Thesis (Ph. D.)--University of Chicago, 1975. / Includes bibliographical references (leaves 97-98).

Thesis (Ph. D.)--North Carolina State University, 1988. / Includes bibliographical references (leaves [165]-169).

Thesis (Ph. D.)--Cornell University, 1994. / Vita. Includes bibliographical references (leaves 171-178).

Thesis (Ph. D.)--University of Missouri-Columbia, 2000. / Typescript. Vita. Includes bibliographical references (leaves 65-68). Also available on the Internet.

The Group of Twenty, or G20, is the premier forum for international cooperation on the most important aspects of the international economic and financial agenda. G20 brings together the world's major advanced and emerging economies. It together represents around 90% of global GDP, 80% of global trade, and two thirds of the world's population according to the report of G20 official website. The first essay investigates the effects of money supply on selected G20 economies. According to the Nobel Laureate Friedman, money shocks will effect output in the short-run and will effect prices in the long-run. Also, the increased monetary growth tends to lower interest rates at first, but later on, the resulting acceleration in spending and inflation produces a rise in demand for loans, which tends to raise interest rates. The purpose of this study is to test Friedman's proposition empirically for 12 selected countries from G20 during 1980 to 2010. Our findings suggest that both price level and output have similar responses to monetary innovation in most sample countries, which is not consistent with Friedman's proposition. However, the interest rates' responses of these countries validate the Friedman's proposition. In addition, we find that money Granger-causes output, prices, and interest rates in most countries. Although our results do not provide strong evidences about the responses of output and prices as Friedman stated, we find that money matters, and policy makers should be cautious to adopt expansionary monetary policy to stimulate economic growth in these countries. The second essay investigates the relationship between private sector and exchange rates in 15 selected countries from G20 during the period 1980-2010. In examining the determinants of exchange rate, many researchers have focused on the role of public sector only. However, we believe that private sector is also an important component of an economy, and private sector has influences on the exchange rate. This study investigates the relationships between private sector and exchange rates in 15 countries from G20 during the period 1980-2010. We note that private sector investment is important for exchange rates in most developed countries. Also, exchange rates are found to Granger-cause private sector investment. Thus, there are feedback relationships between private sector and exchange rates in most sample countries. The study provides vital information relevant for policy formulation and implementation. In order to stabilize the exchange rates, policymakers need to adjust strategies to control private capital inflows. To provide a sound environment for private sector development, governments should differentiate the types of exchange rates risk in order to design and implement consistent policy to deal with issues at hand. In addition, exports play a key role in the economies of most developing countries. Many economists such as Ram (1987) and Ekanayake (1999) prove that good exports performance make big contribution to economic growth. The third essay investigates the hypothesis whether exports volume of Indonesia, Philippine, Singapore, and Thailand are effected by exchange rate volatility of their main export receiving countries, i.e., U.S. and Japan. During the period 1980-2010, exports volume in Indonesia, Philippine, Singapore, and Thailand increased fast, and their main export receiving countries were the developed countries, i.e., U.S. and Japan. This study mainly investigates the effects of exchange rate volatility of U.S. and Japan on the exports volume of these exporting countries. Our findings suggest that there are impacts though exchange rate volatility of U.S. and Japan on exports volume of Indonesia, Philippine, Singapore, and Thailand. To investigate this topic is important to help exporters avoid risk and policymakers justify their policies and exchange rates.

No description available.

A proposal was made by Albert Burger and Anatol Balbach to measure the money stock by excluding foreign holdings of U. S. dollars. This measure termed "domestic money stock" was tested against Ml to observe which was the least variable and which would predict GNP with the least error. The test were conducted by using Leonall Andersen's "monetary model of nominal income determination." The final results showed that due to the closeness in the percentage change of the two measures of the money stock, that little if any of the two measures had different values for variability, and both predicted nominal GNP with the same error. / Master of Arts

The proposition tested in the thesis is that actual money growth is not systematically related to output growth of selected manufacturing sectors. Given that money growth is found to be non-neutral, two further tests are undertaken. First, I test the rational expectations hypothesis that only unexpected monetary changes affect output growth against the Phillips' type stabilization hypothesis that both expected and unexpected monetary growth affect output growth. Further, I examine the arguments that under different conditions the degree of association between output growth and money growth (given statistically by the magnitude of the coefficient on money growth) is not constant. The conditions tested relate to the level of capacity utilization and the phase of the business cycle. Secondly, I test for differential sector to aggregate manufacturing output response. Non-neutrality does not imply differentiality since money growth can be significantly related to individual manufacturing sectors in an identical way. Differential effects might be argued to exist because the different structure of each sector imposes different restrictions on decisions and actions that can be undertaken. If differential effects are found to exist, a test of specific sector characteristics, which may be functionally related to the differential association, will be undertaken. Money growth was found to be significantly related to individual sector output growth in equations unadjusted for seasonal variation. No association was found in seasonally adjusted estimations indicating that money growth is related to the seasonal amplitude and not the underlying non-seasonal structure. This supports the neutrality proposition. Expected and unexpected money growth, in the seasonally unadjusted estimations, were found to be statistically significant in nine of the twelve industries examined. Further, these associations are strongly related to the level of capacity utilization and the phase of the business cycle. The test of differential impact did not support the hypothesis that the incidence of money growth was unequal across sectors. Therefore, no further investigation was necessary. / Ph. D.

Dissertation (PhD)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: The endogenous money theory states that the money supply responds endogenously to the demand for credit. The money supply is not exogenously determined by the central bank. The endogenous theory is associated with the Post Keynesian school. It has been tested extensively for developed countries, where it was found that the modern credit-driven world is characterised by an endogenous money supply. The contribution of the present study is to extend this analysis to developing countries, specifically twelve countries in the SADC region. To examine the applicability of the endogenous money theory to developing countries, the thesis begins with an overview of the views of the different schools of thought on the role of money. The areas of consensus and disagreement within the Post Keynesian school are discussed. The theoretical basis of the thesis is the ‘structuralist’ Post Keynesian view that money cannot be endogenous if the financial system in a country has not reached the final stages of development. The ‘structuralist’ hypothesis is tested for the SADC countries by examining the demand and supply of credit money in each country. It was found that households do not generally have full access to formal credit markets. Changes in the money supply are not determined by changes in private sector credit in many of the countries. The analysis was then extended to the institutional environment in each country. A financial institutional index was developed to facilitate comparison between the SADC countries. It was shown that South Africa is the only country in the SADC area that has a financial system that can be classified as ‘largely developed’. It is also the only country where changes in the supply of money are predominantly credit-driven. Post Keynesians maintain that the money supply is endogenous and interest rates are exogenous. Interest rate mark-ups and spreads are assumed stable over the business cycle. This notion is challenged by the ‘structuralist’ Post Keynesians. To test the theory of stable interest rate mark-ups and spreads, data for each individual country were examined. Neither interest rate spreads, nor interest rate mark-ups were found to be stable. Interest rate spreads are generally higher in developing countries than in developed countries. No clear pro- or counter-cyclical variation in spreads was found. Finally, an econometric model was developed and the links between financial development and growth were examined. By looking at 49 developed and developing countries, it was found that financial development is strongly linked to economic growth. Financial repression and high interest rate spreads cause growth to be depressed. Financial development and increased competition in the banking sector will lead to higher real economic growth rates. In an environment where the financial system has not reached the stage where money is endogenous, the lack of financial institutional development stifles economic growth. / AFRIKAANSE OPSOMMING: Die teorie van ‘n endogene geldvoorraad aanvaar dat die aanbod van geld endogeen reageerop die vraag na krediet. Die geldvoorraad word nie eksogeen bepaal deurdie sentrale bank nie. Die endogene gedvoorraad teorie word geassosieer met die Post Keynesiaanse skool. Dit is reeds getoets vir ontwikkelde lande, waar die bevinding was dat ‘n endogene geldvoorraad ‘n eienskap is van ‘n moderne kredietgedrewe wereld. Hierdie tesis maak ‘n bydrae deur die analise uit te brei na ontwikkelende lande, spesifiek twaalf lande in die SADC streek. Om die toepasbaarheid van die endogene geldvoorraad vir ontwikkelende lande te toets, begin die tesis met ‘n oorsig van die verskillende denkskole se sienings oor die rol van geld. Die areas waar Post Keynesiane ooreenstem en verskil word bespreek. Die teoretiese basis van die tesis is die ‘strukturalistiese’ Post Keynesiaanse siening dat die geldvoorraad nie endogeen kan wees indien die finansiele sisteem in ‘n land nog nie die finale ontwikkelingstadia bereik het nie. Hierdie hipotese van die ‘strukturaliste’ word getoets vir die SADC lande deur te kyk na die vraag na en aanbod van krediet in elke land. Daar is bevind dat huishoudings oor die algemeen nie volledige toegang het tot formele kredietmarkte nie. Veranderinge in die geldvoorraad word nie in al die lande veroorsaak deur veranderinge in privaat sektor kredietverlening nie. Hierdie analise word dan uitgebrei na die institusionele omgewing in elke land, ‘n Finansiele institusionele indeks is ontwikkel om vergelyking tussen die SADC lande moontlik te maak. Daar is bevind dat Suid Afrika die enigste land is met 'n finansiele sisteem wat geklassifiseer kan word as ‘grotendeels ontwikkeld’. Dit is ook die enigste land waardie geldvoorraad beduidend kredietgedrewe is. Post Keynesiane glo dat die geldvoorraad endogeen is en rentekoerse eksogeen. Rentekoersmarges word gesien as stabiel oor die konjunktuursiklus. Hierdie aanname word bevraagteken deur die ‘strukturalistiese’ Post Keynesiane. Die teorie van stabiele rentekoersmarges word getoets deur te kyk na data vir elke individuele land. Die bevinding is dat rentekoersmarges nie stabiel is nie. Marges is oor die algemeen hoer in ontwikkelende lande as in ontwikkelde lande. Daar is geen duidelike pro- of kontrasikliese variasies in rentekoersmarges gevind nie. Laastens is ‘n ekonometriese model ontwikkel om die skakels tussen finansiele ontwikkeling en groei te ondersoek. Deur te kyk na 49 ontwikkelde en onontwikkelde lande, is daar bevind dat finansiele ontwikkeling en groei ‘n sterk verband toon. Finansiele onderdrukking en hoe rentekoersmarges lei tot laer ekonomiese groei. Finansiele ontwikkeling en groter mededinging in die bank sektor sal lei tot hoer reele ekonomiese groeikoerse. In ‘n omgewing waar die finansiele sisteem nog nie die stadium bereik het waar geld endogeen is nie, sal die gebrek aan finansiele institusionele ontwikkeling ekonomiese groei benadeel.

by Chan Po-ming. / Thesis (M.Ph.)--Chinese University of Hong Kong, 1984 / Bibliography: leaves 104-108