Magister Commercii - MCom / The purpose of this study was to evaluate econometrically the effects of real exchange rate misalignment on South African exports between the period 1994 and 2015 using quarterly time-series data. Cointegration tests were done using the Johansen and Juselius approach. The study examined the effects of real exchange rate misalignment of the rand on South Africa’s exports, namely manufactured goods exports, automotive and chemical exports, mining exports, machinery and transport equipment exports and agricultural exports, on both an aggregate and a sectoral level. The long run impact of real exchange rate misalignment on total exports was found to be negative and significant, implying that real exchange rate misalignment negatively affects exports. In the short run, misalignment of the currency was found to enhance export growth and is not sustainable in the long run. On the sectoral level, the study found that in the long run exports are influenced by real exchange rate misalignment with varying sensitivity. Manufactured goods exports, automotive and chemical exports and machinery and transport equipment exports are all negatively affected by real exchange rate misalignment. On the contrary, mining exports and agricultural exports are positively affected by real exchange rate misalignment. Therefore, if an export-led growth path is envisaged for the South African economy, it is important for monetary and fiscal policy to be conducted in such a manner that ensures stability in the real exchange rate at an appropriate level. This will ultimately aid export competitiveness for South Africa. Based on the findings of this study, the researcher recommends that misalignment of the currency should be avoided at all costs.

Masters of Commerce / The purpose of this study was to evaluate econometrically the effects of real exchange rate misalignment on South African exports between the period 1994 and 2015 using quarterly time-series data. Cointegration tests were done using the Johansen and Juselius approach. The study examined the effects of real exchange rate misalignment of the rand on South Africa’s exports, namely manufactured goods exports, automotive and chemical exports, mining exports, machinery and transport equipment exports and agricultural exports, on both an aggregate and a sectoral level.

Do renminbi (RMB) exchange rate fluctuations affect cross-border M&A activities of enterprises at the micro level? This paper centers on this major issue, and we study and analyze the impacts of RMB internationalization on the magnitude and success of cross-border M&As. We investigate the impacts of exchange rate changes on the magnitude and success of enterprise-level cross-border M&As by developing nominal exchange rate (NER) and real exchange rate (RER) volatility indicators using data from the Thomson Financial SDC Platinum Merger and Acquisitions database. By applying a variety of indicators and subsample estimates in the study, we find that exchange rate volatility (of either NER or RER) is significantly negatively correlated with enterprise-level cross-border M&As, suggesting that RMB exchange rate movements deter cross-border M&As to some extent; fluctuations in RMB exchange rate have a significant negative impact on the success of cross-border M&As, and the exchange rate risk induced by exchange rate changes increases the risk of cross-border M&As; meanwhile, exchange rate fluctuations have a significant inhibitory effect on conglomerate M&As in addition to horizontal cross-border M&As. In addition, exchange rate fluctuations have a significant inhibitory effect on the profit-oriented cross-border M&As of enterprises in non-state-owned-or-controlled industries. Therefore, we should take prudent actions to prevent the impacts of RMB exchange rate movements on cross-border M&As, actively tap the potential of bilateral investment treaties in securing cross-border M&As, promote coordination between RMB exchange rate regulation iimechanisms and the “go global” strategy, and improve the level of internationalization and competitiveness of Chinese enterprises. / Business Administration/Finance