The thesis examines the comprehensive relationship between all aspects of financial liberalisation and economic growth in three countries from the Economic Community of West African States (ECOWAS). Employing ARDL bounds test approach and real GDP per capita as growth indicator; the thesis finds support in favour of the McKinnon-Shaw hypothesis but also finds that the increases in the subsequent savings and investments have not been transmitted into economic growth in two of the studied countries. Moreover, the thesis also finds that stock market developments have negligible or negative impact on economic growth in two of the selected countries. The thesis concludes that in most cases, it is not financial liberalisation polices that affect economic growth in the selected ECOWAS countries, but rather increase in the productivity of labour, increase in the credit to the private sector, increase in foreign direct investments, increase in the capital stock and increase in government expenditure contrary to expectations. Interestingly, the thesis also finds that export has only negative effect on economic growth in all the selected ECOWAS countries. The thesis therefore, recommends that long-term export diversification programmes be implemented in the ECOWAS regions whilst further investigation is carried on the issue. / Economics / D. Litt et Phil. (Economics)

Abstracts in English, Zulu and Xhosa / The information communication technology (ICT) sector has, arguably, grown in leaps and bounds over the years to assume a key role in every facet of economic activity. In the wake of the fourth industrial revolution, the major policy preoccupation of governments is how to harness ICT to spur economic growth. As such, the principal objective of this study was to examine the impact of adopting ICT on the development of African stock exchanges, determine whether ICT adoption and stock market development are co-integrated, and establish any causal links between ICT adoption and stock market development. The study examined a panel of 11 African stock exchanges for the period 2008-2017 and employed various econometric techniques to test its objectives. The dependent variable for this study was stock market development, while the independent variable was ICT adoption. The control variables employed were financial freedom and economic growth proxied by gross domestic product. In its findings, the study established that the adoption of ICT has a positive and statistically significant effect on the number of listed companies, stock market capitalisation and the total value of shares traded at the selected African stock exchanges. Hence, as an economy turns out to be progressively ICT-situated, expanded access to and utilisation of ICT advances, thus improving a nation's financial economy. Secondly, it established that ICT adoption and the stock market are cointegrated and positively related in the long run. The results further indicated a bi-directional causal relationship (complementarity) between ICT adoption and stock market development. In essence, ICT adoption and stock market development reinforce each other. This study contributes to the body of knowledge in a number of ways. This is the first study to examine the phenomenon of ICT-stock market nexus employing a panel study. Moreover, the study employed a robust methodology underpinned by using indices to proxy ICT and stock market development. Thirdly, unlike other studies on this topic, this study did not just end with the first inquiry of a deterministic relationship, but also probed for co-integration of the series tested for causality and proffers policy advice. The findings of the research imply that policymakers should be more resolute when formulating ICT policies that can drive stock market development for better economic growth and for better integration with other African stock exchanges. / Umkhakha wezethekinoloji yelwazi kanye nokuthintana (ICT) ngaphandle kokuphikiswa, ukhule wandlondlobala eminyakeni edlulileko ukobana uthome ukudlala indima eqakathekileko kiyo yoke imisebenzi yezomnotho. Ekuthomeni kwamatjhuguluko wesine wezamabubulo, into ekulu yokuthoma ngomthethomgomo karhulumende kuqala ukobana ihlelo le-ICT lingasetshenziswa bunjani ukobana lihlumise umnotho. Ngakho-ke, umnqopho omkhulu werhubhululo leli bekukuhlola umthintela wokutjhugulukela ku-ICT mayelana nokuthuthukiswa kwemaraga ye-Afrika yezokutjhentjhiselana ngamatjhezi, ukuqinisekisa ukuthi mhlambe ukutjhugulukela ku-ICT kanye nokuthuthukiswa kwemaraga yamatjhezi kungahlanganiswa na, begodu nokuhloma nginanyana ngiliphi itjhebiswano phakathi kokutjhugulukela kwi-ICT kanye nokuthuthukiswa kwemaraga yamatjhezi. . Irhubhululo belihlola iphanele yeemaraga ezili-11 zokutjhentjhiselwana mwamatjhezi esikhathini esiphakathi kuka 2008-2017 begodu lisebenzise iindlela ezahlukeneko zokumeda umnotho ukobana ihlole iminqopho yayo. Ivarebuli engakazijameli yerhubhululweli bekukuthuthukiswa kweemaraga zamatjhezi, kanti ivarebuli ezijameleko yona bekukutjhugulukela ku-ICT. Amavarebuli asetjenziswe ngeemedo kube kukhululeka ngokweemali nangokuhlumisa umnotho lokhu okukhambisana nomkhiqizo woke wangekhaya wenarha. Kilokho okutholwe lirhubhululo, irhubhululo lithole ukuthi ukutjhugulukela kwi-ICT kunomthelela omuhle khulu nokuqakatheka ngokwamanani phezu kwembalo yeenkhamphani ezitloliswe ngaphasi kwemaraga yokutjhentjhisana ngamatjhezi, phezu kokuqiniswa ngeemali kwemaraga yamatjhezi kanye nenani loke lamatjhezi athengiswa eemaraga ezikethiweko zamatjhezi ze-Afrika. Yeke-ke, njengombana ituthuko yomnotho ibonakala idzimelele phezu kwe-ICT, njengombana ukutholakala kanye nokusetjenziswa kwetuthuko ye-ICT, kanti lokho kuthuthukisa umnotho wezeemali wenarha. . Kwesibili, irhubhululo likghonile ukubona ukuthi ukutjhugulukela ku-ICT kanye neemarageni zamatjhezi kuzizinto ezihlangeneko nezihlobene ngendlela ehle esikhathini eside. Imiphumela iragele phambili nokuveza itjhebiswano elinikela indlela (complementarity) phakathi kokutjhugulukela ku-ICT kanye nekuthuthukisweni kweemaraga zamatjhezi. . Eqinisweni, ngokutjhugulukela ku-ICT neemarageni zamatjhezi kuyaziqinisa lezi zinto. Leli rhubhululo lifaka isandla kuziko lelwazi ngeendlela ezinengi. Leli kulirhubhululo lokuthoma elihlola indaba yethintano lemaraga yamatjhezi elisebenzisa irhubhululo lephaneli. Ngaphezu kwalokho, irhubhululo lisebenzisa indlela ekhutheleko esekelwa kusebenzisa amatshwayo ku-ICT esekelako kanye nokuthuthukiswa kwemaraga yamatjhezi. Kwesithathu, lokhu kuhlukile kamanye amarhubhululo amalungana nalesi sihloko, leli rhubhululo akhange aphelele nje ngokuthoma ukubuza itjhebiswano elivezako, kanti begodu leli rhubhululo belihlola ukuhlanganiswa ndawonye komlandelande ehlolwe ukudala ubujamo begodu nokunikela isiyeleliso somthethomgomo. Okutholwe lirhubhululo kutjho bona abenzi bomthethomgomo kufanele baqalisise khulu lokha nabatlama imithethomgomo ye-ICT leyo engakhozelela ituthuko yeemaraga zamatjhezi ukobana kuhlume umnotho begodu nokuhlanganiswa ncono neemaraga ze-Afrika zokutjhentjhana ngamatjhezi. / Icandelo leTheknoloji yoNxibelelwano loLwazi(i-ICT) nelinokuphikiswa, likhule kakhulu ngokukhawuleza eminyakeni egqithileyo ekudlaleni indima ephambili kwiinkalo zonke zemisebenzi yezoqoqosho. Ukuvela kwenguqu yesine yezoshishino, owona mgaqo-nkqubo uphambili koorhulumente ngowokufumana iindlela zokudibanisa ezobuchwepheshe ukukhuthaza uhlumo kwezoqoqosho. Kunjalo, injongo ephambili kolu phononongo ibikukuhlola impembelelo yokusebenzisa/ yokwamkela i-ICT kuphuhliso lotshintshiselwano lweempahla zase-Afrika, ukuhlola ukuba ukwamkelwa kwe-ICT kunye nophuhliso lweemarike zidityanisiwe, kunye nokumisa naliphi na ikhonco lonxibelelwano lonobangela phakathi kokwamkelwa kwe-ICT kunye nophuhliso lwemarike yotshintshiselwano lwempahla Uphononongo lwahlola iphaneli ezili-11 zotshintshiselwano lwempahla eAfrika kwisithuba sowama-2008 kuya ku-2017 kwaye kwasetyenziswa uthotho lweendlela zobugcisa kwezoqoqosho ukuvavanya iinjongo zalo. Into eguqukayo yoxhomekeko kolu phando yayikuphuhlisa imarike yesitokhwe, ngelixa okwakuyinto ezimeleyo yayikukwamkela i-ICT. Izinto eziguquguqukayo ezilawulwayo ezazisetyenziswa yayiyinkululeko yezemali nokukhula koqoqosho okwakucaciswa ngemveliso yasekhaya ngokubanzi. Kwiziphumo zalo zophando, lufumanise ukuba ukusetyenziswa kwe-ICT kunefuthe elilungileyo elibonakalayo ngokwamanani kwiinkampani ezidwelisiweyo, ukurhweba kwimarike yesitokhwe kunye nexabiso elipheleleyo lezabelo ezithengiswa kwiimarike zesitokhwe zotshintshiselwano ezikhethiweyo zase- Afrika.. Ngenxa yoko, njengoko uqoqosho luguquka ngokuqhubekekayo luba kwimeko ye ICT lwandise ukufikeleleka kunye nokusetyenziswa kwenkqubela phambili ye-ICT, ngaloo ndlela iphucula uqoqosho lwezimali lukazwelonke. Okwesibini, yafumanisa ukuba ukwamkelwa kwe-ICT kunye nemarike yesitokhwe kudityanisiwe kwaye ziya kusebenzisana kakuhle ekuhambeni kwexesha. Iziphumo zaye zaphinda zabonisa ubudlelwane bozalwano macala (ukuphelelisa) phakathi kokwamkelwa kwe-ICT kunye nophuhliso lwemarike yotshintshiselwano/yesitokhwe. Ngokubalulekileyo, ukwamkelwa kwe-ICT kunye nophuhliso lweemarike kwenza zomelezane. Olu phando lunegalelo kulwazi oluninzi olukhoyo ngeendlela ezininzi. Olu luphando lokuqala ukuvavanya uthotho lwamakhonco emarike yesitokwe ye-ICT-isebenzisa iiphaneli zophando. Ngaphaya koko, uphononongo lusebenzise indlela engqongqo exhaswa kukusebenzisa izalathiso (indices) zomelwano kwi-ICT kunye nophuhliso lwemarike. Okwesithathu, ngokungafaniyo nolunye uphando olwenziweyo kwesi sihloko, olu phononongo aluphelanga nje kuphando lwangaphambili olwalungobudlelwane lwezigqibo (zokuzimisela), kodwa lwaphinda lwaphandela ukuhlanganiswa kothotho oluvavanyiweyo lonobangela kunye nokuphakamisa ingcebiso yomgaqo-nkqubo. Iziphumo zophando zithetha ukuba abaqulunqi bemigaqo-nkqubo kufuneka bazimisele ngakumbi xa besenza imigaqo-nkqubo ye-ICT enokuqhubela phambili ukuphuculwa kwemakethi yesitokhwe ukwenzela ukukhulisa uqoqosho olungcono kunye nokusebenzisana kakuhle nezinye iimarike zotshintshiselwano zaseAfrika. / Business Management / D. Admin. (Business Management)

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The inability to effectively hedge against unfavourable exchange rate movements, using the current forward exchange rate as the only guideline, is a key inhibiting factor of international trade. Market participants use the current forward exchange rate quoted in the market to make decisions regarding future exchange rate changes. However, the current forward exchange rate is not solely determined by the interaction of demand and supply, but is also a mechanistic estimation, which is based on the current spot exchange rate and the carry cost of the transaction. Results of various studies, including this study, demonstrated that the current forward exchange rate differs substantially from the realized future spot exchange rate. This phenomenon is known as the exchange rate puzzle. This study contributes to the dynamics of modelling exchange rate theories by developing an exchange rate model that has the ability to explain the realized future spot exchange rate and the exchange rate puzzle. The exchange rate model is based only on current (time t) economic fundamentals and includes an alternative approach of incorporating the impact of the interaction of two international financial markets into the model. This study derived a unique exchange rate model, which proves that the exchange rate puzzle is a pseudo problem. The pseudo problem is based on the generally excepted fallacy that current non–stationary, level time series data cannot be used to model exchange rate theories, because of the incorrect assumption that all the available econometric methods yield statistically insignificant results due to spurious regressions. Empirical evidence conclusively shows that using non–stationary, level time series data of current economic fundamentals can statistically significantly explain the realized future spot exchange rate and, therefore, that the exchange rate puzzle can be solved. This model will give market participants in the foreign exchange market a better indication of expected future exchange rates, which will considerably reduce the dependence on the mechanistically derived forward points. The newly derived exchange rate model will also have an influence on the demand and supply of forward exchange, resulting in forward points that are a more accurate prediction of the realized future exchange rate. / Thesis (Ph.D. (Risk management))--North-West University, Potchefstroom Campus, 2011.

The inability to effectively hedge against unfavourable exchange rate movements, using the current forward exchange rate as the only guideline, is a key inhibiting factor of international trade. Market participants use the current forward exchange rate quoted in the market to make decisions regarding future exchange rate changes. However, the current forward exchange rate is not solely determined by the interaction of demand and supply, but is also a mechanistic estimation, which is based on the current spot exchange rate and the carry cost of the transaction. Results of various studies, including this study, demonstrated that the current forward exchange rate differs substantially from the realized future spot exchange rate. This phenomenon is known as the exchange rate puzzle. This study contributes to the dynamics of modelling exchange rate theories by developing an exchange rate model that has the ability to explain the realized future spot exchange rate and the exchange rate puzzle. The exchange rate model is based only on current (time t) economic fundamentals and includes an alternative approach of incorporating the impact of the interaction of two international financial markets into the model. This study derived a unique exchange rate model, which proves that the exchange rate puzzle is a pseudo problem. The pseudo problem is based on the generally excepted fallacy that current non–stationary, level time series data cannot be used to model exchange rate theories, because of the incorrect assumption that all the available econometric methods yield statistically insignificant results due to spurious regressions. Empirical evidence conclusively shows that using non–stationary, level time series data of current economic fundamentals can statistically significantly explain the realized future spot exchange rate and, therefore, that the exchange rate puzzle can be solved. This model will give market participants in the foreign exchange market a better indication of expected future exchange rates, which will considerably reduce the dependence on the mechanistically derived forward points. The newly derived exchange rate model will also have an influence on the demand and supply of forward exchange, resulting in forward points that are a more accurate prediction of the realized future exchange rate. / Thesis (Ph.D. (Risk management))--North-West University, Potchefstroom Campus, 2011.