How ready is the East African community for monetary union? New evidence from an interest rate pass-through analysis
- Bholla, Zohaib S, Aziakpono, Meshach J, Snowball, Jeanette D
- Authors: Bholla, Zohaib S , Aziakpono, Meshach J , Snowball, Jeanette D
- Date: 2011
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/469720 , vital:77288 , https://hdl.handle.net/10520/EJC21519
- Description: The five member countries of the East African Community (EAC), namely, Burundi, Kenya, Rwanda, Tanzania and Uganda have set the target of achieving a monetary union by 2012. The question that arises is: to what extent are they prepared for a monetary integration? Against this backdrop, this paper evaluates the current level of convergence amongst these East African countries by analysing whether the pass-through of monetary policy in the five countries has become similar over time. We use cointegration, error correction, and asymmetric error correction modelling frameworks and interest rate data over a ten year sample period, from 1999 to 2008, in the analysis. The results suggest that the degree of convergence amongst the countries remains low and that there are significant rigidities in the banking markets over time. While the pass-through of monetary policy has improved with respect to the banking loan markets, it has not done so in the deposit market. Overall the evidence suggests that implementing an EAC-wide monetary union will require more work to be done to stimulate the development of their financial systems and to harmonise their financial and monetary policies.
- Full Text:
- Date Issued: 2011
- Authors: Bholla, Zohaib S , Aziakpono, Meshach J , Snowball, Jeanette D
- Date: 2011
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/469720 , vital:77288 , https://hdl.handle.net/10520/EJC21519
- Description: The five member countries of the East African Community (EAC), namely, Burundi, Kenya, Rwanda, Tanzania and Uganda have set the target of achieving a monetary union by 2012. The question that arises is: to what extent are they prepared for a monetary integration? Against this backdrop, this paper evaluates the current level of convergence amongst these East African countries by analysing whether the pass-through of monetary policy in the five countries has become similar over time. We use cointegration, error correction, and asymmetric error correction modelling frameworks and interest rate data over a ten year sample period, from 1999 to 2008, in the analysis. The results suggest that the degree of convergence amongst the countries remains low and that there are significant rigidities in the banking markets over time. While the pass-through of monetary policy has improved with respect to the banking loan markets, it has not done so in the deposit market. Overall the evidence suggests that implementing an EAC-wide monetary union will require more work to be done to stimulate the development of their financial systems and to harmonise their financial and monetary policies.
- Full Text:
- Date Issued: 2011
The determinants of happiness among race groups in South Africa
- Ebrahim, Amina, Botha, Ferdi, Snowball, Jeanette D
- Authors: Ebrahim, Amina , Botha, Ferdi , Snowball, Jeanette D
- Date: 2011
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68589 , vital:29291 , http://www.essa2011.org.za/fullpaper/essa2011_2182.pdf
- Description: Publisher version , Economic indicators, like GDP per capita, are commonly used as indicators of welfare. However, they have a very limited and narrow scope, excluding many potentially important welfare determinants, such as health, relative income and religion - not surprising since they were not originally designed to fill this role. There is thus growing acceptance, and use of, subjective measure of wellbeing, (called ‘happiness’ measures) both worldwide and in South Africa. Happiness economics does not propose to replace income based measure of wellbeing, but rather attempts to compliment them with broader measures, which can be important in making policy decisions that optimise societal welfare. This paper tests for differences in subjective wellbeing between race groups in South Africa, and investigates the determinants of self-rated life satisfaction (happiness) for each group. Using the 2008 National Income Dynamics Study (NIDS) data, descriptive methods (ANOVA) and an ordered probit model are applied. Results indicate that reported happiness differs substantially among race groups, with black South Africans being the least happy group despite changes since the advent of democracy in 1994. Higher levels of educational attainment increase satisfaction for the whole sample, and women are generally less happy than men (particularly black women). As found in many other studies, unemployed people have lower levels of life satisfaction than the employed, even when controlling for income and relative income. The determinants of happiness are also different for each race group: While white South Africans attached greater importance to physical health; employment status and absolute income matter greatly for black people. For coloured people and black people, positional status (as measured by relative income) is an important determinant of happiness, with religious involvement significantly contributing to the happiness of Indian people.
- Full Text:
- Date Issued: 2011
- Authors: Ebrahim, Amina , Botha, Ferdi , Snowball, Jeanette D
- Date: 2011
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68589 , vital:29291 , http://www.essa2011.org.za/fullpaper/essa2011_2182.pdf
- Description: Publisher version , Economic indicators, like GDP per capita, are commonly used as indicators of welfare. However, they have a very limited and narrow scope, excluding many potentially important welfare determinants, such as health, relative income and religion - not surprising since they were not originally designed to fill this role. There is thus growing acceptance, and use of, subjective measure of wellbeing, (called ‘happiness’ measures) both worldwide and in South Africa. Happiness economics does not propose to replace income based measure of wellbeing, but rather attempts to compliment them with broader measures, which can be important in making policy decisions that optimise societal welfare. This paper tests for differences in subjective wellbeing between race groups in South Africa, and investigates the determinants of self-rated life satisfaction (happiness) for each group. Using the 2008 National Income Dynamics Study (NIDS) data, descriptive methods (ANOVA) and an ordered probit model are applied. Results indicate that reported happiness differs substantially among race groups, with black South Africans being the least happy group despite changes since the advent of democracy in 1994. Higher levels of educational attainment increase satisfaction for the whole sample, and women are generally less happy than men (particularly black women). As found in many other studies, unemployed people have lower levels of life satisfaction than the employed, even when controlling for income and relative income. The determinants of happiness are also different for each race group: While white South Africans attached greater importance to physical health; employment status and absolute income matter greatly for black people. For coloured people and black people, positional status (as measured by relative income) is an important determinant of happiness, with religious involvement significantly contributing to the happiness of Indian people.
- Full Text:
- Date Issued: 2011
The experiences of Fringe producers at the South African National Arts Festival: production, profits and non-market benefits
- Snowball, Jeanette D, Antrobus, Geoffrey G
- Authors: Snowball, Jeanette D , Antrobus, Geoffrey G
- Date: 2011
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/143123 , vital:38203 , DOI: 10.1080/10137548.2009.9687901
- Description: Unlike the performing arts generally, festivals and special events have been growing in popularity worldwide: since the 1980s there has been an explosion of the number of festival of all types, not just arts festivals, but folk festivals, harvest festivals, food festivals, family festivals, carnivals, literary festivals – the list is long. It is estimated that there are more than 300 festivals in the UK (British Federation of Festivals 2004), 1300 in Australia (Johnson et al 2005) and more than 5000 in the US (Blumenthal 2002).
- Full Text:
- Date Issued: 2011
- Authors: Snowball, Jeanette D , Antrobus, Geoffrey G
- Date: 2011
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/143123 , vital:38203 , DOI: 10.1080/10137548.2009.9687901
- Description: Unlike the performing arts generally, festivals and special events have been growing in popularity worldwide: since the 1980s there has been an explosion of the number of festival of all types, not just arts festivals, but folk festivals, harvest festivals, food festivals, family festivals, carnivals, literary festivals – the list is long. It is estimated that there are more than 300 festivals in the UK (British Federation of Festivals 2004), 1300 in Australia (Johnson et al 2005) and more than 5000 in the US (Blumenthal 2002).
- Full Text:
- Date Issued: 2011
- «
- ‹
- 1
- ›
- »