Does primary resource-based industrialisation offer an escape from underdevelopment?
- Authors: Ali, Fatimah
- Date: 2006
- Subjects: Comparative advantage (International trade) , Exports -- Africa, West , Exports -- Mauritius , Exports -- South Africa , Foreign trade promotion -- Mauritius , International trade , Primary commodities -- Africa , Human capital -- Economic aspects -- Africa , Natural resources -- Africa , Africa -- Commerce
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1018 , http://hdl.handle.net/10962/d1002753 , Comparative advantage (International trade) , Exports -- Africa, West , Exports -- Mauritius , Exports -- South Africa , Foreign trade promotion -- Mauritius , International trade , Primary commodities -- Africa , Human capital -- Economic aspects -- Africa , Natural resources -- Africa , Africa -- Commerce
- Description: It is commonly believed about sub-Saharan Africa (SSA) that the region has a comparative advantage in primary resources as reflected by its high share of primary exports to total exports. In acknowledging the region's comparative advantage, the study tries to put the determinants from the Wood and Mayer (1998, (999) (W-M) Heckscher-Ohlin based model in the context of two relatively diversified countries (South Africa and Mauritius) and two commodity-export-dependent countries of sub-Saharan Africa (Nigeria and Cô̌̌te d'Ivoire). The study finds that the skill and land resource measures used in the W -M (1998, 1999) thesis do not explain why Nigeria, having a similar level of skill per worker ratio to South Africa, has not diversified. Further, Mauritius having relatively the highest skill per land ratio specialises in low-skill textiles and clothing, while South Africa specialises in the more human capital-intensive "other manufactures" group. The other measure, a low land per worker ratio that explains Mauritius' relatively higher share of manufacturing exports, also fails to apply to Nigeria. The thesis thus concludes that the W-M land and skill measures could only be rough proxies in determining comparative advantage in manufacturing exports. However, employing the Dutch disease hypothesis recognises the potential of land abundance as a natural resource, namely minerals in South Africa, oil in Nigeria, and cocoa in Cǒ̌te d'Ivoire. The Dutch disease is a dynamic process of structural economic and political development that will permit an understanding of why natural resource abundant countries do not have a comparative advantage in manufacturing, at least in the short to medium term. The study therefore investigates commodity dependence and the Dutch disease effects to examine whether primary resource- based industrialisation offers an escape from underdevelopment. It establishes that South Africa, a mineral resource rich country, diversified based on a broad mineral-energy-complex (MEC) reinforcing the notion that land abundant countries will first invest in capital- intensive primary resource processing. However, the thesis concludes that in Nigeria and Cǒ̌te d'Ivoire where external shocks are more predominant probably because of single commodity export reliance, the manufacturing sector lags behind more due to resource and spending effects that a natural resource boom generates in these economies.
- Full Text:
- Date Issued: 2006
- Authors: Ali, Fatimah
- Date: 2006
- Subjects: Comparative advantage (International trade) , Exports -- Africa, West , Exports -- Mauritius , Exports -- South Africa , Foreign trade promotion -- Mauritius , International trade , Primary commodities -- Africa , Human capital -- Economic aspects -- Africa , Natural resources -- Africa , Africa -- Commerce
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1018 , http://hdl.handle.net/10962/d1002753 , Comparative advantage (International trade) , Exports -- Africa, West , Exports -- Mauritius , Exports -- South Africa , Foreign trade promotion -- Mauritius , International trade , Primary commodities -- Africa , Human capital -- Economic aspects -- Africa , Natural resources -- Africa , Africa -- Commerce
- Description: It is commonly believed about sub-Saharan Africa (SSA) that the region has a comparative advantage in primary resources as reflected by its high share of primary exports to total exports. In acknowledging the region's comparative advantage, the study tries to put the determinants from the Wood and Mayer (1998, (999) (W-M) Heckscher-Ohlin based model in the context of two relatively diversified countries (South Africa and Mauritius) and two commodity-export-dependent countries of sub-Saharan Africa (Nigeria and Cô̌̌te d'Ivoire). The study finds that the skill and land resource measures used in the W -M (1998, 1999) thesis do not explain why Nigeria, having a similar level of skill per worker ratio to South Africa, has not diversified. Further, Mauritius having relatively the highest skill per land ratio specialises in low-skill textiles and clothing, while South Africa specialises in the more human capital-intensive "other manufactures" group. The other measure, a low land per worker ratio that explains Mauritius' relatively higher share of manufacturing exports, also fails to apply to Nigeria. The thesis thus concludes that the W-M land and skill measures could only be rough proxies in determining comparative advantage in manufacturing exports. However, employing the Dutch disease hypothesis recognises the potential of land abundance as a natural resource, namely minerals in South Africa, oil in Nigeria, and cocoa in Cǒ̌te d'Ivoire. The Dutch disease is a dynamic process of structural economic and political development that will permit an understanding of why natural resource abundant countries do not have a comparative advantage in manufacturing, at least in the short to medium term. The study therefore investigates commodity dependence and the Dutch disease effects to examine whether primary resource- based industrialisation offers an escape from underdevelopment. It establishes that South Africa, a mineral resource rich country, diversified based on a broad mineral-energy-complex (MEC) reinforcing the notion that land abundant countries will first invest in capital- intensive primary resource processing. However, the thesis concludes that in Nigeria and Cǒ̌te d'Ivoire where external shocks are more predominant probably because of single commodity export reliance, the manufacturing sector lags behind more due to resource and spending effects that a natural resource boom generates in these economies.
- Full Text:
- Date Issued: 2006
Financial reforms and interest rate spreads in the commercial banking sector in Kenya
- Authors: Munene, Daniel
- Date: 2006
- Subjects: Finance -- Kenya , Banks and banking -- Kenya , Economics -- Kenya , Interest rates -- Kenya , Economic development -- Kenya
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1070 , http://hdl.handle.net/10962/d1007711 , Finance -- Kenya , Banks and banking -- Kenya , Economics -- Kenya , Interest rates -- Kenya , Economic development -- Kenya
- Description: Financial reforms were a major component of structural adjustment programs deemed necessary for developing countries in the mid 1980s. These were not only meant to improve the sector, but would ultimately enhance economic growth and help in poverty alleviation. At the top of these reforms was financial liberalisation. Kenya, like many other sub-Saharan African countries, undertook financial liberalisation in 1991, one of the measures was decontrolling interest rates. With market driven interest rates in place it was assumed that there would be increased efficiency in bank lending, as well as growth in credit availability as deposits increased. A key indicator of this improved intermediation process would be a narrowing interest rates spread, that is, the margin between the deposit and lending rate. Paradoxically, however, the expected benefits of these reforms did not accrue to Kenya's banking sector. This study focuses on financial reforms and the spread of interest rates in Kenya's banking sector. Using a trend analysis, spanning the period before and after liberalisation, interest rates spread are shown to have escalated dramatically upwards after liberalisation. An analysis of three macroeconomic variables, namely, the exchange rate, inflation rate and economic growth offer little, or inconclusive evidence, that they were the main causes of the wide interest rate spread. In fact, the spread is closely linked to institutional/structural factors such as non-competitiveness in the banking sector, imprudent lending practices and poor and/or inadequate banking supervision. Policies for improving the institutional infrastructure and thus moderating the spreads are highlighted.
- Full Text:
- Date Issued: 2006
- Authors: Munene, Daniel
- Date: 2006
- Subjects: Finance -- Kenya , Banks and banking -- Kenya , Economics -- Kenya , Interest rates -- Kenya , Economic development -- Kenya
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1070 , http://hdl.handle.net/10962/d1007711 , Finance -- Kenya , Banks and banking -- Kenya , Economics -- Kenya , Interest rates -- Kenya , Economic development -- Kenya
- Description: Financial reforms were a major component of structural adjustment programs deemed necessary for developing countries in the mid 1980s. These were not only meant to improve the sector, but would ultimately enhance economic growth and help in poverty alleviation. At the top of these reforms was financial liberalisation. Kenya, like many other sub-Saharan African countries, undertook financial liberalisation in 1991, one of the measures was decontrolling interest rates. With market driven interest rates in place it was assumed that there would be increased efficiency in bank lending, as well as growth in credit availability as deposits increased. A key indicator of this improved intermediation process would be a narrowing interest rates spread, that is, the margin between the deposit and lending rate. Paradoxically, however, the expected benefits of these reforms did not accrue to Kenya's banking sector. This study focuses on financial reforms and the spread of interest rates in Kenya's banking sector. Using a trend analysis, spanning the period before and after liberalisation, interest rates spread are shown to have escalated dramatically upwards after liberalisation. An analysis of three macroeconomic variables, namely, the exchange rate, inflation rate and economic growth offer little, or inconclusive evidence, that they were the main causes of the wide interest rate spread. In fact, the spread is closely linked to institutional/structural factors such as non-competitiveness in the banking sector, imprudent lending practices and poor and/or inadequate banking supervision. Policies for improving the institutional infrastructure and thus moderating the spreads are highlighted.
- Full Text:
- Date Issued: 2006
The behaviour and fundamental determinants of the real exchange rate in South Africa
- Authors: Takaendesa, Peter
- Date: 2006
- Subjects: Foreign exchange rates -- South Africa , Terms of trade -- South Africa , Finance -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:960 , http://hdl.handle.net/10962/d1002694 , Foreign exchange rates -- South Africa , Terms of trade -- South Africa , Finance -- South Africa
- Description: Real exchange rates have important effects on production, employment and trade, so it is crucial to understand the factors responsible for their variations. This study analyses the main determinants of the real exchange rate and the dynamic adjustment of the real exchange rate following shocks to those determinants, using quarterly South African data covering the period 1975 to 2005. It begins with a review of literature on the determinants of the real exchange rate and provides an updated background on the exchange rate system in South Africa. An empirical model linking the real exchange rate to its theoretical determinants is then specified. In contrast to previous analyses, this study augments the cointegration and vector autoregression (VAR) analysis with impulse response and variance decomposition analyses to provide robust long run effects and short run dynamic effects on the real exchange rate. The variables that have been found to have a long run relationship with the real exchange rate include the terms of trade, real interest rate differential, domestic credit, openness and technological progress. The estimate of the speed of adjustment coefficient found in this study indicates that about a third of the variation in the real exchange rate from its equilibrium level is corrected within a quarter. The impulse response functions broadly corroborate the theoretical predictions, but only the terms of trade, domestic credit and openness have a significant impact on the real exchange rate in the short run. However, only shocks to the terms of trade and domestic credit have persistent effects on the real exchange rate. Results from the variance decompositions are largely similar to those from the impulse response analysis. The terms of trade, domestic credit and openness are the only variables found to significantly explain the variation in the real exchange rate. The most interesting result that emerged from this analysis and is supported by previous research is that among other determinants, the terms of trade explain the largest proportion of the variation in the real exchange. On balance, the evidence therefore suggests that real exchange rate fluctuations are predominantly equilibrium responses to real and monetary shocks rather than fiscal policy shocks.
- Full Text:
- Date Issued: 2006
- Authors: Takaendesa, Peter
- Date: 2006
- Subjects: Foreign exchange rates -- South Africa , Terms of trade -- South Africa , Finance -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:960 , http://hdl.handle.net/10962/d1002694 , Foreign exchange rates -- South Africa , Terms of trade -- South Africa , Finance -- South Africa
- Description: Real exchange rates have important effects on production, employment and trade, so it is crucial to understand the factors responsible for their variations. This study analyses the main determinants of the real exchange rate and the dynamic adjustment of the real exchange rate following shocks to those determinants, using quarterly South African data covering the period 1975 to 2005. It begins with a review of literature on the determinants of the real exchange rate and provides an updated background on the exchange rate system in South Africa. An empirical model linking the real exchange rate to its theoretical determinants is then specified. In contrast to previous analyses, this study augments the cointegration and vector autoregression (VAR) analysis with impulse response and variance decomposition analyses to provide robust long run effects and short run dynamic effects on the real exchange rate. The variables that have been found to have a long run relationship with the real exchange rate include the terms of trade, real interest rate differential, domestic credit, openness and technological progress. The estimate of the speed of adjustment coefficient found in this study indicates that about a third of the variation in the real exchange rate from its equilibrium level is corrected within a quarter. The impulse response functions broadly corroborate the theoretical predictions, but only the terms of trade, domestic credit and openness have a significant impact on the real exchange rate in the short run. However, only shocks to the terms of trade and domestic credit have persistent effects on the real exchange rate. Results from the variance decompositions are largely similar to those from the impulse response analysis. The terms of trade, domestic credit and openness are the only variables found to significantly explain the variation in the real exchange rate. The most interesting result that emerged from this analysis and is supported by previous research is that among other determinants, the terms of trade explain the largest proportion of the variation in the real exchange. On balance, the evidence therefore suggests that real exchange rate fluctuations are predominantly equilibrium responses to real and monetary shocks rather than fiscal policy shocks.
- Full Text:
- Date Issued: 2006
The economic valuation of cultural events in developing countries: combining market and non-market valuation techniques at the South African National Arts Festival
- Authors: Snowball, Jeanette Dalziel
- Date: 2006
- Subjects: Standard Bank National Arts Festival -- Economic aspects , Performing arts festivals -- Economic aspects -- South Africa -- Grahamstown , Arts -- South Africa -- Economic aspects , Finance -- South Africa , Arts -- South Africa -- Finance , Arts -- South Africa -- Political aspects , Finance, Public -- South Africa , South Africa -- Politics and government -- 1994-
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:969 , http://hdl.handle.net/10962/d1002703 , Standard Bank National Arts Festival -- Economic aspects , Performing arts festivals -- Economic aspects -- South Africa -- Grahamstown , Arts -- South Africa -- Economic aspects , Finance -- South Africa , Arts -- South Africa -- Finance , Arts -- South Africa -- Political aspects , Finance, Public -- South Africa , South Africa -- Politics and government -- 1994-
- Description: The arts in many countries, but particularly in developing ones, are coming under increasing financial pressure and finding it difficult to justify the increases in government funding needed to maintain and grow the cultural sector. The trend in cultural economics, as well as in other areas, appears to be towards including qualitative valuations, as well as the more traditional quantitative ones. This thesis argues that the value of cultural events should include long term historical qualitative analysis, financial or economic impact and a valuation of the positive externalities provided by cultural events and that any one of these should only be regarded as a partial analysis. Four methods of valuing the arts using the South African National Arts Festival (NAF) as an example are demonstrated. Firstly, a qualitative historical analysis of the role of the NAF in South Africa’s transformation process from Apartheid to the democratic New South Africa is examined, using theories of cultural capital as a theoretical basis. It is argued that the value of cultural events needs to take into account long-term influences especially in countries undergoing political and social transformation. The second valuation method applied is the traditional economic impact study. Four economic impact studies conducted on the NAF are discussed and methodologies compared. It is concluded that, despite the skepticism of many cultural economists, the method can provide a useful partial valuation and may also be used for effective lobbying for government support of the arts. Chapter four discusses willingness to pay studies conducted at the NAF in 2000 and 2003 (as well as a pilot study conducted at the Klein Karoo Nationale Kunstefees). It is found that lower income and education groups do benefit from the positive externalities provided by the Festival and that this is reflected in their willingness to pay to support it. It is also argued that such contingent valuation studies can provide a reasonably reliable valuation of Festival externalities, but that they may be partly capturing current or future expected financial gains as well. Finally, the relatively new choice experiment methodology (also called conjoint analysis) is demonstrated on visitors to the NAF. The great advantage of this method in valuing cultural events is that it provides part-worths of various Festival attributes for different demographic groups. This enables organizes to structure the programme in such a way as to attract previously excluded groups and to conduct a cost-benefit analysis for each part of the Festival.
- Full Text:
- Date Issued: 2006
- Authors: Snowball, Jeanette Dalziel
- Date: 2006
- Subjects: Standard Bank National Arts Festival -- Economic aspects , Performing arts festivals -- Economic aspects -- South Africa -- Grahamstown , Arts -- South Africa -- Economic aspects , Finance -- South Africa , Arts -- South Africa -- Finance , Arts -- South Africa -- Political aspects , Finance, Public -- South Africa , South Africa -- Politics and government -- 1994-
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:969 , http://hdl.handle.net/10962/d1002703 , Standard Bank National Arts Festival -- Economic aspects , Performing arts festivals -- Economic aspects -- South Africa -- Grahamstown , Arts -- South Africa -- Economic aspects , Finance -- South Africa , Arts -- South Africa -- Finance , Arts -- South Africa -- Political aspects , Finance, Public -- South Africa , South Africa -- Politics and government -- 1994-
- Description: The arts in many countries, but particularly in developing ones, are coming under increasing financial pressure and finding it difficult to justify the increases in government funding needed to maintain and grow the cultural sector. The trend in cultural economics, as well as in other areas, appears to be towards including qualitative valuations, as well as the more traditional quantitative ones. This thesis argues that the value of cultural events should include long term historical qualitative analysis, financial or economic impact and a valuation of the positive externalities provided by cultural events and that any one of these should only be regarded as a partial analysis. Four methods of valuing the arts using the South African National Arts Festival (NAF) as an example are demonstrated. Firstly, a qualitative historical analysis of the role of the NAF in South Africa’s transformation process from Apartheid to the democratic New South Africa is examined, using theories of cultural capital as a theoretical basis. It is argued that the value of cultural events needs to take into account long-term influences especially in countries undergoing political and social transformation. The second valuation method applied is the traditional economic impact study. Four economic impact studies conducted on the NAF are discussed and methodologies compared. It is concluded that, despite the skepticism of many cultural economists, the method can provide a useful partial valuation and may also be used for effective lobbying for government support of the arts. Chapter four discusses willingness to pay studies conducted at the NAF in 2000 and 2003 (as well as a pilot study conducted at the Klein Karoo Nationale Kunstefees). It is found that lower income and education groups do benefit from the positive externalities provided by the Festival and that this is reflected in their willingness to pay to support it. It is also argued that such contingent valuation studies can provide a reasonably reliable valuation of Festival externalities, but that they may be partly capturing current or future expected financial gains as well. Finally, the relatively new choice experiment methodology (also called conjoint analysis) is demonstrated on visitors to the NAF. The great advantage of this method in valuing cultural events is that it provides part-worths of various Festival attributes for different demographic groups. This enables organizes to structure the programme in such a way as to attract previously excluded groups and to conduct a cost-benefit analysis for each part of the Festival.
- Full Text:
- Date Issued: 2006
The relationship between interest rates and inflation in South Africa : revisiting Fisher's hypothesis
- Mitchell-Innes, Henry Alexander
- Authors: Mitchell-Innes, Henry Alexander
- Date: 2006
- Subjects: Fisher effect (Economics) , Interest rates -- South Africa , Interest rates -- Effect of inflation -- South Africa , Inflation (Finance) -- South Africa , Monetary policy -- South Africa , Banks and banking, Central -- South Africa , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:991 , http://hdl.handle.net/10962/d1002726 , Fisher effect (Economics) , Interest rates -- South Africa , Interest rates -- Effect of inflation -- South Africa , Inflation (Finance) -- South Africa , Monetary policy -- South Africa , Banks and banking, Central -- South Africa , South Africa -- Economic conditions
- Description: This thesis investigates the relationship between expected inflation and nominal interest rates in South Africa and the extent to which the Fisher effect hypothesis holds. The hypothesis, proposed by Fisher (1930), that the nominal rate of interest should reflect movements in the expected rate of inflation has been the subject of much empirical research in many industrialised countries. This wealth of literature can be attributed to various factors including the pivotal role that the nominal rate of interest and, perhaps more importantly, the real rate of interest plays in the economy. The validity of the Fisher effect also has important implications for monetary policy and needs to be considered by central banks. Few studies have been conducted in South Africa to validate this important hypothesis. The analysis uses the 3-month bankers’ acceptance rate and the 10-year government bond rate to proxy both short- and long-term interest rates. The existence of a long-run unit proportional relationship between nominal interest rates and expected inflation is tested using Johansen’s cointegration test. The data is analysed for the period April 2000 to July 2005 as the research aims to establish whether the Fisher relationship holds within an inflation targeting monetary policy framework. The short-run Fisher effect is not empirically verified. This is due to the effects of the monetary policy transmission mechanism and implies that short-term nominal interest rates are a good indication of the stance of monetary policy. A long-run cointegrating relationship is established between long-term interest rates and expected inflation. The long-run adjustment is less than unity, which can be attributed to the credibility of the inflation-targeting framework.
- Full Text:
- Date Issued: 2006
- Authors: Mitchell-Innes, Henry Alexander
- Date: 2006
- Subjects: Fisher effect (Economics) , Interest rates -- South Africa , Interest rates -- Effect of inflation -- South Africa , Inflation (Finance) -- South Africa , Monetary policy -- South Africa , Banks and banking, Central -- South Africa , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:991 , http://hdl.handle.net/10962/d1002726 , Fisher effect (Economics) , Interest rates -- South Africa , Interest rates -- Effect of inflation -- South Africa , Inflation (Finance) -- South Africa , Monetary policy -- South Africa , Banks and banking, Central -- South Africa , South Africa -- Economic conditions
- Description: This thesis investigates the relationship between expected inflation and nominal interest rates in South Africa and the extent to which the Fisher effect hypothesis holds. The hypothesis, proposed by Fisher (1930), that the nominal rate of interest should reflect movements in the expected rate of inflation has been the subject of much empirical research in many industrialised countries. This wealth of literature can be attributed to various factors including the pivotal role that the nominal rate of interest and, perhaps more importantly, the real rate of interest plays in the economy. The validity of the Fisher effect also has important implications for monetary policy and needs to be considered by central banks. Few studies have been conducted in South Africa to validate this important hypothesis. The analysis uses the 3-month bankers’ acceptance rate and the 10-year government bond rate to proxy both short- and long-term interest rates. The existence of a long-run unit proportional relationship between nominal interest rates and expected inflation is tested using Johansen’s cointegration test. The data is analysed for the period April 2000 to July 2005 as the research aims to establish whether the Fisher relationship holds within an inflation targeting monetary policy framework. The short-run Fisher effect is not empirically verified. This is due to the effects of the monetary policy transmission mechanism and implies that short-term nominal interest rates are a good indication of the stance of monetary policy. A long-run cointegrating relationship is established between long-term interest rates and expected inflation. The long-run adjustment is less than unity, which can be attributed to the credibility of the inflation-targeting framework.
- Full Text:
- Date Issued: 2006
The yield curve as a forecasting tool : does the yield spread predict recessions in South Africa?
- Authors: Khomo, Melvin Muzi
- Date: 2006
- Subjects: Recessions -- South Africa , Monetary policy -- South Africa , Economic development -- South Africa , Economic indicators -- South Africa , Business cycles -- History -- 20th century , Business cycles -- South Africa , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1040 , http://hdl.handle.net/10962/d1004722 , Recessions -- South Africa , Monetary policy -- South Africa , Economic development -- South Africa , Economic indicators -- South Africa , Business cycles -- History -- 20th century , Business cycles -- South Africa , South Africa -- Economic conditions
- Description: This paper examines the ability of the yield curve to predict recessions in South Africa, and compares its predictive power with other commonly used variables that include the growth rate in real money supply, changes in stock prices and the index of leading economic indicators. The study also makes an attempt to find out if monetary policy explains the yield spread's predictive power with regards to future economic activity. Regarding methodology, the standard probit model proposed by Estrella and Mishkin (1996) that directly estimates the probability of the economy going into recession is used. Results from this model are compared with a modified probit model suggested by Dueker (1997) that includes a lagged dependent variable. Results presented in the paper provide further evidence that the yield curve, as represented by the yield spread between 3-month and IO-year government paper, can be used to estimate the likelihood of recessions in South Africa. The yield spread can produce recession forecasts up to 18 months, although it's best predictive power is seen at two quarters. Results from the standard probit model and the modified pro bit model with a lagged dependent variable are somewhat similar, although the latter model improves forecasts at shorter horizons up to 3 months. Compared with other indicators, real M3 growth is a noisy indicator and does not provide much information about future recessions, whilst movements in the All-Share index can provide information for up to 12 months but does not do better than the yield curve. The index of leading economic indicators outperforms the yield spread in the short run up to 4 months but the spread performs better at longer horizons. Based on the results from the study, it appears that changes in monetary policy explain the yield spread's predictive power. This is because the yield spread loses its explanatory power when combined with a variable representing the monetary policy stance of the central bank.
- Full Text:
- Date Issued: 2006
- Authors: Khomo, Melvin Muzi
- Date: 2006
- Subjects: Recessions -- South Africa , Monetary policy -- South Africa , Economic development -- South Africa , Economic indicators -- South Africa , Business cycles -- History -- 20th century , Business cycles -- South Africa , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1040 , http://hdl.handle.net/10962/d1004722 , Recessions -- South Africa , Monetary policy -- South Africa , Economic development -- South Africa , Economic indicators -- South Africa , Business cycles -- History -- 20th century , Business cycles -- South Africa , South Africa -- Economic conditions
- Description: This paper examines the ability of the yield curve to predict recessions in South Africa, and compares its predictive power with other commonly used variables that include the growth rate in real money supply, changes in stock prices and the index of leading economic indicators. The study also makes an attempt to find out if monetary policy explains the yield spread's predictive power with regards to future economic activity. Regarding methodology, the standard probit model proposed by Estrella and Mishkin (1996) that directly estimates the probability of the economy going into recession is used. Results from this model are compared with a modified probit model suggested by Dueker (1997) that includes a lagged dependent variable. Results presented in the paper provide further evidence that the yield curve, as represented by the yield spread between 3-month and IO-year government paper, can be used to estimate the likelihood of recessions in South Africa. The yield spread can produce recession forecasts up to 18 months, although it's best predictive power is seen at two quarters. Results from the standard probit model and the modified pro bit model with a lagged dependent variable are somewhat similar, although the latter model improves forecasts at shorter horizons up to 3 months. Compared with other indicators, real M3 growth is a noisy indicator and does not provide much information about future recessions, whilst movements in the All-Share index can provide information for up to 12 months but does not do better than the yield curve. The index of leading economic indicators outperforms the yield spread in the short run up to 4 months but the spread performs better at longer horizons. Based on the results from the study, it appears that changes in monetary policy explain the yield spread's predictive power. This is because the yield spread loses its explanatory power when combined with a variable representing the monetary policy stance of the central bank.
- Full Text:
- Date Issued: 2006
Fisheries management, fishing rights and redistribution within the commercial chokka squid fishery of South Africa
- Authors: Martin, Lindsay
- Date: 2005 , 2013-06-05
- Subjects: Fishery management -- South Africa , Squids -- South Africa , Squid fisheries -- South Africa , Fishery law and legislation -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1059 , http://hdl.handle.net/10962/d1007500 , Fishery management -- South Africa , Squids -- South Africa , Squid fisheries -- South Africa , Fishery law and legislation -- South Africa
- Description: The objective of this thesis is to analyse the management and redistribution policies implemented in the South African squid industry. This is done within the broader context of fisheries policies that have been implemented within the South African fishing industry as the squid industry has developed. The study therefore has an institutional basis, which reviews the development of institutional mechanisms as they have evolved to deal fisheries management problems. These mechanisms (which can either be formal or informal) consist of committees, laws and constitutions that have developed as society has progressed. Probably the most prominent of these, in terms of current fisheries policy, is the Marine Living Resources Act (MLRA) of 1998. The broad policy prescription of the MLRA basically advocates the sustainable utilisation of marine resources while outlining the need to restructure the fishing industry to address historical imbalances and to achieve equity. It is this broad objective that this thesis applies to the squid fishery. The primary means of achieving the above objective, within the squid industry, has been through the reallocation of permit rights. These rights also provide the primary means by which effort is managed. A disruption in the rights allocation process therefore has implications for resource management as well. Permits rights can be described as a form of use right or propertY right. These rights are structured according to their operational-level characteristics, or rules. Changing these rules can thus affect the efficiency or flexibility of a rights based system. This is important because initial reallocation of rights, by the Department of Environmental Affairs and Tourism (DEAT), was based on an incomplete set of rights. This partly led to the failure of early redistribution attempts resulting in a "paper permit" market. Nevertheless, this thesis argues that redistribution attempts were based on ill-defined criteria that contributed to the failure described above. In addition to this the method through which redistribution was attempted is also questionable. This can be described as a weak redistribution strategy that did not account for all equity criteria (i.e. factors like capital ownership, employment or relative income levels). This thesis thus recommends, among other things, that an incentive based rights system be adopted and that the design of this system correctly caters of the operational-level rules mentioned above. In addition to this a strong redistribution, based on fishing capital, ownership, income and the transfer of skills, should be implemented. , KMBT_363 , Adobe Acrobat 9.54 Paper Capture Plug-in
- Full Text:
- Date Issued: 2005
- Authors: Martin, Lindsay
- Date: 2005 , 2013-06-05
- Subjects: Fishery management -- South Africa , Squids -- South Africa , Squid fisheries -- South Africa , Fishery law and legislation -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1059 , http://hdl.handle.net/10962/d1007500 , Fishery management -- South Africa , Squids -- South Africa , Squid fisheries -- South Africa , Fishery law and legislation -- South Africa
- Description: The objective of this thesis is to analyse the management and redistribution policies implemented in the South African squid industry. This is done within the broader context of fisheries policies that have been implemented within the South African fishing industry as the squid industry has developed. The study therefore has an institutional basis, which reviews the development of institutional mechanisms as they have evolved to deal fisheries management problems. These mechanisms (which can either be formal or informal) consist of committees, laws and constitutions that have developed as society has progressed. Probably the most prominent of these, in terms of current fisheries policy, is the Marine Living Resources Act (MLRA) of 1998. The broad policy prescription of the MLRA basically advocates the sustainable utilisation of marine resources while outlining the need to restructure the fishing industry to address historical imbalances and to achieve equity. It is this broad objective that this thesis applies to the squid fishery. The primary means of achieving the above objective, within the squid industry, has been through the reallocation of permit rights. These rights also provide the primary means by which effort is managed. A disruption in the rights allocation process therefore has implications for resource management as well. Permits rights can be described as a form of use right or propertY right. These rights are structured according to their operational-level characteristics, or rules. Changing these rules can thus affect the efficiency or flexibility of a rights based system. This is important because initial reallocation of rights, by the Department of Environmental Affairs and Tourism (DEAT), was based on an incomplete set of rights. This partly led to the failure of early redistribution attempts resulting in a "paper permit" market. Nevertheless, this thesis argues that redistribution attempts were based on ill-defined criteria that contributed to the failure described above. In addition to this the method through which redistribution was attempted is also questionable. This can be described as a weak redistribution strategy that did not account for all equity criteria (i.e. factors like capital ownership, employment or relative income levels). This thesis thus recommends, among other things, that an incentive based rights system be adopted and that the design of this system correctly caters of the operational-level rules mentioned above. In addition to this a strong redistribution, based on fishing capital, ownership, income and the transfer of skills, should be implemented. , KMBT_363 , Adobe Acrobat 9.54 Paper Capture Plug-in
- Full Text:
- Date Issued: 2005
Fishing rights, redistribution and policy : the South African commercial T.A.C. fisheries
- Authors: Mather, Diarmid John
- Date: 2005
- Subjects: Fisheries -- South Africa Fish trade -- South Africa Fishery law and legislation -- South Africa Fishery policy -- South Africa Fishery management -- South Africa
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:1061 , http://hdl.handle.net/10962/d1007531
- Description: The main objective of this thesis is to provide an analysis of the economic logic behind fisheries policy and redistribution in South African. An examination of the institutional and organizational evolution reveals that South African fisheries policy followed the world trend in the movement toward quota management systems. However, it is argued that due to the peculiarities of the Apartheid political system, South Africa developed a unique and persistent structure of individual fishing rights that resulted in a transfer of power from the fisher to monopsonistic, and subsequently vertically integrated, fish processing companies. Problems, however, arose with the need to redistribute fishing rights to previously repressed racial groups. It is proposed that, within a specific form (TAC), the structure of individual fishing rights can be decomposed into four operational rules, namely, the right of participation, asset size, tradability and duration of term. Policy design is restricted to a feasible set of rules that impact on the flexibility of the system, the incentives facing private fishing companies and fishers, the efficiency of the fisheries management plan and finally the effect it has on a redistribution strategy. Within this analytical framework, South Africa's policy yields a very flexible system favourable to monopsonistic industrial organisation. However, by adding a redistribution constraint, this structure has a number of important effects. First, as new quota holders are added the information costs for effective fisheries management increase exponentially. Second, the transaction costs to private fishing companies are increased. Third, only the resource rent is redistributed (weak redistribution). Next, the micro to small vessel fisheries, the medium vessel fisheries and the large vessel fisheries are examined separately. The major aim is to determine, within the available data, the effect that a weak redistribution policy (redistribution of the resource rent), has on strong redistribution (redistribution of fishing capital and skills). The evidence definitely supports the analytical framework and suggests that fundamentally the structure of individual fishing rights, which evolved in response to a monopsonistic industrial organisation during the apartheid era in South Africa, works against strong redistribution. Also, that different fisheries face different constraints and that these should in certain instances be treated separately.
- Full Text:
- Date Issued: 2005
- Authors: Mather, Diarmid John
- Date: 2005
- Subjects: Fisheries -- South Africa Fish trade -- South Africa Fishery law and legislation -- South Africa Fishery policy -- South Africa Fishery management -- South Africa
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:1061 , http://hdl.handle.net/10962/d1007531
- Description: The main objective of this thesis is to provide an analysis of the economic logic behind fisheries policy and redistribution in South African. An examination of the institutional and organizational evolution reveals that South African fisheries policy followed the world trend in the movement toward quota management systems. However, it is argued that due to the peculiarities of the Apartheid political system, South Africa developed a unique and persistent structure of individual fishing rights that resulted in a transfer of power from the fisher to monopsonistic, and subsequently vertically integrated, fish processing companies. Problems, however, arose with the need to redistribute fishing rights to previously repressed racial groups. It is proposed that, within a specific form (TAC), the structure of individual fishing rights can be decomposed into four operational rules, namely, the right of participation, asset size, tradability and duration of term. Policy design is restricted to a feasible set of rules that impact on the flexibility of the system, the incentives facing private fishing companies and fishers, the efficiency of the fisheries management plan and finally the effect it has on a redistribution strategy. Within this analytical framework, South Africa's policy yields a very flexible system favourable to monopsonistic industrial organisation. However, by adding a redistribution constraint, this structure has a number of important effects. First, as new quota holders are added the information costs for effective fisheries management increase exponentially. Second, the transaction costs to private fishing companies are increased. Third, only the resource rent is redistributed (weak redistribution). Next, the micro to small vessel fisheries, the medium vessel fisheries and the large vessel fisheries are examined separately. The major aim is to determine, within the available data, the effect that a weak redistribution policy (redistribution of the resource rent), has on strong redistribution (redistribution of fishing capital and skills). The evidence definitely supports the analytical framework and suggests that fundamentally the structure of individual fishing rights, which evolved in response to a monopsonistic industrial organisation during the apartheid era in South Africa, works against strong redistribution. Also, that different fisheries face different constraints and that these should in certain instances be treated separately.
- Full Text:
- Date Issued: 2005
The direction of trade and its implications for labour in South Africa
- Authors: Cameron, Iona R
- Date: 2005
- Subjects: Labor demand -- South Africa , Labor market -- South Africa , Industrial relations -- South Africa , Foreign trade and employment -- South Africa , International economic relations , Free trade -- South Africa , South Africa -- Commercial policy
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:948 , http://hdl.handle.net/10962/d1002682 , Labor demand -- South Africa , Labor market -- South Africa , Industrial relations -- South Africa , Foreign trade and employment -- South Africa , International economic relations , Free trade -- South Africa , South Africa -- Commercial policy
- Description: This aim of this thesis is to analyse the demand for labour from trade with a selection of South Africa’s trading partners. It is expected that labour demand will be greater in trade with developed blocs. Trade between developing blocs, however, is thought to be more skilled labour intensive and such trade should have greater linkages. This ought to feed through into greater labour demand so that South-South trade may be more ‘labour creating’ than expected. As it is more skill intensive, it may also be more dynamic, which has implications for future growth and development. Factor content methodology is used to assess labour demand. Calculations consider linkages to other sectors (which will increase labour demand) and the use of scarce resources (which has an opportunity cost to labour). The findings support the claim that trade with developing blocs is more professional labour intensive. Evidence that it may be more dynamic and have greater linkages to labour is borne out in exports to SADC. Greater labour demand through linkages, however, is not evident in net trade to SADC. Neither are they of significance in trade with any of the other developing blocs so labour effects due to linkages appear to be negligible. The advantages of South-South trade may rather lie in the dynamic benefits that trade in higher technology goods provides. When scarce resources such as capital and professional labour are taken into account, it is found that labour demand is negative in net trade to all blocs. However, even without the problem of scarce resources, most blocs have a negative demand for labour in net trade. The indication is that with the present trade patterns, South Africa cannot expect trade to increase labour demand. Policy which could improve this situation would be to increase labour force skills, improve the flexibility of the labour market and develop sectors which are both more advanced as well as labour intensive. Despite the negative impact of trade on labour in general, it is found that trade does differ by direction and that for each labour type there are certain blocs where labour demand is positive. This is also the case in net trade for particular sectors. Such information could be used as part of a targeted trade policy to assist in the marketing of particular sectors in trade and also for increasing labour demand for certain labour groups.
- Full Text:
- Date Issued: 2005
- Authors: Cameron, Iona R
- Date: 2005
- Subjects: Labor demand -- South Africa , Labor market -- South Africa , Industrial relations -- South Africa , Foreign trade and employment -- South Africa , International economic relations , Free trade -- South Africa , South Africa -- Commercial policy
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:948 , http://hdl.handle.net/10962/d1002682 , Labor demand -- South Africa , Labor market -- South Africa , Industrial relations -- South Africa , Foreign trade and employment -- South Africa , International economic relations , Free trade -- South Africa , South Africa -- Commercial policy
- Description: This aim of this thesis is to analyse the demand for labour from trade with a selection of South Africa’s trading partners. It is expected that labour demand will be greater in trade with developed blocs. Trade between developing blocs, however, is thought to be more skilled labour intensive and such trade should have greater linkages. This ought to feed through into greater labour demand so that South-South trade may be more ‘labour creating’ than expected. As it is more skill intensive, it may also be more dynamic, which has implications for future growth and development. Factor content methodology is used to assess labour demand. Calculations consider linkages to other sectors (which will increase labour demand) and the use of scarce resources (which has an opportunity cost to labour). The findings support the claim that trade with developing blocs is more professional labour intensive. Evidence that it may be more dynamic and have greater linkages to labour is borne out in exports to SADC. Greater labour demand through linkages, however, is not evident in net trade to SADC. Neither are they of significance in trade with any of the other developing blocs so labour effects due to linkages appear to be negligible. The advantages of South-South trade may rather lie in the dynamic benefits that trade in higher technology goods provides. When scarce resources such as capital and professional labour are taken into account, it is found that labour demand is negative in net trade to all blocs. However, even without the problem of scarce resources, most blocs have a negative demand for labour in net trade. The indication is that with the present trade patterns, South Africa cannot expect trade to increase labour demand. Policy which could improve this situation would be to increase labour force skills, improve the flexibility of the labour market and develop sectors which are both more advanced as well as labour intensive. Despite the negative impact of trade on labour in general, it is found that trade does differ by direction and that for each labour type there are certain blocs where labour demand is positive. This is also the case in net trade for particular sectors. Such information could be used as part of a targeted trade policy to assist in the marketing of particular sectors in trade and also for increasing labour demand for certain labour groups.
- Full Text:
- Date Issued: 2005
The Grameen Bank model of microcredit and its relevance for South Africa
- Authors: Akpan, Iniobong Wilson
- Date: 2005
- Subjects: Grameen Bank , Microfinance -- South Africa , Microfinance -- Bangladesh , Credit -- Management , Risk management , Poor -- Finance, Personal , South Africa -- Economic conditions , Bangladesh -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:980 , http://hdl.handle.net/10962/d1002714 , Grameen Bank , Microfinance -- South Africa , Microfinance -- Bangladesh , Credit -- Management , Risk management , Poor -- Finance, Personal , South Africa -- Economic conditions , Bangladesh -- Economic conditions
- Description: Among the reasons for financial exclusion is the fact that the poor, being largely illiterate and unemployed, are traditionally perceived as ‘bad credit risks’. This is the dominant perception of the poor in the formal credit markets – a perception that also exists in the microcredit sector. In other words, while information asymmetry is a recognized problem in lender-borrower relationships, lenders consider the problem particularly severe when they contemplate doing business with the poor. A contrasting paradigm, such as the one adopted by Grameen Bank of Bangladesh, views the poor as possessing economic potentials that have not been tapped – that is, as ‘good credit risks’. Grameen Bank’s microcredit features appear to have successfully mitigated the problems of information asymmetry and, to a large extent, made it possible for the poor to access microenterprise credit. Using the Grameen Bank model as a benchmark, this study examined the lending features of private sector microlenders in South Africa and those of KhulaStart (credit) scheme. The aim was to identify how the lending features affect microenterprise credit access. Primary data were obtained through interviews, while relevant secondary data were also used in the study. A key finding of the study was that while the Khulastart scheme was, like Grameencredit, targeted at the poor, the method of its delivery appeared diluted or unduly influenced by the conventional (private sector) paradigm that pre-classifies people as ‘good’ or ‘bad’ credit risks. As a result, the scheme was not robust enough to support microenterprise credit access. This has consequences for job-creation and poverty reduction. Based on the findings, the study maintains that a realistic broadening of microenterprise credit access will not occur unless there is a fundamental paradigm shift in microcredit practices, and unless measures designed to mitigate information asymmetries are sensitive to the historical, economic and sociocultural realities of the South African poor.
- Full Text:
- Date Issued: 2005
- Authors: Akpan, Iniobong Wilson
- Date: 2005
- Subjects: Grameen Bank , Microfinance -- South Africa , Microfinance -- Bangladesh , Credit -- Management , Risk management , Poor -- Finance, Personal , South Africa -- Economic conditions , Bangladesh -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:980 , http://hdl.handle.net/10962/d1002714 , Grameen Bank , Microfinance -- South Africa , Microfinance -- Bangladesh , Credit -- Management , Risk management , Poor -- Finance, Personal , South Africa -- Economic conditions , Bangladesh -- Economic conditions
- Description: Among the reasons for financial exclusion is the fact that the poor, being largely illiterate and unemployed, are traditionally perceived as ‘bad credit risks’. This is the dominant perception of the poor in the formal credit markets – a perception that also exists in the microcredit sector. In other words, while information asymmetry is a recognized problem in lender-borrower relationships, lenders consider the problem particularly severe when they contemplate doing business with the poor. A contrasting paradigm, such as the one adopted by Grameen Bank of Bangladesh, views the poor as possessing economic potentials that have not been tapped – that is, as ‘good credit risks’. Grameen Bank’s microcredit features appear to have successfully mitigated the problems of information asymmetry and, to a large extent, made it possible for the poor to access microenterprise credit. Using the Grameen Bank model as a benchmark, this study examined the lending features of private sector microlenders in South Africa and those of KhulaStart (credit) scheme. The aim was to identify how the lending features affect microenterprise credit access. Primary data were obtained through interviews, while relevant secondary data were also used in the study. A key finding of the study was that while the Khulastart scheme was, like Grameencredit, targeted at the poor, the method of its delivery appeared diluted or unduly influenced by the conventional (private sector) paradigm that pre-classifies people as ‘good’ or ‘bad’ credit risks. As a result, the scheme was not robust enough to support microenterprise credit access. This has consequences for job-creation and poverty reduction. Based on the findings, the study maintains that a realistic broadening of microenterprise credit access will not occur unless there is a fundamental paradigm shift in microcredit practices, and unless measures designed to mitigate information asymmetries are sensitive to the historical, economic and sociocultural realities of the South African poor.
- Full Text:
- Date Issued: 2005
The labour market drop-out rate : a new approach to estimating the returns to government investment in higher education : the case for marine science in South Africa
- Authors: Grootes, Pieter Brian
- Date: 2005
- Subjects: Labor market Marine scientists -- South Africa Education -- Economic aspects -- South Africa Higher education and state -- South Africa Education -- Social aspects Human capital -- South Africa Education, Higher -- Economic aspects -- South Africa
- Language: English
- Type: Thesis , Masters , MEcon
- Identifier: vital:950 , http://hdl.handle.net/10962/d1002684
- Description: The private and social returns to education literature share the same conclusion: that education is beneficial for both the individual and society. However, the theoretical underpinnings are flawed as the literature does not account for the main feature that leads to the acquisition of education: the private demand for education. An understanding of the factors that motivate the individual to invest in education would lead to a deeper insight as to why both private and social returns to education exist, and would provide a clearer framework on which to base the government funding of education. This thesis provides a first attempt at filling this gap by introducing a method of estimating the returns to government investment in education, which is labelled the ‘labour market drop-out rate approach’. The approach focuses on the social return to education, not in terms of graduate earnings, but in terms of the interaction of the graduate with the economy. The approach introduces a measure of expertise utilisation, based on the premise that there is no social return to an individual acquiring education if he or she does not utilise the acquired knowledge base on entering the labour market. The approach is tested using the labour market for marine scientists in South Africa as a case study. In this case the private demand for education is found to be heavily influenced by the provision of student bursaries from the National Research Foundation, with a resulting estimate of the social return to a degree in marine science being a mere 20% to 25%. Owing to this, a new approach to government investment in marine science is introduced, that of graduate contribution schemes. Of broader significance is the ease of application of this approach, it may be adopted to analyse any funding programme in which a government may decide to invest. As such, the labour market drop-out rate provides an extension to the returns to education literature through its theoretical dealings of the private demand for education, as well as a practical tool which government agencies can use to evaluate the efficacy of any government funding of education.
- Full Text:
- Date Issued: 2005
- Authors: Grootes, Pieter Brian
- Date: 2005
- Subjects: Labor market Marine scientists -- South Africa Education -- Economic aspects -- South Africa Higher education and state -- South Africa Education -- Social aspects Human capital -- South Africa Education, Higher -- Economic aspects -- South Africa
- Language: English
- Type: Thesis , Masters , MEcon
- Identifier: vital:950 , http://hdl.handle.net/10962/d1002684
- Description: The private and social returns to education literature share the same conclusion: that education is beneficial for both the individual and society. However, the theoretical underpinnings are flawed as the literature does not account for the main feature that leads to the acquisition of education: the private demand for education. An understanding of the factors that motivate the individual to invest in education would lead to a deeper insight as to why both private and social returns to education exist, and would provide a clearer framework on which to base the government funding of education. This thesis provides a first attempt at filling this gap by introducing a method of estimating the returns to government investment in education, which is labelled the ‘labour market drop-out rate approach’. The approach focuses on the social return to education, not in terms of graduate earnings, but in terms of the interaction of the graduate with the economy. The approach introduces a measure of expertise utilisation, based on the premise that there is no social return to an individual acquiring education if he or she does not utilise the acquired knowledge base on entering the labour market. The approach is tested using the labour market for marine scientists in South Africa as a case study. In this case the private demand for education is found to be heavily influenced by the provision of student bursaries from the National Research Foundation, with a resulting estimate of the social return to a degree in marine science being a mere 20% to 25%. Owing to this, a new approach to government investment in marine science is introduced, that of graduate contribution schemes. Of broader significance is the ease of application of this approach, it may be adopted to analyse any funding programme in which a government may decide to invest. As such, the labour market drop-out rate provides an extension to the returns to education literature through its theoretical dealings of the private demand for education, as well as a practical tool which government agencies can use to evaluate the efficacy of any government funding of education.
- Full Text:
- Date Issued: 2005
The nature and potential of industrial development within the Southern African Development Community (SADC) and the facilitating role of trade liberalisation and foreign direct investment in selected countries
- Authors: Mutambara, Tsitsi Effie
- Date: 2005
- Subjects: Southern African Development Community Investments, Foreign -- Africa, Southern Free trade -- Africa, Southern Economic development -- Africa, Southern Industrialization -- Africa, Southern Industrial policy -- Africa, Southern Africa, Southern -- Economic policy
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:1071 , http://hdl.handle.net/10962/d1007732
- Description: To date the SADC region has managed to develop a manufacturing base but this base is still small as evidenced by its low contribution to GDP. For example, only three out of the fourteen SADC countries, viz. Mauritius, South Africa and Swaziland, had over 20 percent of their GDP originating from the manufacturing sector throughout the 1990s. Also to note is that while the manufacturing sector is quite diversified, the sector is dominated by industrial processes which are more of resource and labour-intensive in nature than those processes of scale-intensive, differentiated and science based in nature. TIle trade performance of the manufacturing sector supports these observations and as such the region is heavily dependent on imports for scale-intensive, differentiated and science based commodities. However, despite the fact that the region tends to focus more on resource- and labour-intensive manufacturing activities, products from these manufacturing activities are still significant components of manufactured goods imports into the region. Also to note is that since resource- and labour-intensive industries dominate manufacturing activities; these are the areas in which investment opportunities abound. For example, agro-based manufacturing presents most of the investment opportunities, with food processing presenting the majority of the investment opportunities followed by garments and textiles production. Mineral processing also presents significant investment opportunities. The analyses of the nature of the manufacturing sector also show that in a few SADC countries, viz. Mauritius, South Africa and Zimbabwe; scale-intensive, differentiated and science based industries also form a significant component of the industrial base implying more technologically complex manufacturing sectors. Since high technology and technologically complex manufacturing activities are limited, investment opportunities in these manufacturing sub-sectors are also limited to just a few countries However, with the SADC ITA in place, opportunities could arise for these limited technology-related manufacturing facilities to expand or engage in import substitution production so as to meet the demands of the growing regional market. It is also important to note that, while the region may not have as competitive advantage in these industries as in the resource- and labour-intensive industries, there is a need for the region to selectively identify and target such industries for priority development, a lesson SADC could learn from the East Asian NIC's took in their industrialisation strategy. The study also shows that the manufacturing sector has been a priority sector for both domestic and foreign investors. This has implications for industrial development because a strong and dynamic manufacturing sector would be developed, forming a sound basis for industrialisation as well as being able to effectively link and support all the other sectors of the economy. FDI could help the region to fully utilise the labour-intensive industries and use them as a stepping-stone to higher levels of industrial development. This is a lesson to SADC from the experiences of the East Asian NICs where while industrialisation was initiated by labour-intensive manufacturing, the countries were able to move into capital-intensive manufacturing due to FDI as it enabled the establishment of the industrial bases, thus leading to a rise in the share of manufactured exports. FDI could also help to develop the resource-intensive industries further by promoting further processing of raw materials into products of more value, thus propelling industrialisation through a resource-led industrial development programme as the current resource-intensive industries become fully utilised. The raw materials which occur in great abundance in the region's primary sector would have a ready market in the manufacturing sector where they would serve as inputs to the production of high value products. The currently smaller industrial base for scale-intensive products, differentiated and science-based manufactured products would benefit from the improved technological capabilities and managerial skills that result from FDI. Therefore, by impacting positively on manufacturing activities of both low and high MVA, FDI would thus have a facilitating role in establishing a more solid industrial base, broadening the current manufacturing base, and improving installed capacity utilisation. The study also shows that investment in productive capacity in the form of machinery and equipment is of great importance in the sampled SADC countries. Investment towards the acquisition of this capital is very important as this is directly relevant towards improving productive capacity. FDI could thus play a facilitating role by augmenting the current domestic investment in machinery and equipment. While the manufacturing sector within the region is still small and the current utilisation of installed industrial capacity is low, there is potential for further industrial growth. The current process to usher in the SADC Free Trade Area would have a facilitating role through various ways: viz. increasing the market size and enabling easier access through the reduction of tariff and non-tariff barriers, promoting regional competitiveness, improved utilisation of regional corridors, increasing opportunities for utilising identified intra-industry trade potentials, and providing opportunities for increased regional cross-border investment. Apart from the SADC FTA, the USA African Growth and Opportunity Act (AGOA) and the Cotonou Agreement will also motivate the identification and utilisation of existing and new potentials within the manufacturing sector in SADC. In order to improve the current nature of industries in the region, there is also a need to design and implement appropriate industrial policies and strategies. Such policies should consider the region's trade policies and the recently launched Regional Indicative Strategic Development Plan (RISDP) so as to complement them. The industrial policies should also address issues relating to industrial investment, technology and local technological capabilities development, human resources development, the structure and nature of industry, the competitiveness of industries, as well as facilitating the complementarities between the agricultural and manufacturing sectors. To this end therefore, instead of relying solely on individual national industrial policies, SADC is in the process of formulating a regional industrial policy and strategies which seek to promote and support sustainable industrial growth across the region, thus facilitating industrial development.
- Full Text:
- Date Issued: 2005
- Authors: Mutambara, Tsitsi Effie
- Date: 2005
- Subjects: Southern African Development Community Investments, Foreign -- Africa, Southern Free trade -- Africa, Southern Economic development -- Africa, Southern Industrialization -- Africa, Southern Industrial policy -- Africa, Southern Africa, Southern -- Economic policy
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:1071 , http://hdl.handle.net/10962/d1007732
- Description: To date the SADC region has managed to develop a manufacturing base but this base is still small as evidenced by its low contribution to GDP. For example, only three out of the fourteen SADC countries, viz. Mauritius, South Africa and Swaziland, had over 20 percent of their GDP originating from the manufacturing sector throughout the 1990s. Also to note is that while the manufacturing sector is quite diversified, the sector is dominated by industrial processes which are more of resource and labour-intensive in nature than those processes of scale-intensive, differentiated and science based in nature. TIle trade performance of the manufacturing sector supports these observations and as such the region is heavily dependent on imports for scale-intensive, differentiated and science based commodities. However, despite the fact that the region tends to focus more on resource- and labour-intensive manufacturing activities, products from these manufacturing activities are still significant components of manufactured goods imports into the region. Also to note is that since resource- and labour-intensive industries dominate manufacturing activities; these are the areas in which investment opportunities abound. For example, agro-based manufacturing presents most of the investment opportunities, with food processing presenting the majority of the investment opportunities followed by garments and textiles production. Mineral processing also presents significant investment opportunities. The analyses of the nature of the manufacturing sector also show that in a few SADC countries, viz. Mauritius, South Africa and Zimbabwe; scale-intensive, differentiated and science based industries also form a significant component of the industrial base implying more technologically complex manufacturing sectors. Since high technology and technologically complex manufacturing activities are limited, investment opportunities in these manufacturing sub-sectors are also limited to just a few countries However, with the SADC ITA in place, opportunities could arise for these limited technology-related manufacturing facilities to expand or engage in import substitution production so as to meet the demands of the growing regional market. It is also important to note that, while the region may not have as competitive advantage in these industries as in the resource- and labour-intensive industries, there is a need for the region to selectively identify and target such industries for priority development, a lesson SADC could learn from the East Asian NIC's took in their industrialisation strategy. The study also shows that the manufacturing sector has been a priority sector for both domestic and foreign investors. This has implications for industrial development because a strong and dynamic manufacturing sector would be developed, forming a sound basis for industrialisation as well as being able to effectively link and support all the other sectors of the economy. FDI could help the region to fully utilise the labour-intensive industries and use them as a stepping-stone to higher levels of industrial development. This is a lesson to SADC from the experiences of the East Asian NICs where while industrialisation was initiated by labour-intensive manufacturing, the countries were able to move into capital-intensive manufacturing due to FDI as it enabled the establishment of the industrial bases, thus leading to a rise in the share of manufactured exports. FDI could also help to develop the resource-intensive industries further by promoting further processing of raw materials into products of more value, thus propelling industrialisation through a resource-led industrial development programme as the current resource-intensive industries become fully utilised. The raw materials which occur in great abundance in the region's primary sector would have a ready market in the manufacturing sector where they would serve as inputs to the production of high value products. The currently smaller industrial base for scale-intensive products, differentiated and science-based manufactured products would benefit from the improved technological capabilities and managerial skills that result from FDI. Therefore, by impacting positively on manufacturing activities of both low and high MVA, FDI would thus have a facilitating role in establishing a more solid industrial base, broadening the current manufacturing base, and improving installed capacity utilisation. The study also shows that investment in productive capacity in the form of machinery and equipment is of great importance in the sampled SADC countries. Investment towards the acquisition of this capital is very important as this is directly relevant towards improving productive capacity. FDI could thus play a facilitating role by augmenting the current domestic investment in machinery and equipment. While the manufacturing sector within the region is still small and the current utilisation of installed industrial capacity is low, there is potential for further industrial growth. The current process to usher in the SADC Free Trade Area would have a facilitating role through various ways: viz. increasing the market size and enabling easier access through the reduction of tariff and non-tariff barriers, promoting regional competitiveness, improved utilisation of regional corridors, increasing opportunities for utilising identified intra-industry trade potentials, and providing opportunities for increased regional cross-border investment. Apart from the SADC FTA, the USA African Growth and Opportunity Act (AGOA) and the Cotonou Agreement will also motivate the identification and utilisation of existing and new potentials within the manufacturing sector in SADC. In order to improve the current nature of industries in the region, there is also a need to design and implement appropriate industrial policies and strategies. Such policies should consider the region's trade policies and the recently launched Regional Indicative Strategic Development Plan (RISDP) so as to complement them. The industrial policies should also address issues relating to industrial investment, technology and local technological capabilities development, human resources development, the structure and nature of industry, the competitiveness of industries, as well as facilitating the complementarities between the agricultural and manufacturing sectors. To this end therefore, instead of relying solely on individual national industrial policies, SADC is in the process of formulating a regional industrial policy and strategies which seek to promote and support sustainable industrial growth across the region, thus facilitating industrial development.
- Full Text:
- Date Issued: 2005
Examining the feasibility of introducing environmental surcharges to finance local coastal management initiatives in South Africa : a case study in Plettenberg Bay
- Authors: Mollatt, David G R
- Date: 2004
- Subjects: Marine resources -- South Africa Marine resources conservation -- South Africa Coastal zone management -- South Africa Marine parks and reserves -- Management--South Africa Tourism--South Africa -- Taxation Tourism -- South Africa -- Economic aspects
- Language: English
- Type: Thesis , Masters , MEcon
- Identifier: vital:999 , http://hdl.handle.net/10962/d1002734
- Description: The management of coastal resources in South Africa has come under review as a result of the degradation of environmental resources along the coast. The challenge being faced by resource managers is to achieve economic growth while sustaining South Africa’s coastal resource base (Nobel, 2000). The South African government (RSA, 2000) has developed a coastal management strategy to meet this challenge: The strategy involves the inclusion of all stakeholders in the formation of policy regarding the management of coastal resources, in a more integrated approach to coastal management. To effectively achieve this stakeholder inclusion, it has become necessary to decentralize the political, administrative and fiscal authority to conduct coastal management functions. With regard to the need for fiscal decentralisation this thesis considers the possibility of implementing localised environmental surcharges to finance coastal management initiatives. The ability of the White Paper for Sustainable Coastal Development (RSA, 2000) to provide theformal institutional structure necessary for the introduction of environmental surcharges is firstconsidered. It is shown that the decentralised management strategy has the potential to create a management style that is transparent and accountability orientated. In addition to this the style is capable of adapting to dynamic local coastal conditions and is therefore an appropriate direction in which to steer coastal management in South Africa. The effectiveness of coastal co-management as an informal institutional arrangement is then examined. Provided that local Coastal Management Fora are created to include all relevant stakeholders and that a source of long term financing is secured co-management has the potential to create the conditions necessary for effective coastal management. With regard to a source of long term financing, local environmental surcharges to finance coastal management initiatives are considered. The public’s willingness to contribute to such a surcharge is analysed in the context of Plettenberg Bay by probing their willingness to pay (WTP) for a Bay Management Plan. A survey instrument is developed to measure the public’s WTP. The design of the instrument is based on the Contingent Valuation (CV) method that is used to analyse the nonmarket benefits that environmental resources (such as Plettenberg Bay) provide the public. It is found that the resident population is willing to pay R15 per month toward a Bay Management Plan whilst domestic and foreign tourists respectively are willing to pay R6 and R22 daily. The aggregation of these WTP estimates yields a total passive use value of between R15 397 900 – R20330 500 annually. This nuclear value of the Bay should be included in the formation of local coastal management policy and provides guidance for the introduction of a local environmental surcharge. A budget for a Bay Management Plan is proposed and a progressive surcharge based on municipal property value is set. To finance the local residents’ share of the budget, a monthly surcharge of R1 would be required of the average valued property. To calculate the domestic and foreign tourist contribution to the budget a schedule of accommodation offering property will be required. However, to finance the entire budget a residential surcharge of approximately R10 would be required of the average valued property. This figure is well below the average resident population WTP of R15, highlighting the fact that an environmental surcharge in Plettenberg Bay is indeed feasible. The difference in reported WTP and the contribution required to finance the Bay Management Plan also highlights that there is scope for experimentation in the introduction of such a surcharge.
- Full Text:
- Date Issued: 2004
- Authors: Mollatt, David G R
- Date: 2004
- Subjects: Marine resources -- South Africa Marine resources conservation -- South Africa Coastal zone management -- South Africa Marine parks and reserves -- Management--South Africa Tourism--South Africa -- Taxation Tourism -- South Africa -- Economic aspects
- Language: English
- Type: Thesis , Masters , MEcon
- Identifier: vital:999 , http://hdl.handle.net/10962/d1002734
- Description: The management of coastal resources in South Africa has come under review as a result of the degradation of environmental resources along the coast. The challenge being faced by resource managers is to achieve economic growth while sustaining South Africa’s coastal resource base (Nobel, 2000). The South African government (RSA, 2000) has developed a coastal management strategy to meet this challenge: The strategy involves the inclusion of all stakeholders in the formation of policy regarding the management of coastal resources, in a more integrated approach to coastal management. To effectively achieve this stakeholder inclusion, it has become necessary to decentralize the political, administrative and fiscal authority to conduct coastal management functions. With regard to the need for fiscal decentralisation this thesis considers the possibility of implementing localised environmental surcharges to finance coastal management initiatives. The ability of the White Paper for Sustainable Coastal Development (RSA, 2000) to provide theformal institutional structure necessary for the introduction of environmental surcharges is firstconsidered. It is shown that the decentralised management strategy has the potential to create a management style that is transparent and accountability orientated. In addition to this the style is capable of adapting to dynamic local coastal conditions and is therefore an appropriate direction in which to steer coastal management in South Africa. The effectiveness of coastal co-management as an informal institutional arrangement is then examined. Provided that local Coastal Management Fora are created to include all relevant stakeholders and that a source of long term financing is secured co-management has the potential to create the conditions necessary for effective coastal management. With regard to a source of long term financing, local environmental surcharges to finance coastal management initiatives are considered. The public’s willingness to contribute to such a surcharge is analysed in the context of Plettenberg Bay by probing their willingness to pay (WTP) for a Bay Management Plan. A survey instrument is developed to measure the public’s WTP. The design of the instrument is based on the Contingent Valuation (CV) method that is used to analyse the nonmarket benefits that environmental resources (such as Plettenberg Bay) provide the public. It is found that the resident population is willing to pay R15 per month toward a Bay Management Plan whilst domestic and foreign tourists respectively are willing to pay R6 and R22 daily. The aggregation of these WTP estimates yields a total passive use value of between R15 397 900 – R20330 500 annually. This nuclear value of the Bay should be included in the formation of local coastal management policy and provides guidance for the introduction of a local environmental surcharge. A budget for a Bay Management Plan is proposed and a progressive surcharge based on municipal property value is set. To finance the local residents’ share of the budget, a monthly surcharge of R1 would be required of the average valued property. To calculate the domestic and foreign tourist contribution to the budget a schedule of accommodation offering property will be required. However, to finance the entire budget a residential surcharge of approximately R10 would be required of the average valued property. This figure is well below the average resident population WTP of R15, highlighting the fact that an environmental surcharge in Plettenberg Bay is indeed feasible. The difference in reported WTP and the contribution required to finance the Bay Management Plan also highlights that there is scope for experimentation in the introduction of such a surcharge.
- Full Text:
- Date Issued: 2004
Protecting depositors and promoting financial stability in South Africa : is there a case for the introduction of deposit insurance?
- Authors: Ngaujake, Uahatjiri
- Date: 2004
- Subjects: Banks and banking -- South Africa , Bank deposits -- South Africa , Bank failures , Banks and banking -- State supervision , Deposit insurance , Consumer protection -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1025 , http://hdl.handle.net/10962/d1002760 , Banks and banking -- South Africa , Bank deposits -- South Africa , Bank failures , Banks and banking -- State supervision , Deposit insurance , Consumer protection -- South Africa
- Description: Banks play a pivotal role in economic growth and development of all countries and therefore the stability of the banking system is a vital goal of bank supervisors. Banks act as delegated monitors of depositors’ funds and this relationship, like all principal-agent relationships, presents agency problems. In the case of banks agency problems arise because depositors cannot accurately assess the financial health of banks due to the asymmetry of information existing between banks and depositors. Because banks possess private information on their borrowers, which depositors cannot access, it exposes depositors to risk of loss of deposits in cases of bank failures originating from nonrepayment of such loans. This asymmetry of information also exposes banks to runs by depositors and these runs can lead to bank failures with devastating effects for the financial system and the economy at large. It is for this reason that banks are regulated and supervised more than other institutions. Bank failures are a worldwide phenomenon and South Africa is no exception as evidenced by historical and recent bank failures in South Africa. This thesis investigates the desirability of introducing an explicit deposit insurance scheme in South Africa as a means of protecting small, unsophisticated depositors who are almost always the losers when banks fail, and promoting financial stability. The study finds that bank failures in South Africa are mainly attributable to mismanagement of banks, liquidity problems and fraud. Bank failures as a result of the aforementioned reasons have led to depositors losing their deposits in South Africa. The absence of a clearly defined depositor protection scheme in South Africa, the inadequacy of the hitherto implicit guarantee system to protect depositors, and the poor record of the South African Reserve Bank in bank failure resolution, form the basis of the conclusion of the study, i.e., there is a case for the introduction of deposit insurance in South Africa. In order to assist South African policymakers in designing an effective deposit insurance scheme for the country, the thesis further provides a guide on how the most important design features of deposit insurance should be handled. This is in an attempt to ensure that the moral hazard problem inherent in deposit insurance is overcome.
- Full Text:
- Date Issued: 2004
- Authors: Ngaujake, Uahatjiri
- Date: 2004
- Subjects: Banks and banking -- South Africa , Bank deposits -- South Africa , Bank failures , Banks and banking -- State supervision , Deposit insurance , Consumer protection -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1025 , http://hdl.handle.net/10962/d1002760 , Banks and banking -- South Africa , Bank deposits -- South Africa , Bank failures , Banks and banking -- State supervision , Deposit insurance , Consumer protection -- South Africa
- Description: Banks play a pivotal role in economic growth and development of all countries and therefore the stability of the banking system is a vital goal of bank supervisors. Banks act as delegated monitors of depositors’ funds and this relationship, like all principal-agent relationships, presents agency problems. In the case of banks agency problems arise because depositors cannot accurately assess the financial health of banks due to the asymmetry of information existing between banks and depositors. Because banks possess private information on their borrowers, which depositors cannot access, it exposes depositors to risk of loss of deposits in cases of bank failures originating from nonrepayment of such loans. This asymmetry of information also exposes banks to runs by depositors and these runs can lead to bank failures with devastating effects for the financial system and the economy at large. It is for this reason that banks are regulated and supervised more than other institutions. Bank failures are a worldwide phenomenon and South Africa is no exception as evidenced by historical and recent bank failures in South Africa. This thesis investigates the desirability of introducing an explicit deposit insurance scheme in South Africa as a means of protecting small, unsophisticated depositors who are almost always the losers when banks fail, and promoting financial stability. The study finds that bank failures in South Africa are mainly attributable to mismanagement of banks, liquidity problems and fraud. Bank failures as a result of the aforementioned reasons have led to depositors losing their deposits in South Africa. The absence of a clearly defined depositor protection scheme in South Africa, the inadequacy of the hitherto implicit guarantee system to protect depositors, and the poor record of the South African Reserve Bank in bank failure resolution, form the basis of the conclusion of the study, i.e., there is a case for the introduction of deposit insurance in South Africa. In order to assist South African policymakers in designing an effective deposit insurance scheme for the country, the thesis further provides a guide on how the most important design features of deposit insurance should be handled. This is in an attempt to ensure that the moral hazard problem inherent in deposit insurance is overcome.
- Full Text:
- Date Issued: 2004
Investment management: an analysis of the risk-return profiles of the South African and Kenyan stock markets
- Authors: Ndungu, Stanley Ngaruiya
- Date: 2003-03
- Subjects: Uncatalogued
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10962/191305 , vital:45082
- Description: This study analyses the risk-return profiles of securities and constructed portfolio of the South African and Kenya’s stock markets. The analysis is done with cognisance of the dynamism that characterizes contemporary financial markets especially in the face of globalisation. To this end the study inter alia, considers the impact of the technological, information and telecommunications revolution particularly with regard to trading, delivery and settlement period. It also considers the factors that influence the business environment in each of the two markets and how these affect their risk return profiles. Key among the findings of the study are that, only a few sectors and securities in both the South African and Kenyan markets (S % and less than 1 % respectively) exhibited very high risk-return profiles while most of the rest (32 % and 40 % respectively) recorded low risk-return profiles. Overall, the business environment in South Africa is evidently better when compared to that of Kenya. Consequently, each country’s business environment may be used to explain the high/low risk return profiles. , Thesis (MA) -- Faculty of Commerce, Economics and Economic History, 2003
- Full Text:
- Date Issued: 2003-03
- Authors: Ndungu, Stanley Ngaruiya
- Date: 2003-03
- Subjects: Uncatalogued
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10962/191305 , vital:45082
- Description: This study analyses the risk-return profiles of securities and constructed portfolio of the South African and Kenya’s stock markets. The analysis is done with cognisance of the dynamism that characterizes contemporary financial markets especially in the face of globalisation. To this end the study inter alia, considers the impact of the technological, information and telecommunications revolution particularly with regard to trading, delivery and settlement period. It also considers the factors that influence the business environment in each of the two markets and how these affect their risk return profiles. Key among the findings of the study are that, only a few sectors and securities in both the South African and Kenyan markets (S % and less than 1 % respectively) exhibited very high risk-return profiles while most of the rest (32 % and 40 % respectively) recorded low risk-return profiles. Overall, the business environment in South Africa is evidently better when compared to that of Kenya. Consequently, each country’s business environment may be used to explain the high/low risk return profiles. , Thesis (MA) -- Faculty of Commerce, Economics and Economic History, 2003
- Full Text:
- Date Issued: 2003-03
An integrated economic developmental appraisal of the South African mariculture industry
- Authors: Hepburn, Bruce
- Date: 2003
- Subjects: Mariculture -- South Africa -- Economic aspects
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: vital:941 , http://hdl.handle.net/10962/d1002674 , Mariculture -- South Africa -- Economic aspects
- Description: Current coastal legislative and institutional reformulation has effectively established new principles for the promotion of sustainable, co-ordinated integrated coastal development to be achieved through facilitatory, co-operative management mechanisms. In accordance, collaborative expansion and diversification of mariculture has been identified as a strategic mechanism for realising sustainable coastal development. Present limited foundational understanding regarding the emergent commercial contingent’s economic-institutional structure has constrained the effectiveness of current centralised broad objective formulation based planning techniques. By drawing upon findings of the 2001 National Mariculture Baseline survey, key economic development and institutional components requiring dedicated attention for further realising industry’s inherent growth potential to supply domestic and growing global aquaculture markets are examined in an inductive explorative framework. Attention is also directed towards promoting realisation of collaborative mariculture development initiatives to redress dualistic development disparities in previously marginalised coastal localities. Finally, synthesis between traditional bureaucratic centralised co-ordinated planning and regionalised decentralised implementation orientated capacity building frameworks displaying a greater relevant stakeholder participatory ethos are examined.
- Full Text:
- Date Issued: 2003
- Authors: Hepburn, Bruce
- Date: 2003
- Subjects: Mariculture -- South Africa -- Economic aspects
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: vital:941 , http://hdl.handle.net/10962/d1002674 , Mariculture -- South Africa -- Economic aspects
- Description: Current coastal legislative and institutional reformulation has effectively established new principles for the promotion of sustainable, co-ordinated integrated coastal development to be achieved through facilitatory, co-operative management mechanisms. In accordance, collaborative expansion and diversification of mariculture has been identified as a strategic mechanism for realising sustainable coastal development. Present limited foundational understanding regarding the emergent commercial contingent’s economic-institutional structure has constrained the effectiveness of current centralised broad objective formulation based planning techniques. By drawing upon findings of the 2001 National Mariculture Baseline survey, key economic development and institutional components requiring dedicated attention for further realising industry’s inherent growth potential to supply domestic and growing global aquaculture markets are examined in an inductive explorative framework. Attention is also directed towards promoting realisation of collaborative mariculture development initiatives to redress dualistic development disparities in previously marginalised coastal localities. Finally, synthesis between traditional bureaucratic centralised co-ordinated planning and regionalised decentralised implementation orientated capacity building frameworks displaying a greater relevant stakeholder participatory ethos are examined.
- Full Text:
- Date Issued: 2003
An approach to analyzing gold supply from the South African gold mines
- Authors: Mather, Diarmid John
- Date: 1995
- Subjects: Gold mines and mining -- Economic aspects -- South Africa
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: vital:1015 , http://hdl.handle.net/10962/d1002750 , Gold mines and mining -- Economic aspects -- South Africa
- Description: The gold mining fIrm in South Africa is viewed as a normal fIrm producing gold bearing ore but faced with a quality constraint (grade). Grade, however, is never uniformly distributed in a metalliferous deposit and because high grades are mined fIrst, the quality constraint becomes increasingly severe with cumulated production. The fIrm will continue to mine gold bearing ore until it reaches its mining limit where the marginal cost of recovering the gold is equal to the marginal revenue received from that gold and at that point the economic deposit becomes exhausted. Because the mining limit is determined by cost/technology and price, it is not fIxed and thus the point of economic exhaustion may change. When high grades are mined fIrst the relationship between the tonnage of gold ore and the grade describes the rate at which the grade is expected to fall with cumulated production. In this thesis, the grade for South African Witwatersrand gold producers is modelled to fall exponentially. The mining limit, determined by costs/technology and price, can be expressed in terms of grade. By predicting the decay in grade relative to the tonnage of gold ore and applying a mining limit, a life-time size of the economic deposit can be estimated. The remaining life of a producing gold mine can then be determined and the flow of gold predicted. An empirical treatment using the disk model of a gold deposit is undertaken for a gold mine, a goldfIeld and the total Witwatersrand gold deposit. A dynamic econometric analysis of expected mining costs and gold prices is not attempted; however certain examples are used to illustrate the applicability of the model and the influence of the South African gold mining tax formula on the life of the mine.
- Full Text:
- Date Issued: 1995
- Authors: Mather, Diarmid John
- Date: 1995
- Subjects: Gold mines and mining -- Economic aspects -- South Africa
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: vital:1015 , http://hdl.handle.net/10962/d1002750 , Gold mines and mining -- Economic aspects -- South Africa
- Description: The gold mining fIrm in South Africa is viewed as a normal fIrm producing gold bearing ore but faced with a quality constraint (grade). Grade, however, is never uniformly distributed in a metalliferous deposit and because high grades are mined fIrst, the quality constraint becomes increasingly severe with cumulated production. The fIrm will continue to mine gold bearing ore until it reaches its mining limit where the marginal cost of recovering the gold is equal to the marginal revenue received from that gold and at that point the economic deposit becomes exhausted. Because the mining limit is determined by cost/technology and price, it is not fIxed and thus the point of economic exhaustion may change. When high grades are mined fIrst the relationship between the tonnage of gold ore and the grade describes the rate at which the grade is expected to fall with cumulated production. In this thesis, the grade for South African Witwatersrand gold producers is modelled to fall exponentially. The mining limit, determined by costs/technology and price, can be expressed in terms of grade. By predicting the decay in grade relative to the tonnage of gold ore and applying a mining limit, a life-time size of the economic deposit can be estimated. The remaining life of a producing gold mine can then be determined and the flow of gold predicted. An empirical treatment using the disk model of a gold deposit is undertaken for a gold mine, a goldfIeld and the total Witwatersrand gold deposit. A dynamic econometric analysis of expected mining costs and gold prices is not attempted; however certain examples are used to illustrate the applicability of the model and the influence of the South African gold mining tax formula on the life of the mine.
- Full Text:
- Date Issued: 1995
The development of professional short term reinsurance in South Africa : 1950-1985
- Authors: Laing, Angus Wallace
- Date: 1990
- Subjects: Reinsurance -- South Africa
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:926 , http://hdl.handle.net/10962/d1001452
- Description: This thesis covers the history of short term reinsurance in South Africa from 1950 to 1985 and shows how it developed from a very limited market in which insurers generally relied on British and European professional reinsurers to a viable local market albeit with strong foreign support. The study demonstrates that the local reinsurance market grew in parallel with the development of the South African economy and the consequent need for extensive cover arising from the country's industrial expansion. It considers the different problems of the two waves of locally established reinsurers and the different circumstances prevailing in the two distinct eras of South African short term reinsurance. The conclusion reached is that, notwithstanding the varied results of individual reinsurers and the collapse of two local reinsurance companies, the market performed well and succeeded in meeting the needs of the South African short term insurance market
- Full Text:
- Date Issued: 1990
- Authors: Laing, Angus Wallace
- Date: 1990
- Subjects: Reinsurance -- South Africa
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:926 , http://hdl.handle.net/10962/d1001452
- Description: This thesis covers the history of short term reinsurance in South Africa from 1950 to 1985 and shows how it developed from a very limited market in which insurers generally relied on British and European professional reinsurers to a viable local market albeit with strong foreign support. The study demonstrates that the local reinsurance market grew in parallel with the development of the South African economy and the consequent need for extensive cover arising from the country's industrial expansion. It considers the different problems of the two waves of locally established reinsurers and the different circumstances prevailing in the two distinct eras of South African short term reinsurance. The conclusion reached is that, notwithstanding the varied results of individual reinsurers and the collapse of two local reinsurance companies, the market performed well and succeeded in meeting the needs of the South African short term insurance market
- Full Text:
- Date Issued: 1990
Investering : die problematiek van investering-besluitneming vir die privaatsektor in die vervaardigingsbedryf in die Grens, Ciskei en Transkei
- Authors: O'Neill, Richard Charles
- Date: 1987
- Subjects: Investments -- South Africa -- Ciskei , Investments -- South Africa -- Transkei
- Language: Afrikaans
- Type: Thesis , Doctoral , PhD
- Identifier: vital:924 , http://hdl.handle.net/10962/d1001450
- Description: Die langtermynaard van 'n investering noop die voornemende investeerder om meer omsigtig te beplan as in die geval van 'n belegging wat gewoonlik oor 'n korter termyn strek. Die voornemende investeerder moet besef dat 'n investeringsbesluit nie in isolasie van eksterne faktore geneem kan word nie. Dit is daarom raadsaam dat die voornemende investeerder hom deeglik van die makro- en mikro ekonomiese milieu waarbinne die investering beoog word, sal vergewis. Ten einde die kompleksiteit van investeringsbesluitneming op te helder, word daareerstens in hoofstuk 1 op die begrip van investering gekonsentreer. Voorts word die beginsel dat die investeringsbesluit nie in isolasie geneem kan word nie, beklemtoon. In hierdie opsig word daar veral na die determinante van investering gekyk. In makro-ekonomiese verband word die gedagte sterk beklemtoon dat investering nodig is om kapitaalvorming te laat plaasvind wat op sy beurt een van die vereistes is om ontwikkeling te bevorder. As gevolg van meningsverskille ten opsigte van die invloed van investering in ontwikkelde teenoor ontwikkelende lande is daar gevolglik aandag aan enkele ekonomiese groeimodelle gegee. Gesien uit die oogpunt van die daarstelling van 'n konsessiepakket om streeksekonomiese ontwikkeling te stimuleer, is die huidige konsessiepakket met die determinante van investering vergelyk. Daardeur word die kwessie aangeraak of die konsessiepakket weI die teoretiese determinante van investering in ag geneem het. Die belangrike vraag of die nyweraars self met die konsessiepakket tevrede is, word in die empiriese studie behandel. Die langtermynaard van 'n investering sal die weldeurdagte investeerder dwing om 'n verdere determinant, naamlik die land as risikofaktor deeglik in ag te neem. Met hierdie veronderstelling word daar in hoofstuk 2 na die land waar die investering oorweeg sal word, naamlik Suid-Afrika gekyk. Daar word veral aan die ekonomiese ontwikkeling van Suid-Afrika aandag gegee. In hierdie opsig word die ongelyke verdeling van inkome wat gedurende die jare al hoe meer beklemtoon is, bespreek en word daar na owerheidspogings gekyk om die probleem op streeksvlak teen te werk. Hierdie owerheidspogings konsentreer helaas op die daarstelling van 'n streeksekonomiese beleid wat moes meehelp om die geografiese verskille in die verdeling van inkome teen te werk. Die streeksekonomiese beleid het gestalte gekry in die vorm van 'n konsessiepakket wat dan ook in hierdie hoofstuk bespreek word. Aangesien die konsessiepakket daarop ingestel was om nyweraars na gedesentraliseerde gebiede te lok, is dit 'n voorwaarde vir die sukses van streeksekonomiese beleid dat nyweraars wat gedesentraliseer het met die konsessiepakket tevrede moet wees. Die navorsingsmetodiek wat gevolg is om hierdie vraag te probeer beantwoord word in hoofstuk 3 bespreek. Daar word in hierdie hoofstuk na die onderwerp, die hipotese, die vraelys en die beantwoordingsmetode gekyk. Hierdie hoofstuk dien dus as 'n skakel tussen die eerste twee hoofstukke wat hoofsaaklik oor die normatiewe en teoretiese aspekte van investering gehandel het en hoofstuk 4 wat die navorsingsresultate oftewel die werklikheid verteenwoordig. Die hipotese dat gedesentraliseerde nywerhede nie met die konsessiepakket tevrede is nie, word in hoofstuk 4 met die navorsingsresultate vergelyk en daar word ook na die verskille wat tussen die Grens, Ciskei en Transkei voorgekom het, gekyk. Die beleidsimplikasies van die navorsingsresultate sowel as In samevatting van die verhandeling word in hoofstuk 5 behandel terwyl daar ook na die implikasies ten opsigte van die huidige debat in die ontwikkelingsekonomie gekyk word (Introduction, p. ix-xi)
- Full Text:
- Date Issued: 1987
- Authors: O'Neill, Richard Charles
- Date: 1987
- Subjects: Investments -- South Africa -- Ciskei , Investments -- South Africa -- Transkei
- Language: Afrikaans
- Type: Thesis , Doctoral , PhD
- Identifier: vital:924 , http://hdl.handle.net/10962/d1001450
- Description: Die langtermynaard van 'n investering noop die voornemende investeerder om meer omsigtig te beplan as in die geval van 'n belegging wat gewoonlik oor 'n korter termyn strek. Die voornemende investeerder moet besef dat 'n investeringsbesluit nie in isolasie van eksterne faktore geneem kan word nie. Dit is daarom raadsaam dat die voornemende investeerder hom deeglik van die makro- en mikro ekonomiese milieu waarbinne die investering beoog word, sal vergewis. Ten einde die kompleksiteit van investeringsbesluitneming op te helder, word daareerstens in hoofstuk 1 op die begrip van investering gekonsentreer. Voorts word die beginsel dat die investeringsbesluit nie in isolasie geneem kan word nie, beklemtoon. In hierdie opsig word daar veral na die determinante van investering gekyk. In makro-ekonomiese verband word die gedagte sterk beklemtoon dat investering nodig is om kapitaalvorming te laat plaasvind wat op sy beurt een van die vereistes is om ontwikkeling te bevorder. As gevolg van meningsverskille ten opsigte van die invloed van investering in ontwikkelde teenoor ontwikkelende lande is daar gevolglik aandag aan enkele ekonomiese groeimodelle gegee. Gesien uit die oogpunt van die daarstelling van 'n konsessiepakket om streeksekonomiese ontwikkeling te stimuleer, is die huidige konsessiepakket met die determinante van investering vergelyk. Daardeur word die kwessie aangeraak of die konsessiepakket weI die teoretiese determinante van investering in ag geneem het. Die belangrike vraag of die nyweraars self met die konsessiepakket tevrede is, word in die empiriese studie behandel. Die langtermynaard van 'n investering sal die weldeurdagte investeerder dwing om 'n verdere determinant, naamlik die land as risikofaktor deeglik in ag te neem. Met hierdie veronderstelling word daar in hoofstuk 2 na die land waar die investering oorweeg sal word, naamlik Suid-Afrika gekyk. Daar word veral aan die ekonomiese ontwikkeling van Suid-Afrika aandag gegee. In hierdie opsig word die ongelyke verdeling van inkome wat gedurende die jare al hoe meer beklemtoon is, bespreek en word daar na owerheidspogings gekyk om die probleem op streeksvlak teen te werk. Hierdie owerheidspogings konsentreer helaas op die daarstelling van 'n streeksekonomiese beleid wat moes meehelp om die geografiese verskille in die verdeling van inkome teen te werk. Die streeksekonomiese beleid het gestalte gekry in die vorm van 'n konsessiepakket wat dan ook in hierdie hoofstuk bespreek word. Aangesien die konsessiepakket daarop ingestel was om nyweraars na gedesentraliseerde gebiede te lok, is dit 'n voorwaarde vir die sukses van streeksekonomiese beleid dat nyweraars wat gedesentraliseer het met die konsessiepakket tevrede moet wees. Die navorsingsmetodiek wat gevolg is om hierdie vraag te probeer beantwoord word in hoofstuk 3 bespreek. Daar word in hierdie hoofstuk na die onderwerp, die hipotese, die vraelys en die beantwoordingsmetode gekyk. Hierdie hoofstuk dien dus as 'n skakel tussen die eerste twee hoofstukke wat hoofsaaklik oor die normatiewe en teoretiese aspekte van investering gehandel het en hoofstuk 4 wat die navorsingsresultate oftewel die werklikheid verteenwoordig. Die hipotese dat gedesentraliseerde nywerhede nie met die konsessiepakket tevrede is nie, word in hoofstuk 4 met die navorsingsresultate vergelyk en daar word ook na die verskille wat tussen die Grens, Ciskei en Transkei voorgekom het, gekyk. Die beleidsimplikasies van die navorsingsresultate sowel as In samevatting van die verhandeling word in hoofstuk 5 behandel terwyl daar ook na die implikasies ten opsigte van die huidige debat in die ontwikkelingsekonomie gekyk word (Introduction, p. ix-xi)
- Full Text:
- Date Issued: 1987
Liverpool of the Cape: Port Elizabeth harbour development 1820-70
- Authors: Inggs, Eric Jonathan
- Date: 1987
- Subjects: Harbors -- South Africa -- Port Elizabeth , Exports -- South Africa -- Port Elizabeth , Imports -- South Africa -- East London , Eastern Cape (South Africa) -- History , Port Elizabeth (South Africa) -- History
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:1038 , http://hdl.handle.net/10962/d1004646 , Harbors -- South Africa -- Port Elizabeth , Exports -- South Africa -- Port Elizabeth , Imports -- South Africa -- East London , Eastern Cape (South Africa) -- History , Port Elizabeth (South Africa) -- History
- Description: From the abstract: Fairy tales aside this study is an analysis of Port Elizabeth harbour development during its first half century from 1820-70. Despite the fact that Port Elizabeth quickly came to dominate Cape trade very little was actually done to improve its port facilities. Superficially the impression one gains from the available material is that everything was done by government not to develop a harbour at Algoa Bay. But the real question is: was harbour development really necessary at Port Elizabeth during the period under consideration? The answer must be no. The lack of facilities certainly did not hinder the massive expansion of wool exports that took place before 1870.
- Full Text:
- Date Issued: 1987
- Authors: Inggs, Eric Jonathan
- Date: 1987
- Subjects: Harbors -- South Africa -- Port Elizabeth , Exports -- South Africa -- Port Elizabeth , Imports -- South Africa -- East London , Eastern Cape (South Africa) -- History , Port Elizabeth (South Africa) -- History
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:1038 , http://hdl.handle.net/10962/d1004646 , Harbors -- South Africa -- Port Elizabeth , Exports -- South Africa -- Port Elizabeth , Imports -- South Africa -- East London , Eastern Cape (South Africa) -- History , Port Elizabeth (South Africa) -- History
- Description: From the abstract: Fairy tales aside this study is an analysis of Port Elizabeth harbour development during its first half century from 1820-70. Despite the fact that Port Elizabeth quickly came to dominate Cape trade very little was actually done to improve its port facilities. Superficially the impression one gains from the available material is that everything was done by government not to develop a harbour at Algoa Bay. But the real question is: was harbour development really necessary at Port Elizabeth during the period under consideration? The answer must be no. The lack of facilities certainly did not hinder the massive expansion of wool exports that took place before 1870.
- Full Text:
- Date Issued: 1987