Challenges in the Era of Globalization - iaabd

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Proceedings of the 12th Annual Conference © 2011 IAABD Literature Review Gold was once considered as the standard currency, and researches on gold have covered both its financial and goods properties. Jastram (1977) studied the changes of gold price from 1960 to 1976 and concluded that gold price had a better market tendency in currency deflation than in inflation. M.C.Marcuzzo & A. Rosselli (1987) presented a new gold check number formula and modalized the fluctuation of the gold market after a study of the acquirable data of the gold market from the end of 18 th century to the beginning of 19 th century. They put forward the equilibrium mechanism of gold motion, that was: in world range, gold moved from trade deficit countries to trade favorable balance countries, which made an adjustment and restoration of international balance-of-payments. By applying theory model and through an empirical study, Larry & Fabio (1996) proved that the change of exchange was the main cause of the change of gold price. Harmston (1998) showed through a case study that the tendency of gold price had a negative correlation with the value of American treasury and long-term governmental bond. B. Adrangi, A.Chatrath, and R.C.David (2000) explored the gold price relevance of different markets through a case study of the strategic relation between the market prices of gold and silver. Graham Smith (2001) presented that gold price had an negative correlation with the stock index of the main industrial countries (like American Dow-Jones index). Colin Lawrence (2003) put forward that the macro economic variance had no statistic distinctiveness with gold investment return, which was independent from business cycle, but had distinctive correlativity with financial assets indexes. Capie, Mills and Wood (2004) showed through empirical study that gold price had a negative correlation with the main currency exchange rates. Paul Burton (2005) pointed out that gold maintained an average cost price of about $250 per ounce on the whole. Zhai Min & Hua Renhai (2006) carried out an empirical study of the dynamic relation of the spot gold price in Chinese and international markets with Johansen co-integration test, the error analysis model, Granger causal test and the impulse response analysis. The study showed that there existed a long-term balance between the gold prices of Shanghai Gold Exchange and London Gold Market, which interacted with each other and London Gold Market had a stronger influence on Shanghai Gold Exchanges. Levin & Wright (2006) held that from a long-term viewpoint, gold price had a long-term stable positive correlation with American price level, so gold could be used as the hedging tool of inflation; from a short-term viewpoint, American inflation and its fluctuation rate and credit risk had an apparent positive correlation with gold price. Liu Shuguang & Hu Zaiyong (2008) found out the consistence of the price change of gold and American dollar through empirical analysis and proposed that Chinese government should take gold as part of the financial assets and increase the proportion of gold in international reserve. In the research field of government regulation, there are lots of research findings that have contributed a lot to the founding and research of the economics control, like Stigler, 1971¡Peltzmam 1976¡Kahn 1980¡Hahn Robert W., & H. John, 1991; Hahn Robert W, 1993; S.Andrei& V. S. Cass R., 1996; Geroge A.Steiner& John F. Steiner, 1997; Richard A. Posner, 2000; Schwartz A, 2000; Wang Junhao, 2001; H. Robert W. & S.Cass R., 2002; Skogstad, 2003¢G. Edward & A. Shleifer, 2003; Djankov Simeon etc, 2003; Andreas 2004¡Ju Yang, 2008,2009. Though there are so many relative research findings in this field, deficiency and research blank still exist: the government regulation strategies and methods in facing the challenges of the integration of world economy, the prosperity of international trade and the distribution of global resources, etc.. Should Africa increase its gold reserve? What should the government do to achieve effective regulation? This paper attempts to put forward the general effective strategies and methods of African government regulation on gold market. Further Analysis Government regulation on gold market 72
Challenges in the Era of Globalization Edited by Emmanuel Obuah After the First World War, the gold standard system collapsed; after the Second World War, the Briton Forest system established the dual-link of dollar with gold and other currencies. In 1976, Jamaica Meeting set up the principle of demonetization of gold. With the weakening of the currency function, the status of gold in international reserve system began to drop and many countries and regions began to reduce their gold reserve. The gold price dropped from its high point of $850 on January 21, 1980 to its lowest point of $252.8 on July 21, 1999. During this period, many countries announced to undersell gold, such as Holland, which undersold 324 tons during 1994—1995 and 100 tons in November, 2000; Belgium, 290 tons during 1994—1995; Australia, 167 tons; Argentina, 124 tons, etc.. In 1997, in order to get the loan from IMF to resist the financial crisis, South Korea collected about 250 tons of gold from its people and changed them into foreign exchanges. In 1998, Russia undersold 33% of its gold reserve to resist the financial crisis (Vladimir Alekseevich Mironov, 1998). And in 2001, Russia sold part of its gold reserve for the reconstruction of Siberia after the flood. In August, 1999, worried about the countries’ further reducing of their gold reserves, the gold producers undersold gold in the futures market, and the gold price dropped to $251.70. From July, 1999 to March, 2002, Britain sold 415 tons of its 715 tons of gold reserve (20 or 25 tons auctioned every two months). To stabilize the gold price and increase the transparency of the central banks of every country in gold underselling, the European Central Bank signed “Washington Agreement” with central banks of 14 countries in November, 1999, which reiterated the important position of gold in the currency system and promised that within 5 years, every year’s total sale of gold wouldn’t surpass 400 tons, which was increased to 500 tons in 2004. With the Asian financial crisis, the American economy’s depression and the devaluation of America dollar, the position of gold regained its importance and many countries began to readjust the amount of gold reserve and its proportion in the national reserve to improve its function in modern economic system. (Gao Jie & Li Jing, 2007). Just as the balance function of gold motion ( M.C.Marcuzzo & A. Rosselli, 1987), gold played the role of balancing world payment as a means of international payment in history. However, the fact is, as the Sunday Times of April 15, 2007 has analyzed and the later continuous bull market has showed, those who have bought the undersold gold of the above-mentioned central banks are the real beneficiaries, which presents the gold function of value keeping and increasing in the chain from dollar’s over-issuance to its overflowing, the inflation, its devaluation and gold’s value increasing. The strategies of African government regulations on gold and gold market In view of the rising of world gold price, as the main source of the gold markets, London and Zurich mainly rely on imports from Africa. With the quick rise of gold production from West Africa, African government should introduce active industrial and tax policies in an effort to create an attractive investment climate to encourage exploration activities and possible future changes in government mining regulation, including the countermeasure to cases of the labor unrest and energy shortages, and increase gold reserve in some ambitious African countries. As the world’s great gold production and consumption country, China has big advantages in spot gold and resources reserves. With the long-term friendly relationship with African countries, “a series of remarkable accomplishments have been achieved in the economic and trade realm, with bilateral trade volume exceeding $100 billion in 2008. China currently remains the second largest trading partner in Africa and its investment in the vast continent has seen constant growth. By the end of 2009, the volume of China's accumulative non-financial investment in African countries had surpassed $8 billion and it had become the largest investor in the continent among developing nations. China's engineering contracting business has also made progress in African countries, increasing nearly 25-fold over the past decade. So far, Africa is China's second largest overseas market in terms of projects contracting” (Zhang Hongming, China Daily 2010-09-08). 73
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Table of Contents Challenges in the
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Lennart Bangens, Goteborg, Sweden C
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Local Steering Committee Jacob Musi
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Abstract Challenges in the Era of G
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Conclusion Challenges in the Era of
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37. Provision of sound education fo
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Abstract The Changing Requirements
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The Model, Data and Variable Defini
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Empirical results Challenges in the
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Abstract Gender, poverty and sustai
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Figure 1.1: Spread of directorships
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Theoretical Framework Challenges in
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Single 18.1 Masters and above 35.3
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Source: Field survey, 2010 Table 3:
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Table 1: A Summary of Operating Ban
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Discussion and Conclusion Challenge
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Abstract What does Globalization me
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Statement of the Problem Challenges
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Banks in Ghana Challenges in the Er
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References: Challenges in the Era o
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Relationship Commitment Total 1264.
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