SMEs are important for a country's economy, since they provide benefits such as entrepreneurship, employment, exports and productivity to an economy. An economy that shows substantial growth is usually characterised by a strong and growing SME sector. South African SMEs need to grow to create jobs and benefit the South African economy. One way that SMEs can become strong and grow is through internationalisation. Firms are internationalising faster than ever before (because of advances in telecommunications and transportation) and internationalisation theories that can provide practical guidance to firms are more important today than in the past. The motivation of the study was to identify the areas that the South African government can develop in order to transform the economy into an emerging economy that can be on par with the BRIC countries. SMEs make up a large part of the BRICS economies and they grow through exports. In order to be on par with the BRIC countries, it is necessary to compare South African exporting and non–exporting SMEs with those in the BRIC countries. This will help to identify areas where South African SMEs' competitiveness can improve, especially in South–South trade. The competitiveness of SMEs involved in exporting also tends to improve. Therefore, if SMEs' competitiveness improves, it may be less risky for them to internationalise, which can lead to them being able to export more successfully, grow as a result of exporting and so contribute to employment. The primary objective of the study was to make a comparison between the characteristics of internationalising SMEs in South Africa and the BRICS countries. Data was obtained from the World Bank Enterprise surveys to conduct an empirical analysis on firms in the BRICS countries. The empirical analysis provided descriptive statistics on internationalising firms and SMEs in the BRICS countries. The descriptive statistics was used to make a comparison between the characteristics of internationalising SMEs in the BRICS countries (primary objective). South Africa has the highest percentage of exporting SMEs, followed by India, Brazil, Russia and China. China had the most exporting SMEs with an internationally recognised certification. The top managers of Chinese exporting SMEs are higher educated than those in India and South Africa. SMEs in Russia internationalise at by far the youngest age and thus are likely to follow the rapid international theories. South African SMEs had the highest average age, meaning that SMEs first are established in the domestic market before they internationalise through exports. Internationalisation has become an important strategy for firms that want to achieve further growth, but it is also very tough to survive in the international market. An interesting finding of this study was that the two obstacles South Africa had in the top 5 namely, crime, theft and disorder, and electricity were not a top 5 obstacle for any of the other BRIC countries. Another objective of the study was to empirically determine the characteristics of internationalising SMEs in South Africa. SMEs in South Africa are more likely to internationalise through exports if they are, amongst others, older (longer established in the domestic market), have a larger market share in the South African domestic market, have a top manager with experience and a higher education level (some university training minimum) and have less competitors in the South African domestic market. The comparison between the characteristics of internationalising SMEs of the BRICS countries provided several lessons for the South African government and exporting SMEs. The areas or aspects that the South African government need to develop in order to transform the economy into an emerging economy that can compete with the BRIC countries, include assisting SMEs in exporting at an earlier age, improving the education levels of top managers in SMEs, increasing the national market share of SMEs and lessening, or even eliminating, obstacles like crime, theft and disorder as well as electricity. These aspects, together with the characteristics of internationalising SMEs in South Africa, are vital to improve SME competitiveness. Therefore, if SMEs' competitiveness improves, then it may be less risky for them to internationalise, which can lead to them being able to export more successfully, grow as a result of exporting and so contribute to employment. / Thesis (M.Com. (International Trade))--North-West University, Potchefstroom Campus, 2012.

This thesis investigated money supply behaviors in the ‘BRICS’ group from 1982 to 2012. It empirically analyzed causality relationships between related monetary indicators by using quarterly data and time series econometric methods. In four countries: Brazil, China, Russia (the period of 2004-2012) and South Africa (1982-1993), this study found money supply endogeneity evidence (bank loans cause the money supply, or there is bidirectional between these two). Other countries, India and the 1982-2003 period of Russia, money supply was found to be exogenous, i.e. money supply cause bank loans. Nonetheless, traditional Monetarian view still holds across the five economies in the short run. The findings reflected discretionary monetary policies targeting monetary aggregates in the short term, despite a neutral role of most central banks in the long run.

A discussão dos elementos políticos, econômicos e financeiros relacionados ao debate sobre bancos multilaterais de desenvolvimento (BMDs) se tornou ainda mais interessante com o surgimento de novas instituições multilaterais, como o Novo Banco de Desenvolvimento do BRICS (NBD). Apesar de ainda não ter realizado empréstimos, o NBD desperta expectativas com relação a mudanças tanto em termos de método operacional como também de resultados. No entanto, pouco se sabe a respeito do significado da criação e da possibilidade de crescimento de um novo BMD governado por esses países emergentes. Quais são os desafios que o NBD irá enfrentar? Qual a sua capacidade de superar essas dificuldades? Quão distinta do Banco Mundial esta nova instituição será? Essas são as questões que norteiam esta dissertação, cujo objetivo geral é identificar e analisar os principais dilemas e obstáculos políticos e institucionais que os BMDs em geral, e em particular o NBD, encontram em suas trajetórias e a capacidade de superação dessas instituições. Esta pesquisa é desenvolvida através de um método que combina elementos teóricos e históricos, e avalia informações extraídas de documentos oficiais e discursos dos líderes dos BMDs estudados. A pesquisa é estruturada em cinco capítulos, além da introdução e das conclusões. A dissertação inicia com uma discussão teórica a respeito dos propósitos e processo decisório dos BMDs. O segundo capítulo é dedicado às questões financeiras referentes à captação de recursos, gestão de riscos e concessão de crédito dos BMDs. No terceiro capítulo, o objetivo é descrever a evolução do capital, da governança e do crescimento do Banco Internacional para Reconstrução e Desenvolvimento (BIRD), mais conhecido como Banco Mundial, durante o período que se estende desde sua fundação até o presente. O quarto capítulo discute a forma como o BIRD administrou os riscos apresentando as principais características das suas políticas financeiras e de crédito ao longo da sua existência. O objetivo do quinto capítulo é analisar a criação do NBD, as características da sua estrutura de capital e de governança, as prováveis políticas financeiras e de crédito e as possibilidades de crescimento desta nova instituição, estabelecendo sempre um paralelo com a discussão anterior sobre os BMDs e com a história do BIRD. Na conclusão, são apresentados resultados que indicam potencial do NBD para crescer e contribuir com o financiamento do desenvolvimento a partir de um modelo diferente do que tem sido praticado historicamente pelo BIRD. / The discussion regarding the political, economic, and financial aspects related to multilateral development banks (MDBs) has become more interesting with the appearing of new multilateral institutions, such as the New Development Bank (NDB). Despite still not having a history with lending, the NDB is expected to bring some changes in terms of operational method and results. Yet, the real meaning about the creation and possibility of growth of this new MDB, governed by emerging countries, is unknown. What are the challenges the NDB is going to face? What is its capacity to overcome the difficulties ahead? How different from the World Bank this new institution will be? These are the questions that guide this dissertation, whose general goal is to identify and analyse the main dilemmas and political and institutional obstacles that MDBs in general, and the NDB in particular, find in their trajectories and the capacity of these institutions to overcome the challenges. This research is developed through a method that combines theoretical and historical elements, and evaluates information gathered from official documents and speeches of leaders of the MDBs studied. The research is structured in five chapters, besides the introduction and the conclusions. The dissertation begins with a theoretical discussion about the purposes and decision process of MDBs. The second chapter is dedicated to financial questions regarding borrowing of resources, risk management, and lending. In the third chapter, the objective is to describe the evolution of the capital, governance, and loans growth of the International Bank for Reconstruction and Development (IBRD), more commonly known as the World Bank, during the period which extends since its origins until the present. The fourth chapter discusses the way the IBRD managed its risks, presenting the main characteristics of its financial and credit policies. The objective of the fifth chapter is to analyse the creation of the NDB, the characteristics of its capital and governance structure, its most probable financial and credit policies, and the chances of growth of this institution, always establishing a parallel with the previous discussion regarding the MDBs and the IBRD. In the conclusion, the results are presented indicating the NDB potential to grow and contribute to development finance with a model that has some differences in relation to the historical practices of the IBRD.

Situated within a global context of political unease over Russia’s involvement in Ukraine, this thesis challenges views of Russian foreign policy as enigmatic and unpredictable. It examines the relationship between identity politics, conceptions of security, and the foreign policy preferences of the Russian political elite. It shows how particular aspects of Russian identity that are dominant in different international contexts work to structure policy preferences. This contributes to the pursuit of apparently contradictory objectives across these settings, and to inconsistencies between the rhetoric and reality of Russian security policy. Previous studies have looked into the impact of Russian identity on its policy preferences, but most have taken a limited, instrumentalist view of identity as a tool that is mobilised by political elites to further their existing policy preferences. By contrast, this thesis argues that conscious elite mobilisation of identity provides only part of the picture. Visions of Russian identity (and consequently of its international role) are constrained by institutional factors. These include the linked historical development of the Russian military, economy and education/research sectors. Following a discursive understanding of institutions, they also include the limited number of ways in which identity has previously been represented. These factors produce subconscious constraints on the imagining of Russian identity. This limited conceptualisation of Russian identity has become even more specific in the Putin era, due to the political elite’s frequent repetition of one, highly restrictive, narrative of a ‘usable’ history, presented as the factual background to policy discussion. This narrative foregrounds favoured events, associating them with preferred identity themes. Resultant ‘truths’ of Russian identity then provide a framework for foreign policy. Particular elements of this framework dominate Russia’s relationships with different multinational bodies, impacting on the type of policy cooperation pursued. In relations with the EU, focus on Russia’s equal contribution to European civilisation brings normative incompatibilities between the parties to the fore and acts as a barrier to compromise. With contrasting visions of their identities in their shared region, of what security there should look like, and of how it should be achieved, Russia-EU cooperation has been most effective when undertaken in a specific, sectoral manner. Anticipating the ‘West’s’ relative decline in global influence, Russia has gradually downgraded EU relations whilst pursuing a ‘multivector’ foreign policy that emphasises alternative partners. Capitalising on its identity as one of the BRICS rising powers, Russia has been able to pursue a joint challenge to the contemporary structure of the international order, facilitated by members’ shared convictions of the inequities of the existing system, and of their subordinate positions within it. Here, Russia’s identity as a cultural bridge has been emphasised, giving it a unique possibility to negotiate between the old and the new global powers. Most recently, Russia has built upon its identity as a continent-straddling regional leader, and a supposedly natural representative of Eurasia. In developing the Eurasian Union, Russia seeks to use its privileged regional role to ensure continued global relevance during an anticipated, and desired, transition to global multipolarity. This is a new reading of Russian ‘great power’, in which Russia’s multiple international roles are combined to give it the greatest possible level of influence in determining new global structures.

A discussão dos elementos políticos, econômicos e financeiros relacionados ao debate sobre bancos multilaterais de desenvolvimento (BMDs) se tornou ainda mais interessante com o surgimento de novas instituições multilaterais, como o Novo Banco de Desenvolvimento do BRICS (NBD). Apesar de ainda não ter realizado empréstimos, o NBD desperta expectativas com relação a mudanças tanto em termos de método operacional como também de resultados. No entanto, pouco se sabe a respeito do significado da criação e da possibilidade de crescimento de um novo BMD governado por esses países emergentes. Quais são os desafios que o NBD irá enfrentar? Qual a sua capacidade de superar essas dificuldades? Quão distinta do Banco Mundial esta nova instituição será? Essas são as questões que norteiam esta dissertação, cujo objetivo geral é identificar e analisar os principais dilemas e obstáculos políticos e institucionais que os BMDs em geral, e em particular o NBD, encontram em suas trajetórias e a capacidade de superação dessas instituições. Esta pesquisa é desenvolvida através de um método que combina elementos teóricos e históricos, e avalia informações extraídas de documentos oficiais e discursos dos líderes dos BMDs estudados. A pesquisa é estruturada em cinco capítulos, além da introdução e das conclusões. A dissertação inicia com uma discussão teórica a respeito dos propósitos e processo decisório dos BMDs. O segundo capítulo é dedicado às questões financeiras referentes à captação de recursos, gestão de riscos e concessão de crédito dos BMDs. No terceiro capítulo, o objetivo é descrever a evolução do capital, da governança e do crescimento do Banco Internacional para Reconstrução e Desenvolvimento (BIRD), mais conhecido como Banco Mundial, durante o período que se estende desde sua fundação até o presente. O quarto capítulo discute a forma como o BIRD administrou os riscos apresentando as principais características das suas políticas financeiras e de crédito ao longo da sua existência. O objetivo do quinto capítulo é analisar a criação do NBD, as características da sua estrutura de capital e de governança, as prováveis políticas financeiras e de crédito e as possibilidades de crescimento desta nova instituição, estabelecendo sempre um paralelo com a discussão anterior sobre os BMDs e com a história do BIRD. Na conclusão, são apresentados resultados que indicam potencial do NBD para crescer e contribuir com o financiamento do desenvolvimento a partir de um modelo diferente do que tem sido praticado historicamente pelo BIRD. / The discussion regarding the political, economic, and financial aspects related to multilateral development banks (MDBs) has become more interesting with the appearing of new multilateral institutions, such as the New Development Bank (NDB). Despite still not having a history with lending, the NDB is expected to bring some changes in terms of operational method and results. Yet, the real meaning about the creation and possibility of growth of this new MDB, governed by emerging countries, is unknown. What are the challenges the NDB is going to face? What is its capacity to overcome the difficulties ahead? How different from the World Bank this new institution will be? These are the questions that guide this dissertation, whose general goal is to identify and analyse the main dilemmas and political and institutional obstacles that MDBs in general, and the NDB in particular, find in their trajectories and the capacity of these institutions to overcome the challenges. This research is developed through a method that combines theoretical and historical elements, and evaluates information gathered from official documents and speeches of leaders of the MDBs studied. The research is structured in five chapters, besides the introduction and the conclusions. The dissertation begins with a theoretical discussion about the purposes and decision process of MDBs. The second chapter is dedicated to financial questions regarding borrowing of resources, risk management, and lending. In the third chapter, the objective is to describe the evolution of the capital, governance, and loans growth of the International Bank for Reconstruction and Development (IBRD), more commonly known as the World Bank, during the period which extends since its origins until the present. The fourth chapter discusses the way the IBRD managed its risks, presenting the main characteristics of its financial and credit policies. The objective of the fifth chapter is to analyse the creation of the NDB, the characteristics of its capital and governance structure, its most probable financial and credit policies, and the chances of growth of this institution, always establishing a parallel with the previous discussion regarding the MDBs and the IBRD. In the conclusion, the results are presented indicating the NDB potential to grow and contribute to development finance with a model that has some differences in relation to the historical practices of the IBRD.

O presente trabalho tem como objetivo estudar o tratamento dado à arbitragem comercial institucional internacional pelas leis de Brasil, Rússia, Índia e China. A aproximação entre estes países, deflagrada principalmente após a criação do grupo BRIC, culminou num aumento considerável das suas relações comerciais. O aumento das relações pressupõe, também, um aumento na possibilidade da ocorrência de conflitos. Pela arbitragem ser, reconhecidamente, o meio de solução de controvérsias mais adequado e mais utilizado em litígios internacionais, a informação sobre como este instituto é regulado pelos sistemas jurídicos dos BRICs pode ser útil àqueles que tenham interesse em atuar nos mercados destes países. Utilizando-se dos postulados do Direito Comparado, o presente trabalho compara o padrão internacional de regulação da arbitragem comercial, consubstanciado nos textos da Lei Modelo da UNCITRAL e na Convenção de Nova Iorque de 1958, com as leis de arbitragem instituídas em cada um dos BRICs, para verificar eventuais similaridades e diferenças relevantes. A metodologia é a pesquisa comparada, em que se comparam as leis, dotrinas e decisões judiciais relevantes sobre o tema, em cada um dos sistemas jurídicos estudados. Os resultados apontam para o fato de que o padrão internacional é, em linhas gerais, seguido por todos os BRICs, embora os sistemas chinês e russo sejam menos liberais, no que diz respeito à influência estatal na efetividade da arbitragem comercial internacional. Por fim, sugere-se uma maior aproximação entre os sistemas jurídicos destes quatro países, mas que os próprios também fomentem, nos foros multilaterais, que a comunidade internacional discuta mais o tema e promova, se necessário, eventuais reformas ao padrão adotado atualmente, para que sua aceitação e implementação sejam amplas entre as nações. / This work studies the treatment given by Brazilian, Russian, Indian and Chinese laws to international commercial arbitration. Mainly triggered after the creation of the BRICs, these countries proximity ended up by significantly increasing their commercial relations. This increase in commercial relations also implies an increase in the possibility of conflicts. Because arbitration is recognized as the most suitable and used means of conflict resolution in international litigations, the information on how it is regulated by the BRICs legal systems may be useful to those interested in operating in these countries markets. By using the fundamental principles of comparative jurisprudence, this work compares the international standard of regulation of commercial arbitration, set forth in UNICITRAL Model Law and in the 1958 New York Convention, to arbitration laws established in each country composing the BRICs, aiming at identifying any relevant similarities and differences. The methodology used is compared research, in which laws, relevant precedents and jurisprudence are compared within the legal systems studied in this work. The results show that the international standard is, at least in general, followed by all BRICs, although Chinese and Russian systems are less liberal, concerning public influence on the effectiveness of international commercial arbitration. Finally, it is presented a suggestion to enclose the regulation of international commercial arbitration among those four countries, but also indicating that this movement shall be made within the multilateral system, promoting the discussion with tha international community, in order to review, if necessary, the legal standard in force, aiming it´s major acceptance and implementation by other nations worldwide.

The system changed after the Cold War and the bipolar structure ended and left the USA as the only superpower. The question of the 21st century what is the current structure and how the emerging powers are becoming more important and how it can change the structure and rise their dominance in the multipolar world. The analyzed actors Brazil, China and Russia through their strategies are offering the possible system changes and configurations for the near future from the realist/neorealist perspective.

As Brazil develops into the first South American world power many changes in its society, economy and political system are necessary for a successful transformation. Nevertheless this is no easy task as the country battles corruption, vast inequality and a severe problem with freedom of information within the media. For decades the Brazilian mainstream media has been controlled by elite political forces together with elite families influencing and controlling many factors that are responsible for social, economic and political development. As new developments and implementations in the last fifteen years have been ongoing within Brazil, such as welfare programs, social reforms, hosting of international sporting events and the emergence and popularity of social networking technology, millions within the Brazilian Nation have been able to ascend out of poverty and into a new era of diversity of information, political participation and greater awareness of the problems within their own society. The time has finally come of when the Brazilian people have the ability to react and mobilize against the forces and factors that for decades have perpetuated several unfavorable conditions within Brazil.

Yes / The aim of the study is to investigate two relatively underexplored factors, namely, the R&D (research and development) capabilities of target firms and the strength of intellectual property (IP) institutions in target economies, that influences the choice of equity ownership in cross border acquisitions (CBAs) undertaken by multinational enterprises (MNEs) from BRICS (Brazil, Russia, India, China and South Africa) economies. We develop our key hypothesis on foreign market entry through CBAs by incorporating insights from transaction costs economics, the resource-based view and institutional theory to investigate the determinants of full versus partial equity ownership. Using logistic regression estimation methods to a sample of 111 CBA deals of BRICS MNEs in 22 European countries, we find that BRICS MNEs are likely to pursue full rather than partial acquisition mode when target firms have high R&D capabilities. However, the greater the degree of strength of IP institutions in target economies and higher the target firms’ R&D capabilities, the more likely it is for BRICS MNEs to undertake partial, rather than, full acquisition mode. We provide interesting theoretical insights and managerial implications that might underlie some of the key findings on CBAs by emerging market MNEs.

'BRIC' is an acronym created by Jim O’Neil to describe some of the world’s leading emergingeconomies, namely Brazil, Russia, India, and China. During 2010, the members of the group included South Africa and 'BRIC' was renamed 'BRICS'. The primary objective of this study was to investigate whether South Africa should be included in BRICS, taking into account that the country represents the whole of Africa. Data was collected by means of self- administered questionnaires and face-to-face semi-structured interviews. The results suggest that South Africa should be included in BRICS as it is depicted as the regional leader and gateway to the continent. This is demonstrated by its global economic prominence especially through multilateral organisations such as SADC, AU, and it is the only African country in the G20. It is recommended that South Africa should work together with other African countries and encourage their inclusion in achieving common economic goals. / Business Management / M. Com. (Business Management)