International Capital Flows and Monetary Policy Spillovers

This dissertation examines the drivers and implications of international capital flows. The overarching motivation is the observation that countries not at the centre of global financial markets are subject to considerable spillovers from centre countries, notably from their monetary policy. I present new empirical evidence on the determinants of the observed patterns of international capital flows and monetary policy spillovers, and study their effect on both financial markets and the real economy. In Chapter 2 I provide evidence on the determinants of a puzzling negative correlation observed between productivity growth and net capital inflows to developing and emerging market economies (EMEs) since 1980. By disaggregating net capital inflows into their gross components, I show that this negative correlation is explained by capital outflows related to purchases of very liquid assets from the fastest growing countries. My results suggest a desire for international portfolio diversification in liquid assets by fast growing countries is driving much of the original puzzle. In the reminder of my dissertation I pivot to study the foreign characteristics that drive international capital flows and monetary policy spillovers, with a particular focus on the role of unconventional monetary policy in the United States (U.S.). In Chapter 3 I show that a significant portion of the heterogeneity in EMEs' asset price adjustment following the quantitative easing operations by the Federal Reserve (the Fed) during 2008-2014 can be explained by the degree of bilateral capital market frictions between these countries and the U.S. This is true even after accounting for capital controls, exchange rate regimes, and domestic monetary policies. Chapter 4, co-authored with Michal Ksawery Popiel, studies unconventional monetary policy in a small open economy, looking specifically at the case of Canada since the global financial crisis. We quantify the effect Canadian unconventional monetary policy shocks had on the real economy, while carefully controlling for and quantifying spillovers from U.S. unconventional monetary policy. Our results indicate that the Bank of Canada's unconventional monetary policy increased Canadian output significantly from 2009-2010, but that spillovers from the Fed's policy were even more important for increasing Canadian output after 2008.

Study of the Electrochemical, Physical and Morphological Characteristics of Anode Catalysts for Perfluorosulfonic Acid (PFSA) Membrane Water Electrolysers

A number of supported and un-supported Oxygen Evolution Reaction (OER) iridium based electrocatalysts for Polymer Electrolyte Membrane Water Electrolysis (PEMWE) were synthesized using a polyol method. The electrocatalysts and the supports were characterized using a wide range of physical and electrochemical characterization methods. The effect of morphological characteristics of the OER electrocatalyst and the support on the OER activity was studied. The results of this thesis contribute to the existing research to reduce the cost of PEMWE by enhancing the utilization of precious metal for OER electrocatalysis. Iridium electrocatalysts supported on antimony tin oxide (Ir/ATO) were synthesized using the polyol method with two different heating techniques: conventional and microwave-irradiation. It was shown that the physical morphology and electrochemical properties of Ir/ATO synthesized with the two heating methods were comparable. However, the microwave irradiation method was extremely faster than the conventional heating method. Additionally, the effect of heat treatment (calcination temperature) on the morphology and OER activity of Ir/ATO synthesized electrocatalyst with the conventional polyol method. It was found that the iridium electrocatalyst synthesized with the polyol method, consisted of 1-5 nm particles, possessed an amorphous structure, and contained iridium with an average oxidation state of less than +4. Calcining the catalyst at temperatures more than 400 ºC and less than 700ºC: 1) increased the size of the iridium particles to 30 nm, 2) changed the structure of iridium particles from amorphous to crystalline, 3) increased the iridium oxidation state to +4 (IrO2), 4) reduced the electrochemically active surface area by approximately 50%, and 5) reduced the OER activity by approximately 25%; however, it had no significant effect on the physical and chemical morphology of the ATO support. Moreover, potential support metal carbides and oxides including: Tantalum Carbide (TaC), Niobium Oxide (Nb2O5), Niobium Carbide (NbC), Titanium Carbide (TiC), Tungsten Carbide (WC) and Antimony-doped Tin Oxide (ATO, Sb2O5-SnO2), were characterized, and used as support for the iridium OER electrocatalysts. TaC was found to be a promising support, and increasing its surface area by 4% improved the OER performance of the final supported catalyst by approximately 50%.