The feasibility of forming a monetary union in SADC : meeting convergence and optimum currency area criteria and evaluating fiscal sustainability
- Authors: Mokoena, Motshidisi Suzan
- Date: 2013
- Subjects: Southern African Development Community Economic and Monetary Union Common Monetary Area (Organization) Economic policy -- Africa, Southern Monetary policy -- Africa, Southern Monetary unions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1073 , http://hdl.handle.net/10962/d1007743
- Description: In conformity with the goal of the African Union to build a monetary union for the entire African continent, one of the goals of the Southern African Development Community (SADC) is the formation of a monetary union with a single central bank. Towards this end certain macroeconomic convergence criteria, which are closely aligned with those used by the European Union (EU), have been set. While empirical research on whether or not SADC would benefit from the formation of a currency union has focused on the optimum currency area criteria, no reference to these criteria is made in the SADC programme. Instead, the SADC approach has been governed by a set of macroeconomic convergence criteria synonymous with those pursued by the European Monetary Union (EMU) prior to its formation. Doubts regarding the future of the EU have recently been raised as a result of debt crises in certain member states, implicitly raising questions about the adequacy of the convergence criteria that were adopted. Accordingly, this study considers the feasibility of establishing a currency union in the SADC region. The proposed convergence criteria are assessed against the theory of optimum currency areas as well as in terms of their adequacy in the light of recent EU experience. In addition, the paper provides a preliminary assessment of the fiscal sustainability of the SADC region by conducting Engle-Granger cointegration tests on the public debt and revenue series for the SADC countries under analysis. It was observed that SADC has made considerable progress towards meeting its macroeconomic convergence criteria in recent years. However, in light of the regions' heavy dependence on commodity exports coupled with recent price fluctuations in this regard, the sustainability of this progress is questioned. Furthermore, a review of the EMU experience to date highlights numerous flaws in its approach and the potential challenges the SADC region should consider in moving forward with its agenda. In essence, the study suggests that almost all the SADC member states are fiscally unprepared for monetary union formation and the recent EMU debt crisis has highlighted the importance of acquiring a state of fiscal sustainability prior to union formation. In addition, it is imperative that the SADC members continue to address issues of product diversification, intraregional trade and political unification, all of which should be governed by a centralised fiscal authoriry.
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- Date Issued: 2013
A study of job stress, job satisfaction and turnover intentions among employees of the Eastern Cape Provincial Legislature in Bisho
- Authors: Tom, Zoliswa Mavis
- Date: 2015
- Subjects: Job stress Job satisfaction Labor turnover -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10353/1948 , vital:27587
- Description: According to Greenberg (2011) stress is an inevitable fact of organizational life today, and has an effect on both the employer and employee. The main aim of this study was on finding out the effect of job stress on job satisfaction and employee turnover in the Eastern Cape Provincial Legislature department. This study was conducted employing logical positivism as the philosophical paradigm; and this logical positivism derives from only two sources of knowledge which are logical reasoning and empirical experience. The researcher employed a non-experimental exploratory quantitative approach, employing the questionnaire as a data collection instrument. A sample size of 238 participants was used to collect data. Data analysis was done using the Pearson correlation coefficient and multi regressions. Job stress was found to have substantial influence to increase turnover intentions and to decrease job satisfaction. In addition, job stress and job satisfaction combine to have a collective influence on turnover intentions. The study recommends managers to implement motivational strategies to enhance job satisfaction and retain employees as long as possible.
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- Date Issued: 2015