Thesis (Ph. D.)--University of Washington, 2000. / Vita. Includes bibliographical references (leaves 185-196).

Thesis (Ph. D.)--University of Connecticut, 1994. / Includes bibliographical references (leaves 217-222).

Thesis (Ph. D.)--McGill University, 2004. / Includes bibliographical references (leaves 254-271).

Thesis (Ph. D.)--University of Pittsburgh, 1989. / Includes bibliographical references (leaves 125-130).

Thesis (M.Com. (Economics and Economic History))--Rhodes University, 2006. / A thesis submitted in partial fulfilment of the requirements for the degree of Masters in Commerce (Financial Markets).

D.Com. (Economics) / The objective of the study was mainly to examine the effect of the U.S. dollar on the competitive advantage of South Africa.The theoretical framework explaining the competitive position of a country in the global market place was examined in Chapter II. The complexity of the variables involved is evident from the many different points of view put forward by economists, not only in respect of the. concept competitive advantage of a country, but also in respect of the criteria that should be used to evaluate such competitiveness. It is, however, evident that the phenomena involved in evaluating the competitive position of a country cannot be separated from the theories explaining the flow of goods and services between countries. Only a minor part of such flows can be explained in terms of the traditional international trade theories. Most of the trade over borders occurs between countries differing very little from each other as far as tastes and factor ...

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Magister Commercii - MCom / Previous research pertaining to the financial aspect of the mining industry has focused predominantly on mining products' values and the companies' sensitivity to exchange rates. There has been very little empirical research carries out in the field of the statistical behaviour of mning companies' cash flow data. This paper aimed to study the time-series behaviour of the cash flow data series of JSE listed mining companies. / South Africa

The three chapters of this thesis address two questions. First, how are real and nominal exchange rates between different national currencies determined? Second, how does this determination influ- ence the international transmission of macroeconomic fluctuations and, especially, monetary policy disturbances? Chapter 1 comprises an empirical evaluation of long-run purchasing power parity as a theory of equilibrium nominal exchange rate determination for the post-Bretton Woods data. Structural time series methods are used to identify bivariate moving average representations of nominal exchange rates and relative goods prices and to test whether these empirical representations are consistent with the implications of purchasing power parity. Long-run purchasing power parity can be un ambiguously rejected for the G- 7 countries. There are permanent deviations from parity which account for almost all of the variance of real exchange rates, and which are driven by permanent disturbances to nominal rates which are never reflected in relative goods prices. Chapter 2 presents an empirical evaluation of the hypothesis that the global Depression of the 1930’s was attributable to international transmission of (idiosyncratic) U.S. monetary policy actions through the International Gold Exchange Standard - fixed exchange rate - regime. Specifically, the analysis evaluates whether the interwar output collapse in Canada was caused by transmitted U.S. monetary policy disturbances. A multivariate structural time series representation of the Cana dian macroeconomy is estimated which is consistent with the dynamic and long-run equilibrium properties of a Mundell- Fleming small open economy model and in which U.S. data represent the ‘rest of the world’. The empirical results show that U.S. monetary disturbances play a negligible role for both Canadian and U.S. output movements in the 1930’s. Permanent common real shocks to outputs can account for the onset, depth and duration of the Depression in both economies. There is little evidence to support a Gold-Standard transmitted global output collapse through the transmission mechanisms usually associated with purchasing power parity theories of real exchange rate determination. Chapter 3 develops an alternative theory of real and nominal exchange rate determination and of the international transmision mechanism which can account for many stylized facts regarding the empirical behaviour of real and nominal exchange rates that long-run purchasing power parity fails to explain. In a two-country, two-currency overlapping generations model, the role of optimal portfolio choices between internationally traded assets is emphasized - rather than goods market trade - as the source of currency demands. These demands, and supplied of assets generated by domestic monetary policies, determine both real and nominal exchange rates. Here, monetary policy changes can induce permanent international and intra-national reallocations through real exchange rate and real interest rate adjustments. This transmission mechanism differs markedly from that implied by purchasing power parity. / Business, Sauder School of / Graduate

The 2007/08 global financial crisis, including pre- and post-crisis reform, led economies to reexamine the concept of capital controls. Theoretical and empirical literature has been divided regarding their effectiveness. This research paper assesses the impact of capital controls on exchange rate stability in South Africa (particularly exchange restrictions used to insulate economies from excessive currency volatility) using time-series analysis and employs event study methodology (Kothari & Warner, 2006; MacKinlay, 1997) to measure the impact of the capital control actions. More specifically, this research paper evaluates the impact of capital controls on (a) exchange rate returns, (b) volatility and (c) liquidity in South Africa for the period commencing 1 January 1999 to 31 December 2014 including the period during the 2007/08 financial crisis. The research paper applies methodology from empirical research on capital controls and currency stability (Pandey, Pasricha, Patnaik, & Shah, 2015), volatility using standard deviation and the GARCH (1,1) model (Abdalla, 2012; Bollerslev, 1986; Farrell, 2001) and liquidity (Karnaukh, Ranaldo, & Söderlind, 2015). In addition, it attempts to determine the effect on exchange rate movements directly attributable to capital controls i.e., the local factors, by removing the dollar risk factor that constitute a significant portion of exchange rate time series as noted by Verdelhan (2015), which serves as the base model for the event study. The research paper finds that overall the key capital controls selected do not have a significant impact on the ZAR/USD exchange rate with limited evidence of an effect on returns, volatility and liquidity.