situ analysis of in-let/out-let gas relative humidities, H2/O2 electrochemical impedance spectroscopy for kinetic analysis and information on ohmic losses, H2/Ar electrochemical impedance spectroscopy to measure ionic conductivity, cyclic voltammetry to measure electrochemically active surface area as well as ex-situ characterization of the electrodes before/after the test run.The study was carried out with the aim to establish a correlation between the properties of individually tuned ionomers and operational parameters, and to investigate reasons for performance losses due to mass transport limitations, drop in ionomer conductivity, loss of active area, and decreased kinetics caused by phenyl adsorption.Finally, we demonstrate how the application of individually optimized electrodes using fine-tuned poly(terphenyl piperidinium) based ionomers in conjunction with suitable operating conditions will lead to a drastic increase in fuel cell performance compared to symmetrical non-optimized electrodes.A selection of experimental data is shown in Figure 1.[1] J. S. Olsson, T. H. Pham, P. Jannasch, Adv. Funct. Mater. 2017, 28, 1702758.[2] J. S. Olsson, T. H. Pham, P. Jannasch, Tuning poly(arylene piperidinium) anion-exchange membranes by copolymerization, partial quaternization and crosslinking, J. Membrane Sci., 2019, 578, 183-195.[3] T. Novalin, D. Pan, G. Lindbergh, C. Lagergren, P. Jannasch, R.W. Lindström, Electrochemical performance of poly(arylene piperidinium) membranes and ionomers in anion exchange membrane fuel cells, J. Power Sources, 2021, 507, 230287. [4] D. P. Leonard, S. Maurya , E. J. Park , S. Noh , C. Bae , E. D. Baca , C. Fujimoto and Y. S. Kim , J. Mater. Chem. A, 2020, 8 , 14135-14144.[5] L. Q. Wang , J. J. Brink , Y. Liu , A. M. Herring , J. Ponce-Gonzalez , D. K. Whelligan and J. R. Varcoe, Energy Environ. Sci., 2017, 10 , 2154-2167.[6] E. Balogun, S. Cassegrain, P. Mardle, M. Adamski, T. Saatkamp, and S. Holdcroft, ACS Energy Lett. 2022, 7, 2070-2078. Figure 1

Initial Degradation Issues in AEMWE and the Importance of Catalyst/Ionomer Binding

With the recent development of highly alkaline stable anion exchange membranes (AEMs) and ionomers (AEIs), anion exchange membrane water electrolyzer (AEMWE) has garnered attention due to its ability to achieve high hydrogen production rate at a low cost. The performance of AEMWE is determined by the anode catalyst layer, which can be made up of either a mixture of metal nanoparticles and polymer binders or a single metal. Although the integral metal has high mechanical properties, its performance is limited due to low electrochemical surface area and difficulties in mixing with binders, which makes it unsuitable for use in pure water. Catalyst layers made up of a combination of metal nanoparticles and polymeric binders can achieve high performance with a large surface area, but they often have low durability due to detachment of the anode catalyst layer from the porous transport layer substrate during water electrolysis. To prevent this, the anode catalyst layer must have high physical stiffness and it can be achieved by the strong bonding between the metal nanoparticles and the ionomer binder. This presentation investigates the phenomenon of initial performance degradation in AEMWE with an anode catalyst layer composed of metal nanoparticles, highlights the significance of the physical stiffness of the anode catalyst layer, and proposes that the issue can be resolved by introducing a polymer binder with high adhesion between the metal nanoparticles and the ionomer binder.

Surface implantation of ionically conductive polyhydroxyethylaniline on cation exchange membrane for efficient heavy metal ions separation

Extraction of heavy metal ions from aqueous could enable recycling of wastewater and reusing of high-value ion resources. Recently, electrodialysis (ED) technology has been applied in the removal of heavy metal ions from wastewater, however, developing high-efficient and stable heavy metal ions selective cation exchange membrane (CEM) remains an elusive challenge. Herein, we demonstrate the fabrication of high-efficient cations selective CEM with the surface implantation of ionically conductive polyhydroxyethylaniline (PANI-OH) on a commercial CEM membrane (CTG) containing sulfonic acid groups via the electrostatic attraction. Implanted hydrophilic and positively charged PANI-OH facilitates fast and selective transfer of Cu2+ over Zn2+ cations through the membrane. Meanwhile, the synergistic effect of rigid conjugate structure and hydrogen-bond interaction of PANI-OH renders the resultant membrane CTG-PANI-OH with stable structure and separation performance. As such, the Cu2+/Zn2+ permselectivity of CTG-PANI-OH membrane is ~1.70, which is about 190 % of that of the pristine CTG membrane. This work provides a facile design and strategy for the construction of high-efficient cations selective CEMs with great application prospects in the purification and extraction of heavy metal ions from wastewater.

<b>Impacts of Macroeconomic Variables on Foreign Exchange Rate of SAARC Member Countries</b>

Exchange rate (EXR) stability is crucial for especially the developing economies. This study examines the macroeconomic variables which affect EXR in member countries of South Asian Association for Regional Cooperation (SAARC). To do the analyses, data from 1981 to 2019 was relied upon. To estimate the long-run coefficients, Fully Modified Ordinary Least Square (FMOLS) is incorporated. The outcomes of FMOLS exhibit that the variables such as trade, inflation, GDP, total debt services, trade openness, and tariff rate are inversely related to EXR while broad money is found to affect the EXR in positive. As a policy prospect, The Central Bank (CB) is needed to follow tight monetary policy to curtail liquidity of money in economy. It is recommended that CB to discourage government project financing that is to cause increase in money supply but to initiate trend line to facilitate GDP growth, trade, and imposition of tariff to curtail rising EXR.

THE NEXUS BETWEEN FOREIGN DIRECT INVESTMENT AND NOMINAL EXCHANGE RATE, REAL GDP, AND CAPITAL STOCK IN TANZANIA

Aim: The paper aims to examine the relationship between FDI and the nominal exchange rate, real GDP, and capital stock in Tanzania using quantitative research methods and an econometric analysis. The analysis aims to provide insights into the factors that affect FDI and contribute to the existing literature on the relationship between FDI and economic growth. Methods: This study examines the relationship between FDI inflow, real GDP, capital stock, and the normal exchange rate in Tanzania using a robust research methodology. The study employs STATA 15 software and Akaike’s Information Criteria (AIC), Schwarz Information Criteria (SC), Final Prediction Error (FPE), and the Hannan Quinn (HQ) Information Criteria. In addition, the autoregressive model, the Johansen co-integration test, and the Toda-Yamamoto Granger causality (modified WALD) test were employed to determine the optimal lag. Results: The results indicate a bidirectional relationship between the nominal exchange rate and FDI in Tanzania, with FDI inflows influencing the nominal exchange rate volatility and vice versa. Furthermore, the results indicate that real GDP, capital stock, and the nominal exchange rate exert a unidirectional influence on FDI influx in Tanzania. Conclusions: The nominal exchange rate and capital stock have positive and negative correlations with foreign direct investment. Like many other African economies, Tanzania remains vulnerable to external forces despite making significant strides in stabilizing the exchange rate. It is recommended that the Central Bank of Tanzania – along with those of other African nations with similar economic structures – maintain a stable nominal exchange rate level as an incentive for foreign investors in order to increase the inflow of foreign direct investment.