Exchange rate behavior in the cases of the Zambian Kwacha and Malawian Kwacha : is there misalignment?
- Authors: Magwizi, Brenda Thandekha , Rhodes University
- Date: 2011
- Subjects: Foreign exchange rates -- Zambia Foreign exchange rates -- Malawi International relations -- Case studies -- Zambia International relations -- Case studies -- Malawi
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:974 , http://hdl.handle.net/10962/d1002708
- Description: The exchange rate is the price of one currency against another currency or currencies of a group of countries. Real exchange rates are important because they show the external competitiveness of a country‟s economy. Thus, when the exchange rate of a country is misaligned, this will affect its trade, production and the welfare of people. This study analysed macroeconomic determinants of the real exchange rate and dynamic adjustment of the real exchange rate as a result of shocks to these determinants. The study also determined the extent of misalignment of the real exchange rate in Malawi and Zambia and identified variables that contributed to it. Such information is important to policy makers. Quarterly data were used for both countries from 1980:1-2008:4. The literature review identified those variables that determine the exchange rate and these include government consumption, foreign aid, net foreign assets, commodity prices, terms of trade, domestic credit, openness and the Balassa Samuelson effect (technological progress). To determine the long-run relationship between the exchange rate and its determinants, we employed the Johansen approach and the Vector Error Correction Model (VECM). For robustness check on the long-run and shortrun effects of determinants on the exchange rate, variance decomposition and impulse response analyses were used. Results in the study show that in Malawi for both models, an increase in LAID, LGCON and LTOT resulted in real exchange rate depreciation and increases in LDC, NFA and LNEER resulted in an appreciation. In Zambia, increases in LAID, LGCON, LOPEN and LTOT caused the real exchange rate to depreciate while increases in LDC, NFA and LCOPPER led to an appreciation. Lagged LREER and LNEER were found to have short run effects on the equilibrium exchange rate for Malawi and lagged LCOPPER and LDC for Zambia. Periods of exchange rate misalignment were found in both countries. It was also found that the coefficient of speed of adjustment in Malawi in models 1 and 2 indicate that 11% and 27% of the variation in the real exchange rate from its equilibrium adjust each quarter respectively. The speed of adjustment for Zambia in both models was 45% and 47% respectively, higher than that of Malawi. Foreign aid has proven to be important in exchange rate misalignment in both countries, though this was not really expected in the case of Zambia. Given these results, it may be of interest to policy makers to understand which variables impact most on the exchange rate and how misalignment due to these determinants can be minimised.
- Full Text:
- Date Issued: 2011
Rhodes University Graduation Ceremony 2011
- Authors: Rhodes University
- Date: 2011
- Language: English
- Type: text
- Identifier: vital:8136 , http://hdl.handle.net/10962/d1007246
- Description: Rhodes University Graduation Ceremonies [at] 1820 Settlers National Monument Thursday, 7 April at 18.00 [and] Friday, 8 April at 10:30; 14:30 & 18:00 [and] Saturday, 9 April at 10:30
- Full Text:
- Date Issued: 2011
Rhodes University Research Report 2011
- Authors: Rhodes University , Rhodes University Research Office , Roberts, Jaine , Connan, Verna , Dore, Sally
- Date: 2011
- Language: English
- Type: Text
- Identifier: vital:566 , http://hdl.handle.net/10962/d1011981
- Description: [From Introduction] Rhodes University continued to show a gratifying and steady increase in overall accredited research outputs in 2011, and individual increases were experienced in all categories of output. Overall accredited units increased to 639.6 (a 12.7% increase on 2010), with a similar percentage increase in the DHET per capita output figure, which kept Rhodes in the position of third most productive university in South Africa in terms of accredited research. 51% of the outputs were due to publications, 25% to PhD graduations, and 24% to Masters graduations by thesis. The PhD contribution represented a record year, and a 30% increase over the number graduating in the preceding year. Our journal output, (which accounts for 86% of our total accredited publishing output for higher education subsidy purposes) grew by 5.9% from the 2010 level (to 309.61 units in 2011). The previous year had seen a 3% decline in this category. Coupled with Rhodes’ high volume of accredited journal outputs in relation to its size, a very pleasing quality measure was that 90% of journal outputs (by far the highest proportion of universities in the sector) appeared in international accredited journals. Our output from accredited conference proceedings, (which in 2011 amounted to 7% of our total accredited publishing output) grew by 3.5% to 24.22 units - from a small base where year-on-year variance in either direction is common. The book outputs (which in 2011 amounted to 7% of our total accredited publishing output) increased by 162% - again from a small base (moving up to 25.02 units), where year-on-year variance is expected. This category had seen a negative growth of 60.6% in the previous year. add my warm thanks and congratulations to all of our researchers, funders, collaborators, partners and students who contributed to the excellent accredited research results of 2011, as well as generated the many forms of scholarship that are not counted in the accreditation exercise, but which contribute much to the rich intellectual space that is Rhodes. I also thank all of the administrators who played a critical role in preparing the university’s meticulous audited submission. , A publication of the Rhodes Research Office, compiled and edited by Jaine Roberts and Verna Connan. Design and Layout: Sally Dore.
- Full Text:
- Date Issued: 2011
Rhodes University Graduation Ceremony 2010
- Authors: Rhodes University
- Date: 2010
- Language: English
- Type: text
- Identifier: vital:8137 , http://hdl.handle.net/10962/d1007247
- Description: Rhodes University Graduation Ceremonies [at] 1820 Settlers National Monument Thursday, 8 April at 18.00 [and] Friday, 9 April at 10:30; 14:30 & 18:00 [and] Saturday, 10 April at 10:30
- Full Text:
- Date Issued: 2010
Rhodes University Research Report 2010
- Authors: Rhodes University , Roberts, Jaine
- Date: 2010
- Language: English
- Type: Text
- Identifier: vital:565 , http://hdl.handle.net/10962/d1011968
- Description: From Introduction: In 2010, the total subsidy earning accredited research output count for Rhodes University of 615.3 units represents an increase of 9% on the previous year. By far the major contributor to this growth was the significant increase in both PhD (37.5% up on 2009) and Masters by thesis students (34.5% up on 2009). Rhodes contributed 3.3% of all accredited research output in the public higher education sector in 2010 (0.1% up on 2009). With 1.9% of academic staff in the system, Rhodes retained its place amongst the top three most productive universities as measured by accredited publications per academic. Rhodes exceeds the DHET research output norm for universities by 53%. In 2010, the total accredited publication output count for Rhodes University of 325.33 units represented a decline over 2009 of 7.3 percent. This followed two years of steep growth during which accredited research publication output grew by 28%. Accredited publication output for 2010 consisted mainly of journals at 89.9%, with conference proceedings at 7.2% and books and book chapters at 2.9% making far smaller contributions. This mix is roughly in line with the sector as a whole. It has been recognised that books and book chapters are underappreciated in relation to journals, and recommendations to increase the weighted points that they attract as proposed by ASSAf1 are awaiting approval by the DHET. and book chapters submitted, because the hurdle of independent reviewing is not always met by the publishing avenues chosen by authors. The University has become increasingly reliant on research funding in recent years as a larger proportion of its budget, and attention at university council level is being given to ensuring that appropriate systems and support structures for researchers are in place. I add my warm thanks and congratulations to all of our researchers, funders, collaborators and partners who contributed to the excellent research results of 2010. , A Publication of the Rhodes Research Office,compiled and edited by Jaine Roberts
- Full Text:
- Date Issued: 2010
Rhodes University Graduation Ceremony 2009
- Authors: Rhodes University
- Date: 2009
- Language: English
- Type: text
- Identifier: vital:8138 , http://hdl.handle.net/10962/d1007250
- Description: Rhodes University Graduation Ceremonies [at] 1820 Settlers National Monument Thursday, 16 April at 18:00 [and] Friday, 17 April at 10:30; 14:30 & 18:00 [and] Saturday, 18 April at 10:30
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- Date Issued: 2009
Rhodes University Graduation Ceremony 2008
- Authors: Rhodes University
- Date: 2008
- Language: English
- Type: text
- Identifier: vital:8139 , http://hdl.handle.net/10962/d1007251
- Description: Rhodes University Graduation Ceremony [at the] 1820 Settlers National Monument Thursday, 27 March at 18:00 [and] Friday, 28 March at 10:30; 14:30 & 18:00 [and] Saturday, 29 March at 10:30
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- Date Issued: 2008
Rhodes University Graduation Ceremony 2007
- Authors: Rhodes University
- Date: 2007
- Language: English
- Type: text
- Identifier: vital:8140 , http://hdl.handle.net/10962/d1007252
- Description: Rhodes University Graduation Ceremonies 1820 Settlers National Monument Thursday, 12 April 2007 at 18:00 [and] Friday, 13 April 2007 at 10:30; 14:30 & 18:00 [and] Saturday, 14 April 2007 at 10:30
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- Date Issued: 2007
Rhodes University Graduation Ceremony 2006
- Authors: Rhodes University
- Date: 2006
- Language: English
- Type: text
- Identifier: vital:8141 , http://hdl.handle.net/10962/d1007254
- Description: Rhodes University Graduation Ceremonies [at] 1820 Settlers National Monument Thursday, 6 April 2006 at 18.00 [and] Friday, 7 April 2006 at 10:30; 14:30 & 18:00 [and] Saturday, 8 April 2006 at 10:30 , Inauguration Ceremony [of] Dr Saleem Badat [as] Principal and Vice-Chancellor [at the] 1820 Settlers National Monument [on] Wednesday, 27 September 2006 at 18:15.
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- Date Issued: 2006
Rhodes University Graduation Ceremony 2005
- Authors: Rhodes University
- Date: 2005
- Language: English
- Type: text
- Identifier: vital:8142 , http://hdl.handle.net/10962/d1007257
- Description: Rhodes University Graduation Ceremonies 1820 Settlers National Monument Thursday, 31 March 2005 at 18.00 [and] Friday, 1 April 2005 at 10:30; 14:30 & 18:00 [and] Saturday, 2 April 2005 at 10:30 , RU East London Graduation Ceremony Christian Centre, Wyse Street, East London Friday, 4 May 2005 at 18:00
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- Date Issued: 2005
Rhodes University Graduation Ceremony 2004
- Authors: Rhodes University
- Date: 2004
- Language: English
- Type: text
- Identifier: vital:8143 , http://hdl.handle.net/10962/d1007261
- Description: Rhodes University Graduation Ceremonies 1820 Settlers National Monument Friday, 2 April 2004 at 10:30; 14:30 & 18:00 [and] Saturday, 3 April 2004 at 10:30 [and] Friday, 30 July 2004 at 18:00 , RU East London Graduation Ceremony Christian Centre, Wyse Street, East London Friday, 7 May 2004 at 10:30: 14:30 & 18:00 [and] Saturday, 8 May 2004 at 10:30
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- Date Issued: 2004
Rhodes University Graduation Ceremony 2003
- Authors: Rhodes University
- Date: 2003
- Language: English
- Type: text
- Identifier: vital:8144 , http://hdl.handle.net/10962/d1007264
- Description: Rhodes University Graduation Ceremonies [at] 1820 Settlers National Monument Friday, 11 April 2003 at 10:30; 14:30 & 18:00 [and] Saturday, 12 April at 10:30 , Graduation Ceremony Christian Centre, Wyse Street, East London Friday, 9 May 2003 at 18:00 [and] Saturday, 10 May 2003 at 10:30
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- Date Issued: 2003
Rhodes University Graduation Ceremony 2002
- Authors: Rhodes University
- Date: 2002
- Language: English
- Type: text
- Identifier: vital:8145 , http://hdl.handle.net/10962/d1007267
- Description: Rhodes University Graduation Ceremonies 1820 Settlers National Monument Friday, 5 April 2002 at 10:30; 14:30 & 18:00 [and] Saturday, 6 April 2002 at 10:30 , Graduation Ceremony Christian Centre, Wyse Street, East London Friday, 10 May 2002 at 18:00
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- Date Issued: 2002
Rhodes University Graduation Ceremony 2001
- Authors: Rhodes University
- Date: 2001
- Language: English
- Type: text
- Identifier: vital:8146 , http://hdl.handle.net/10962/d1007296
- Description: Rhodes University Graduation Ceremonies 1820 Settlers National Monument Friday, 6 April 2001 at 10:30; 18:00 [and] Saturday, 7 April 2001 at 10:30 , Graduation Ceremony Christian Centre, Wyse Street, East London Friday, 1 May 2001 at 18:00
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- Date Issued: 2001
Rhodes University Graduation Ceremony 2000
- Authors: Rhodes University
- Date: 2000
- Language: English
- Type: text
- Identifier: vital:8147 , http://hdl.handle.net/10962/d1007297
- Description: Rhodes University Graduation Ceremony [at] 1820 Settlers National Monument Friday, 7 April 2000 at 10:30; 18:00 [and] Saturday, 8 April 2000 at 10:30 , Graduation Ceremony Guild Theatre, Oxford Street, East London Friday, 19 May 2000 at 18:00 [and] Saturday, 20 May 2000 at 14:30
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- Date Issued: 2000
Rhodes University Graduation Ceremony 1999
- Authors: Rhodes University
- Date: 1999
- Language: English
- Type: text
- Identifier: vital:8133 , http://hdl.handle.net/10962/d1006778
- Description: Rhodes University 1999 Graduation Ceremonies [at] 1820 Settlers National Monument Friday, 9 April 1999 at 18:00 p.m. [and] 10 April 1999 at 10:30 a.m. , The Installation of Gert Johannes Gerwel as Chancellor of Rhodes University to be followed by a Graduation Ceremony 1820 Settlers National Monument Friday, 9 April 1999 at 10:30 a.m. , Rhodes University 1999 Graduation Ceremony City Hall, East London Friday, 7 May 1999 at 18:00 p.m.
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- Date Issued: 1999
Rhodes University Graduation Ceremony 1998
- Authors: Rhodes University
- Date: 1998
- Language: English
- Type: text
- Identifier: vital:8132 , http://hdl.handle.net/10962/d1006777
- Description: Rhodes University Graduation Ceremonies [at] 1820 Settlers National Monument Wednesday, 18 February 1998 at 6:00 p.m. [and] Friday, 17 April 1998 at 10:30 a.m., 18:00 p.m. [and] Saturday, 18 April 1998 at 10:30 a.m. , Rhodes University 1998 Graduation Ceremony City Hall, East London Friday, 8 May 1998 at 18:00 p.m.
- Full Text:
- Date Issued: 1998
Rhodes University Annual Report 1997
- Authors: Rhodes University
- Date: 1997
- Subjects: Rhodes University -- history Rhodes University -- employees Rhodes University -- students
- Language: English
- Identifier: vital:20055 , ISSN 0035-4678
- Full Text:
- Date Issued: 1997
Rhodes University Graduation Ceremony 1997
- Authors: Rhodes University
- Date: 1997
- Language: English
- Type: text
- Identifier: vital:8131 , http://hdl.handle.net/10962/d1006776
- Description: Rhodes University 1997 Graduation Ceremony [at] 1820 Settlers National Monument Friday, 18 April at 10:30 a.m., 08:15 p.m. [and] Saturday, 19 April at 10:30 a.m. , Rhodes University 1997 Graduation Ceremony City Hall, East London Friday, 9 May at 6:00 p.m.
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- Date Issued: 1997
Rhodes University Annual Report 1996
- Authors: Rhodes University
- Date: 1996
- Subjects: Rhodes University -- history Rhodes University -- employees Rhodes University -- students
- Language: English
- Identifier: vital:20053
- Full Text:
- Date Issued: 1996