Thesis (M.B.A.)--University of North Carolina Wilmington, 2008. / Includes appendix. Title from PDF title page (viewed May 28, 2009) Includes bibliographical references (p. 24-25)

Thesis (Ph. D.)--University of Texas at Dallas, 2001. / Vita. Includes bibliographical references (leaves [165]-173).

Thesis (Ph. D.)--Cornell University, 1995. / Vita. Includes bibliographical references (leaves 142-147).

Thesis (Ph. D.)--Yale University, 1989. / Includes bibliographical references (leaves 223-228).

This dissertation investigates the effects of exchange rate devaluation on non-mining exports in Botswana over the period 1984-2012 and the exchange rate pass-through effect to consumer prices. The economy of Botswana is significantly dependent on mineral exports, particularly the diamond. The dominance and over-reliance on diamond exports in the economy has led to low levels of economic diversification. Bank of Botswana has over the years devalued the pula, in attempt to stimulate growth of non-mining export industries and to enhance non-mining export competitiveness. However, raising export competitiveness this way may be inflationary and have no significant effect on non-mining exports. The study investigates the existence of cointegration between real effective exchange rate and the non-mining exports using the Johansen method of cointegration. The vector error correction model is used, to examine the short-run dynamics of the model. The results suggest that a positive long-run relationship exists between real effective exchange rate and Botswana’s non-mining exports. The results of the exchange rate pass-through suggest that nominal exchange rate has a short term relationship with consumer prices in Botswana. However this relationship does not hold over the long run.

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Taking the structuralist approach as a starting point, this dissertation constructs a computable general equilibrium model for India using the social accounting matrix framework and along the lines of Lance Taylor's modelling of developing countries. The model is used to test the structuralist theories on the effects of a devaluation. The dissertation extends the testing of these models in two respects. First, by organizing the data in the form of traded and non-traded goods it studies the macroeconomic responses at a greater level of disaggregation than has been attempted earlier. Second, by constructing social accounting matrices for three time periods and using these to simulate the model, it examines the robustness of the predictions of the structuralist theories. The results indicate that the outcome of a devaluation depends on the structure of the economy and on the extent of the elasticity of exports, thus, generally supporting the structuralist theories.

This study examined the impact of real exchange rates on economic growth in South Africa. The study used quarterly time series data for the period of 1994 to 2010. The Johansen cointegration and vector error correction model was used to determine the impact of real exchange on economic growth in South Africa. The explanatory variables in this study were real exchange rates, real interest rates, money supply, trade openness and gross fixed capital formation. Results from this study revealed that real exchange rates, gross fixed capital formation and real interest rates have a positive long run impact on economic growth, while money supply and trade openness have a negative long run impact on economic growth in South Africa. From the regression results, it was noted that undervaluation of the currency significantly hampers growth in the long run, whilst it significantly enhances economic growth in the short run. As such, the policy of depreciating the exchange rates to achieve higher growth rates is only effective in the short run and is not sustainable in the long run. Based on the findings of this study, the researcher recommended that misalignment (overvaluation and undervaluation) of the currency should be avoided at all costs. In addition, the results of the study showed that interest rates also have a significant impact on growth and since interest rates have a bearing on the exchange rate, it was recommended that the current monetary policy in South Africa should be maintained.