Witwatersrand genesis: a comparative study of some early gold mining companies, 1886-1894
- Authors: Webb, Arthur (Arthur C M)
- Date: 1982
- Subjects: Gold mines and mining -- South Africa -- History Gold mines and mining -- South Africa -- Witwatersrand -- History Ferreira Gold Mining Company (Firm) Witwatersrand Gold Mining Company (Firm) Simmer and Jack Gold Mining Company (Firm) Wemmer Gold Mining Company (Firm)
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:1029 , http://hdl.handle.net/10962/d1003725
- Description: Preface: For anyone standing on the ridge of the Witwatersrand on a spring day in September 1886 the sight immediately to the south represented a hive of activity and hope. Nearly a hundred years later ample evidence stretches away on both sides of the watershed to confirm the fulfilment of those early sentiments. It is, nevertheless, all too easy to ignore the struggles and failures which marked the beginnings of the world's greatest gold field in the light of its subsequent abundant success. Only when attention is turned to the individual companies formed to exploit the discovery does the true picture emerge of the lack of adequate technological and managerial knowledge amongst the early pioneers and of the financial frailty of their companies. The object of this thesis is to shed light on these beginnings by reviewing the histories of four of the earliest companies established to work the main reef. The approach adopted is to scrutinize the material available with a view to determining the motivations and actions of the managements of the various companies with regard to their economic environment, whether within or without the individual company. Clearly, the availability of information is a major determinant of the success of any such venture and this was particularly so in the case of the companies considered. With the exception of the Barlow Rand Limited holding of the H. Eckstein and Company Archives, which offers an integral coverage of that firm's dealings with the emerging industry, and which is certainly the most comprehensive source of information available to the researcher, little material relating to specific gold mining companies has survived. Under these circumstances it was necessary to rely heavily for information on the local press. These newspapers proved an invaluable source in this regard. As a mining camp with a limited capacity for generating newsworthy incidents, the newspapers of early Johannesburg found an eager readership for information about the industry which lay at the heart of the community. For their part, the managements of the various mining companies found in the pages of the local press an outlet for intelligence both true and false; the press was a useful vehicle for the publication of directors' and annual reports to meet a wider audience, but similarly it could be and was used to disseminate 'spectacular' reports calculated to influence the status of a company's stock on the local share market. As a research source the press has thus to be approached with caution but its value, if the warning is heeded, is in no way diminished. Beyond these two sources the next most valuable accumulation of data on the early industry is "The Gold Fields Collection" housed in the Cory Library for Historical Research at Rhodes University. As a collection it is far from complete and it is to be hoped that the donors will in future see fit to augment it with further material as this becomes available. It neverthess proved an invaluable source for the investigation of at least one of the companies of the study and for a general background to the industry.
- Full Text:
- Date Issued: 1982
Willingness to pay for the control of water hyacinth in an urban environment of South Africa
- Authors: Law, Matthew Charles
- Date: 2008
- Subjects: Water hyacinth -- Control -- South Africa , Urban ecology (Sociology) -- South Africa , Biodiversity -- Economic aspects -- South Africa , Biodiversity conservation -- Economic aspects -- South Africa , Biological invasions -- Economic aspects -- South Africa , Biological invasions -- Environmental aspects -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:996 , http://hdl.handle.net/10962/d1002731 , Water hyacinth -- Control -- South Africa , Urban ecology (Sociology) -- South Africa , Biodiversity -- Economic aspects -- South Africa , Biodiversity conservation -- Economic aspects -- South Africa , Biological invasions -- Economic aspects -- South Africa , Biological invasions -- Environmental aspects -- South Africa
- Description: Water hyacinth is recognised as one of the most problematic invasive aquatic plant species in Africa. For this reason considerable funds are spent each year on itscontrol. As a consequence of the amount of money being spent on problems such as the invasion of water hyacinth, and because of the recognition of the ongoing and accelerated efforts that are required in the future, recent research has focused on accurately quantifying the costs and benefits of control of invasive species to aid policy decisions.A comprehensive cost-benefit analysis would be able to identify if the funds are justified and are being spent effectively. This thesis provides an example of a cost-benefit analysis of funds spent on the control of water hyacinth in an urban environment in South Africa. In order to develop a comprehensive assessment of the total economic value of the control of water hyacinth to an urban population, the Nahoon River in East London was selected as the study site to calculate the benefits of control. In addition to valuing the direct services provided by the resources that are traded in the market (in this case water provision), a contingent valuation study was undertaken in Abbottsford and Dorchester Heights (two suburbs in East London banking the Nahoon River). These were done in order to assess any non-use value a sample of 132 households of the population has for the control of water hyacinth, and any use values that are not traded in the market, for example recreational value. When the benefits of control of water hyacinth were compared to the costs of one of the least cost effective methods of control (herbicidal control), the benefits outweighed the costs by a ratio of more than 4:1, and for the most cost effective method of control the ratio was almost 6:1. These results provide a justification for the funds that are devoted to the control of water hyacinth, providing an argument for the continued expenditure for its control, and for further research into more cost effective methods of control, such as biological control.
- Full Text:
- Date Issued: 2008
Water service delivery in Harare: a willingness to pay (WTP) analysis
- Authors: Mugomba, Lynsey M
- Date: 2016
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/4120 , vital:20614
- Description: In 2008-2009, Harare (Zimbabwe) was the centre of the worst cholera outbreak in Africa in the past fifteen years. A key reason cited was the lack of adequate water service delivery by the Harare City Council (HCC). Harare requires an optimum supply of 1 400 mega litres (ML) of water daily but the HCC has capacity to produce 650ML and after leakages and theft, only 400ML reaches consumers. This inadequacy compromised the hygiene of residents and forced them to resort to unsafe water sources. Coupled with a failing healthcare system, the outbreak resulted in over 4 000 deaths and further affected 100 000 people. The HCC attributes its poor service delivery to the lack of funds rendering them unable to adequately increase capacity and refurbish existing infrastructure (treatment plants and pipelines). This thesis serves to explore whether the residents of Harare (and surrounding satellite towns) would be willing to pay monthly contributions towards the USD$2.5 billion needed for various water capacity and infrastructure projects to ease the water crisis in Harare. The study analyses the water problem using a framework on the typical stages of water provision. The research also places an emphasis on the key social, economic and political factors that are contributing to the problem in Harare. Upon closer inspection, it was seen that the financial problems that the HCC is having are not only due to the economy, but poor management and transparency structures are also to blame. For various reasons, the government has largely lost its credibility with its citizens, leading some to conclude that the government’s actions reflect those of a predatory state. The contingent valuation method (willingness to pay-WTP) was used in conjunction with the dichotomous choice referendum. The binary probit model was used to help assess the degree to which different variables influenced the respondent’s decision to contribute to the needed funds. In spite of the seeming lack of trust, it was found that approximately 66.19% of the respondents were willing to pay. Amongst those willing, the mean willingness to pay amount was approximately USD$7 monthly per household.
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- Date Issued: 2016
Wages and employment of European women in industry in Durban, 1955/56
- Authors: Mesham, Noreen Ina
- Date: 1958
- Subjects: Women -- Employment -- South Africa , Wages -- Women -- South Africa -- Durban , Women -- South Africa -- Durban -- Economic conditions , Women -- South Africa -- Durban -- Social conditions , Durban (South Africa) -- Economic conditions -- 20th century
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:1112 , http://hdl.handle.net/10962/d1013509
- Full Text:
- Date Issued: 1958
Volatility and the risk return relationship on the South African equity market
- Authors: Mandimika, Neville
- Date: 2010
- Subjects: Stock exchanges , Financial risk -- South Africa , Saving and investment -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1009 , http://hdl.handle.net/10962/d1002744 , Stock exchanges , Financial risk -- South Africa , Saving and investment -- South Africa
- Description: The volatility of stock markets has important implications for investment decision making, financial stability and overall macroeconomic stability. This study examines the risk-return relationship as well as the behaviour of volatility of the South African equity markets using both aggregate, industrial level and sector level data. The study is divided into three parts. The first part investigates the behaviour of volatility in each of the industries, sectors and the benchmark series focussing on whether volatility is symmetric or asymmetric. Subsequently we investigate which, among the GARCH family of models appropriately captured the riskreturn relationship under which distributional assumption. The second part examines the riskreturn relationship on the SA stock market. The third part examines the long term trend of volatility and whether volatility significantly increases during financial crises and during major global shocks. The GARCH-M, EGARCH-M and TARCH-M models under the Gaussian, Student –t and the GED are used. The findings this study makes are as follows: firstly, there is no clear relationship between risk and return. Secondly, volatility is asymmetrical, implying that bad news has a greater effect on volatility than good news in the South African equity market. Thirdly, the TARCH-M model under the GED was found to be the most appropriate model. Fourthly, volatility increases during financial crises and major global shocks. Overall, volatility is generally not priced on the South African equity markets. Thus, both local and international investors need to consider other factors that influence returns such as skewness. The general increase in volatility during financial crises and major global shocks poses a major concern for policy makers as this may cause financial instability. Thus policy makers need to be mindful of the behaviour of volatility in the South African equity market in response to external shocks.
- Full Text:
- Date Issued: 2010
Using aspects of game theory for enhanced stakeholder participation perspectives in integrated water resource management: a Kat River Valley case study
- Authors: Mbatha, Cyril
- Date: 2005
- Subjects: Water resources development -- Case studies , Water-supply -- South Africa -- Kat River Valley -- Management , Economic development -- Case studies , Water-supply -- Government policy -- South Africa , Economic development -- South Africa -- Kat River Valley , Game theory
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:971 , http://hdl.handle.net/10962/d1002705 , Water resources development -- Case studies , Water-supply -- South Africa -- Kat River Valley -- Management , Economic development -- Case studies , Water-supply -- Government policy -- South Africa , Economic development -- South Africa -- Kat River Valley , Game theory
- Description: South Africa is a water poor region and yet, like in many other developing countries, water resources are a valuable production input in socially important industries such as agriculture and mining (Nieuwoudt et al., 2004:162-182). With a mean annual rainfall and runoff of 502mm and 42mm (420m³ per hectare per annum) respectively, Briers and Powell (1993:1) speculate that water shortages will limit South Africa’s economic development in the twenty-first century. In response to the challenges of water resource scarcity and socio-economic inequalities, in 1997 the South African Department of Water Affairs and Forestry (DWAF), following international trends, formulated a National Water Policy (NWP) based on Integrated Water Resource Management (IWRM) principles (Palmer et al., 2003). The main objectives of the NWP (1997) are to protect national water resources from degradation, provide economically disadvantaged communities with access to water resources and promote economic development, through the devolution of water management responsibilities to locally established water institutions (NWP, 1997). The pursuit of these objectives requires a thorough investigation of biophysical, sociopolitical and economic characteristics of the demarcated water areas. For such an investigation to provide accurate and locally relevant results, broad stakeholder participation is of paramount importance. The thesis discusses economic measures required in pursuing enhanced stakeholder participation levels at local levels. A socio-economic survey investigation describing major participation trends against reported property rights and Willingness to Pay values was conducted in the Kat River Valley, Eastern Cape province. From the investigation, observed participation trends driven by economic interests were identified and used in recommendations proposed for the policy implementation process. Using game theoretic arguments as guidelines in soliciting cooperative behaviour in the use and consumption of common resources (Ostrom, 1990), the thesis proposes the introduction of water related public works projects as employment creating vehicles for individuals and communities targeted for economic empowerment and participation in the water policy. However, for sustainable stakeholder participation levels, it is argued that the employment positions created through the projects need to be designed in a manner that would encourage an evolution of long-term relationships between stakeholders and the water management institutions.
- Full Text:
- Date Issued: 2005
Trends and determinants of inward foreign direct investment to South Africa
- Authors: Rusike, Tatonga Gardner
- Date: 2008
- Subjects: International business enterprises -- South Africa , Investments, Foreign -- South Africa , Economic development -- South Africa , Macroeconomics -- South Africa , Foreign exchange rates -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:995 , http://hdl.handle.net/10962/d1002730 , International business enterprises -- South Africa , Investments, Foreign -- South Africa , Economic development -- South Africa , Macroeconomics -- South Africa , Foreign exchange rates -- South Africa
- Description: Foreign direct investment (FDI) is seen as a way to provide the needed capital inflow to stimulate growth in a domestic economy. FDI can also result in increased employment levels, managerial skills and increase in technology. In efforts to attract FDI, host countries have undertaken various policy incentives to attract foreign investors. This study analyses the trends and determinants of inward FDI to South Africa for the period 1975-2005. The study starts by reviewing FDI literature on its determinants and provides the macroeconomic background and FDI related policies undertaken in South Africa. The trend and sectoral analysis provides the actual nature of FDI flows to South Africa. An empirical model linking theoretical and empirical determinants of FDI is estimated using the Johansen cointegration and VECM framework. The study also augments the cointegration framework with impulse response and variance decomposition analyses to complement the long and short run determinants of FDI. Dummy variables are used in each of the estimated FDI models to take into account the possibility of structural breaks. Results show that relative to the size of the economy and to other developing countries, South Africa still receives low levels of inward FDI. Only are few years are exceptional i.e. 1997, 2001 and 2005. From the sectoral distribution, the financial sector is now the major recipient of FDI followed by the mining and manufacturing sectors. The emergence of the financial sector could suggest that FDI motives could have shifted from the natural resource seeking and market seeking to efficiency seeking FDI. The United Kingdom emerges as the major source of FDI to South Africa followed by United States of America and Germany. Empirical analysis indicated that openness, exchange rate and financial development are important long run determinants of FDI. Increased openness and financial development attract FDI while an increase (depreciation) in the exchange rate deters FDI to South Africa. Market size emerges as a short run determinant of FDI although it is declining in importance. Most of the impulse response analysis confirmed the VECM findings. Variance decomposition analysis showed that FDI itself, imports and exchange rate explain a significant amount of the forecast error variance. The influence of market size variable is small and declining over time.
- Full Text:
- Date Issued: 2008
Towards more accurate measurement of the value of the arts to society: economic impact and willingness to pay studies at the Standard Bank National Arts Festival
- Authors: Snowball, Jeanette Dalziel
- Date: 2001
- Subjects: Standard Bank National Arts Festival , Standard Bank National Arts Festival -- Economic aspects , Art -- Economic aspects , Money in art , Art -- Marketing , Performing arts festivals -- Economic aspects -- South Africa -- Grahamstown
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:939 , http://hdl.handle.net/10962/d1002672
- Description: The accurate measurement of the value of the arts to society is becoming increasingly important in developing countries, like South Africa, where the arts must compete with housing, health, education and the like for public funds. Motivation for the public funding of arts events, like the Standard Bank National Arts Festival in Grahamstown, is usually based on the economic impact, that is, the financial benefits to the region, of such events. The argument is problematic, however, because the primary recipients of such economic benefits are often middle to upper income groups who also attend more arts performances. Furthermore, the studies have not taken into account the positive externalities which, it is argued, are generated by the arts and are enjoyed by attenders and non attenders alike. This thesis argues that it is the social benefits which the arts provide, those external to the market, which should be the basis of public funding. In order to quantify these positive externalities, a willingness to pay (WTP) study was conducted in the Grahamstown region. It is generally, but erroneously, believed that the Festival does not benefit the poorer, largely black, Grahamstown East residents. The study found that, in addition to the economic value (R23 - 25 million a year), the non-market benefits which the festival provides are worth between R2.3 and R3 million a year and form a very important part of its value, particularly to low income groups. The study also found that there are methodological adjustments which can be made to WTP studies to successfully control for the many forms of bias it is prone to. By using a combination of closed and open ended and liable and non-liable questions, the motivation of respondents' answers to WTP questions was determined, making it possible to adjust for bias caused by, for example, "free rider" and "warm glow" responses. It is argued that by identifying and excluding such responses from WTP surveys, it is possible to reduce bias to an acceptable level.
- Full Text:
- Date Issued: 2001
Theories of exchange rates and the methodology of economics
- Authors: Hodge, Duncan
- Date: 1997
- Subjects: Foreign exchange rates Economics -- Methodology
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:1012 , http://hdl.handle.net/10962/d1002747
- Description: This thesis is an exercise in applied methodology. Ideas in the history and philosophy of science which have proved to be influential in the methodology of economics, and in shaping economists' self-image in this regard, are selected for closer analysis and criticism. The main ideas that are addressed are those of empiricism, with emphasis on the methodological falsificationism of Karl Popper and Imre Lakatos, and Laudan's problem solving model of scientific progress . The thesis examines the relationship between empirical evidence, in the form of both econometric test results and stylized facts, and the development of theories about exchange rates and the open economy. This analysis begins with Cassel's formulation of purchasing power parity theory in 1916, through the elasticities, absorption, and Mundell-Fleming models of exchange rates and the balance of payments, up to the present day monetary and asset market models. This is done with regard to the broad methodological issues examined earlier in the thesis. Some of the main empirical and methodological difficulties in testing such theories are addressed, with particular reference to the role played by the Duhem-Quine thesis and the ceteris paribus assumption. Although some of these difficulties may be regarded as a matter of degree compared to similar problems in the natural sciences, it is argued that this difference is significant for the workability of falsification in economics . Moreover, the presence of hypotheses about expectations in many economic theories appears to be a substantive difference such that the difficulties posed by the Duhem-Quine thesis apply with much greater force in a social science like economics. The main conclusions are that neither the Popperian nor Lakatosian versions of falsification are seriously practiced in the area of exchange rate economics and that, unlike the position taken by advocates of falsification such as Mark Blaug, it would be inappropriate and misguided to do so. A tentative case is made, with some reference to the theories surveyed in this thesis, for the possibly greater relevance of Laudan' s more pragmatic problem solving model for the methodology of economics, particularly as regards his analysis and emphasis on conceptual problem solving in the progress of knowledge.
- Full Text:
- Date Issued: 1997
Theories of economic underdevelopment: a general equilibrium analysis
- Authors: Black, Philip Andrew
- Date: 1982
- Subjects: Equilibrium (Economics) -- Mathematical models Economic development -- Mathematical models Developing countries -- Economic conditions -- Mathematical models
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:1049 , http://hdl.handle.net/10962/d1006235
- Description: This thesis is mainly concerned with the question whether 'conventional' economic theory - especially the neoclassical theory of general equilibrium - is sufficiently flexible to accommodate the particular conditions prevailing in the developing countries. It is argued that most existing theories of economic underdevelopment adopt an interpretative approach which essentially amounts to relaxing some of the chief assumptions of the neoclassical theory. When applied to the two-sector model of general equilibrium, these theories generally yield predictions which are vastly different from those associated with the neoclassical assumptions of perfect competition, unlimited factor substitutability and unrestricted resource mobility. Several theories seek to explain the development problem in terms of the specific production processes used in poor countries. Myrdal's (1957) theory of cumulative causation, for example, effectively introduces increasing returns to scale in at least one sector or region of the economy; in contrast to the neoclassical theory, he thus nvisages a cumulative process of regional divergence in the output level per worker. Similarly, Richard Eckaus's (1955) explanation of the "factor-proportions problem" is based on the assumption of limited factor substitutability. This enables him to establish the existence of a so-called "unemployment equiIibrium", thus implying that developing countries may be faced with a conflict between the objective of maximizing social -welfare on the one hand, and that of full employment on the other. More recently, Leibenstein (1960) has shown that this trade-off may be complicated by the introduction of capital-biased technological inventions and innovations. The solution to the factor-proportions problem consists in the adoption of more appropriate, usually labour-biased technologies, increased capital formation and a reduction in the rate of population growth. Much of the postwar literature on economic development has focused on the imperfectly competitive structure of the product and the factor markets in developing countries. Myint (1954) has highlighted the role played by monopolies and ligopolies during the "opening-up" process of economic development. Likewise, both Lewis's (1954) dualist theory and Todaro's (1969; 1971) model of rural-urban migration attempt to explain the unemployment problem in terms of various factor price distortions. In an international context, Prebisch (1950; 1959) and Singer (1950) have again shown how prevailing differences in the structure of markets between developed and developing countries may turn the terms of trade against the latter; using a two-sector model, Bhagwati (1958) has demonstrated that such a deterioration in the terms of trade could bring about a net decrease in the welfare level of the countries concerned. Generally, the policy measures relevant to the "market imperfections" problem include the creation of job opportunities in the rural (rather than urban) sector, the encouragement of informal-sector enterprises,and the imposition of factor taxes and subsidies as a means of counteracting the adverse effect of factor price distortions on employment. A more recent approach to the unemployment problem is the plea by the International Labor Office (1970; 1972) for a redistribution of income within the developing countries. In terms of the two-sector model, such a policy may well succeed in eliminating labour unemployment caused by fixed factor proportions and/or factor price distortions. It should be realized, though, that a redistribution of income may lower the aggregate savings level, and hence also the growth rates of capital and labour employment in the economy. On the whole, it would seem that these theories do indeed adopt a modified version of the neoclassical theory in providing a fairly comprehensive explanation of the economic problems of labour unemployment, low incomes and inequality.
- Full Text:
- Date Issued: 1982
The transport system of the Border : a study of transport and communications in the Border region of the Cape Province with special reference to the effect of transport on the economic and commercial development of the region
- Authors: Smith, Hugh Hamilton
- Date: 1959
- Subjects: Transportation -- South Africa -- Eastern Cape , Harbors -- South Africa -- East London , Railroads -- South Africa -- Eastern Cape , Transportation, Automotive -- South Africa -- Eastern Cape , Communication and traffic -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:1122 , http://hdl.handle.net/10962/d1018721
- Description: Transport undoubtedly occupies a most important place in the economic and commercial life of all countries. In this respect South Africa is no exception, and very briefly, the principal economic functions of transport are enumerated below. 1. Transport establishes communication between consumers and the producers of goods or services. 2. Transport facilitates the movement of persons between the place where they live and the place where they work - usually this is a daily procedure, but in South Africa it also entails the movement of large numbers of Natives from the Native Reserves to work for some months at a time either in the gold mines or in the several urban areas of the Union. 3. Transport makes geographical specialization possible, for agricultural or mineral resources will only be exploited, or specialized industries established, in a particular area, if the commodities produced can be transported to other parts of a country, or the world; and other capital and consumer goods brought to the producers living in the area of specialized production. 4. Transport faciitates industrial production because, of raw materials which come from many sources. Furthermore, transport enables the finished products of industry to be distributed to the markets in which they are sold. In all these cases, the efficiency of transport has to be measured not only in terms of its cost, but also in terms of its efficiency, which includes, inter alia, the time taken, the frequency of services, the safety of goods and passengers while in transit and the provision of various special services, such as the provision by railway undertakings of private siding facilities. This thesis will be divided into five parts, the first dealing with the technical and commercial development of the Buffalo Harbour. It has been decided to deal with the Harbour first because, not only has it been the focal point of the transport system of the Border Region since the latter part of the nineteenth century, but it has dominated the economic and commercial development of East London, as well as that of the Border Region as a whole. The second part deals with the evolution of the railway system from the 166 mile long East London and Queenstown Railway, to the present 1,110 miles of the Cape Eastern System. This historical chapter is followed by an analysis of the traffic of the Cape Eastern System. Part Three deals with the theory, practice, and economic consequences, of railway rating policy. Part Four is a detailed analysis of the goods traffic forwarded from, and received at East London in the period from 1st April, 1953 to 31st March, 1956. Part Five deals with roads and road transport. Finally, certain conclusions are offered, based on the significant points revealed by the investigation on which this thesis is based. In this thesis the theory of transport will not be dealt with in detail for it is essentially a factual account of the development of the transport system of the Border Region and an analysis of the present situation. It has unfortunately not been possible to make in this thesis a study of railway finance or railway economics with regard to the Cape Eastern System, for the data upon which to base such an investigation are not available for the Cape Eastern System in isolation. No attempt will be made to assess either the technical or the operating efficiency of the railway system for not only would this require more data than are available, but also a technical knowledge not possessed by the writer.
- Full Text:
- Date Issued: 1959
The theory of the firm and pricing behaviour in South African manufacturing industry
- Authors: Dollery, Brian
- Date: 1983
- Subjects: Corporations Pricing Pricing -- South Africa
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:1046 , http://hdl.handle.net/10962/d1006141
- Full Text:
- Date Issued: 1983
The theory of economic underdevelopment and its applicability to the Rhodesian economy
- Authors: Clarke, Duncan G, 1948-
- Date: 1969
- Subjects: Zimbabwe -- Economic conditions , Economic development -- Zimbabwe , Developing countries -- Economic conditions
- Language: English
- Type: Thesis , Honours , BCom
- Identifier: vital:1114 , http://hdl.handle.net/10962/d1014691
- Description: According to the canons of conventional economic philosophy the process of economic interpretation should be value neutral and strictly fall within the bounds of normative science. This approach is concerned not with goal setting but only with the technical possibilities of alternative means of successful tactics in a given overall strategy. It is the author's thesis that such premises patently ignore the fundamental truths of development problems, and that there exists a genuine need to bridge the gap that demarcates theory from practicality and truth from illusion. To seek "development" implies a challenge to the "status quo" of menial existence and perpetual servitude to the inhospitable forces of ones own environment. This attitude is in itself a value judgement, and in underdeveloped societies it is more than a mere academic quibble. Accordingly, this paper not only implicitly assumes "development" to be a desirable goal but also that it is necessary, and the objective of this study of an underdeveloped community shall be to examine the theoretical relevance, or otherwise, of general and partial theories of underdevelopment against the quantitative and qualitative evidence of the course of events that have in the past, and are likely in the future, to influence the development of the "Rhodesian economy".
- Full Text:
- Date Issued: 1969
The theoretical and empirical analysis of trade integration among unequal partners : implications for the Southern African Development Community
- Authors: Cattaneo, Nicolette Sylvie
- Date: 1998
- Subjects: Southern African Development Community , Customs unions , Africa, Southern -- Foreign economic relations , Africa, Southern -- Economic integration
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: vital:1008 , http://hdl.handle.net/10962/d1002743 , Southern African Development Community , Customs unions , Africa, Southern -- Foreign economic relations , Africa, Southern -- Economic integration
- Description: The re-acceptance of South Africa into the international community has cleared the path for the closer integration of South Africa with its neighbours in a broader southern African regional union. In particular, the countries of the Southern African Development Community {SADC), which South Africa joined in August 1994, have committed themselves to the formation of a free trade area (FTA) over an eight-year period. The most likely impediment to this process is the perception of a highly unequal distribution of the economic gains and losses of such an arrangement. This reflects the particular context of SADC: one of a comparatively undeveloped region, dominated by a relatively large, more industrially advanced country, which is itself small by international standards. The essential question with which this study is concerned, therefore, is whether, despite the existing inequalities in the region, a FTA among SADC members could be mutually beneficial to South Africa and its partners. The thesis applies orthodox and new trade theory to the analysis of economic integration among unequal partners. Using the theoretical analysis, and with reference to empirical studies of such experience elsewhere in the world, it attempts to provide an assessment of the existing body of literature on the possible effects of a SADC FTA. In the light of this discussion, and from its own preliminary empirical analysis of the possible pattern of inter-sectoral versus intra-sectoral specialisation which may result on union, the study suggests ways in which a fuller evaluation of the welfare implications of a southern African FTA may be achieved. The thesis argues that the orthodox theory based on perfect competition provides an insufficient framework for the analysis of the likely effects of a SADC FT A. It finds that, firstly, in an alternative analytical framework which retains the assumption of perfect competition, there may be other criteria for judging the success of a regional union that are neglected by orthodoxy, particularly in the case of developing countries. Secondly, the new trade theory based on imperfect competition and product differentiation provides useful insights into the possible effects of a regional union among countries at unequal levels of development. The formal extension of this body of literature to the theory of economic integration is clearly called for. It is found, however, that neither orthodox customs union theory, nor its suggested alternatives and extensions, enable one to conclude, a priori, that the formation of a FTA in the southern African region could not be beneficial to both South Africa and its smaller partners. Further, the present empirical studies on SADC do not take account of the full range of factors necessary for a complete welfare assessment of the possible effects. Since the outcome of integration depends on the empirical circumstances of the particular case, and since the information necessary for a comprehensive welfare evaluation is not currently available, the study concludes that the countries of the region have committed themselves to a FTA without any definite knowledge of its likely effects.
- Full Text:
- Date Issued: 1998
The term structure of interest rates in South Africa
- Authors: Dollery, Brian
- Date: 1976
- Subjects: Interest rates -- South Africa
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:1083 , http://hdl.handle.net/10962/d1011180 , Interest rates -- South Africa
- Description: Since the late ' fifties the term structure of interest rates has attracted considerable attention from both theoretical and empirical economists. While potentially a very fruitful area for the application of the traditional methods of economic enquiry, the term structure has proved itself to be a potent testing ground for these tools, and consequently a wide range of sophisticated analytic devices have been introduced, Despite this, no general agreement has yet been reached and a number of crucial questions remain unanswered. It is our task in this dissertation to extend the enquiry into the South African context in an attempt to shed some light on the determination of the term structure of interest rates. Intro., p. 1.
- Full Text:
- Date Issued: 1976
The term structure of interest rates and economic activity in South Africa
- Authors: Shelile, Teboho
- Date: 2007
- Subjects: Finance -- South Africa , Monetary policy -- South Africa , Interest rates -- South Africa , Economic development -- South Africa , South Africa -- Economic conditions -- 21st century
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:994 , http://hdl.handle.net/10962/d1002729 , Finance -- South Africa , Monetary policy -- South Africa , Interest rates -- South Africa , Economic development -- South Africa , South Africa -- Economic conditions -- 21st century
- Description: Many research papers have documented the positive relationship between the slope of the yield curve and future real economic activity in different countries and different time periods. One explanation of this link is based on monetary policy. The forecasting ability of the term spread on economic growth is based on the fact that interest rates reflect the expectations of investors about the future economic situation when deciding about their plans for consumption and investment. This thesis examined the predictive ability of the term structure of interest rates on economic activity, and the effects of different monetary policy regimes on the predictive ability of the term spread. The South African experience offers a unique opportunity to examine this issue, as the country has experienced numerous monetary policy frameworks since the 1970s. The study employed the Generalised Method Moments technique, since it is considered to be more efficient than Ordinary Least Squares. Results presented in this thesis established that the term structure successfully predicted real economic activity during the entire research period with the exception of the last sub-period (2000-2004) when using the multivariate model. In the periods of financial market liberalisation and interest rates deregulation the term structure was found to be a better predictor of economic activity in South Africa. These findings emphasise the importance of considering the prevailing economic environment in testing the term structure theory.
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- Date Issued: 2007
The struggle for national independence in its international setting : its economic and political background and its manifestation in the Fourth Committee of the United Nations General Assembly
- Authors: Lumsden, Geoffrey S
- Date: 1957
- Subjects: United Nations. General Assembly Self-determination, National Sovereignty Economics -- Political aspects Economic policy
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:1091 , http://hdl.handle.net/10962/d1012790
- Description: The decade following the close of the Second World War has been dominated throughout by the clash of political power of the United States and the Soviet Union. Their wartime alliance has crumbled. New, antagonistic alliances have come into existence. The so-called 'EastWest' split, polar in its effect, has forced the admission that prospects of stable peace depend on how successfully bridges can be made to span the gulf. This over-riding and pervading reality has blinded us to the importance of another struggle, which is everywhere mounting in force and intensity and which history may well record as a dominant theme of the twentieth century -- the world-wide struggle for independence. In some cases it has produced revolution and violence: full-scale wars have been fought in its cause in Indonesia and Indo-China; military engagements have taken place in Kenya and Tunisia; Cypriots and British garrison forces have exchanged fire; Malayans have rioted; and 'incidents' too numerous to detail have been reported from a great variety of countries where political dependence exists. Intro., p. 1.
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- Date Issued: 1957
The relationship between financial development and manufacturing sector growth: evidence from Southern African Customs Union countries
- Authors: Moshabesha, Mosili
- Date: 2011
- Subjects: Economic development -- Case studies -- Africa, Southern Entrepreneurship -- Case studies -- Africa, Southern Southern African Customs Union
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:990 , http://hdl.handle.net/10962/d1002725
- Description: Extensive research has been done on the relationship between financial development (FD) and growth (with the main focus on economic growth). Theoretical models and most of the conclusions reached stipulate that the development of a financial system is one of the essential ingredients for economic growth. A developed financial system is able to provide financial services efficiently to the real sector. This study examines the relationship between FD and manufacturing sector growth of the SACU countries. The study first reviews the theoretical and empirical literature of FD and growth (economic and manufacturing sector). This gives a full understanding of the topic before attempting to empirically study it. It also helps in the selection process of the model and variables to be employed in the study. A balanced panel for four SACU countries, namely Botswana, Lesotho, RSA and Swaziland, for the period 1976 to 2008 was estimated using Zellner‟s Seemingly Unrelated Regression Estimation (SURE) method. Namibia was omitted because of limited data. The SURE model was selected because it performs better than ordinary least squares (OLS) estimation of individual equations in cases where the countries studied can be affected by similar external shocks because they are in the same economic region and also have country specific structural differences which could affect their economic growth. Two measures of FD were used: credit to the private sector provided by commercial banks (FIC) and the ratio of liquid liabilities of commercial banks to GDP (LL). Manufacturing sector growth was measured by manufacturing value added to GDP. The results of the relationship between manufacturing growth and FD were very weak across the countries. The model that used FIC performed better, there was a negative significant relationship found in RSA and Swaziland, while with the model that used LL, all the countries gave an insignificant relationship. The results for Swaziland were very consistent with the past findings of the relationship between FD and economic growth in the country (for example Aziakpono (2005a)). This may be because of the high share of the manufacturing sector in GDP. Theory suggests that a well-developed financial system will have a positive impact on growth, but this was not the case in RSA and Botswana, where in some cases FD had a negative impact on the growth of the sector. The analysis of the countries‟ manufacturing sector development shows that the sector plays an important role in the economies of the SACU countries, especially in terms of employment and exports. The coefficients of trade openness are generally positive, though not significant in some cases. The other control variables gave mixed results across the counties and across the models. Based on the findings, the countries have to develop strategies that will improve entrepreneurial skills. Also the financial development in the small SACU countries is essential in order for all the sectors in the economy to benefit from the financial sector and in turn increase economic growth.
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- Date Issued: 2011
The relationship between bank concentration and the interest rate pass through in selected African countries
- Authors: Mangwengwende, Tadiwanashe Mukudzeyi
- Date: 2010
- Subjects: Interest rates -- Effect of inflation on -- Africa , Monetary policy -- Africa , Prime rate , Prime rate -- Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:942 , http://hdl.handle.net/10962/d1002675
- Description: Given the importance of monetary policy in the operation of a successful modern economy and the use of official interest rates as tools in its implementation, this study investigates the implications of changing bank concentration on the operation of the Interest Rate Pass Through (IRPT) of official rates to bank lending and deposit rates. This is an issue made more poignant by growing mergers, acquisitions and bank consolidation exercises around the world that have brought interest to their implications for economic performance. However, with contention high in the industrial organisation theory on the likely relationship between bank concentration and the IRPT, and the outcomes of empirical investigations producing conflicting evidence, the desire to investigate the issue in the African context necessitated a thorough empirical investigation of four African countries (South Africa, Botswana, Nigeria and Zambia). This study not only extended the investigation of the issue to the African context, but it merged different IRPT measurement techniques that had not been jointly applied to this particular issue, namely; Symmetric and Asymmetric Error Correction Models, Mean Adjustment Lags, Ordinary Least Squares estimations and Autoregressive Distributed Lag models. These measures of the IRPT were compared with three firm concentration ratios on two different levels of analysis, one, over the entire period and, another, through eight year rolling windows. The results reveal that bank concentration can sometimes be related to the speed and magnitude of the IRPT but that these relationships are not consistent amongst the countries, over the entire sample period or across the two levels of analysis, suggesting reasons why empirical results have arrived at contrasting conclusions. The results revealed more evidence of a relationship between bank concentration and the magnitude of the IRPT than between bank concentration and the speed of the IRPT. Furthermore, where relationships were identified there was evidence supporting both the structure conduct performance hypothesis and the competing efficient market hypothesis as the true representation of the relationship between bank concentration and the IRPT. The key implication of the result for African countries is that increased bank concentration through bank consolidation programmes should not be automatically regarded as detrimental to the effective implementation of monetary policy through the IRPT. Consequently,banking sector regulation need not stifle bank consolidation and growth to preserve monetary policy effectiveness. Rather, since the relationship cannot be neatly represented by a single theory or hypothesis each country must determine its own interaction between bank concentration and its IRPT before policies regarding the banking sector concentration and effective monetary policy, through the use of official interest rates, are determined.
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- Date Issued: 2010
The relationship between accounting choices and share prices : a study of South African listed companies
- Authors: Bunting, Mark Bevan
- Date: 2009
- Subjects: Financial statements -- South Africa , Accounting -- South Africa , Managerial accounting -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:989 , http://hdl.handle.net/10962/d1002724 , Financial statements -- South Africa , Accounting -- South Africa , Managerial accounting -- South Africa
- Description: It is widely assumed that the managers of companies behave in a self-interested and opportunistic manner when making the discretionary accounting choices that are applied in the preparation of published financial reports. Empirical research has found evidence for this in the United States, Britain, Spain, France and Australia, amongst other countries. There has, however, been no prior work of a similar nature in a South African context. The purpose of this study is to extend this body of work by examining the relationship between a number of potentially opportunistic (profit-increasing, income-smoothing and solvencyimproving) accounting choices made by the managers of South African listed companies, and growth rates in the share prices of those companies. Data in respect of thirty-nine medium-sized South African listed companies are analysed for evidence of the expected positive relationship between opportunistic accounting choices and share price growth. No evidence is found for this relationship. This may be due to limitations in the research design, inadequacies in the interpretation of the agency theory from which the hypotheses are developed, or a combination of both. Refinements in the research design or a re-interpretation of the theory may be successful in addressing these matters as part of future research efforts.
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- Date Issued: 2009