Since the international debt crisis arose in 1982, various forms of debt relief measures have been applied by international creditors to alleviate the difficulties encountered by most developing countries in meeting their financial obligations. Renegotiation of external debts within the framework of official and private creditor clubs, however, has become the widely acceptable procedure in recent years. A sine qua non to this process is the entry by a debtor state into a stand-by arrangement with the International Monetary Fund. Compliance with the terms of the stand-by arrangement is closely linked, either in a formal or informal manner, to the enforcement of bilateral loan rescheduling agreements with creditor governments and syndicated loan agreements with private commercial banks. The crux of IMF financing is a commitment by a debtor state to implement economic policies aimed at improving the latter1s balance of payments position. However, the impact of these economic austerity measures upon the political stability of the debtor's government and the living standards of its citizens has generated an attitude of reluctance among the leaders of several developing countries to consult the IMF in accordance with current renegotiation procedures. In this thesis, the writer will examine the salient legal and political issues arising from the practice of international creditors in using compliance with the terms of the IMF stand-by arrangement as a parallel condition under their loan agreements with a debtor state. Three main arguments have been considered by this writer in shedding light upon this study. Firstly, the assumption that compliance with the terms of the IMF stand-by arrangement constitutes an international obligation is not in accord with the law and practice of the IMF. Any inference of breach entailing state responsibility, therefore, is unwarranted on account of the characterization of the IMF stand-by arrangement as a non-binding instrument. Secondly, a debtor state experiencing extreme economic hardship may be justified under international law to take unilateral action having the effect of deviating from the stand-by arrangement provisions. It will be argued in particular that the principle of "freedom for payments" embodied in stand-by arrangements is subject to an exception applying the rule of a state of necessity under international law. Finally, it will be argued that the political sustainability of economic adjustment for debtor states through the stand-by arrangements could be enhanced by incorporating human rights principles as a juridical standard for adjustment policies formulated in consultation with the IMF. / Law, Peter A. Allard School of / Graduate

This thesis focuses on three issues pertaining to growth, development, and trade between developed and developing countries. The first essay develops an endogenous growth model that incorporates Engel’s law into the preferences. The model shows that the initial distribution of income is crucial to the outcome. A closed-economy country where most of its population is poor experiences a low rate of innovation. Income transfers from the rich to the poor can increase the effective labour supply, thereby enhancing the rate of innovation. Under free trade, only the rich benefit from trade. The poor are indifferent unless they already can afford to consume the minimum requirement of food before trade or the minimum requirement becomes affordable after trade by cheaper imported food. The initial distribution of income influences the trade patterns. Moreover, income redistribution in a free trade environment also increases the growth rate. The second essay extends the first one by assuming that the marginal product of labour of the food sector is decreasing. It shows that an increase in population may decrease the growth rate if the initial population is large relative to the productivity of the food sector. Moreover, an increase in one country’s population may reduce that country’s production share of the world’s innovation and increase its dependency on imported technology. The last essay analyzes the welfare impact of minimum-export requirements (MERs) imposed on foreign direct investments. This essay shows that MERs can be Pareto improving measures to both the source and the host countries. When offshore plants are used by parent firms to compete with domestic firms in the source country, MERs can improve the host country’s welfare by inducing the total sales in the source country to rise, thereby reducing the distortion generated by imperfect competition. The MERs can simultaneously improve the welfare of the host country by shifting profits of the foreign firms toward the local firms. If the local firms are absent, the host’s welfare may still be improved if sufficient profits from foreign operations are retained in the host country. / Arts, Faculty of / Vancouver School of Economics / Graduate

This thesis goes through basic principles of industrial policy in developing countries and analyses examples of recent industrial policies in BRIC countries (Brazil, Russia, India and China) in the last two decades. The analysis shows the coexistence of unsuccessful and fruitful stories of industrial policy implementation. In the text, I focus especially on the last two decades. I recognize that industrial policy can have a positive impact on economy in some cases, but on the other hand, government failures are frequent and they can result in deep distortions of economic systems and waste of resources. Since 90s', pro-active approach positively contributed to the growth primarily in China and India -- although the progress of these two countries differs substantially. These two countries were (and still are) relatively poorer than Russia and Brazil. Typically, industrial policy in BRIC countries broadly overrides problems of corporate governance, corrupt practices and bureaucratic burdens.

The aim of the thesis "Peru: developing country with mineral wealth" is to analyze the most prosperous economic sector in Peru, which is the mining industry. Although Peru is a developing country in the world known for its rich history, also has big economic potential, which still faces many challenges. Peru belongs to the world's ten largest producers and holders of the world's reserves of silver, copper, zinc, lead, tin, and gold. In addition, this sector is important to the global level, it has a big impact on the Peruvian economy After obtaining independence in 1821, Peru has undergone periods of political unrest, financial crises and phases of stability and economic growth. During the colonial period was indigenous people often exploited and their culture suppressed. Today the indigenous population of about half the population live mostly in the traditional way of life in mountain areas and Amazon jungle. Liberalization reforms in the 90s opened Peru doors to economic prosperity, but also a deepening social differences. The work uses the methods of analysis, synthesis and comparison and is divided into four chapters. The first chapter of the thesis deals with the general definition of the developing world, with an emphasis on developing region of Latin America. Second chapter is focused on Peru's political, economic and social development. Third chapter belongs to the most significant sector of the Peruvian economy, mining industry and its impact in the world and domestic economy. This sector faces big problems as informal mining and social conflicts because of the pollution. Last chapter aims to assess the future development of the mining industry in Peru, which affect the internal and external influences of the global and national economic situation.

About forty percent of the world´s population, mostly inhabitants of countries with developing economies, rely on the traditional usage of biomass for energy purposes. The major negative consequences are environmental and health effects. Additionally, the most remarkable social consequence is rural poverty which is directly linked to lack of access to electricity. This places the questions related to biomass utilization for energy production at the core of global welfare.The present work was performed as a part of a larger research project funded by Formas and which involves Swedish and Kenyan partners. The aim of this study was to gather basic knowledge about the characteristics of relevant biomass from sub-Saharan Africa, more specifically from Kenya. Eight different types of biomass, including agroforestry trees, agricultural residues and water hyacinth, were evaluated according to fuel characteristics and thermochemical properties. Ultimate and proximate analyses of the collected biomass were carried out, in addition to heating values analyses. Moreover, the biomass was pelletized and a thermogravimetric analysis was performed in a single pellet reactor. Finally, the composition of the residual ashes was determined. The results show that there was a large variation in the fuel characteristics and thermochemical behaviour of the studied agricultural residues and water hyacinth biomass types, whereas agroforestry trees had rather similar properties and thermochemical behaviour when combusted at the same temperature. In addition, results from the ash composition analyses showed large differences among the studied biomass types, which can be used to better predict and solve problems related to the combustion of these biomass types.

In the last few decades the European Union (EU) and its members have emphasized the importance of human rights and the need to improve human rights conditions in Third World countries. In this research project, I attempted to find out whether the European Union and its members practice what they preach by giving precedence to countries that respect human rights through their Official Development Assistance (ODA) program. Furthermore, I tried to analyze whether European integration occurs at the foreign policy level through aid allocation. Based on the literatures on political conditionality and on the relationship between human rights and foreign aid allocation, I expected that all EU members promote principles of good governance by rewarding countries that protect the human rights of their citizens. I conducted a cross-sectional time-series selection model over all recipients of ODA for each of the twelve members for which I have data, the European Commission, and the aggregate EU disbursements from 1979 to 1998.

One of the key priorities of developing countries governments and policymakers is to improve national welfare and address poverty alleviation. Foreign Direct Investments (FDI) are regarded as important external sources of financing economic growth around the world and are a more stable and beneficial capital injection substitute to financial aid in developing countries (Adam, 2009; Özkan-Günay, 2011). More recently, there has been a surge in foreign investments into developing countries as investors seek to diversify their investments in order to receive better returns which have become difficult to attain in the developed countries due to market saturation and the effects of the 2008 global financial crisis. The challenge that developing governments are faced with is how to ensure that the FDI inflows into their countries result in accelerated economic growth. Contemporary literature suggests that one of the reasons why FDI has produced contradictory results in various countries and economies is that FDI in various economic sectors impacts economic growth differently (Madem, Cudla & Rao, 2012). The main objective of this study was to evaluate the impact of sectorial FDI on economic growth in developing countries. Panel data estimation techniques were employed to estimate the impact of various economic sectors on economic growth as measured by Gross Domestic Product (GDP). Further, an analysis was performed to estimate whether there is a better form of FDI which is preferable to enhance FDI driven economic growth. The sample data used for this study was for South Africa as convenience sampling technique was employed. The study established that there is statistically significant evidence that sectorial FDI has variable impact on economic growth and as such priority should be directed to investments in economic sectors with the greatest impact on economic development. Further, it was established that greenfield as a form of foreign investment does not have statistically significant impact on economic sectors’ ability to impact economic growth. As such there is no preferred form of FDI to enhance economic growth as measured by GDP. / Dissertation (MBA)--University of Pretoria, 2014. / lmgibs2015 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

This research compares partners required to be competitive in the low income market to the partner network of the more traditional upper income market in South Africa. The research examines the non-traditional partnerships engaged by firms which include local communities, government and NGO’s. It further looks at the broader alliances formed by firms competing in the low income market compared to the traditional market and lastly investigates institutional voids and their effect in the respective markets. The research is exploratory in nature and considers the perceptions of managers in eight companies through the use of semi-structured interviews. 14 managers were interviewed across the 6 industries selected. Insights were gained through the use of a semi structured interview guide. The research indicates that non-traditional partnerships do take place in both the low income and traditional markets but for different reasons, with the low income market focusing on these partnerships to access the consumer. It was further apparent from the interviews that those competing in the low income market tend to partner more with other firms operating in the market but in different industries, whilst the traditional market managers tend to partner more with smaller business set up to fulfil the needs of the larger firm. The research further indicates that institutional voids may present an area to develop first mover advantage by locking down successful partnerships before competitors do. / Dissertation (MBA)--University of Pretoria, 2014. / zkgibs2015 / Gordon Institute of Business Science (GIBS) / Unrestricted

The recent investment policy shift, by the South African government, including, termination of bilateral investment treaties with some developed countries, is illustrative of the continued discontent by most developing countries with the status quo in the realm of international investments agreements (IIAs) regime. Balancing governments' sovereign right to implement domestic policies, in order to achieve socio-economic goals, for overall sustainable development, and the corresponding duty to protect foreign investments within the host state seems perpetually elusive, within the current bilateral investment treaty (BIT) regime. The parallel rising of free trade agreements (FTAs) incorporating investment chapters to BITs and the withdrawal from international investment arbitration by some countries, is symptomatic of continued disgruntlement with the current investment regime. South Africa is amongst the front runners of this discontentment and has voiced its concerns with the system, by cancelling some of its BITs and substituting same with adopting a new domestic investment regime instead, the investment Act of 2015. This study analyses the government's policy shift, with a view to find the extent to which the current BIT regime constrained the government's policy space towards economic transformation. This is achieved by analysing the substance and objective of the policy reform as against the international standards. Consequently, after probing the global investment regime and more in particularly the country's economic and political architecture, the study found that although South Africa's investment policy shift was labelled 'drastic and regressive' by critics, the latter is rational when subjected to substantive approach to the rule of law. Author however, concludes that it is the implementation thereof that is disproportional, as the same objectives underpinning the policy reform can be achieved through a less contentious approach. Finally author suggests a renegotiation of a model BIT as a less onerous and proportionate tool, to achieve the balance sought, and recommends policy options for enhancing international investment regime to address the challenges identified. / tm2017 / Centre for Human Rights / LLM / Unrestricted

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