The debt crisis may be sleeping rather than dead-- and may well be aroused as interest rates rise again. Debt reduction and policy reform-- including fiscal reform and privatization-- improved access to capital markets in the 1990s for some developing countries that had debt servicing problems in the 1980s. Overall, however, access to capital markets depends mostly on international interest rates. / "July 1994"--Cover. Includes bibliographical references (p. 29-30).

Thesis (doctoral)--Université de Genève, 1983. / Errata slip inserted. Bibliography: p. [203]-207.

Thesis (Ph. D.)--University of Utah, 2004. / Includes bibliographical references (leaves [79]-80).

Thesis (Ph. D.)--University of Toronto, 1994. / Includes bibliographical references (leaves 205-209).

Thesis (Ph. D.)--Göteborg University, 1997. / Abstract inserted. Includes bibliographical references.

Thesis (Ph. D.)--Florida State University, 2005. / Advisor: Dr. Stefan Norrbin, Florida State University, College of Social Sciences, Dept. of Economics. Title and description from dissertation home page (viewed Sept. 21, 2005). Document formatted into pages; contains xii,163 pages. Includes bibliographical references.

Thesis (Ph. D.)--University of Chicago, Dept. of Economics, March 2001. / Includes bibliographical references. Also available on the Internet.

Firms can use financial derivatives to hedge risks and thereby decrease the probability of bankruptcy and increase total expected tax shields. Firms also can adjust their operational policies in response to fluctuations in prices, a strategy that is often referred to as "operational hedging". In this paper, I investigate the relationship between the optimal financial and operational hedging strategies for a firm, which are endogenously determined together with its capital structure. This allows me to examine how operational hedging affects debt capacity and total expected tax shields and to make quantitative predictions about the relationship between debt issues and hedging policies. I also model the effects of asymmetric information about firms' investment opportunities on their financing and hedging decisions. First, I examine the case in which both debt and hedging contracts are observable. Then, I study the case in which firms' hedging activities are not completely transparent. The models are tested using a data set compiled from the annual reports of North American gold mining companies. Supporting evidence is found for the key predictions of the model under asymmetric information. / Business, Sauder School of / Graduate

This research explores the impact of various forms of capital flows on economic growth and development for a group of 120 countries from 1980-2007. Traditional growth literature as well as the textbook theory of economic growth looks at capital flows as playing a vital role in fostering economic growth and development. The textbook theories, as well as the existing approaches to study the capital flows and economic development connection, use growth and development interchangeably. This analysis, examines the consequences of different capital flows on growth and development separately because the determinants of growth may not be the same as the determinants of development. This distinction becomes even more applicable when observing the cases of countries that have experienced economic growth during certain periods but were unable to translate the increase in economic growth to development. To investigate the impact of various forms of capital flows, this dissertation utilizes life expectancy in addition to economic growth, as a measure of development. The results from using the two measures show that capital flows have dissimilar impact on life expectancy as well as economic growth. The central proposition of this dissertation is that not all forms of capital flows are created equal. Furthermore, countries at different levels of development may differ in their absorptive capacity of the capital. Thus, the ability of a country to harness capital for development depends upon its absorptive capacity, presence of domestic resources and the capabilities of national governments. This study therefore not only looks at the role played by various forms of capital flows on growth and development, but also takes into account the role of political performance of national governments that can play an important role in maximizing the efficiency of the investments. To investigate what kinds of flows are beneficial at different levels of development, this analysis further divides the dataset into three samples of developed countries, emerging markets and less developed countries. The results indicate that the impact of different capital flows varies across the three subsamples. By categorizing capital flows into categories of international capital flows, domestic capital, and remittances, this research also finds that the type of investment, as well as the source of investment (foreign vs. domestic), indeed does matter. The analysis suggests that the key to harnessing capital for development lies with capable governments and efficient use of domestic resources. In absence of capable governments, influx of foreign capital flows can manifest itself in ways that are harmful to the progress of developing societies.

This study examines the indirect linkages between foreign direct investment (FDI) and economic growth in South Africa utilising 36 years’ (1980-2016) time series data obtained from the South African Reserve Bank (SARB). South Africa’s economy has been experiencing unsteadiness in recent years. Despite the government’s execution of different strategic initiatives to draw in FDI into South Africa, the country’s FDI remains lower than that of other emerging economies. Domestic investment by government, public corporations and the private sector is also relatively unsteady. Slow economic growth has put tremendous weight on the government to borrow externally for developmental purposes. This study tests two models – model I and model II. In model I, real GDP per capita (RGDP) is the dependent variable and foreign direct investment (FDI), domestic investment (DI), real exchange rate (EXR) and foreign debt (FD) are modelled as explanatory variables while in model II, FDI is the dependent variable and RGDP, DI, EXR and FD are modelled as explanatory variables. Domestic investment is sub-divided into credit to the domestic private sector (CPS), public investment (PI) by public corporations and government investment expenditure (GOVIN). The analysis of the relationship was carried out using econometric methods such as the Augmented Dickey-Fuller (ADF) and Phillips Perron (PP) unit root tests to identify the order of integration of the variables. The bounds cointegration test was applied to establish the long-term association among variables. The Autoregressive Distributed Lag (ARDL) model was utilised to test the long-run and short-run equilibrium conditions. Diagnostic tests were employed to check the model adequacy and the Granger causality tests were utilised to establish the causal relationships among variables. The discoveries from the ADF and PP tests uncovered that all the variables are non-stationary at level but became stationary at first differences. The bounds tests suggest that there is a long-run relationship and cointegration between variables. Following the presence of cointegration, the outcomes from ARDL model uncovered that FDI, CPS and GOVIN have a positive relationship with RGDP in the long run (crowding-in effect), while, a negative relationship occurs between PI, FD, EXR and RGDP in the long run (crowding-out effect) in model I. In model II, the outcomes revealed that RGDP, CPS, and PI have a positive relationship with FDI in the long run (crowding-in effect). Then again, the outcomes presented a negative connection between GOVIN, FD and v © Pamba, D, University of South Africa 2020 EXR to FDI in the long run (crowding-out effect). The short-run estimate of the coefficient of the error correction term (ECM) in model I and model II are statistically significant and negative. The negative indication of the error correction term shows a backward movement towards long-run equilibrium from short-run disequilibrium. In model I, the short-run coefficient results uncovered that FDI, lagged PI and lagged EXR are positively linked with RGDP (crowding-in effect). Then again, lagged CPS and lagged GOVIN are inversely related to RGDP (crowding-out effect). In model II, the short-run coefficient of FDI is certainly related to GOVIN (crowding-in effect). FDI, on the other hand, indicated a negative relationship with PI in the short run (crowding-out effect). The Granger causality tests for the variables uncovered a unidirectional causal connection running from RGDP to FDI and from FDI to RGDP in both models. The outcomes obtained for RGDP and FDI models pass all the diagnostic tests on serial correlation, normality and heteroscedasticity. The test for adequacy performed on the residuals demonstrates that they are homoscedastic and have no serial correlation, signifying that the model is acceptable. The Cumulative Sum (CUSUM) tests show that the extracted models are structurally steady and remain within the 5 percent level of critical bounds. / Economics / M. Com. (Economics)