Asymmetric Employment Effects of Financial Globalisation in South Africa: De Facto and De Jure Evidence
Eulanda Muofhe Ramapala · Jacobus Johannes de Jongh ORCID ↗ · Precious Mncayi-Makhanya · Abigail Stiglingh-Van Wyk ORCID ↗
International Journal of Business Ecosystem & Strategy · 2026 · Vol. 8 / Issue 5 · 262–280
Publication metrics
External links open provider records or DOI searches. Provider counts are not combined. Mendeley readership measures saves, not citations.
Dimensions
Live provider badge. If unavailable, use the Dimensions link above.
Observed 21 Oct 2026, 00:14 UTC
Observed 21 Oct 2026 00:14 UTC
OpenAlex and Mendeley observations refresh on article visits, at most once per 24 hours. Unavailable data is not zero. Google Scholar opens a DOI search.
Citations received by this article, grouped by the year of the citing work. Crossref and OpenAlex lifetime totals remain separate in Publication metrics.
2017–2026 Annual history last updated:
Citations received
OpenAlex · year of the citing work
Hover over a year or focus the chart and use arrow keys to inspect values.
2017–2026 annual-history window. 2026 is year to date. Unknown years have gaps.
View data & coverage
2026 is incomplete. Within a successfully fetched ten-year window, omitted years mean zero. Years beyond a saved observation’s window remain unknown (—). Older citations are excluded, so this chart’s sum may differ from the OpenAlex lifetime total. The date above belongs to this annual history; an unsuccessful refresh keeps the previous observation.
Abstract
Globalisation has reshaped capital flows, technology transfer, and labour market dynamics. In South Africa, these dynamics are particularly important given the country’s post-1994 reintegration into the global economy and its persistently high unemployment despite financial liberalisation. This study analyses the effects of financial globalisation on employment in South Africa between 1990 and 2022, distinguishing between its de facto and de jure dimensions. Using annual secondary data, the study applies the Autoregressive Distributed Lag modelling framework and Toda–Yamamoto causality tests to assess directional causality and finds that the two dimensions behave differently. De facto financial globalisation has a positive long-run elasticity of 0.14 with respect to employment, marginally significant at the 10% level. Whereas de jure financial openness carries a negative and largely statistically insignificant coefficient. Causality runs from financial globalisation to employment, and de jure openness follows rather than anticipates actual flows, indicating that South Africa’s financial liberalisation framework is more reactive than proactive. The findings suggest that employment depends less on formal liberalisation than on whether capital flows are channelled into productive, labour-absorbing investment, and support policies that condition financial openness on industrial and skills development rather than pursuing openness for its own sake.
Keywords: Employment, Financial opennes, de facto financial globalization, de jure financial globalization, South Africa
Authors & affiliations
Eulanda Muofhe Ramapala
North-West University
Jacobus Johannes de Jongh
North-West University
Precious Mncayi-Makhanya
North-West University
Abigail Stiglingh-Van Wyk
North-West University
Deposited references
Supplied references, not a list of publications citing this article.
No reference list supplied.