Thesis (Ph. D.)--University of Wisconsin--Madison, 1956. / Typescript. Vita. eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references (leaves 135-137).

This thesis empirically investigates the effects of two main financial liberalisation policies namely interest rate liberalisation and capital market liberalisation on capital formation and economic growth in ten Sub-Saharan African countries for the period 1970 to 2014. The empirical analysis employs revised time series and panel estimation techniques. The time series methodology allows for structural breaks in the multiple regression analysis, unit root tests, cointegration tests as well as Granger causality tests. The panel data methodology employs both fixed effects and random effects estimation techniques. A major novelty of this thesis is that it incorporates the so-called Mundlak procedure in the panel data methodology that enables the decomposition of the effects of each of the two financial liberalisation policies on capital formation and growth into transitory effects and permanent effects. Overall, the time series results provide evidence of mixed effects. Although, interest rate liberalisation and capital market liberalisation have significant positive short run effects on capital formation and economic growth in majority of the countries, there is evidence that the long run effects of both liberalisation policies are insignificant. The Mundlak decomposition provides evidence that the transitory effect of interest rate liberalisation is to boost capital formation and economic growth, and that capital market liberalisation tends to be insignificant to capital formation and growth in the short run. The Mundlak decomposition also provides evidence that both interest rate liberalisation and capital market liberalisation have a permanent effect on economic growth, but the permanent effect of both liberalisation policies on capital formation is insignificant. On the balance of evidence, there is an indication that the introduction of both financial liberalisation policies may not be as beneficial as the World Bank and the International Monetary Fund claim and may not be a safe road to capital formation and growth, at least in the Sub-Saharan African region.

Thesis (doctoral) - Univ. der Bundeswehr, München, 2005.

Esta pesquisa procura situar a análise do sistema de crédito na apresentação categorial de O Capital de Karl Marx para, a partir daí, problematizar alguns aspectos da crítica marxiana à sociedade baseada no valor. O primeiro deles diz respeito às dificuldades surgidas na explicação da reprodução ampliada do capital social total com a abstração do Estado no curso de toda análise ali efetuada, rebaixado ao detalhe da condição de faux frais da produção capitalista. Tal rebaixamento é questionado então a partir dos problemas derivados da aceitação acrítica, por parte de Marx, do conceito smithiano de trabalho \"improdutivo\". Com isto, retoma-se a crítica de Rosa Luxemburgo como forma de sugerir uma proposta para a resolução daquelas dificuldades a partir da reinserção do aparato estatal militarizado e das dívidas públicas nacionais, formadas por acumulação de capital fictício, na dinâmica de reprodução permanente dos pressupostos da acumulação primitiva como condição necessária da autoreprodução do valor. Tal inserção, finalmente, permite vislumbrar novos patamares críticos em relação aos supostamente necessários \"benefícios civilizatórios\" da modernização. / This research intents to situate credit system analysis in Karl Marx\'s Capital conceptual presentation and, therefore, discusses some questions about Marxian critical aspects of \"value based society\". First of them concerns difficulties that appears with the abstraction of the State in the total social capital amplified reproduction analysis. Marx would have reduce the State to the condition of faux frais of the capitalistic production in the course of his analysis. In my opinion, such consideration about the role of the State came since the issues from an uncritical acceptation by Marx of the smithian concept of \"unproductive\" labor. Therefore, we recover, necessarily, to the Rosa Luxemburg\'s critics to proposal an answer in face of these troubles inserting military state apparatu\'s and its public national debts. They would have been made up of fictitious capital accumulation, through the permanent reproduction dynamics of the presuppositions of the previous accumulation\'s as a necessary condition of the value\'s self reproduction. This reintroduction, at last, allows discern a new critical horizon about civilizatory \"necessary by suppose\" benefits of the modernization process.

Esta pesquisa procura situar a análise do sistema de crédito na apresentação categorial de O Capital de Karl Marx para, a partir daí, problematizar alguns aspectos da crítica marxiana à sociedade baseada no valor. O primeiro deles diz respeito às dificuldades surgidas na explicação da reprodução ampliada do capital social total com a abstração do Estado no curso de toda análise ali efetuada, rebaixado ao detalhe da condição de faux frais da produção capitalista. Tal rebaixamento é questionado então a partir dos problemas derivados da aceitação acrítica, por parte de Marx, do conceito smithiano de trabalho \"improdutivo\". Com isto, retoma-se a crítica de Rosa Luxemburgo como forma de sugerir uma proposta para a resolução daquelas dificuldades a partir da reinserção do aparato estatal militarizado e das dívidas públicas nacionais, formadas por acumulação de capital fictício, na dinâmica de reprodução permanente dos pressupostos da acumulação primitiva como condição necessária da autoreprodução do valor. Tal inserção, finalmente, permite vislumbrar novos patamares críticos em relação aos supostamente necessários \"benefícios civilizatórios\" da modernização. / This research intents to situate credit system analysis in Karl Marx\'s Capital conceptual presentation and, therefore, discusses some questions about Marxian critical aspects of \"value based society\". First of them concerns difficulties that appears with the abstraction of the State in the total social capital amplified reproduction analysis. Marx would have reduce the State to the condition of faux frais of the capitalistic production in the course of his analysis. In my opinion, such consideration about the role of the State came since the issues from an uncritical acceptation by Marx of the smithian concept of \"unproductive\" labor. Therefore, we recover, necessarily, to the Rosa Luxemburg\'s critics to proposal an answer in face of these troubles inserting military state apparatu\'s and its public national debts. They would have been made up of fictitious capital accumulation, through the permanent reproduction dynamics of the presuppositions of the previous accumulation\'s as a necessary condition of the value\'s self reproduction. This reintroduction, at last, allows discern a new critical horizon about civilizatory \"necessary by suppose\" benefits of the modernization process.