Thesis (Ph.D.)--Universität, Hohenheim. / Includes bibliographical references.

M.Com. (Business Management) / The word "business" is described by the Oxford Dictionary as "one's occupation of affairs, things needing dealing with, buying and selling, trade or a commercial firm" (Swannell P68). The activities ofabusiness are usually carried outwith the primary intention of creating a profit. The objective is to maximise the return on an investment to such an extent that it exceeds the cost of the capital to which the investment relates. This can, however, be a very difficult and intricate process, depending on the nature of the industry concerned, as well as the complexity of the variables affecting the business. Each business has an internal as well as an external environment in which it operates. The internal environment consists of capital, equipment, labour and know-how (Churr and Gous) from which an infrastructure is created. This infrastructure includes an accumulation of raw materials, equipment, funding and personnel. All these are managed and guided by people with entrepreneurial skills in an effortto make the aforementioned acceptable profit. The variables in this internal environment can be managed and controlled to a greaterextent than those of the external environment. One of the variables of the external environment over which individual companies have virtually no control, but which have a significant influence on the profitability of a company, is foreign exchange rates. Although all companies are affected to some extent by exchange rates, those companies involved in international transactions in different currencies are subject to more exposure and consequently a greater foreign exchange risk...

Gabriel Kee-yuen Ching. / Summary in Chinese. / Thesis (M.B.A.)--Chinese University of Hong Kong. / Bibliography: leaves 202-211.

As China's accession to World Trade Organization is certain, China is now at the critical stage of changing from a planned economy to a market economy and the banking system is also undergoing dramatic changes. By focusing on the local and foreign currency loan markets for foreign invested enterprises in China, this thesis can make three major contributions: (1) providing the first empirical research to test the theories of financial intermediation in China; (2) modeling the competition among local and foreign banks by analyzing the borrowing pattern of foreign invested enterprises and their reliance on foreign and local banks; (3) examining the role of relationship banking and other factors in determining the loan pricing of both local and foreign currency loans by foreign and local banks. / From the empirical results, I found empirical support to the financial intermediation theories that the longer the banking relationship, the lower the rate on the foreign currency loans, suggesting that the length of relationship as a proxy for the private information the bank obtains over the course of relationship helps overcome information asymmetry between the banks and the foreign invested enterprises in the sample. I also found empirical support to the rate reducing effects of other key factors such as the majority shareholding by the foreign sponsors and provision of third party guarantee. However, none of these important factors are associated with the renminbi-denominated loan pricing. That points to the primary issue of the prevailing banking system in China that the regulated local currency interest rates prevented the commercial banks from playing a "real" role of financial intermediation. The empirical test also shows that the local currency loan pricing will be reduced as FIEs maintain relationship with more banks. This suggests that banks compete for customers by offering cheaper credits. If competition is the predominant determinant of loan pricing and that such level of competition does not stimulate more innovative and better quality bank services and products as a means of differentiation, the inflexible Renminbi loan pricing will ultimately deteriorate the profitability of the banks and affect the financial health of the banking system. / Whilst China's accession to WTO is now certain, the liberalization of local currency interest rates will take time and be approached cautiously, and ultimately, hinge on the success of the banking reform and the institutional strengthening of Chinese banks. (Abstract shortened by UMI.) / Poon Kai-leung. / "January 2002." / Adviser: He Jia. / Source: Dissertation Abstracts International, Volume: 63-05, Section: A, page: 1936. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (p. 98-106). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts in English and Chinese. / School code: 1307.

published_or_final_version / Economics / Master / Master of Social Sciences

Exchange rates are believed to be one of the major driving forces behind sustainable macroeconomic growth and it is therefore important to ensure that they are at an appropriate level. Exchange rate misalignment is a situation where the actual exchange rate differs significantly from its equilibrium value, resulting in either an overvalued or an undervalued currency. The problem with an undervalued currency is that it will increase the domestic price of tradable goods whereas an overvalued currency will cause a fall in the domestic prices of the tradable goods. Persistent exchange rate misalignment is thus expected to result in severe macroeconomic instability. The aim of this study is to estimate the equilibrium real exchange rate for both Ghana and Nigeria. After so doing, the equilibrium real exchange rate is compared to the actual real exchange rate, in order to assess the extent of real exchange rate misalignment in both countries, if any such exists. In order test the applicability of the equilibrium exchange rate models, the study draws from the simple monetary model as well as the Edwards (1989) and Montiel (1999) models. These models postulate that the variables which determine the real exchange rate are the terms of trade, trade restrictions, domestic interest rates, foreign aid inflow, income, money supply, world inflation, government consumption expenditure, world interest rates, capital controls and technological progress. Due to data limitations in Ghana and in Nigeria, not all the variables are utilised in the study. The study uses the Johansen (1995) model as well as the Vector Error Correction Model (VECM) to estimate the long- and the short-run relationships between the above-mentioned determinants and the real exchange rate. Thereafter the study employs the Hodrick-Prescott filter to estimate the permanent equilibrium exchange rate. The study estimates a real exchange rate model each for Ghana and Nigeria. Both the exchange rate models for Ghana and Nigeria provide evidence of exchange rate misalignment. The model for Ghana shows that from the first quarter of 1980 to the last quarter of 1983 the real exchange rate was overvalued; thereafter the exchange rate moved close to its equilibrium value and was generally undervalued with few and short-lived episodes of overvaluation. In regard to real exchange rate misalignment in Nigeria prior to the Structural Adjustment Program in 1986 there were episodes of undervaluation from the first quarter of 1980 to the first quarter of 1984 and overvaluation from the second quarter of 1984 to the third quarter of 1986; thereafter the exchange rate was generally and marginally undervalued.

M.Com. (Economics) / The objective of the thesis was to examine the relationship between the rand exchange rate and the interest rate under the floating exchange rate system. A theoretical analysis of previous exchange rate regimes with a particular emphasis on the floating exchange rate system was conducted. At the end of the sixties it became evident that the limitations of the fixed exchange rate system were such that it could no longer handle the tensions which had developed in the international monetary system with its great dependence on the US dollar as reserve currency and unit of accounting. The floating exchange rate system deregulates the international monetary system. Market forces are allowed to play a more prominent role in determining a price variable such as the exchange rate. This flexibility has led to the globalization and internationalization of the world's fund markets.

Brazil instituted a crawling peg (mini-devaluation) exchange rate system in 1968 as a long-term device to put into operation an "export oriented growth-cum-debt" model of economic development. The crawling peg was expected to serve diverse objectives by decreasing the variability in the exchange rate. In this study we have analyzed the degree to which this strategy succeeded in realizing the desired goals during the period from 1968 to 1980. / Our findings verified that the implementation of the crawl was an important tool that protected and enhanced Brazil's competitive position in world markets. The demand for Brazilian products became more responsive both to changes in relative prices and to changes in world income. We further established the significance of the crawl in stabilizing import prices and flows in addition to its impact on foreign financing decisions.

Thesis (Ph.D.)--Universität, Hohenheim. / Includes bibliographical references.

Thesis (M. Soc. Sc.)--University of Hong Kong, 1991.