Die skepping van 'n algemeen aanvaarde internasionale rekeneenheid as voorwaarde vir die ontwikkeling van 'n ordeliker wêreldgeldstelsel
- Authors: Schoeman, Christiaan Hendrik
- Date: 2015-02-11
- Subjects: International economic relations - Outlines, syllabi, etc , International finance , Monetary policy - International cooperation
- Type: Thesis
- Identifier: uj:13285 , http://hdl.handle.net/10210/13304
- Description: M.Com. (Economics) , The objective of the thesis was to examine the creation of a generally acceptable international unit of account as a precondition for the establishment of a more orderly international monetary system. The payments problem over the national boundary has for centuries baffled the brains and wits of the world's foremost economists, bankers and politicians. The high level of abstraction of the international monetary phenomenon, and the dynamics and geo-politics involved, tend to conceal the essence of the variables at work. The evolution of the international monetary system would thus seem to have trailed the evolution of the national monetary systems by almost two centuries. As recently as the twenties of this century the essence of the international monetary system was still sought in gold, a commodity that could never accommodate the growing payments needs of the world economy, especially at times when events such as wars and technological innovation acted as powerful catalysts expediting the course of events between nations. The use of the key currencies, especially the British pound sterling and the US-dollar, as instruments for international payment could not work for any length of time ...
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An empirical investigation of the locational determinants of cross-border mergers and acquisitions in Africa : 1990 - 2014
- Authors: Wilson, Magdalene Kasyoka
- Date: 2018
- Subjects: Investments, Foreign , International business enterprises , International finance
- Language: English
- Type: Doctoral (Thesis)
- Identifier: http://hdl.handle.net/10210/283202 , uj:30535
- Description: Abstract: There are two main modes of entry for Foreign Direct Investment (FDI). These are cross-border mergers and acquisitions (M&A) and greenfield investment. Most literature has examined determinants of aggregate FDI without consideration of entry mode choice. This thesis focused on determinants of the M&A entry mode. The thesis examined locational —that is, regional- and country- specific factors that affect M&A in Africa during the period 1990 to 2014. The thesis made various policy recommendations, which are based on the findings obtained. The thesis is written in article format with four sub-topics that make up the main chapters. After the introduction, the second chapter is a theoretical literature review that explained why international production takes place. The chapter concluded that developments in theories of FDI since the beginning of this century no longer view FDI in aggregate form. To understand trends of FDI, researchers also have to draw from theories that consider entry mode choice. The literature review finds relevance of FDI theories to M&A in Africa. The third chapter tested the expectations hypothesis that stock markets encourage cross-border M&A in South Africa. We use the negative binomial count model and the Johansen cointegration technique. We find that both the number and the value of M&A are positively influenced by the performance of the Johannesburg Securities Exchange during the period 1991 to 2014. Findings from the Vector Error Correction Model indicated that macroeconomic variables such as exchange rate volatility, relative inflation rate and economic growth are also important locational or pull factors for M&A in South Africa. The fourth chapter investigated the influence of global financial markets and natural resources on cross-border M&A in Africa. With the use of a dynamic panel data model, we found that the value of M&A targeting Africa was influenced by external factors and internal factors. International stock markets exerted a positive and significant influence on cross-border M&A in Africa, whereas international interest rates had a negative influence. These findings suggest that cross-border M&A in Africa are pro-cyclical. Locational factors that pull M&A into Africa include financial development and macroeconomic stability. The continent’s endowment in natural resources and the high demand for commodities during the study period had a significant positive effect on M&A that targeted Africa. The fifth chapter investigated whether regional integration facilitated cross-border M&A in Africa from 2000 to 2014. Using a structural gravity model and a global bilateral dataset of M&A we found that the depth of regional integration determines intra-regional M&A in Africa. We found that Southern Africa Customs Union (SACU) and the East African Community (EAC) encourage M&A from within the customs unions but not M&A from outside the customs unions. , Ph.D. (Economics)
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An analysis of the Unbiased Forward Rate Hypothesis (UFRH) in developed and emerging economies
- Authors: Phungo, Mukatshelwa Phumudzo
- Date: 2019
- Subjects: International finance , Foreign exchange , Economic forecasting , Economic indicators
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/403057 , uj:33757
- Description: Abstract : This paper tests the unbiased forward rate hypothesis (UFRH) in selected developed and emerging economies within the context of nonlinear models. Moreover, the paper assesses the extent of the nonlinear adjustment towards equilibrium between the spot and forward exchange rates in these economies. Using the smooth transition error correction model (STECM) to account for long-run relationship and asymmetric adjustment between the spot and forward prices, the results of the empirical analysis reveal that there is nonlinear adjustment between the spot and forward exchange rates in developed and emerging economies. In addition, the results show that the magnitude of the speed of adjustment to mitigate arbitrage opportunities triggered by the deviation between the spot and forward prices is higher in emerging than in developed markets. This occurs because the size of arbitrage profit is higher in emerging markets compared to developed markets. , M.Com. (Financial Economics)
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Spillover effects of shocks to China and the US on emerging economies : a dynamic analysis
- Authors: Mpoha, Salifya
- Date: 2020
- Subjects: Financial crises - United States , Financial crises - China , International finance , Capital market - Developing countries
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/478832 , uj:43288
- Description: Abstract: In the wake of raising global interconnectedness and the most recent global financial crisis, researchers, and practitioners alike show increasing interest in contagion and understanding its behaviour – measurement of observable patterns, levels of impact, variations and contributing factors. Accordingly, various methodologies have been applied to different samples, shock sources, and crisis times in order to better understand pure contagion and its effect on global economies during adverse economic periods. This research study adopts a wavelet analysis to assess the dynamic behaviour of spillover effects from two key markets (China and the US) on six major emerging economies across five regions. The results support the presence of pure (shift) contagion during the crisis period and suggest variation in market response for each market as well as shock source. The findings presented in this research study may prove insightful to investors and asset managers wishing to diversify portfolios in the studied markets or to policy-makers in establishing stronger stabilisation programmes. , M.Com. (Financial Economics)
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