Uma característica marcante da recente crise financeira que ocorreu entre 2007 e 2009, conhecida como \"A Crise do Subprime\", foi quão rapidamente se propagou por todo o mundo. Entretanto, a maior parte da evidência empírica até o presente momento mostra que no início da crise (jun/07 - ago/08) a resposta das economias emergentes foi limitada. Este trabalho corrobora este fato, bem como a rápida saída da crise, para um grupo de países emergentes em acelerado processo de desenvolvimento: Brasil, Rússia, Índia e China, os BRICs. Encontramos ainda evidências de que a China exerceu, principalmente durante a crise, forte impacto positivo nos BRICs, o que nos levou a concluir que este foi um fator importante para que fossem menos afetados, quando comparados com economias desenvolvidas como os EUA. Também mostramos que países dentre os BRICs cuja atividade econômica apresenta maior semelhança - Brasil X Rússia e Índia X China - são afetados de modo geral de forma análoga e observamos ainda evidência de notáveis ligações financeiras entre os países do grupo. Por último, notamos que variáveis reais dos BRICs responderam com menor intensidade aos efeitos da crise quando comparadas a variáveis financeiras do próprio grupo e variáveis reais de países desenvolvidos. Para o estudo, utilizamos modelos S-VAR, VEC e testes de cointegração em painel, este último para os modelos com variáveis macroeconômicas reais. Também utilizamos um índice de propagação de calor, desenvolvido pelo Fundo Monetário Internacional (FMI), que mede a intensidade dos efeitos da crise nas variáveis para cada instante do tempo. / One of the main characteristics of the recent financial crisis that took place between 2007 and 2009, known as \"The Subprime Crisis\", was how fast it spread all around the globe. Nevertheless, most empirical evidence shows that at the beginning of the crisis (Jun/07- Aug/08) emerging markets\' response was limited. This present study corroborates this idea for a fast raising group of emerging economies: Brazil, Russia, India and China, the BRICs. We show as well how rapid these economies have managed to get out of the crisis and the not negligent positive impact that China had in all of them, especially during the crisis period. We infer that China\'s booming economy must have been one of the main factors that made the crisis\' impact reduced for the BRICs when compared to developed countries such as the US. We also show that countries among the BRICs that have more similarities - Brazil X Russia and India X China - were in general affected in an analogous way and we observe that there are strong financial links between group members. Last, we find that the crisis\' effect on real BRIC\'s macroeconomic variables was not as intense as those on developed countries or on BRIC\'s financial variables. For this study, we use S-VAR, VEC and Panel Cointegration Models. This last one was used for models with real macroeconomic variables. To draw our conclusions, we also utilize a Heat Index which has been developed by the International Monetary Fund (IMF).This index is a measure of the crisis\' effects intensity on economic variables through time.

A inovação tem sido amplamente reconhecida como uma fonte essencial de vantagem competitiva para as organizações. Este estudo buscou evidenciar, sob a ótica da teoria da aprendizagem organizacional, que as empresas precisam ser capazes de recombinar e criar seus recursos por meio do comportamento de bricolagem, com a finalidade de desenvolver a inovação frugal em mercados emergentes. Assim, nesta pesquisa procurou-se responder a seguinte pergunta: A bricolagem configura-se como um antecedente da inovação frugal para empresas em mercados emergentes? Logo, neste trabalho o objetivo principal foi identificar se a bricolagem influencia no desenvolvimento da inovação frugal. Além disso, analisou-se também se a bricolagem é estimulada em contextos de crise, evidenciados em mercados emergentes pela escassez de recursos e por crises financeiras, como no caso do Brasil. Assim, na pesquisa levantou-se as seguintes hipóteses: H1: O processo de bricolagem está positivamente relacionado com a inovação frugal; H2: A inovatividade organizacional modera positivamente a relação entre bricolagem e inovação frugal; H3: Um contexto de crise estimula a utilização da bricolagem nas empresas para desenvolver recursos. Essas hipóteses foram testadas estatisticamente por meio da técnica de modelagem de equações estruturais, utilizando-se uma base de dados coletados pelo método survey contendo 215 empresas no Brasil. Os resultados permitiram suportar as hipóteses H1 e H3 confirmando, respectivamente, a influência positiva da bricolagem no desenvolvimento de inovação frugal, e a influência do contexto de crise no comportamento da bricolagem. A hipótese H2 não foi confirmada, denotando que a inovatividade organizacional não necessariamente modera a relação da bricolagem com a inovação frugal. Com isso, contribuiu-se com a literatura de bricolagem e de inovação frugal, bem como estabeleceu-se uma ligação entre ambas, evidenciando a bricolagem como antecedente para desenvolver inovação frugal, principalmente em contextos de crise em mercados emergentes como o vivenciado no Brasil. / Innovation has been broadly recognized as a fundamental source of competitive advantage for organizations. This study sought to highlight, through the perspective of the organizational learning theory, that companies need to be able to recombine and create their resources through the bricolage behavior in order to develop the frugal innovation in emerging markets. Thus, in this research we tried to answer the following question: Is bricolage an antecedent of frugal innovation for companies in emerging markets? Therefore, in this work the main objective was to identify whether bricolage can influence the development of frugal innovation. In addition, it was also analyzed whether bricolage is stimulated in crisis contexts, evidenced in emerging markets due to resource scarcity and financial crises, as in the case of Brazil. In this sense, the following hypotheses were established: H1: The bricolage process is positively related to frugal innovation; H2: Organizational innovativeness positively moderates the relationship between bricolage and frugal innovation; H3: A crisis context encourages the use of bricolage in companies to develop resources. These hypotheses were statistically tested using the structural equation modeling technique, using a database collected by the survey method encompassing 215 companies in Brazil. The results allowed to support the hypothesis H1 and H3 confirming, respectively, the positive influence of bricolage in the development of frugal innovation, and the influence of the crisis context on the bricolage behavior. The hypothesis H2 was not confirmed, denoting that organizational innovativeness does not necessarily moderate the relationship between bricolage and frugal innovation. This study has contributed to the literature of bricolage and frugal innovation, as well as established a connection between both, evidencing the bricolage as antecedent to develop frugal innovation, especially in contexts of crisis in emerging markets such as experienced in Brazil

A inovação tem sido amplamente reconhecida como uma fonte essencial de vantagem competitiva para as organizações. Este estudo buscou evidenciar, sob a ótica da teoria da aprendizagem organizacional, que as empresas precisam ser capazes de recombinar e criar seus recursos por meio do comportamento de bricolagem, com a finalidade de desenvolver a inovação frugal em mercados emergentes. Assim, nesta pesquisa procurou-se responder a seguinte pergunta: A bricolagem configura-se como um antecedente da inovação frugal para empresas em mercados emergentes? Logo, neste trabalho o objetivo principal foi identificar se a bricolagem influencia no desenvolvimento da inovação frugal. Além disso, analisou-se também se a bricolagem é estimulada em contextos de crise, evidenciados em mercados emergentes pela escassez de recursos e por crises financeiras, como no caso do Brasil. Assim, na pesquisa levantou-se as seguintes hipóteses: H1: O processo de bricolagem está positivamente relacionado com a inovação frugal; H2: A inovatividade organizacional modera positivamente a relação entre bricolagem e inovação frugal; H3: Um contexto de crise estimula a utilização da bricolagem nas empresas para desenvolver recursos. Essas hipóteses foram testadas estatisticamente por meio da técnica de modelagem de equações estruturais, utilizando-se uma base de dados coletados pelo método survey contendo 215 empresas no Brasil. Os resultados permitiram suportar as hipóteses H1 e H3 confirmando, respectivamente, a influência positiva da bricolagem no desenvolvimento de inovação frugal, e a influência do contexto de crise no comportamento da bricolagem. A hipótese H2 não foi confirmada, denotando que a inovatividade organizacional não necessariamente modera a relação da bricolagem com a inovação frugal. Com isso, contribuiu-se com a literatura de bricolagem e de inovação frugal, bem como estabeleceu-se uma ligação entre ambas, evidenciando a bricolagem como antecedente para desenvolver inovação frugal, principalmente em contextos de crise em mercados emergentes como o vivenciado no Brasil. / Innovation has been broadly recognized as a fundamental source of competitive advantage for organizations. This study sought to highlight, through the perspective of the organizational learning theory, that companies need to be able to recombine and create their resources through the bricolage behavior in order to develop the frugal innovation in emerging markets. Thus, in this research we tried to answer the following question: Is bricolage an antecedent of frugal innovation for companies in emerging markets? Therefore, in this work the main objective was to identify whether bricolage can influence the development of frugal innovation. In addition, it was also analyzed whether bricolage is stimulated in crisis contexts, evidenced in emerging markets due to resource scarcity and financial crises, as in the case of Brazil. In this sense, the following hypotheses were established: H1: The bricolage process is positively related to frugal innovation; H2: Organizational innovativeness positively moderates the relationship between bricolage and frugal innovation; H3: A crisis context encourages the use of bricolage in companies to develop resources. These hypotheses were statistically tested using the structural equation modeling technique, using a database collected by the survey method encompassing 215 companies in Brazil. The results allowed to support the hypothesis H1 and H3 confirming, respectively, the positive influence of bricolage in the development of frugal innovation, and the influence of the crisis context on the bricolage behavior. The hypothesis H2 was not confirmed, denoting that organizational innovativeness does not necessarily moderate the relationship between bricolage and frugal innovation. This study has contributed to the literature of bricolage and frugal innovation, as well as established a connection between both, evidencing the bricolage as antecedent to develop frugal innovation, especially in contexts of crisis in emerging markets such as experienced in Brazil

This collection of essays examines the topic of macroeconomic stabilisation in an international context, focusing on monetary policy, capital controls and exchange rates. Chapter 1, written in collaboration with Giancarlo Corsetti and Joao Duarte, reconsiders the effects of common monetary policy shocks across countries in the euro area, using a data-rich factor model and identifying shocks with high-frequency surprises around policy announcements. We show that the degree of heterogeneity in the response to shocks, while being low in financial variables and output, is significant in consumption, consumer prices and macro variables related to the labour and housing markets. Mirroring country-specific institutional and market differences, we find that home ownership rates are significantly correlated with the strength of the housing channel in monetary policy transmission. We document a high dispersion in the response to shocks of house prices and rents and show that, similar to responses in the US, these variables tend to move in different directions. In Chapter 2, I build a two-country, two-good model to examine the welfare effects of capital controls, finding that under certain circumstances, a shut-down in asset trade can be a Pareto improvement. Further, I examine the robustness of the result to parameter changes, explore a wider set of policy instruments and confront computational issues in this class of international macroeconomic models. I document that within an empirically relevant parameter span for the trade elasticity, the gains from capital controls might be significantly larger than suggested by previous contributions. Moreover, I establish that a refined form of capital controls in the shape of taxes and tariffs cannot improve upon the outcome under financial autarky. Finally, results show that the conjunction of pruning methods and endogenous discount factors can remove explosive behaviour from this class of models and restore equilibrating properties. In Chapter 3, I use a panel of 20 emerging market currencies to assess whether a model that combines fundamental and non-fundamental exchange rate forecasting approaches can successfully predict risk premia (i.e. currency excess returns) over the short horizon. In doing so, I aim to overcome three main shortcomings of earlier research: i) Sensitivity to the chosen sample period; ii) seemingly arbitrary selection of explanatory variables that differs from currency to currency; and iii) difficulty in interpreting forecasts beyond the numerical signal. Based on a theoretical model of currency risk premia, I use real exchange rate strength combined with indicators for carry, momentum and economic sentiment to homogeneously forecast risk premia across all 20 currencies in the sample at a monthly frequency. In doing so, the model remains largely agnostic about structural choices, keeping arbitrarily imposed restrictions to a minimum. Results from portfolio construction suggest that returns are significant and robust both across currencies as well as over time, with Sharpe Ratios in out-of-sample tests above 0.7.

Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2019-03-20T12:32:52Z No. of bitstreams: 1 Klaus Peter Stolzmann_.pdf: 1291405 bytes, checksum: 8ba46b28ffcae95c2b291db9ef3d1a05 (MD5) / Made available in DSpace on 2019-03-20T12:32:52Z (GMT). No. of bitstreams: 1 Klaus Peter Stolzmann_.pdf: 1291405 bytes, checksum: 8ba46b28ffcae95c2b291db9ef3d1a05 (MD5) Previous issue date: 2018-12-17 / Nenhuma / Ainda que os gerentes tenham expectativas moderadas sobre a capacidade das suas subsidiárias de contribuir para a renovação estratégica e tecnológica de todo o grupo multinacional, várias medidas poderiam ser tomadas para possibilitar a geração de novas tecnologias nas subsidiárias. Como a geração de conhecimento numa subsidiária é um tema relativamente recente explorado no campo acadêmico, a proposta desse trabalho é trazer alguma contribuição no processo de geração de conhecimento tecnológico como fator de mudança do papel de uma subsidiária brasileira de uma multinacional de um país desenvolvido. Por meio de um estudo de caso único, os dados foram coletados em análise documental, observação in loco e entrevistas com diversos colaboradores, entre eles engenheiros, gestores, expatriados, estrangeiros e brasileiros. Após, os dados foram triangulados com a técnica de análise de conteúdo. Os resultados indicam a relevância da geração de conhecimento tecnológico pela subsidiária e reconhecido pela matriz, para a mudança de seu papel na MNC, representado por um esquema gráfico de como tal processo ocorreu. Durante o mapeamento do mesmo, percebeu-se algumas particularidades no caso estudado, como a grande importância do papel do repatriado (funcionário da subsidiária que passa um determinado tempo na matriz e retorna), pouco abordado na literatura, e no presente caso, da relevância do cliente no processo de geração de conhecimento tecnológico no país da subsidiária, assim como ficou confirmada a grande importância do papel do gerente da subsidiária como também a influência dos fatores moderadores nesse processo. Por fim, esse trabalho traz alguma contribuição prática para os gestores de subsidiárias de países emergentes, sobre os quais poderão avaliar as iniciativas da sua subsidiária, tais como o treinamento dos seus empregados na matriz ou a busca de novos projetos para atender clientes locais, para obter a atenção da matriz e preparar-se para a mudança de seu papel dentro da MNC. / Although managers have moderate expectations about their subsidiaries' ability to contribute to the strategic and technological renewal of the entire multinational organization, a number of measures could be taken to enable the creation of new technologies in the subsidiaries. As the knowledge generation in a subsidiary is a subject that has not yet been deeply explored in the academic field, the proposal of this work is to bring some contribution in the process of technological knowledge generation as a factor to change the role of a Brazilian subsidiary belonging to a multinational from a developed country. Through a single case study, the data were collected in document analysis, in loco observation and interviews with several collaborators, among them engineers, managers, expatriates, foreigners and Brazilians. Afterwards, the data were triangulated with the content analysis technique. The results indicate the relevance of the technological knowledge generation by the subsidiary and recognized by the headquarter, to change its role in the MNC, represented by a graphic diagram of how such a process occurred. During the process analysis, we noticed some peculiarities in the present case, such as the great significance role of the inpatriate (employee of the subsidiary who spends a certain time in the headquarter and returns) which was less discussed in the literature and for this specific case, the customer role relevance in the process of technological knowledge generation in the subsidiary country, as well as confirming the great importance of the subsidiary manager's role and the moderator factors in this process. Finally, this work brings some practical contribution to managers of emerging-country subsidiaries who can evaluate their subsidiary's initiatives, such as the training of its employees in the headquarters or the search of new projects to serve local clients, to get the parent's attention and prepare to change its role within the MNC.

隨著新興國家金融管制的鬆綁，國際間銀行業併購的標的已逐漸由美國、歐洲等已開發國家延伸至拉丁美洲、東南亞等新興國家。本論文以事件研究法對2005年到2014年，已開發國家銀行跨國併購新興國家金融產業的併購活動，共49個樣本進行分析，藉由迴歸分析的結果去觀察目標國家的經商環境對於併購績效的影響。 本研究的立論在於，過去文獻表示銀行跨國併購的主要動機之一為追隨客戶，而如今許多銀行的客戶為了降低勞動成本，紛紛前往新興國家設廠，而新興國家相較於已開發國家的其中一個特點為，其經商環境尚未發展健全，不如已開發國家穩定，故目標國的經商環境好壞很可能是影響主併銀行客戶決定是否進入或擴大投資的因素，進而成為影響主併銀行跨國併購的成敗因素之一。 而本論文的結果可分為三個層級。第一層是各別經商環境指標對主併銀行宣告效果的影響；第二層逐漸收斂為企業創立、企業擴建與企業經營三組指標對主併銀行宣告效果的影響；第三層則收斂為綜合性經商環境指標對主併銀行宣告效果的影響。在第一層級中發現：目標國家開辦企業程序的便利簡潔度、取得信貸的流程明確度與能否有效執行合約等排名，在事件窗口(-1,+1)呈現顯著負相關，亦即此三項經商環境指標排名越高（數字越小）對主併銀行的宣告效果有正面影響。在第二層級中則觀察到企業擴建層面的指標對主併銀行宣告效果的解釋力是最大的、其次是企業創立，最後為企業經營。在第三層面中發現收斂後的綜合經商環境指標確實對銀行的宣告效果1%的顯著水準，亦即當主併銀行選擇經商環境較佳的目標國家進行跨國併購時，市場的反應會較為正面。 / Prompted by financial liberalization and the expansion into emerging market economies (EME) by corporate customers, international banks increasingly penetrated EME. This research uses 49 cross-border M&A samples between 2005 and 2014 in which the acquiring banks is in developed countries and the targets is the financial industry of emerging countries. Using event study methods, the study establish whether the business environment of target countries explain returns to shareholders in acquiring banks from cross-border M&A. From the past study, we observe that one of the main motivations for the banks to cross-border M&A is following customers to new markets. Recently, in order to reduce labor costs, the customers of bank have more FDI in emerging countries. However, the feature of emerging countries is that the business environment is not as stable and clear as the developed countries. Therefore, the business environment will affect the customers of banks decide whether to enter or expand investment in EME and further affect the acquiring banks. The results of this research can be divided into three levels. (1) in the individual business environment indicators level, the study find when the target countries are easier starting a business, getting credit or enforcing contracts, the CAR of acquiring banks will significant negative in event window (-1, +1); (2) in the group of business environment indicators level, the study observe the explanatory power of the business expansion group is larger than the group of start-up and operations; (3) the composite business environment indicator have significant negative affect to the CAR of acquiring banks.

The high economic growth of formerly closed markets such as China, Russia, Poland, and the Baltic states has created vast business and growth opportunities for small and medium-sized enterprises (SMEs). Although this international business expansion of SMEs occurs in highly dissimilar business contexts and fierce international competition, it remains overlooked by research. Therefore, the main aim of this thesis is to contribute to an enhanced understanding of internationalization processes of SMEs by studying the overarching research question: What are the main features of internationalization processes of SMEs in an emerging market context? Three sub-problems are researched with regard to SMEs entering and taking off from emerging markets, as well as differences and similarities between these processes, in order to identify what features characterize them. Empirically, two surveys of 116 and 203 Swedish SMEs, respectively, with experiences of entry into emerging markets were conducted through standardized questionnaires via mail and on-site visits. In addition, case studies were conducted through interviews and observations of five internationalizing Chinese SMEs and four Chinese wholesale and retail market platforms. Five essays are compiled within the thesis and major findings and conclusions provide theoretical and empirical contributions to research on the internationalization processes of SMEs. With regard to the overlooked internationally experienced manufacturing SMEs from mature markets such as Sweden, theoretical advancements are made identifying the main concepts of their entry into emerging markets: entry node (the establishment point into the foreign business network); market-specific experiential knowledge; and perceived institutional distance. With regard to the internationally novel Chinese SMEs, these were seen to diverge from traditional internationalization paths. Indications were found of a parallel expansion abroad and at home, even using foreign markets as a springboard for further growth at home. The take-off node concerns the departure from an emerging home market, where a paradox of knowledge was found: the use of indirect export via a domestic intermediary facilitates the take off, but hinders further international expansion since no international experience or relationships are built up. Moreover, institutional distance was reduced due to collective internationalization through co-locating abroad. Generally, degree of maturity of the home market; as well as degree of internationalization and type of firm; are the main features behind differences between internationalization processes of SMEs in an emerging market context.

Questo studio vuole illustrare le possibilità di sviluppo dell’industria del venture capital nei mercati emergenti. Il venture capital rappresenta un’alternativa importante per le imprese emergenti dei paesi in via di sviluppo, contribuendo a rafforzare uno sviluppo integrato di tutto il sistema finanziario e dei suoi attori principali quali le istituzioni bancarie tradizionali, i fondi d’investimento ed il mercato dei capitali. L’obiettivo principale del progetto consiste nell’identificare gli attori principali, e gli investimenti target, così come le esperienze più significative, analizzando i fattori critici e mettendo a fuco azioni e programmi utili per attirare investitori di venture capital, accrescere la conoscenza di questi strumenti e superare i maggiori ostacoli al fine di massimizzare l’impatto che l’industria del venture capital può avere nel rafforzare la crescita industriale a livello paese. Il lavoro comprende alcune analisi empiriche nell’ambito dell’area arabo-mediterranea, svolte con l’obiettivo di facilitare partnership ed accrescere investimenti tra i paesi scelti ed i paesi europei. Commenti, spunti e proposte presentate nella parte finale del lavoro sono il frutto di un attento studio degli attori e fattori chiave che contraddistinguono le operazioni di venture capital. Le proposte ed i programmi suggeriti cercano di rispondere alle esigenze e necessità individuate nel corso delle analisi empiriche che sono state svolte trascorrendo lunghi periodi a contatto con gli imprenditori, investitori e funzionari locali. Le analisi empiriche sullo sviluppo dell’industria del venture capital a livello paese sono state svolte in: Giordania, Palestina, Egitto, Israele e Tunisia. / This research aims to verify development of venture capital in emerging markets. Venture capital represents an important alternative to emerging businesses in developing countries by increasing the strength of the entire financial system and its key players, from traditional banking institutions and investment funds, to stock market capital. The project’s main goal is to identify key actors, investment targets, and experiences as well as aiming at analyzing critical factors and conceptualizing related actions pertinent to becoming more competitive in attracting venture capital investors, developing know-how, overcoming barriers, and maximizing the impact venture capital industry may have on industrial growth. The project is focused on the Arab-Mediterranean region seeking to foster partnership and facilitate investment among European and Arab-Mediterranean countries. The comments, ideas, and proposals presented in the final part of the work come from a careful study of the key issues and players exemplified by the operation of venture capital. The findings are also the result of observations made at the end of country-level empirical analyses where much time has been spent in contact with entrepreneurs, investors, and local officials. Country Empirical Analyses on Venture Capital industry development are being carried out in Egypt, Jordan, Palestine, Tunis and Israel.

With the internationalization of financial markets, short-term capital flows to emerging market economies have become an important phenomenon in the world. The papers in this dissertation are concerned with investigating the effects of such flows in the receiving countries. The analysis is cast in a dynamic general equilibrium framework for small open economies. Two of the papers are quantitative investigations of the forces at work in small and relatively poor economies that liberalize trade and capital flows. The common approach of these papers is that of a computational experiment: calibrated simulations constitute a test of whether the models can explain certain dynamics which we observe in the data. The first paper investigates whether a calibrated two-sector neoclassical growth model can explain the magnitudes and the timing of capital flows in the Baltic countries after the fall of the Soviet Union. The results indicate that it can, and that the large and persistent trade deficits which we observe in the data need not be a reason to worry. However, the model also tells us that a reversal of capital flows and large sectoral adjustments lie ahead of the Baltic countries. In the second paper, the focus is on modelling the observed co-movement between consumption and the real exchange rate in Spain, which experienced large capital inflows following the entry into the European Community in 1986. In accordance with episodes of trade liberalization elsewhere, consumption in Spain boomed and the real exchange rate appreciated for several years after 1986. Standard two-sector models with traded and non-traded goods have problems accounting for these facts. The paper explores some mechanisms that can improve the standard modelling framework, and evaluates their quantitative importance in calibrated simulations for Spain. The third paper studies the government’s optimal bailout policy in an environment where sudden stops of capital flows cause financial crises in a small open economy. Real world events, such as the financial crises in the South East Asian countries in 1997, motivate the analysis. Compared to the previous essays, the paper is different in its nature in that it develops a highly stylized environment to analytically study the government’s optimal bailout policy. The paper shows that the government should optimally commit to a policy that only partially protects private debtors against inefficient liquidation. / Diss. Stockholm : Handelshögsk., 2004

Doctor Legum - LLD / This thesis examines the legal framework of Zimbabwe to determine if the laws and policies which are in place create opportunities for, or barriers to, economic development. Specifically, it examines the legal framework governing trade, investment and financial services. The thesis focuses on Zimbabwe as a case study and draws lessons from South Africa. It proceeds from the premise that despite the numerous attempts made at international, regional and domestic levels to increase economic development (such as through liberalisation of markets and access to international development finance), Zimbabwe has failed to attain 'developed country' status. The purpose of the thesis is to examine the causes of poor economic performance in Zimbabwe postindependence (post-1980).