Thesis (Ph. D.)--Ohio State University, 1974. / Includes bibliographical references (leaves 83-96). Available online via OhioLINK's ETD Center.

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The main aim of this dissertation is to broaden the understanding of the monetary policy transmission mechanism as it operates in Sub-Saharan Africa. The ultimate goal is to aid in the appropriate design and implementation of monetary policy for the attainment of developmental goals. The dissertation empirically explores four issues on the pricing, behavioural and output implications of monetary policy. The four questions that the dissertation attempts to answer in Chapters Two to Five respectively are: 1) Does the effectiveness of monetary policy transmission depend on the financial development of an economy? 2) Can monetary policy be used as a tool in easing pressure on domestic currencies in the foreign exchange market? 3) Do banks engage in excessively risky behaviour when monetary policy is expansionary? 4) Does monetary policy influence aggregate variables like private capital formation, growth and their interrelationships? Chapter Two tests the completeness of the pass-through of the central bank policy rate to bank lending rates on one hand, and the interest rate pass-through as a function of the level of financial development on the other hand. The results show that the pass-through of central bank policy rate to bank lending rates is asymmetric for three Anglophone West African countries, namely: Gambia, Ghana and Nigeria, which are seeking to ascend onto a single monetary framework. However, there is no evidence that financial development affects the pass-through of monetary policy. These findings still prove relevant, especially with regard to the quest for effective monetary policy implementation and the ascension onto a single monetary framework by these 3 countries. The motivation for this study stemmed from policy discussions and academic debates on the premise that financial development is a key element in the pursuit of effective monetary policy implementation, focusing on the three Anglophone West African countries between 1975 and 2011. The study employs the bounds testing approach to cointegration, and the Autoregressive Distributed Lags (ARDL) by Pesaran et al., (2001). The findings show significant differences in the interest rate pass-through of the 3 countries studied. Ghana and Gambia were characterised by undershooting in the response of lending rates to monetary policy changes whilst Nigeria was characterised by overshooting in bank lending rates. Financial development proved significant in some, but not in all the cases, while economic growth proved mostly insignificant in the transmission of the policy rate to bank lending rates In Chapter Three, we show that contractionary monetary policy of high interest rates is able to correct disequilibrium in the foreign currency market in selected countries in Sub-Saharan Africa (SSA). The chapter also provides empirical evidence about the impact of macroeconomic fundamentals on the domestic foreign exchange market. The study assesses the impact of monetary policy on foreign exchange market pressure (EMP) in developing country contexts focusing on some selected countries in SSA. EMP is the sum of exchange rate depreciation and change in foreign reserves that is required to restore equilibrium to the domestic foreign exchange market. The study was motivated by the fact that most of the SSA countries are developing economies that have negative net export positions and stand to lose significantly from consistently deteriorating foreign exchange positions. This study thus sought to measure the ability of monetary policy to significantly address currency pressures that arise from trading on the global market. The hypothesis that a tighter monetary policy stance can lend strength to a currency was tested in this study using Generalised Methods of Moments (GMM) estimation in a dynamic panel setting. Data on 20 SSA economies for which data were available for the period 1991 to 2010 are used. The study found a negative and significant relationship between monetary policy and EMP, implying that contractionary monetary policy can ease EMP.

Thesis (Ph. D.)--York University, 2000. Graduate Programme in Political Science. / Typescript. Includes bibliographical references (leaves 733-757). Also available on the Internet. MODE OF ACCESS via web browser by entering the following URL: http://wwwlib.umi.com/cr/yorku/fullcit?1492753.

Thesis (Ph.D.)--McMaster University, 2005. / Advisor: William M. Scarth. Includes bibliographical references (p. 239-256). Also available via World Wide Web.

Thesis (Ph. D.)--University of California, Santa Cruz 2001. / Typescript. Includes bibliographical references (leaves 149-155).

Thesis (Ph. D.)--University of California, Davis, 1989. / Includes bibliographical references (leaves 134-148).

This thesis examined the extent to which there is convergence in inflation rates, interest rates and incomes in the Common Monetary Area (CMA). It also investigated if countries in the area exhibit asymmetric adjustments to aggregate shocks. Based on optimum currency area theory, lack of convergence and the presence of asymmetric adjustments to shocks is likely to pose serious challenges that need to be addressed as the CMA moves towards a fully-fledged monetary union. I formulated and estimated a macroeconomic model to capture the transmission of shocks in the CMA. The model consists of four equations namely; Phillips curve, IS curve, exchange rate and monetary policy rule. The model links the CMA countries via the aggregate demand, inflation and interest rate equations. I simulated the model to assess the economic performance of the smaller countries when subjected to either a single monetary policy rule or country specific monetary policy rules. Such an analysis is used to gauge if a move towards a fully-fledged monetary union will result in higher benefits for the smaller countries. Furthermore, I estimated a structural VAR model based on the theoretical model. The identification restrictions in the VAR are also derived from the model. The analysis confirms monetary convergence, which is supported by the strong evidence of co-movement in interest rates and inflation rates in the CMA. Monetary convergence is an indicator of strong financial sector integration in the area. There is also evidence that inflation in the smaller countries is driven by that of South Africa. This result is mainly attributable to the strong trade links in the area as well as the existing parity between currencies in the area. The results also show that countries in the area are likely to face asymmetric shocks based on their composition of exports as well as the low correlation of growth rates. However, this asymmetry does not mean that countries cannot move towards iii creation of a fully-fledged monetary union, but rather that the existing asymmetries should be considered seriously by ensuring that other adjustment mechanisms are put in place. Extending the analysis to the SADC region shows that this region exhibits weak monetary convergence even though the poor countries show some form of real convergence with South Africa. Simulations from the VAR model show a price puzzle for Swaziland and South Africa but it is not prolonged. Based on the analysis the study concludes that a monetary union is possible in the CMA and is likely to be less costly. However, the evident asymmetries call for gradual step by step phasing in of the monetary union.

This thesis examines the effect of weather events, monetary policy, and financialization on changes in global inventory, futures prices, spot prices, futures returns, and producers' equity returns of exchange-traded commodities. First, I investigate the relationship between temperature and precipitation anomalies on aluminium futures returns. Prior research only examines the effects of weather anomalies on soft commodities, although flooding, drought and temperature are also identified as disrupters to mining operations in both regulatory filings and media reports. However, I find no evidence of weather effects on aluminium futures returns. Instead, the evidence suggests that inventories provide enough buffer for weather events and that trading around such events is unlikely to yield abnormal returns. Second, I investigate the relationships between metal futures returns and global monetary policy and demonstrate that a multiplier ratio created to proxy for market liquidity and the effectiveness of unconventional monetary policy is positively related to the price of industrial metals. Contrary to prior research, there is little evidence of a relationship between real interest rates and industrial metals futures returns. These findings will enhance the ability of policymakers and other agents to determine whether the intended effects of quantitative easing are being transmitted to the markets. Third, I investigate the role of financialization in shaping the relationship between non-commercial speculation (hereinafter, speculation), trader concentration, and commodity futures returns. While prior studies variously find evidence of stabilising, reinforcing and destabilising effects of speculation upon returns, I show that speculation does not Granger-cause futures returns but that there is evidence of reverse causality from futures returns to speculation. Additionally, commodity futures returns respond to the publication of open interest information. Overall, financialization reduces the power of individual traders to set futures prices in a concentrated commodity market. These findings support a policy approach aimed at enhancing transparency rather than adding regulatory controls.

Thesis (Ph. D.)--University of California, Santa Cruz, 1999. / Typescript. Includes bibliographical references (leaves 97-105).