This dissertation presents three essays in financial economics. The essays study the impact of trade globalization through the lens of the financial market. The first chapter investigates the effect of trade liberalization policy on firm value. I identify this effect by exploiting cross-sectional differences in firms' exposure to potential tariff hikes imposed on U.S. imports from China. I find that the Chinese equity market responded negatively to a major U.S.-China trade liberalization event in 2000, and the responses were driven by inefficient state-owned institutions. The analysis also implies that policy uncertainty elimination may generate distributional gains from market share reallocation. The second chapter focuses on the role of implicit protection from trade globalization and its impact on the U.S. equity market. The third chapter explores the consequences of the U.S.-China trade war.

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This thesis will determine the influence of Turkey's domestic resources on Turkey's foreign relations with the five Turkic states in the Caspian Sea Region. The spheres analyzed in this study are the common ties, which are history, culture, religion and language, with the regional countries, pan-Turkism, Turkey's initial interactions as well as ongoing constructive policies in the region. Findings showed that both Turkey and the five Turkic republics were enthusiastic to carry their relations in every field to future cooperation following the break up of the Soviet Union. However the Turkic Republics' interest in Turkish development model gradually declined starting from the 1994s.The hypothesis that socio-cultural ties will ease establishing close foreign relations is applicable to all five republics. The Turkic states welcomed Turkey's educational and cultural policies with great willingness. In the field of business we find that Turkish economy follows a similar pattern in its relations with the Azerbaijani and Central Asian markets. Accordant policy goals of Turkey and the five republics led Turkey to establish close foreign relations with the regional countries. Turkey tried to give military aid to the Turkic republics of Central Asia in their struggle against terrorist groups which have the capacity to destabilize governments and to threaten international security. The hypothesis that the more Turkey has business interests in the Caspian Sea Region the more Turkey will have closer foreign relations with Turkic countries is mostly apparent in the case of Azerbaijan. In the area of energy politics Turkey has its strongest link with Azerbaijan. Besides being strong economic partners Turkey is Azerbaijan's biggest supporter in the region against Armenia.

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published_or_final_version / Comparative Asian Studies / Master / Master of Arts

The main task of this thesis is to investigate economic implications of U.S.- China trade. The study period covers from 1972 to 1992. Data are available from International Financial Statistics, Survey of Current Business, Statistical Yearbook of P.R.China. Various hypotheses are employed to explain the basis and gain of trade, the impact of trade on both economies, and the major determinants of bilateral trade flows. This thesis contains five parts: I. Introduction; II. Outlook; III. Theoretical Analysis; IV. Empirical Study; and V. Conclusion. The major findings of this thesis are that both countries have gained advantages from trade and have also faced some unpleasant problems; several widely recognized theories serve as good approaches to understand these issues; the time series distributed lag models are helpful in explaining the determinants of trade flows.

M. Comm. / The aim of this study was to analyse the trade between South Africa and Thailand. The relation between factor endowments and comparative advantage of the Heckscher-Ohlin (H-O) theory as well as the alternative theory of the modern international trade theory were used in the analysis. The trade opportunities and the future trade prospectives of both countries were being presented according to the theory on international trade. The relation between factor endowments and comparative advantage of Thailand and South Africa were presented in the case of labour cost, labour productivity, skilled labour, economic indicators, natural resources as well as technology, research and development. The methodology of the study was based on statistics obtained from different sources in South Africa and in Thailand. These included information from The Royal Thai Embassy in Pretoria. The data were obtained from institution like the Bank of Thailand, the South African National Productivity Institute and the Central Statistic Service of South Africa. The comparative advantage of factor endowments according to the H-O theory and the alternative theory were used in the comparison of both Thailand and South Africa. The result of this comparison clearly points to the fact that Thailand has a comparative advantage in labour intensive manufactures and agricultural land intensive products, while South Africa has a comparative advantage in minerals and higher technology. It is true to state that according to the findings of this study, Thailand has the potential to export labour intensive manufactures and agricultural land intensive products such as garments, fabrics, footwear & parts, computer & parts, rice and natural rubber. South Africa has the potential to export minerals and high technology products (raw material products, mineral products, steel & iron, pipe & parts, chemical products) to Thailand. The study succeeds in confirming the relation between comparative advantage and factor endowments of the H-O theory and the alternative theory. It is also clear that future trade prospects of the two countries are based on comparative advantage and factor endowment. Furthermore, the trade opportunities identified will be beneficial to South African and Thai businessmen.

The Post-colonial era trade relations between Europe and Africa, Caribbean and Pacific (ACP) countries has been regulated by a number of economic cooperation agreements, namely the Yaoundé, Lomé, and Cotonou Conventions to the current Economic Partnership Agreements (EPAs) that had recently been concluded in the ECOWAS and SADC sub regions respectively. The EPAs negotiations have been marred with challenges particularly in Africa; with many countries having responded by not signing Interim EPAs and Nigeria has also stated they will not be concluding the EPA. Nigeria and South Africa have responded to the current negotiations in differing ways nonetheless their responses were somewhat similar. This study will attempt to understand and systematically explain Nigeria’s and South Africa’s positions on the EPAs negotiations process. In order to gain the understanding the study investigates whether EPAs negotiations stalled due to the influence and/or responses of Nigeria and South Africa? The factors involved in the negotiations that may explain the responses. What consequences the principle of reciprocity has on the responses Nigeria and South Africa? This research is going to be desk research using process tracing to systematically analyse the development of the negotiations between the EC and ACP countries particular attention being afforded to Africa and the resulting responses by Nigeria and South Africa. Some of the findings are that in the case of South Africa the principle of reciprocity was not a major factor in shaping South Africa’s responses to the negotiations, whereas the opposite holds true for Nigeria. Regional integration played a major part in the case of Nigeria. / MT2016

A dissertation submitted to the Faculty of Humanities, School of Social Sciences, University of the Witwatersrand, in fulfilment of the requirements for the degree of Master of International Relations Department of International Relations, University of the Witwatersrand, Johannesburg, South Africa / Although contemporary analysis of foreign policy now incorporate diverse issues originating from diverse subject areas, it has neglected the issue of change in foreign policy in favour of foreign policy continuity. This paper investigates the subtle changes that China has instituted in its foreign policy towards Africa. It argues that, these subtle foreign policy changes, although beneficial to China, have inherent negative implications on African states and signifies a manifestation of an active, assertive and confrontational Chinese foreign policy in future. In this investigation, China through the implementation of its moralistic five principles of peaceful development, the open door policy and its strategy of instituting policies that target states that it seeks to do business with, has managed to attract and solicit partnership from most African states. Sub-national institutions like the Forum on China Africa Cooperation, the Chinese military, think tanks, Exim Bank and individual Chinese provinces have been tasked to carry out and implement China’s Africa foreign policy. The FOCAC meetings have emerged to be the most important platform through which the notion of change and the main objectives of China’s Africa policy are expressed. There, exists numerous models which can be used to analyse foreign policy change but the paper adopts Eidenfalk’s extent of foreign policy change model to analyse the various issues, both domestic and international, that influence changes in foreign policy. For China, international more than domestic factors wield greater influence on foreign policy. As a result three strands of foreign policy change can be identified in China’s Africa policy i.e. from single aid to aid provided on a win-win basis, from ideological focus during the colonial period to pragmatic considerations and from non-interference to active engagement on the continent. Given the close relationship that had formed between China and most African states, changes identified above, will have negative political and economic consequences for African states. For instance, African states will no longer enjoy Beijing’s cushion against UN sanctions, weakening of African economies and identity crisis are all possible consequences of China’s evolving policy. Zimbabwe is dependent both economically and politically on China. It would follow that any form of change in China’s foreign policy will leave Zimbabwe exposed to the above effects. / MT2017