عنوان
پدید آورنده
موضوع
رده
کتابخانه
محل استقرار
شماره کتابشناسی ملی
شماره
TL58080
زبان اثر
زبان متن نوشتاري يا گفتاري و مانند آن
انگلیسی
عنوان و نام پديدآور
عنوان اصلي
Effects of Commodity Derivatives on the Risk Profile of African Domestic Sovereign Debt Investments
نام عام مواد
[Thesis]
نام نخستين پديدآور
Mamelasigidi, Fhulufhelo Jessica
نام ساير پديدآوران
Oberholzer, Niël
وضعیت نشر و پخش و غیره
نام ناشر، پخش کننده و غيره
University of Johannesburg (South Africa)
تاریخ نشرو بخش و غیره
2019
يادداشت کلی
متن يادداشت
159 p.
یادداشتهای مربوط به پایان نامه ها
جزئيات پايان نامه و نوع درجه آن
M.Com.
کسي که مدرک را اعطا کرده
University of Johannesburg (South Africa)
امتياز متن
2019
یادداشتهای مربوط به خلاصه یا چکیده
متن يادداشت
To leverage Africa's growth trajectory the continent's large infrastructure deficit needs to be addressed, which is likely to be funded through raising debt. Sub-Saharan African sovereigns have often looked to international markets to raise debt which exposes them to exchange rate risk. This makes domestic bond issuances an increasingly more favourable debt instrument for sovereigns but a riskier asset class for investors. The intended implication of this study is to increase the liquidity and demand for local currency denominated African debt and reduce foreign debt issuances by sovereigns, impacting related economie policies of sovereigns and asset allocation by investors. The study aims to investigate the effect of commodity derivatives on the risk profile of African domestic sovereign debt investments. ln so doing close the gap between African sovereigns looking to issue domestic bonds in international markets, and fixed income investors looking for alpha in emerging market investments. The study question is centred around drawing a conclusion on what the impact is on the risk profile of Ghanaian, Namibian, Nigerian and Zambian domestic bond portfolio's when a commodity future is introduced. A quantitative research approach has been used in this study. The results of the study concluded that based on cointeg ration and Granger causality, there is a weak relationship between African domestic bonds and their main export commodity. However, overall a muted relationship does exist between the variables as the movement of bond priees lags relative to commodity priee movements. The study also revealed that by introducing a commodity future to a domestic bond portfolio, the impact on the risk profile varies per country and that the derivative reduces the overall risk for only some relationships. Thus, investors can find benefit in using a commodity derivative to manage the risk profile of African domestic sovereign bond exposure depending on the country, and taking into account that the relationship needs to be continuously monitored for macroeconomie changes that alter the relationship.
اصطلاحهای موضوعی کنترل نشده
اصطلاح موضوعی
Bond markets
اصطلاح موضوعی
Commodities
اصطلاح موضوعی
Credit risk
اصطلاح موضوعی
Developing countries--LDCs
اصطلاح موضوعی
Econometrics
اصطلاح موضوعی
Economics
اصطلاح موضوعی
Economists
اصطلاح موضوعی
Finance
اصطلاح موضوعی
Foreign exchange rates
اصطلاح موضوعی
Futures
اصطلاح موضوعی
International finance
اصطلاح موضوعی
Macroeconomics
اصطلاح موضوعی
Portfolio management
اصطلاح موضوعی
Research methodology
اصطلاح موضوعی
Sovereign debt
اصطلاح موضوعی
Time series
نام شخص به منزله سر شناسه - (مسئولیت معنوی درجه اول )
مستند نام اشخاص تاييد نشده
Mamelasigidi, Fhulufhelo Jessica
نام شخص - ( مسئولیت معنوی درجه دوم )
مستند نام اشخاص تاييد نشده
Oberholzer, Niël
شناسه افزوده (تنالگان)
مستند نام تنالگان تاييد نشده
University of Johannesburg (South Africa)
دسترسی و محل الکترونیکی
نام الکترونيکي
مطالعه متن کتاب وضعیت انتشار
فرمت انتشار
p
اطلاعات رکورد کتابشناسی
نوع ماده
[Thesis]
کد کاربرگه
276903
اطلاعات دسترسی رکورد
سطح دسترسي
a
تكميل شده
Y
