- Title
- Financial integration in the BRICS countries
- Creator
- Nach, Marida Nephertiti
- Subject
- Autogression (Statistics) -- mathematical models
- Subject
- Monetary policy -- Econometric models
- Date Issued
- 2020
- Date
- 2020
- Type
- Thesis
- Type
- Doctoral
- Type
- PhD
- Identifier
- http://hdl.handle.net/10948/50609
- Identifier
- vital:42278
- Description
- An optimum currency area (OCA) owes its definition to Robert Mundell (1961). In his seminal paper, Mundell (1961) defines an OCA as an area for which the costs of relinquishing the exchange rate as an internal instrument of adjustments are outweighed by the benefits of adopting a single currency or a fixed exchange rate regime. Mundell (1961) emphasises two major benefits of adopting a single currency: the elimination of transaction costs and a better performance of money as a medium of exchange and as a unit of account. Thus far, OCA theory has served as the framework for the discussion about monetary integration and has provided an explanation for the monetary integration processes around the world both developed and developing countries in Europe, Asia, Africa, and Latin America. The emergence of the BRICS (Brazil, Russia, India, China, South Africa) countries can be a model and a representation of developing and emerging countries in the global economic and financial system. Hence, this has made the BRICS economies the object of many discussions and recent empirical researches. The research presented in this thesis uses a structural vector autoregression (SVAR) econometric model to explore whether there is a feasibility of macroeconomic convergence among the BRICS economies. The SVAR model permitted to examine the symmetry of shocks (supply, demand and monetary) among the five BRICS countries. The findings of this research showed that there was some degree of symmetry of shocks among the BRICS countries. Nevertheless, there is a need for more policy coordination in order to achieve the desired level of symmetry of shocks among these countries.
- Format
- xviii, 216 leaves
- Format
- Publisher
- Nelson Mandela University
- Publisher
- Faculty of Business and Economic Sciences
- Language
- English
- Rights
- Nelson Mandela University
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| Thumbnail | File | Description | Size | Format | |||
|---|---|---|---|---|---|---|---|
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