Knowledge of the properties of single molecule diffusion is important for controlling dynamic self-assembly of molecular structures. A powerful experimental technique for determining diffusion coefficients is the recording of diffusion-induced signal fluctuations by a locally fixed point-like probe. Here, the signal becomes modified, whenever a molecule enters a certain detection area on the surface under the probe. The technique is minimal invasive and has a very good time resolution, enabling the investigation of highly mobile molecules. Theories are necessary for the analysis of the fluctuations and the extraction of diffusion properties. In this thesis, three methods are presented, which are based on the autocorrelation function, the distribution of peak widths and the distribution of interpeak intervals. Analytical expressions are derived for the distributions and the autocorrelation function in case of molecules, which can be described by circular or rectangular shapes. For rectangular shaped molecules, rotational diffusion can influence the recorded fluctuations. To allow for a simultaneous determination of rotational and translational diffusion coefficients the analytical treatment is extended. Furthermore, new methods are developed to determine the diffusion tensor for anisotropic stochastic molecular motion, using either one linearly extended probe or two individual probes. Coarse-graining the signal recorded by a point-like probe, which repeatedly moves on a line or a circle, is suggested for experimental implementation. All facets of the evaluation methods are verified against kinetic Monte Carlo simulations. Applications to experimental data, recorded by a locally fixed scanning tunneling microscope tip, are demonstrated for copperphthalocyanine and PTCDA molecules diffusing on Ag(100).

[pt] Tradicionalmente, muitos trabalhos têm estudado os efeitos das intervenções cambiais esterilizadas nas taxas de câmbio, tanto empiricamente quanto teoricamente, encontrando resultados mistos. Mais recentemente, a literatura de finanças internacionais têm procurado explicar os desvios na Paridade Coberta da Taxa de Juros (PCJ), que vem sendo observado entre as moedas das economias desenvolvidas após a Grande Crise Financeira de 2008. Neste trabalho, ligamos as duas literaturas ao estudar o efeito das intervenções cambiais nos desvios na paridade coberta de juros. Nossa amostra consiste nas intervenções realizadas pelo Banco Central do Brasil entre os anos de 2009 e 2020. Este período contempla o programa de intervenções pré-anunciadas de 2013, implementado no contexto do Taper Tantrum, e que já mostrou ter afetado significantemente as taxas de câmbio (Chamon, Garcia e Souza (2017) ). Para avaliar os efeitos, construímos uma série contrafactual utilizando a metodologia ArCo, desenvolvida por Carvalho, Masini e Medeiros (2018), e também estimando funções impulso resposta utilizando Local Projection, desenvolvida por Jordà (2005). Os resultados indicam que a venda de dólares no mercado futuro aumentam os desvios na PCJ, enquanto que compras de dólares tem o efeito oposto. A oferta de dólares via contratos de recompra diminui os desvios no curto prazo. As intervenções no mercado a vista apresentam resultados inconclusivos. / [en] Traditionally, much has been written about the effects of FX (foreign exchange) sterilized interventions on exchange rates, both theoretically and empirically, with mixed results. More recently, the international finance literature has tried to explain the deviations from the well-known Covered Interest Parity (CIP) condition that have, since the 2008 Great Financial Crisis, arisen among advanced economies currencies. Here, we originally merge these two strands of the literature by analyzing the effects of sterilized FX interventions on the CIP (Covered Interest Parity) deviation. Our sample is composed of Brazilian Central Bank FX interventions between 2009 and 2020. This period contains a major program of announced FX interventions in response to the Taper Tantrum, in 2013, which has already been shown to have significantly affected the level of the exchange rate (Chamon, Garcia, and Souza (2017)). To gauge the effects, we build a counterfactual employing the ArCo methodology, developed by Carvalho, Masini, and Medeiros (2018), and also make use of Jordà (2005) Local Projections. The results indicate that selling US dollars in the futures market increases CIP deviations while buying US dollar futures has the opposite effect. Offering US dollar repo credit lines points to a short-lived decrease in the deviation. The number of sterilized sales or purchases of spot currency seems not to be high enough to lead to conclusive results.

This dissertation studies the role of sterling during the Bretton Woods period (1944-1971). The Bretton Woods system has often been described as a dollar system with sterling having lost its relevance as reserve currency. However, despite being a secondary reserve currency and having lost importance, sterling was the 'first line of defence for the dollar' as contemporaries put it. They frequently stressed the fact that a sterling crisis would have consequences on the stability of the Bretton Woods system but economic historians have never tested this empirically. This dissertation argues that sterling played an important role in the stability of the international monetary system. Foreign exchange market participants globally monitored sterling and US policymaker stepped in to avoid devaluation of the British currency. US support to sterling was mainly due to the fear of a British devaluation, which could trigger a run on the dollar. When the UK finally devalued the pound in 1967, it marked the beginning of an instable period for the international monetary system. The Gold Pool, a syndicate to defend the US gold parity, collapsed in 1968 and this prefigured the end of the Bretton Woods system. This dissertation presents new data along with novel archival material from seven archives across continents to demonstrate how contagion from sterling to the dollar occurred. Modern econometric methods are used to analyse a new dataset with over 80,000 observations of offshore exchange rates, central bank intervention and reserves. This evidence shows that a secondary reserve currency can still play a key role in the stability of the international monetary system.

On a réalisé la démonstration d'une commutation spatiale de données d'une entrée vers 64 sorties par voie tout optique. Les composants originaux utilises sont une matrice de modulateurs a puits quantiques multiples en technologie gaalas a 64 éléments et une structure bistable optique de même technologie. Le principal résultat est le fonctionnement complet du démonstrateur voie par voie a la fréquence d'horloge de 20mhz (taux d'erreur inférieur a 1%). Les limitations viennent de la stabilité du laser et des non uniformités lors de la croissance epitaxiale des composants.

Dans les conditions actuelles du marché, les entreprises dans les pays émergeants ont le choix entre une dette à court terme en monnaie locale et un financement à long terme en devise forte provenant de sources internationales pour financer leurs investissements à long terme. Ceci crée un gap de taux ou de change. Cette thèse se situe dans la continuité des travaux de recherche qui ont déjà étudié la question de la diversification des risques de change dans les marchés financiers matures. A la différence des approches existantes, cette recherche se concentre sur les monnaies des pays émergeants pour lesquels il n’existe pas ou peu d’instruments de couverture du risque de change et de taux. Le modèle proposé repose sur une conception fondamentalement différente des modèles de risque existants, cherchant à atténuer les risques internes grâce à la diversification du portefeuille, plutôt que par l’adéquation entre l'offre et la demande. Ceci en étudiant à la fois les corrélations entre les monnaies des pays des marchés émergeants constituées dans un portefeuille composé de monnaies des pays africains, asiatiques, sud-américains et d’Europe de l’Est ainsi que l’effet de la diversification sur la réduction du risque de marché. Le choix des monnaies n’a pas une incidence significative sur les résultats du moment que les limites régionales proposées sont respectées. L’objectif principal de cette thèse est de contribuer à la spécification et à l’identification d’un modèle de diversification des risques tout en démontrant que la constitution d’un portefeuille diversifié et non couvert des produits dérivés de change sur les monnaies des marchés émergents est une activité lucrative à long terme. En s’appuyant sur un Système d’Information performant, le model proposé tente de démontrer l’effet qu’auraient de tels produits de couverture sur la réduction du risque de crédit de l’emprunteur et par conséquent celui des bailleurs de fonds. Afin d’atteindre cet objectif, les différents risques liés à ces activités ont été définis tout en choisissant les méthodes pour une gestion efficace de ces risques ainsi que la modélisation d’expositions hypothétiques créées par cette activité. L’impact de la réduction de l’exposition au risque de marché par l’usage des produits de couverture du risque de change et de taux, sur le risque de crédit des entreprises dans les pays émergeants a aussi été modélisé. Les résultats de la simulation proposée montrent qu’une gestion optimale des risques de changes et de taux générés, à travers l’offre de couvertures sur les monnaies des pays émergeants, peut être une activité lucrative pour les banques car l’atténuation des risques peut se faire en diversifiant efficacement le portefeuille. / In current market conditions, companies in emerging markets have the choice between a short-term debt in local currency and a long-term hard currency financing from international sources to finance their long-term investments. This practice would create either an interest rate gap or a currency gap. As an extent of previous researches and studies covering the question of currency risks diversification in mature financial markets, this thesis is quite distinctive from the existing literature as it focuses on emerging market currencies for which there are little or no hedging options of currency and interest rate risks. The proposed model is based on a fundamentally different approach from existing risk models, seeking to mitigate risks internally through portfolio diversification, rather than by matching supply and demand. This, by analyzing both correlations between emerging market currencies in a portfolio composed of African, Asian, South American and Eastern Europe currencies and the effect of diversification on market risk reduction. The main objective of this thesis is to contribute to the specification and the identification of a risk diversification model while demonstrating that the establishment of a diversified portfolio of emerging market currencies not covered by the commercial banks is a lucrative business over the long-term. With an efficient information system, the proposed model attempts to demonstrate the effect that such hedging products would have on reducing the credit risk of borrowers and hence the lenders. To achieve this aim, the different risks associated with these activities have been identified while choosing the methods for their effective management as well as the modeling of hypothetical exposures created by this activity. The impact of reducing market risk exposure through the usage of interest rate and currency hedging products on the credit risk rating of companies in emerging countries has also been modeled. The current research claims that the choice of currencies does not significantly impact the results as long as the proposed regional limits are respected. The simulation’ results show that managing a diversified currency portfolio under an optimal risk management guidelines can be a lucrative business for banks as the risk mitigation can be effectively done through portfolio diversification.

This dissertation thesis consists of three essays on new EU foreign exchange markets (FX), i.e. the Czech koruna, Polish zloty and Hungarian forint. In the first two essays, the impact of foreign macroeconomic news announcements and central banks' monetary policy settings on the value and volatility of examined exchange rates is analyzed. In the third chapter, the conditional comovements and volatility spillovers on new EU FX markets is examined. The aim of this thesis is to contribute to the existing empirical literature by providing new evidence of the examined currencies during periods, which have not been examined yet (after the Global financial crisis (GFC), during the EU debt crisis and during currency interventions in the Czech Republic). The first essay (Chapter 2) examines the impact of Eurozone/Germany and US macroeconomic news announcements and monetary policy settings of the ECB and the Fed on the value of new EU member states' currencies. It is a complex analysis of 1-minute intraday dataset performed by event study methodology (ESM). We observe different reactions of exchange rates in pair with the US dollar on the US macroeconomic announcements and Euro-expressed FX rates on Germany macro news during the EU debt crisis and after it. We also provide evidence of leaking news, showing...

In the presented thesis thin praseodymia films on non-passivated and passivated Si(111) substrates were investigated. The first part deals with PDA of praseodymia films with fluorite structure under UHV conditions in the temperature region from RT to 600°C. Here, a sophisticated model of the annealing process of praseodymia films is established. This is done by detailed analysis of XRD measurements using the kinematic diffraction theory in combination with the analysis of GIXRD, XRR and SPA-LEED measurements. It is shown that the untreated films, which are oxidized in 1 atm oxygen to obtain fluorite structure, do not exhibit pure PrO2 stoichiometry as it was assumed before. Instead, they decompose into two laterally coexisting species exhibiting a PrO2 and a Pr6O11. oxide phase, respectively. These species are laterally pinned to the lattice parameter of bulk Pr6O11. Homogeneous oxide films with Pr6O11 phase can be observed after annealing at 100°C and 150°C. Here, lateral strain caused by the pinning of the species is minimized and an increase of the crystallite sizes is determined. If higher annealing temperatures are applied, the film decomposes again into two coexisting species. Finally, after annealing at 300°C, a mixed crystalline film with both Pr2O3 and Pr2O3+Delta oxide phases is formed, where Delta denotes a considerable excess of oxygen within the sesquioxide phase. Again the lateral strain increases due to the tendency of praseodymia phases to increase their lattice parameters during oxygen loss combined with the lateral pinning. This is accompanied by a decrease of crystallite sizes, which are afterwards comparable to those of the untreated films. Further annealing at temperatures above 300°C does not significantly change the structure of the oxide film. However, the increase of the amorphous Pr-silicate interface between Si substrate and oxide at the expense of the crystalline oxide can be observed after annealing at higher temperatures. Furthermore, an increased mosaic spread of the crystallites occurs, which reduces the lateral strain caused by the oxygen loss. Nevertheless, the crystalline structure is stable against further annealing up to temperatures of 600°C. Transportation of the sample under ambient conditions after annealing at 200°C and 300°C leads to the formation of an additional crystalline structure at the surface which cannot be allocated to any praseodymia phase and may be explained by the contamination of the topmost crystalline layers with Pr-hydroxides. The results obtained from praseodymia films annealed in 1 atm nitrogen show that these films are good candidates to form homogeneous oxide films with pure cub-Pr2O3 structure by subsequent annealing in UHV. Here, a single oxide species is already observed after annealing at 300°C by SPA-LEED measurements which is in contrast to praseodymia films with fluorite structure where higher annealing temperatures (600°C) are necessary. In this case, negative effects like interface growth or increased defect density (mosaics, grain boundaries) can be minimized. Investigations on oxygen plasma-treated praseodymia films to obtain pure PrO2 stoichiometry are presented in the second part. Oxygen plasma-treated samples are compared with samples oxidized in 1 atm oxygen regarding the structure of the crystalline film. For this purpose, XRR and XRD measurements are performed to get structural information of the oxide film, which can be used to identify the corresponding oxide phases. Here, significantly smaller lattice constants of the crystalline oxide species can be observed after plasma treatment, which points to the incorporation of additional oxygen atoms. This verifies former studies, where a higher oxidation state of the oxide film was found by XPS measurements and it shows that plasma-treated films exhibit a higher oxidation state than films oxidized in 1 atm oxygen due to the availability of reactive atomic oxygen in the plasma. Furthermore, the Pr-silicate interface between crystalline film and Si substrate is not increased during plasma treatment. In the last part of the presented thesis, first results from the epitaxy of praseodymia films on Cl-passivated Si substrates are shown. The aim is to suppress the Pr-silicate formation during the growth process. Thus, praseodymia films are grown on passivated and non-passivated substrates to compare the crystallinity of both samples using XSW and LEED measurements. The structure of the oxide films on Cl-passivated Si is determined afterwards by XRR. It is shown that crystalline films with cub-Pr2O3 structure and several nanometer thickness can be successfully grown on Cl-passivated substrates. Here, the Pr-silicate interface layer are restricted to a single mono-layer. In contrast, the films grown on non-passivated substrates are completely amorphous containing Pr-silicates and Pr-silicides.

Bakgrund: Biståndsorganisationer (NGOs) är verksamma i hela världen och exponeras följaktligen mot valutarisk. Organisationerna hanterar biståndsmedel i så väl vanliga som ovanliga valutor när de på olika sätt finansierar lokala samarbetspartners. Andelen forskning om hur biståndsorganisationer hanterar valutaköp och valutarisk är begränsad och denna studie avser att studera området ytterligare. Syfte: Studien ämnar att utifrån riskhanteringsteori samt best practice analysera problematiken kring exponeringen mot valutarisk för svenska NGOs samt dess biståndsmottagare. Syftet är även att på detta sätt kunna diskutera generella strategier för svenska NGOs valutahandel och valutariskhantering. Genomförande: Den kvalitativa ansatsen utgörs av informationsinhämtning i form av nio intervjuer som utformats efter teori samt tidigare studier. Genom fem intervjuer med svenska NGOs ges en bild av hur organisationernas processer och behov ser ut relaterat till valutariskhantering. Information om hur valutarisk- och valutahantering bedrivs i praktiken samt hur experter inom området ser på NGOs nuvarande hantering baseras på fyra intervjuer med aktörer inom valutarisk- och valutahantering. Studiens empiri från genomförda intervjuer analyseras med stöd i studiens teoretiska referensram samt tidigare studier. Slutsats: Studien visar att problematiken kring valutahandel och valutariskhantering är mer komplex än den verkar vid en första anblick samt att syftet med valutariskhantering skiljer sig mellan vinstdrivande företag och ideella organisationer. Det framgår även att NGOs i nuläget överför merparten av exponeringen mot valutarisk till motpart genom avtal och att NGOs med stor andel bunden finansiering inte har möjlighet att utförligt undersöka eller implementera valutariskhantering. Slutligen har ett antal strategier utvecklats för att mer kostnadseffektivt köpa valuta. / Background: Non-governmental organizations (NGOs) are active in most parts of the world and are consequently exposed to foreign exchange risk. The organizations manage aid funds in both common and uncommon types of currency when they in different ways finance local cooperation partners. The amount of previous research how aid organizations handle the management of currency trade and foreign exchange risk is limited and this study aims to examine the area further. Aim: The study aims to analyse the complex of problems regarding exposure to foreign exchange risk for both Swedish NGOs and their cooperation partners, to do so on the basis of foreign exchange risk theory and best practice. The aim is in such a way to discuss general strategies for currency trade and foreign exchange risk management for Swedish NGOs. Completion: The qualitative approach consists of nine interviews that have been designed in accordance with theory and previous research. A picture of the organizational processes and needs of Swedish NGOs regarding foreign exchange risk- and currency trade management was given by five interviews with NGOs. Information concerning how foreign exchange risk- and currency trade management is utilized in practice and how experts in the field perceive current management of NGOs was gathered from four interviews with actors within foreign exchange risk- and currency trade management. The empirical data is analysed on the basis of the theoretical framework and previous research. Conclusion: The study shows that the complex of problems regarding foreign exchange risk- and currency trade management are not as straightforward as at first glance. It also indicates that foreign exchange risk management differs between for-profit businesses and non-profit organizations. It appears that NGOs currently transfer all foreign exchange risk exposure to its counterpart through contracts. The investigation and implementation of foreign exchange risk management is not possible for NGOs with a large ratio of restricted funds. Finally a number of strategies have been developed for a more cost-effective currency trade.

För småhusägare finns ekonomiska incitament till att sänka det årliga energibehovet för värme och tappvarmvattenberedning, då det utgör huvudparten av det totala årliga energibehovet för bostäder i Sverige. Valet av värmesystem är därför ett viktigt då det kan medföra mer eller mindre gynnsamma ekonomiska konsekvenser sett över längre tidsperioder,då den mängd köpt energi som systemet kräver kan medföra besparingar som viktas mot den ekonomiska investeringen av systemet.Syftet med denna studie har därför varit att skapa ett referensunderlag över fyra olika värmesystem med jämförelser mot småhus av olika storlek, geografisk placering samt olikaisoleringsstandard, där det eller de mest ekonomiskt gynnsamma värmesystemen, sett över en 50-årsperiod, kan utläsas utifrån dessa parametrar.De småhus som studien har jämfört har bestått av enplanshus med tre antagna areor, 89,7/120/150,3 m2. Dessa har jämförts för Malmö, Stockholm, Sundsvall samt Luleå, varpå varje area har innefattat tre olika antagna genomsnittliga värmegenomgångskoefficienter, Umedelvärden. Studien har genomförts med energiberäkningar enligt gradtimmemetoden, och den ekonomiska analysen genom beräknade livscykelkostnader, LCC, för de olika systemkonstellationerna. Fyra värmesystem har undersökts: Fjärrvärme, bergvärmepump, luft-vattenvärmepump samt frånluftsvärmepump. Frånluftsvärmepumpen har inkorporerats som ett FX-ventilationssystem, frånluftsventilation med värmeåtervinning. De övriga tre systemen har för studien kombinerats med ett FTX-ventilationssystem, från- och tilluftsventilation med värmeåtervinning.Resultaten har påvisat att FTX-system, i jämförelse med FX-system, sänker för samtliga studerade byggnader i Malmö det årliga värmeenergibehovet, den energi som måste tillsättas byggnaden, med 36–71%, medan det i Luleå sänks med 32–61%. Den årliga energianskaffningen, den energi som måste köpas för att värmesystemen skall generera erfordrad värmeenergi och tappvarmvattenberedning, är genomgående lägst för systemkonstellationen bergvärmepump i kombination med FTX. Den systemkonstellationenmed studiens genomgående högsta andel köpt energi, är fjärrvärme i kombination med FTX.Vid jämförelse av livscykelkostnader, LCC, har påvisats att fjärrvärme i kombination med FTX är mest ekonomiskt gynnsam endast då det årliga behovet av köpt energi är mycket litet, och att det vid högre behov istället blir det dyraste alternativet. Frånluftsvärmepump utgör ett ekonomiskt gynnsamt alternativ vid majoriteten av analyserade fall, tack vare lägre investeringskostnader som väger upp de högre värmeenergibehov som ventilationstypen medför. Bergvärme i kombination med FTX, utgör det dyraste alternativet i de flesta fall därdet årliga behovet av köpt energi är lågt, men påvisar ekonomisk gynnsamhet vid höga energibehov. Luft-vattenvärmepump i kombination med FTX, är relativt likvärdig bergvärmepump men har ej påvisats vara det billigaste alternativet i något studerat fall. Vid jämförelse mellan frånluftsvärmepump och bergvärmepump i kombination med FTX, har påvisats att för studiens samtliga analyserade objekt är den största prisskillnaden, utslaget på 50 år, mindre än 1.800 kr/år.Utifrån de parametrar som presenterats, har påvisats genomförbarhet i att skapa ett referensunderlag över optimal gynnsamhet för värme- och ventilationssystem hos småhus, vilket avläses utifrån husets storlek, U-medelvärde samt geografiska placering. / For homeowners, there are economic incentives to reduce the annual energy demand for heating and domestic hot water preparation, as these constitute the main part of the total annual energy demand for houses in Sweden. The choice of heating system is therefore important as it can have more or less favorable economic consequences over longer periods of time, as the amount of purchased energy required by the system can lead to savings that weigh against the economic investment in the system. The purpose of this study has therefore been to create a reference framework for four different heating systems, comparing them across houses of different sizes, geographical locations, and insulation standards, to identify the most economically beneficial heating systems over a 50-year period, that can be interpreted based on these parameters. The houses compared in the study were single-story houses with three assumed sizes: 89.7/120/150.3 m². They have been compared in Malmö, Stockholm, Sundsvall and Luleå, with each size having three different assumed average thermal transmittance values, average U-values. The study was conducted using energy calculations based on the degree-hour method, and the economic analysis was performed using calculated life cycle costs, LCC, for the different system configurations. Four heating systems were investigated: district heating, geothermal heat pump, air-to-water heat pump, and exhaust air heat pump. The exhaust air heat pump was incorporated as an MEVHR ventilation system, mechanical exhaust air ventilation with heat recovery, while the other three systems were combined with an HRVventilation system, mechanical exhaust and supply air ventilation with heat recovery. The results have shown that HRV systems, compared to MEVHR systems, reduce the annual heating energy demand, the amount of energy that must be supplied to the building, for all studied buildings in Malmö by 36-71%, while in Luleå it is reduced by 32-61%. The annual energy procurement, the amount of energy that must be purchased for the heating systems to generate the required heating energy and domestic hot water preparation, is consistently lowest for the geothermal heat pump system combined with the HRV. The system configuration with the highest proportion of purchased energy throughout the study is district heating combined with HRV. When comparing life cycle costs, LCC, it was found that district heating combined with HRVis the most economically beneficial system only when the annual demand for purchased energy is very low, and becomes the most expensive option at higher demands. The exhaust air heat pump is a cost-effective option in the majority of analyzed cases, thanks to lower investment costs that offset the higher heating energy demand induced by this type of ventilation. Geothermal heat pump combined with the HRV is the most expensive option in most cases when the annual demand for purchased energy is low but shows economic advantages at high energy demands. The air-to-water heat pump combined with the HRV is relatively similar to the geothermal heat pump but has not been shown to be the cheapest option in any of the studied cases. When comparing the exhaust air heat pump with the geothermal heat pump combined with the HRV, it is found that for all objects analyzed in the study, the largest price difference is, averaged over 50 years, less than 1,800 SEK/year. Based on the presented parameters, the feasibility of creating a reference framework for the cost-effectiveness of heating and ventilation systems in houses has been demonstrated, which can be assessed based on the house size, U-value, and geographical location.