The first aim of this thesis is to tackle the deficiencies within the system of financial regulation. Furthermore, it aims to assess the submitted and even the already adopted proposals. The aims cannot be achieved without an analysis of the causes of the global financial crisis 2007-2009, because it helps to understand a range of deficiencies in the system of financial regulation. A global financial crisis of that magnitude cannot be traced to a single cause but was instead the result of multiple interconnected causes, which are examined at the macroeconomic as well as microeconomic level.

This paper will study the Art market as an investment opportunity. We will forget about the artistic characteristics of the market (history of art, aesthetic, technic...) and focus only on the business and economic aspects of the market treating art works as tradable goods. Our goal will be to determine whether or not the art market would be a suitable investment vehicle, offering some interesting outlook to investment diversification. This paper will pay a closer look at the recent financial crisis period, trying to understand the mechanism which bonds the financial industry and the Art industry. This will be the key to introduce an investment portfolio including Art as an asset class for investment. Focusing on the performance of such portfolio we will give some further recommendation on how to reach a better than expected performance.

The thesis brings self-contained review of the bank regulation and control. The first part deals with the theory of the bank regulation and control and then the regulation and control of the bank sector in the Czech Republic is introduced. Next part deals with the brief analysis of the formation and development of the global financial crisis in the USA and chosen European countries. The last part introduces the changes in the field of the bank regulation and control that arose after the break out of the finacial crisis in the European Union. The conclusion of the thesis to a certain degree includes the attutide of the Czech Government and the Czech National Bank towards the newly introduced arrangements.

Magister Commercii - MCom / The drastic decline in stock prices on the 24th October 1929 sent a frantic wave of panic across the US. Merely a century later, on the 29th September 2008 another financial crisis hit the globe - this time leaving most countries devastated. The main objective of this study is twofold: 1) to determine whether leading indicators have sufficient predictive capacity to predict global financial crises; and 2) to use the Efficient Market Theory (EMT) and/ or Behavioural Finance Theory (BFT) as a means of developing a theory explaining the potential impact bad public announcements had on the level of investor confidence before the 1929 Great Depression and the 2008 Global Financial Crisis. This study was not only designed to qualitatively conceptualise the notion of the term “investor confidence” whilst drawing special attention to its frailty using the 1929 Great Depression and the 2008 Global Financial Crisis, but also assist governments, reserve banks and key institutions to develop effective strategies of mitigating the effects of the latter financial crisis as well as provide guidance on how another financial crisis can be prevented. This study extracted bad public announcements from 40 books and 60 journal articles using 6 NBER-based leading economic indicators (LEI) and 4 systematic risk-based leading non-economic indicators (LNEI) in order to: 1) qualitatively assess the extent to which leading indicators can be used to predict global financial crises 3 – 8 months in advance; and 2) use the EMT and/ or BFT to provide an explanation concerning the potential impact that bad public announcements had on the level of investor confidence before the 1929 Great Depression and the 2008 Global Financial Crisis.

This research examines the impact of external shocks on Nigeria’s output performance for the period 1981 – 2015. It aims to bring to the fore the importance of considering external shocks during policy design and implementation. The multivariate VAR and VECM frameworks were used to evaluate the impact of the shock variables on Nigeria’s output performance and to achieve the stated objectives. Findings show that the external shock and domestic policy variables have short-run effects on Nigeria’s output performance. Also, all the measures of external shocks and domestic policies display some viable information in explaining the variabilities in Nigeria’s output performance over the horizon. The comparison between the results of the VECM and the unrestricted VAR shows that the unrestricted VAR model outperformed the VECM. The overall result of the study confirms the view about the vulnerability of the Nigerian economy to external shocks. These shocks explain more than half of the variance in real output performance and have varying effects on output performance in Nigeria. The dynamic response of output performance to each of the defined shock variables show that output performance responds rapidly to the shock variables, while its response to the domestic economic variables is seemingly moderate. Finally, the variance decomposition show that international crude oil price and terms of trade have the largest share in accounting for the variability in output performance, followed closely by the shares of capital inflows and monetary policy.

Thesis (MA)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: Despite their lack of merits and demands, Occupy Wall Street (OWS) did become a defining feature in the short aftermath of the Financial Crisis and a part of the global occupy-movements during the protest year of 2011. As the founders and organisers behind the first encampments in Zuccotti Park called out for a "Tahrir moment" in the United States of America (US), few scholars or pundits had seen the leaderless movement coming. OWS spread across the US in the matter of months, hitting the media headlines gradually and more rapidly than any previous protest movement. Scholarly responses to OWS have been plentiful, and their categorisations of the OWS’ structure, demands and impact have been going in many different directions. This study attempts to debate and analyse the main research question; is OWS a new kind of a social movement? Even though there are several ways in which one may approach this question, the following will focus on the organisational structures, the political opportunity structures and the global linkages of OWS. The organisational structures has been debated by most, as the movement has a leaderless structure, it is ruled by consensus and supported by protesters from all social spheres, who came, protested and left as they pleased. The political and economic deficits, which gives way to the political opportunity structures of the movement, has not been this dramatic since the Great Depression. The Financial Crisis of 2008 has not only been defined as an economic crisis, but also a crisis of representative democracy. Furthermore, the global protest movements of 2011 have been similar in several ways. Even as all of them, be it Tahrir, 15M, in Greece or OWS, has been unique in matters of context, time and space, they share similarities in tactics, methods and fundamental demands - democracy and prosperity. The concluding statement to the research question is not clear-cut. Rather, it revokes former debates, which distinguished between old and new social movements, and implements a globalising civil society. A new kind of a social movement has come and gone, with elements of the earlier movements. It has added new modes of tactics, structures and demands, all formed by the present context. OWS is not an exception. / AFRIKAANSE OPSOMMING: Ten spyte van hul gebrek aan eise en tasbare sukses, het “Occupy Wall Street (OWS) wel ’n definiërende kenmerk geword tydens kort naloop van die Finansiële Krisies, asook ’n deel van die globale beset-bewegings tydens die 2011 protesjaar. Daar was min akademici en kenners wat, ten tye van die eerste kamperings in Zuccotti Park en die eis deur die stigters en organiseerders van OWS vir ’n “Tahrir oomblik”, die opkoms van hierdie leierlose beweging voorsien het. Binne ’n kwessie van maande het OWS dwarsoor die VSA versprei, eers stadig en daarna vinniger die hoofopskrifte van die media gehaal as enige ander protes-beweging wat dit voorafgegaan het. Daar is heelwat akademiese bydraes (uit verskillende dissiplines) wat daarop gemik is om OWS te verstaan in terme van hoe om dit te kategoriseer, die struktuur daarvan, die eise wat gestel is en die impak daarvan. Die doel van hierdie studie is om die hoofnavorsingsvraag te bespreek en analiseer, naamlik; is OWS ’n nuwe soort sosiale beweging? Die benadering wat gevolg word is om te fokus om organisatoriese strukture, politieke geleentheidstrukture and die globale verbintenisse van OWS. Die organisatoriese strukture het die meeste aandag gekry in die literatuur tot dusver, aangesien die organisasie ’n leierlose struktuur het. Besluite word deur middel van konsensus geneem en ondersteuning word gewerf van protesteerders uit ’n verskeidenheid van sosiale sfere. Hierdie protesteerders het opgedaag, protes aangeteken, en weer vertrek na willekeur. Die politieke en ekonomiese terkortkominge van die kapitalistiese stelsel in die VSA, waarin die politieke geleentheidstrukture van die beweging geanker is, was, sedert die Groot Depressie, nie so skynbaar dramaties nie. Die Finansiële Krisies wat in 2008 sy hoogtepunt bereik het, word gedefinieer nie alleen as ’n ekonomiese krisies nie,maar ook as ’n krisies van verteenwoordigende demokrasie. Daarby is daar bevind dat die globale protesbewegings wat in 2011 gedy het, soortgelyke kenmerke gehad het. Nieteenstaande die feit dat Tahrir in Egipte, 15M, die Griekse protes-aksies en OWS wel as uniek gesien kan word in terme van konteks, tyd en ruimte, is daar ooreenkomste in taktiek, metodes en fundamentele eise: deelnemende demokrasie en welvaart vir almal. Die slotsom waartoe die tesis kom is nie definitief nie. Eerder, is die gevolgtrekking dat daar teruggegaan moet word na vorige debatte wat onderskeid getref het tussen ou en nuwe sosiale bewegings, en ook na die literatuur oor die moontlikheid van ’n globale burgerlike samelewing. Wat wel vasstaan is dat ’n nuwe soort sosiale beweging verskyn het en weer gekwyn het, wat aspekte van vorige bewegings omvat maar ook in duidelike terme van hulle verskil. In die opsig is OWS nie ’n uitsondering nie, met nuwe taktiek, strukture en eise wat almal gevorm is binne die huidige konteks.

This thesis is based on four essays in exchange rates and international finance. The first essay, examined in the second chapter, considers the long-run performance of the flexible-price monetary model as well as the real interest differential monetary model to explain the dollar–yen exchange rate during a period of high international capital mobility. We apply the Johansen methodology to quarterly data over the period 1980:01–2009:04 and show that the inadequacy of the two monetary models is due to the breakdown of their underlying building-blocks, money demand stability and purchasing power parity. In particular, modifying the monetary models by adjusting them for real stock prices to capture the stability of money demands on one hand and also for real economic variables such as productivity differential, relative government spending, and real oil price to explain the persistence in the real exchange rate on the other provide long-run relationships that appear consistent with the monetary models. Our findings of long-run weak exogeneity tests also emphasise the importance of the extended models employed here. The second essay, examined in the third chapter, is on the nature of the linkages between stock market prices and exchange rates in six advanced economies, namely the US, the UK, Canada, Japan, the euro area, and Switzerland, using data on the banking crisis between 2007 and 2010. Bivariate GARCH-BEKK models are estimated to produce evidence of unidirectional Granger causality from stock returns to exchange rate changes in the US and the UK, in the opposite direction in Canada, and of bidirectional causality in the euro area and Switzerland. Furthermore, causality-in-variance from stock returns to exchange rate changes is found in Japan and in the opposite direction in the euro area and Switzerland, whilst there is evidence of bidirectional causality-in-variance in the US and Canada. These findings imply limited opportunities for investors to diversify their assets during this period. The third essay, examined in the fourth chapter, considers the impact of net bond and net equity portfolio flows on exchange rate changes. Two-state Markov-switching models are estimated for the exchange rate of the US vis-a-vis Canada, the euro area, Japan and the UK. Our results suggest that the relationship between net portfolio flows and exchange rate changes is nonlinear for all cases considered, except that of the US dollar against the Canadian dollar. The fourth essay, examined in the fifth chapter, considers the impact of exchange rate uncertainty on different components of net portfolio flows, namely net equity and net bond flows, as well as the dynamic linkages between exchange rate volatility and the variability of these two types of flows. Specifically, a bivariate GARCH-BEKK-in mean model is estimated using bilateral data for the US vis-à-vis Australia, the UK, Japan, Canada, the euro area, and Sweden over the period 1988:01-2011:12. The results indicate that the effect of exchange rate uncertainty on net equity flows is negative in the euro area, the UK and Sweden, and positive in Australia, whilst two countries (Canada and Japan) showed insignificant responses. With regard to the impact of uncertainty on net bond flows, it is shown to be negative in all countries, except Canada (where it is positive). Under the assumption of risk aversion, this suggests that exchange rate uncertainty induces investors, especially those of the counterpart countries to the US, to reduce their financing activities to maximise returns and minimise exposure to uncertainty. This evidence is strong for the UK, the euro area and Sweden as opposed to Canada, Australia and Japan. Furthermore, since exchange rate volatility and the variability of flows are interlinked, exchange rate or credit controls on these flows can be used to pursue economic and financial stability.

Thesis (MA)--Stellenbosch University, 2013. / ENGLISH ABSTRACT: This study attempts to analyse the global economic system in light of the ongoing financial crisis, which is seen as a symptom of a larger crisis of the legitimacy of the capitalist system. It takes a critical approach based, first and foremost, on the theories of Karl Marx. To broaden this application, it also adopts the perspective of the World Systems and neo-Gramscian schools of thought. The study analyses, and synthesises, the theoretical contributions of these approaches, allowing for the conceptualisation of a World System, based upon the tenets of capitalism, with a hegemon, the United States of America, at its apex. Using the historical materialist method, it traces the genesis and progress of the capitalist model. It analyses the particular style of accumulation which precipitated the current crisis. From there it examines the situation in the semi-periphery, the locus of past socialist revolutions. To this end, it regards the case of South Africa, an intermediary, between the industrialised core and the underdeveloped periphery. It uses Robert Cox‟s assessment of the importance of social forces in maintaining or supplanting a hegemonic project. Although the study finds South African society fraught with contradictions, alternative social movements currently remain unable to produce a coherent emancipatory programme. While the crisis, and other recent events, have illuminated the contradictions inherent to capitalism, despite widespread popular mobilisation, coherent responses from the Left remain deficient. The hegemonic structures and institutions are bereft of the necessary prescriptions for a resolution to the situation, yet in this moment of opportunity, the Left appears unable to articulate and mobilise sufficiently to bring about an emancipatory, counter-hegemonic, movement. / AFRIKAANSE OPSOMMING: Hierdie studie probeer om die globale ekonomiese stelsel binne die konteks van die voortslepende finansiële krisis Hierdie krisies word beskou as 'n simptoom van 'n meer omvattende krisies onderliggend aan die legitimiteit van die kapitalistiese stelsel. Dit volg in die eerste plek ʼn kritiese benadering gebaseer op die teorieë van Karl Marx. Om hierdie toepassing te verbreed, word daar ook gebruik gemaak van die Wêreldstelsel- en neo-Gramscian denkskole. Die studie analiseer en sintetiseer, die teoretiese bydraes van hierdie benaderings, met inagneming van die konseptualisering van ʼn Wêreldstelsel, gebaseer op die beginsels van kapitalisme, met ʼn hegemoon, die Verenigde State van Amerika, aan sy spits. Met behulp van die historiese materialistiese metode gaan dit die wordingsgeskiedenis en verloop van die kapitalistiese model na. Dit analiseer die besondere vorm van akkumulasie wat grondliggend is aan die huidige krisis. Daarna ondersoek dit die situasie in die semi-periferie, die lokus van vorige sosialistiese revolusies. Met daardie doel voor oë fokus die tesis op die geval van Suid-Afrika, ʼn tussenganger, tussen die geïndustrialiseerde kern en die onderontwikkelde periferie. Daar word bevind dat die die Suid-Afrikaanse samelewing vol teenstrydighede is, maar, nietemin, alternatiewe sosiale bewegings tans nie daartoe in staat is om ʼn koherente emansipatoriese program tot stand te bring nie. Terwyl die krisies en ander gebeure, lig gewerp het op die teenstrydighede inherent aan kapitalisme, ontbreek, desondanks wydverspreide algemene mobilisering, koherente reaksies vanuit die Linksgesinde kamp. Die hegemoniese strukture en instellings ly gebrek aan lewensvatbare voorskrifte vir 'n oplossing en Linksgesindes, nieteenstaande die opportunistiese oomblik, is nie daartoe in staat is om te ʼn emansipatoriese, teen-hegemoniese beweging te artikuleer en te mobiliseer nie.

Thesis (MPhil)--Stellenbosch University, 2010. / This futures studies research report uses the Six Pillars of Transformation by Inayatullah (2004) as the methodology to explore the future perspective corporate governance may take in light of the 2008/9 global economic meltdown. The problem here being to understand the corporate governance failures that led to the global economic crises and the influences these failures may have in the future of corporate governance. This research report was compiled through secondary research material. The focus of this research report is on corporate governance, in relation to business related activities in particular, as opposed to general governance and not necessarily from a South African perspective only. This is because the South African corporate governance framework, from a legal and principles point of view, is very linked to Anglo Saxon countries’ frameworks and also that the South African economy is globalised (Naidoo, 2009). The description of corporate governance, by Sir Adrian Cadbury of the UK Cadbury Report (1992), as “the balance between economic and social goals, and between individual and communal goals . . . the aim is to align as nearly as possible the interests of individuals, corporations and society” comprehensively describes corporate governance for the purposes of this research report. Of particular note to this description is the multiple stakeholder balance approach, which the South African King Reports subscribe to, for sustainability purposes among other reasons. The anticipation of the future of corporate governance, as the second pillar of futures transformation, is discussed by describing the related emerging issue analysis thereof. These issues include corporate governance convergence and diversity. However, there are significant signs in various parts of the world, including South Africa, and as Keasy, Thompson and Wright (2005) mentioned that show corporate governance convergence more than the increase of corporate governance diversity. The history of corporate governance change patterns, as the third pillar of futures transformation, are explored to bring into perspective the likely changes for exploration on establishing the future alternatives corporate governance systems may take in future. This is in light of the latest major event of the 2008/9 global economic crises. These patterns of history date back from the end of the 19th century through the great depression, the World War II period until the recent major corporate failures that happened worldwide. The future and nature of corporate governance is further deepened, as the fourth pillar of futures transformation, by applying the Causal Layered Analysis and the Four-Quadrant Map in the causes of the 2008/9 global economic meltdown by corporate governance failures. The creation of corporate governance future alternatives, as the fifth pillar of futures transformation, are explored by outlining the possible, probable, plausible and preferred futures of corporate governance from information provided by the referenced writers of this research report. The preferred and ideal corporate governance approach would be a balanced corporate governance approach that has optimally converged due to the impact by the 2008/9 global economic meltdown, globalized and market based. In the last pillar of futures transformation, transforming the future of corporate governance, the policy implications of the preferred and desired future of corporate governance, according to this research report will be outlined, notwithstanding the challenges to achieve this desired future. These policy changes are likely to be both from a self-regulatory and regulatory perspective.

La recherche menée propose une contribution à l’analyse de la performance des hedge funds dansun contexte d’instabilité des marchés financiers. Ce travail de thèse tourne autour de deux axes deréflexions. Le premier axe se propose d’examiner la structure de dépendance entre les mesures alternativesde performance absolue, en mettant en évidence l’impact du changement de base de donnéeset de période d’analyse sur le classement des indices. Dans ce cadre, nous proposons de comparer laperformance de cinq indices de stratégies issus de trois différentes bases de données. L’analyse esteffectuée sur trois périodes : une période avant crise, une période de crise et une période globale.Nous avons pu montrer que l’évaluation de la performance et la dépendance entre les indicateurssont des éléments fortement sensibles à la période d’analyse. De plus, cette analyse confirme qu’iln’existe pas d’indice "universel" pouvant représenter l’univers des hedge funds. Le deuxième axede réflexion est lié à l’analyse de la stabilité des performances des hedge funds sur trois horizons :le court terme, le moyen terme et le long terme. Il ressort de notre étude que la persistance desperformances des hedge funds n’est pas un phénomène de long terme et que le niveau de persistanceest fortement dépendant de la stratégie d’investissement et de l’indicateur de performance utilisé. / This dissertation provides a contribution to hedge funds performance analysis in a financialmarket instability context. The objective of this thesis is twofold. The first aim is to examine thedependence structure between alternative measures of absolute performance, highlighting the impactof the database switch and analysis period changing on the leaderboard of hedge funds indexes.In this framework, we propose to compare the performance of five hedge funds indexes extractedfrom three different databases. The analysis is conducted over three periods : a pre-crisis period, acrisis period and an overall period. Our findings show that the performance evaluation and dependancebetween performance indicators are highly sensitive to the analysis period. In addition, wefind that there is no "universal" index that can represent hedge funds universe. The second thesis’spurpose is related to the hedge funds performance stability over three horizons : the short term,the medium term and the long term. Firstly, it appears that hedge funds performance persistence isnot a long term phenomenon. Secondly, the persistence level is highly dependent to the investmentstrategy and to the performance indicator used.