yes / In recent years financial inclusion has become an important policy goal in the developing countries. The definition of financial inclusion is however, not clear and varies from ‘banking the unbanked’ to ‘branchless banking’. It is also increasingly viewed as a tool of poverty alleviation. Further, it enables the poor to be risk averse and allows investment in their health and education (Arora 2012). Financial inclusion has become all the more important as studies have shown that poor, despite their low incomes and small amount of funds available, actively manage and diversify their portfolios into different financial products even though outside the formal financial system (Collins et al. 2009).

This thesis is based on three empirical essays in financial development and economic growth. The first essay, investigated in the third chapter, the effect of financial development on economic growth in the context of Saudi Arabia, an oil-rich economy. In doing so, the study distinguishes between the effects of financial development on the oil and non-oil sectors of the economy. The Autoregressive Distributed Lag (ARDL) bounds test methodology is applied to yearly data over the period 1968 to 2010. The finding of this study is that financial development has a positive impact on the growth of the non-oil sector. In contrast, its impact on the oil-sector growth and total GDP growth is either negative or insignificant. This suggests that the relationship between financial development and growth may be fundamentally different in resource-dominated economies. The second essay revisited, in the fourth chapter, the relationship between financial development and economic growth in a panel of 52 middle-income countries over the 1980-2008 period. Using pooled mean group estimations in a dynamic heterogeneous panel setting, we show that there is an inverted U-shaped relationship between finance and growth in the long-run. In the short run, the relationship is insignificant. This suggests that too much finance can exert a negative influence on growth in middle-income countries. The finding of a non-monotonic effect of financial development on growth is confirmed by estimating a dynamic panel threshold model. The third essay empirically explores cross-country evidence of the effects of financial development shocks on economic growth. It employs a Global Vector Autoregressive (GVAR) model, which allows us to capture the dynamics of this relationship in a multi-country setting, and connects countries through bilateral international trade. Given the progressive role that Brazil, Russia, India, China and South Africa (BRICS) play in the world economic arena, this essay focuses on whether financial development in one BRICS member state affects economic growth in the other BRICS. To this end, the study finds empirical evidence that credit to the private sector has a positive spillover effect on growth in some of the BRICS countries. However, the results imply that the current level of financial integration among the BRICS countries is still not mature enough to spur economic growth for all the BRICS members.

The first chapter of my thesis decribes definitions, tools and structure of economic diplomacy. History of economic diplomacy in the Czech Republic within last 20 years is also mentioned. My aim si to decribe BRICS countries as a subject of an essential interest for czech economic diplomacy.

A shift in economic power from the developed world to emerging markets has seen the BRICS countries becoming the new growth centre of the world. In 2010, half of the total global foreign direct investment (FDI) flows went to emerging economies. A large portion of these FDI flows goes to the manufacturing industry with a quarter of the global GDP being generated by the production processes of multinational manufacturing enterprises (MMEs). The challenge for the BRICS countries will be to sustain their trend in FDI inflow. Previous studies on this topic focused on the determinants of FDI at country level as opposed to an industry specific focus. The outcome of this study assists MMEs in their entering decisions and policy makers in developing policies that create an enabling environment that will attract foreign capital.This research analyses the BRICS countries as potential destinations for FDI in the manufacturing industry. The analyses followed a three phased approach. The first phase identified the potential determinants of FDI to the manufacturing industry of the BRICS countries. The second phase either validated or disproved investor perceptions about the factors that would impact on the performance of an investment. In the third and final phase of the analysis, the competitiveness of the BRICS countries in attracting FDI to the manufacturing industry was assessed.The analysis of the three hypotheses contributed to the overarching theme of evaluating the BRICS countries as potential destinations for MMEs. The outcome of the analysis highlights that countries are unique and that investor perceptions about a country’s conditions and how this will impact on the performance of an investment are not always valid. In the overall analysis of the BRICS countries as potential destinations for FDI, the majority of the BRICS countries, with the exception of South Africa, are found to be competitive destinations for attracting FDI to the manufacturing industry. On the basis of the outcome of the analysis and the methodology followed in this study, a general model that can be used in future FDI research is suggested. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

Market based instruments have become a common feature in country policies aimed at transitioning to low carbon economies. BRICS countries are responsible for approximately two-thirds of the global average of carbon emissions. These countries are under continuing international pressure to demonstrate leadership in their carbon emission reduction efforts.This research explored the implementation of market based instruments in Brazil, China, India and South Africa as they transition to low carbon economies and determined the elements and driving forces informing the selection of market based instruments. The research sought to achieve three objectives, the first objective was to establish whether market based instruments were regarded as a policy option for low carbon transition initiatives by these four countries. The second objective was to determine the drivers and sectors informing a selection of market based instruments. The third objective was to extract lessons from these countries for South African to consider in its low carbon transition.The research outcomes included a model of the interrelationship between driving forces for decisions to adopt market based instruments, targeted sectors that would be subjected to such mechanisms and the eventual combination of instruments that gets implemented. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

Thesis (M. Com. (Economics)) -- University of Limpopo, 2021 / Investment as one of the main macroeconomic variables can ensure development of infrastructure and economic growth through increasing productivity and attracting investors. This study examined key determinants of investment activities by means of a comparative analysis between the SADC and BRICS groups during the period 2004- 2019. The key variables were the real exchange rate, real interest rate and trade openness. The analysis began by reporting unit roots tests, which paved way for employing Panel Autoregressive Distributive Lag (PARDL) methodology in the existence of different orders of integration. To estimate the long run relationship between the variables, we made use of the panel Johansen cointegration test, Pedroni test, Kao test and the Johansen Fisher cointegration test. Through the PARDL, the exchange rate and trade openness were found to be positive and statistically significant determinants of investment in SADC although statistically insignificant in the BRICS group. In addition, interest rates yielded insignificant results in the SADC region while, on the contrary, yielded a negative and statistically significant relationship in the BRICS group. The Granger causality test indicated a bi-directional causality in the exchange rate-investment and trade openness investment nexus for the SADC group while there was no causality in the BRICS group. It can be concluded that trade openness and exchange rate are key determinants of investment in the SADC region while interest rates are key in the BRICS group. It is therefore recommended that in order to attract investors and boost investment activities the SADC group need to focus more on exchange rate stability and trade openness while the BRICS group need to pay more attention to the flexibility of interest rates. This is beneficial on trading patterns, more for South Africa as it can be found in both groups.

Thesis (M. Com. (Economics)) -- University of Limpopo, 2019 / Financial markets and quite a diverse number of financial instruments have been growing in a controlled manner in recent decades in terms of value and volume. Brazil, Russia, India, China and South Africa (BRICS) are distinguished as having the fast growing markets in the universe compared to other markets of emerging economies, according to their promising economic prospective and demographic power. This study investigated the effects of government stock on investment activity in BRICS countries. This study used panel autoregressive distributed lag model (PARDL), Engel-Granger causality test, impulse response functions (IRF) and variance decomposition tests. Such techniques were applied to the annual data for the periods 2001 to 2016 in order to determine the effects of government stock on investment activity. The variables (government stock on bonds, government stock on mutual banks, government stock on corporations and government stock on liquid assets), including gross fixed capital formation which is a measure of investment activity, were subjected to panel unit root tests and that confirmed different orders of cointegration. The existence of a long run relationship between investment activity and other macroeconomic variables used in this study was determined by means of the panel cointegration tests, where one lag was used. The PARDL showed that in the long run investment activity was positively influenced by government stock on mutual banks and government stock on liquid assets, and negatively related to government stock on bonds and government stock on corporations. The Engel-Granger causality test revealed existence of unidirectional movement between investment activity and government stock on corporations as well as from government stock on bonds to liquid assets. The impulse response function test showed the impulse percentage of fluctuation that the variables did contribute to each other, from various periods both in the short and long run. While the variance decomposition of investment indicated that Investment was shocked by its own innovations throughout all the periods. A critical evaluation is needed to avoid investment shocks, instability of investment activity, instability of financial markets and the economy as a whole.

This thesis deals with motives of the South Africa's inclusion to BRIC countries and examines the impact of this inclusion on South Africa. It explores the question whether South Africa "deserves" the inclusion to BRIC countries and what characteristics connect it with these economies. The thesis also analyzes the BRICS bloc, the current situation in these economies, their cooperation and performing on the global scene.

This thesis deals with economic, political and social aspects of Brazil. The first chapter characterizes Brazil as one of the developing centres of the world economy with emphasis on its geographical and demographic situation and on the political development from the period of colonization to the new millenium. It offers detailed analysis of the social problem as well. The second chapter is basically oriented to the characteristics of the brazil economy. It focuses especially on the structural reforms effectuated in the nineties and on the "Real Plan". The next part of the chapter deals with the description of che basic economic profile and the financial sphere of the country and offers the evaluation of the economic development in the 2007. At the end the "Growth Acceleration Program" is presented. The last chapter analyses actual situation of the brazil foreign trade and of the investment sphere, the most perspective sectors for investments, but it points out potential risks for the investors as well. In the end this chapter tries to define perspectives of the next development of the brazil economy and it's future role in the world economy.