An empirical analysis of financial stress within South Africa and its apparent co-movement with financial stress emanating from advanced and emerging economies
- Authors: Graham, Brydone
- Date: 2013
- Subjects: Financial crises -- South Africa Financial crises -- Developing countries Globalization -- Economic aspects -- South Africa International economic relations South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1053 , http://hdl.handle.net/10962/d1006795
- Description: The identification of financial stress, and an understanding of financial contagion on a global scale, is of critical importance to a South African economy that is becoming increasingly integrated into the global economy. The last decade has been characterised by periods of high economic growth, but also periods of significant financial instability culminating in global economic crises. This study examines the extent to which the South African financial system is exposed to distress abroad by identifying and measuring the co-movement of financial stress originating from within and outside South Africa. The study can be separated into two sections: the identification of financial stress and the measurement of financial contagion. Using monthly data for the period 2000 to 2012, three indices were constructed for the emerging markets, advanced economies and South Africa using varianceequal weighting. The indices were tested for contagion using the Johansen and Jesulius (1990) multivariate cointegration approach supplemented with basic OLS architecture and Impulse Response analysis. The results indicate the three constructed indices were highly accurate at identifying the intensity and timing of financial stress over the three regions respectively. It was found that the South African financial sector is highly susceptible to financial stress originating from advanced economies. The results obtained for financial stress emanating from emerging markets were not as conclusive and found to be insignificant. Overall, it is clear that the methods employed to identify financial stress are highly accurate and that South Africa is highly susceptible to financial stress originating from abroad. It is clear that advanced economies have a greater ability to affect financial stress in South Africa via contagion. It must be noted that this does not conclude that South Africa is not affected by emerging market crises, but that these crises tend to affect South Africa through advanced economy channels as defined within this thesis.
- Full Text:
- Date Issued: 2013
- Authors: Graham, Brydone
- Date: 2013
- Subjects: Financial crises -- South Africa Financial crises -- Developing countries Globalization -- Economic aspects -- South Africa International economic relations South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1053 , http://hdl.handle.net/10962/d1006795
- Description: The identification of financial stress, and an understanding of financial contagion on a global scale, is of critical importance to a South African economy that is becoming increasingly integrated into the global economy. The last decade has been characterised by periods of high economic growth, but also periods of significant financial instability culminating in global economic crises. This study examines the extent to which the South African financial system is exposed to distress abroad by identifying and measuring the co-movement of financial stress originating from within and outside South Africa. The study can be separated into two sections: the identification of financial stress and the measurement of financial contagion. Using monthly data for the period 2000 to 2012, three indices were constructed for the emerging markets, advanced economies and South Africa using varianceequal weighting. The indices were tested for contagion using the Johansen and Jesulius (1990) multivariate cointegration approach supplemented with basic OLS architecture and Impulse Response analysis. The results indicate the three constructed indices were highly accurate at identifying the intensity and timing of financial stress over the three regions respectively. It was found that the South African financial sector is highly susceptible to financial stress originating from advanced economies. The results obtained for financial stress emanating from emerging markets were not as conclusive and found to be insignificant. Overall, it is clear that the methods employed to identify financial stress are highly accurate and that South Africa is highly susceptible to financial stress originating from abroad. It is clear that advanced economies have a greater ability to affect financial stress in South Africa via contagion. It must be noted that this does not conclude that South Africa is not affected by emerging market crises, but that these crises tend to affect South Africa through advanced economy channels as defined within this thesis.
- Full Text:
- Date Issued: 2013
An empirical analysis of the long-run comovement, dynamic returns linkages and volatility transmission between the world major and the South African stock markets
- Authors: Chinzara, Zivanemoyo
- Date: 2008
- Subjects: Stock exchanges -- South Africa , Globalization -- Economic aspects -- South Africa , International economic relations , Portfolio management -- South Africa , Monetary policy -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:970 , http://hdl.handle.net/10962/d1002704 , Stock exchanges -- South Africa , Globalization -- Economic aspects -- South Africa , International economic relations , Portfolio management -- South Africa , Monetary policy -- South Africa
- Description: The international linkages of stock markets have important implications for cost of capital and portfolio diversification. Recent trends in globalization, financial liberalization and financial innovation raises questions with regard to whether African stock markets are being integrated into world equity markets. This study examines the extent to which the South African (SA) equity market is integrated into the world equity markets using daily data for the period 1995-2007. The study is divided into three main parts, each looking at the different ways in which integration can be considered. The first investigates whether there is long run comovement between the SA and the major global equity markets. Both bivariate and multivariate Johansen (1988) and Johansen and Juselius (1990) cointegration approaches were utilised. Vector Error Correction Models (VECMs) are then estimated for portfolios which show evidence of cointegration. The second part analyses returns linkages using the Vector Autoregressive (VAR), block exogeneity, impulse response and variance decomposition. The third part examines the behaviour of volatility and volatility linkages among the stock markets. Firstly volatility is analysed using the GARCH, EGARCH and GJR GARCH. Simultaneously, the hypothesis that investors receive a premium for investing in more risky stock markets is explored using the GARCH-in mean. The long term trend of volatility is also examined. Volatility linkages are then analysed using the VAR, block exogeneity, impulse response and variance decomposition. The first part established that no bivariate cointegration exists between the SA and any of the stock markets being studied, implying that pairwise portfolio diversification is potentially worthwhile for SA portfolio managers. However, multivariate cointegration exists for some portfolios, with the US, UK, Germany and SA showing evidence of error correction for some of these portfolios. Findings on return linkages is that there are significant returns linkages among the markets, with the US and SA being the most exogenous and most endogenous respectively. Findings regarding volatility are that the volatility in all the markets is inherently asymmetric and that except for the US there is no risk premium in any of the markets. The long term trend of volatility in all the stock markets was found to be relatively stable. The final finding was that significant volatility linkages exist among the markets, with the US being the most exogenous and SA and China showing evidence of bidirectional linkages. Overall, except for volatility linkages, the integration of SA into the global equity markets is still quite low. Thus, both SA and international investors can capitalise on this portfolio diversification potential. On the other hand, policy makers should capitalise on this and make policies that will attract the much needed foreign investors.
- Full Text:
- Date Issued: 2008
- Authors: Chinzara, Zivanemoyo
- Date: 2008
- Subjects: Stock exchanges -- South Africa , Globalization -- Economic aspects -- South Africa , International economic relations , Portfolio management -- South Africa , Monetary policy -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:970 , http://hdl.handle.net/10962/d1002704 , Stock exchanges -- South Africa , Globalization -- Economic aspects -- South Africa , International economic relations , Portfolio management -- South Africa , Monetary policy -- South Africa
- Description: The international linkages of stock markets have important implications for cost of capital and portfolio diversification. Recent trends in globalization, financial liberalization and financial innovation raises questions with regard to whether African stock markets are being integrated into world equity markets. This study examines the extent to which the South African (SA) equity market is integrated into the world equity markets using daily data for the period 1995-2007. The study is divided into three main parts, each looking at the different ways in which integration can be considered. The first investigates whether there is long run comovement between the SA and the major global equity markets. Both bivariate and multivariate Johansen (1988) and Johansen and Juselius (1990) cointegration approaches were utilised. Vector Error Correction Models (VECMs) are then estimated for portfolios which show evidence of cointegration. The second part analyses returns linkages using the Vector Autoregressive (VAR), block exogeneity, impulse response and variance decomposition. The third part examines the behaviour of volatility and volatility linkages among the stock markets. Firstly volatility is analysed using the GARCH, EGARCH and GJR GARCH. Simultaneously, the hypothesis that investors receive a premium for investing in more risky stock markets is explored using the GARCH-in mean. The long term trend of volatility is also examined. Volatility linkages are then analysed using the VAR, block exogeneity, impulse response and variance decomposition. The first part established that no bivariate cointegration exists between the SA and any of the stock markets being studied, implying that pairwise portfolio diversification is potentially worthwhile for SA portfolio managers. However, multivariate cointegration exists for some portfolios, with the US, UK, Germany and SA showing evidence of error correction for some of these portfolios. Findings on return linkages is that there are significant returns linkages among the markets, with the US and SA being the most exogenous and most endogenous respectively. Findings regarding volatility are that the volatility in all the markets is inherently asymmetric and that except for the US there is no risk premium in any of the markets. The long term trend of volatility in all the stock markets was found to be relatively stable. The final finding was that significant volatility linkages exist among the markets, with the US being the most exogenous and SA and China showing evidence of bidirectional linkages. Overall, except for volatility linkages, the integration of SA into the global equity markets is still quite low. Thus, both SA and international investors can capitalise on this portfolio diversification potential. On the other hand, policy makers should capitalise on this and make policies that will attract the much needed foreign investors.
- Full Text:
- Date Issued: 2008
An evaluation of IMF structural adjustment programmes : lessons for South Africa
- Authors: Berolsky, Nuno Goncalo
- Date: 2000
- Subjects: International Monetary Fund , International Monetary Fund -- Developing countries , Structural adjustment (Economic policy) -- Developing countries , South Africa -- Economic policy
- Language: English
- Type: Thesis , Masters , MSocSc
- Identifier: vital:935 , http://hdl.handle.net/10962/d1002668 , International Monetary Fund , International Monetary Fund -- Developing countries , Structural adjustment (Economic policy) -- Developing countries , South Africa -- Economic policy
- Description: The mixed results of International Monetary Fund structural adjustment programmes in less developed countries are a major motivation for this research. Explanations must be advanced as to what may inhibit the success of such programmes. South Africa has often found itself in a precarious position- with a deteriorating balance of payments, a position similar to other countries that have accepted IMF loans. Furthermore, South Africa undertook an IMF loan in 1993. Financial support from the IMF incorporates structural adjustment programmes. These may include measures such as tighter monetary policy, reduction in the budget deficit, exchange rate devaluation and ceilings on domestic credit with increased interest rates (Ferguson, 1988). These policies illustrate the principle of ‘conditionality,’ whereby access to further loans is conditional on certain criteria being met, such as reduced budget deficits and inflation rates. The principle of conditionality has met with a great deal of criticism. Bacha (1987) and Dell (1982) argue that these aggregate demand-reducing conditions more often than not stagnate domestic economies, worsening the balance of payment and result in programme breakdowns. Essentially, they refer to the IMF conditions as ‘unrealistic.’ The IMF denies this, arguing that shortfalls are mainly due to a lack of political commitment to carry out its conditions (Winters, 1994). This issue of conditionality will be examined in detail, using three specific case studies. The aim of this study is to examine the characteristics of Brazil, Mexico and Zambia to see whether or not the IMF programmes were successful. Guidelines will be established for South African policy from these case studies. South Africa is trying to adjust to the competitiveness of the international economy. At the same time, the need for reconstruction and development exerts increasing pressures on the balance of payments. Guidelines are established for a successful economic adjustment for South Africa. The research concludes that South Africa is certainly in line for a successful transformation. The rigidities are not as extensive as has been the case in Brazil and Zambia. Institutionally, South Africa is sound. However there are still challenges in this area, such as export diversification and economic stability to attract foreign investment.
- Full Text:
- Date Issued: 2000
- Authors: Berolsky, Nuno Goncalo
- Date: 2000
- Subjects: International Monetary Fund , International Monetary Fund -- Developing countries , Structural adjustment (Economic policy) -- Developing countries , South Africa -- Economic policy
- Language: English
- Type: Thesis , Masters , MSocSc
- Identifier: vital:935 , http://hdl.handle.net/10962/d1002668 , International Monetary Fund , International Monetary Fund -- Developing countries , Structural adjustment (Economic policy) -- Developing countries , South Africa -- Economic policy
- Description: The mixed results of International Monetary Fund structural adjustment programmes in less developed countries are a major motivation for this research. Explanations must be advanced as to what may inhibit the success of such programmes. South Africa has often found itself in a precarious position- with a deteriorating balance of payments, a position similar to other countries that have accepted IMF loans. Furthermore, South Africa undertook an IMF loan in 1993. Financial support from the IMF incorporates structural adjustment programmes. These may include measures such as tighter monetary policy, reduction in the budget deficit, exchange rate devaluation and ceilings on domestic credit with increased interest rates (Ferguson, 1988). These policies illustrate the principle of ‘conditionality,’ whereby access to further loans is conditional on certain criteria being met, such as reduced budget deficits and inflation rates. The principle of conditionality has met with a great deal of criticism. Bacha (1987) and Dell (1982) argue that these aggregate demand-reducing conditions more often than not stagnate domestic economies, worsening the balance of payment and result in programme breakdowns. Essentially, they refer to the IMF conditions as ‘unrealistic.’ The IMF denies this, arguing that shortfalls are mainly due to a lack of political commitment to carry out its conditions (Winters, 1994). This issue of conditionality will be examined in detail, using three specific case studies. The aim of this study is to examine the characteristics of Brazil, Mexico and Zambia to see whether or not the IMF programmes were successful. Guidelines will be established for South African policy from these case studies. South Africa is trying to adjust to the competitiveness of the international economy. At the same time, the need for reconstruction and development exerts increasing pressures on the balance of payments. Guidelines are established for a successful economic adjustment for South Africa. The research concludes that South Africa is certainly in line for a successful transformation. The rigidities are not as extensive as has been the case in Brazil and Zambia. Institutionally, South Africa is sound. However there are still challenges in this area, such as export diversification and economic stability to attract foreign investment.
- Full Text:
- Date Issued: 2000
An institutional analysis of community and home based care and support for HIV/AIDS sufferers in rural households in Malawi
- Authors: Munthali, Spy Mbiriyawaka
- Date: 2009
- Subjects: AIDS (Disease) -- Patients -- Care -- Malawi HIV-positive persons -- Care -- Malawi HIV infections -- Malawi Home-based family services -- Malawi Community health services -- Malawi Community development -- Malawi Economic development -- Malawi
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:985 , http://hdl.handle.net/10962/d1002719
- Description: Standard economic models often emphasize inputs, outputs and an examination of the structures in order to conduct an economic performance evaluation. This study applies the Institutional and Development Framework (IAD) in the broader context of New Institutional Economics (NIE) in order to examine the transaction costs of delivering Community and Home Based Care and Support (CHBC) to HIV/AIDS sufferers. For purposes of unveiling the empirical reality guiding decision making processes in the CHBC service delivery, comparative qualitative research techniques of normative variable and concept formation have been adopted to draw out the relative institutional influences from the HIV/AIDS national response partnerships. The study identifies the conflict between the predominantly standardized and more rigid formal management techniques adopted by key members of the national response and the informal cultural techniques familiar to the rural communities, and a lack of motivational incentives in the CHBC structures as the key factors against CHBC capacities to draw external funding for service delivery. CHBCs are also weakened by incoherent governance structures at the district level for facilitation of funding and information flow exacerbating the community vulnerability. Rationalization of the institutional arrangements and a clarification of roles from district to community levels, a shift of focus to facilitation of informal techniques and an integration of performance enhancing incentives are the critical policy insights envisaged to spur CHBCs to work better.
- Full Text:
- Date Issued: 2009
- Authors: Munthali, Spy Mbiriyawaka
- Date: 2009
- Subjects: AIDS (Disease) -- Patients -- Care -- Malawi HIV-positive persons -- Care -- Malawi HIV infections -- Malawi Home-based family services -- Malawi Community health services -- Malawi Community development -- Malawi Economic development -- Malawi
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:985 , http://hdl.handle.net/10962/d1002719
- Description: Standard economic models often emphasize inputs, outputs and an examination of the structures in order to conduct an economic performance evaluation. This study applies the Institutional and Development Framework (IAD) in the broader context of New Institutional Economics (NIE) in order to examine the transaction costs of delivering Community and Home Based Care and Support (CHBC) to HIV/AIDS sufferers. For purposes of unveiling the empirical reality guiding decision making processes in the CHBC service delivery, comparative qualitative research techniques of normative variable and concept formation have been adopted to draw out the relative institutional influences from the HIV/AIDS national response partnerships. The study identifies the conflict between the predominantly standardized and more rigid formal management techniques adopted by key members of the national response and the informal cultural techniques familiar to the rural communities, and a lack of motivational incentives in the CHBC structures as the key factors against CHBC capacities to draw external funding for service delivery. CHBCs are also weakened by incoherent governance structures at the district level for facilitation of funding and information flow exacerbating the community vulnerability. Rationalization of the institutional arrangements and a clarification of roles from district to community levels, a shift of focus to facilitation of informal techniques and an integration of performance enhancing incentives are the critical policy insights envisaged to spur CHBCs to work better.
- Full Text:
- Date Issued: 2009
An investigation of the corporate planning concept in a South African motor manufacturing undertaking
- Authors: Coman, Keith Rawson
- Date: 1980
- Subjects: Business planning -- South Africa , Motor vehicle industry -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1081 , http://hdl.handle.net/10962/d1010583 , Business planning -- South Africa , Motor vehicle industry -- South Africa
- Description: The intention of this dissertation is to attempt to project the theoretical concept of Corporate (or Long-Range) Planning into the reality of one of South Africa's major motor vehicle manufacturing company's task environment. It is a sad fact that there are no universally - applicable practical planning "laws" (as are present within the discipline of, say, Physics) amidst the ever-changing hurly-burly world of modern commerce and industry. Accordingly, there are very real distinctions between distilled Corporate Planning theory, as it is propounded in the many available books and articles, and Corporate Planning practice as actually implemented. This is true largely by virtue of the fact that in the same way as persons differ in their physical and mental make-up, so too do individual companies; even to the extent of acquiring a distinct corporate "personality" of their own. Terms of reference, p. 1.
- Full Text:
- Date Issued: 1980
- Authors: Coman, Keith Rawson
- Date: 1980
- Subjects: Business planning -- South Africa , Motor vehicle industry -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1081 , http://hdl.handle.net/10962/d1010583 , Business planning -- South Africa , Motor vehicle industry -- South Africa
- Description: The intention of this dissertation is to attempt to project the theoretical concept of Corporate (or Long-Range) Planning into the reality of one of South Africa's major motor vehicle manufacturing company's task environment. It is a sad fact that there are no universally - applicable practical planning "laws" (as are present within the discipline of, say, Physics) amidst the ever-changing hurly-burly world of modern commerce and industry. Accordingly, there are very real distinctions between distilled Corporate Planning theory, as it is propounded in the many available books and articles, and Corporate Planning practice as actually implemented. This is true largely by virtue of the fact that in the same way as persons differ in their physical and mental make-up, so too do individual companies; even to the extent of acquiring a distinct corporate "personality" of their own. Terms of reference, p. 1.
- Full Text:
- Date Issued: 1980
Aspects of the new repurchase system of monetary control in South Africa
- Springfield, Samantha Claire
- Authors: Springfield, Samantha Claire
- Date: 2001
- Subjects: Monetary policy -- South Africa Credit control -- South Africa
- Language: English
- Type: Thesis , Masters , MEcon
- Identifier: vital:940 , http://hdl.handle.net/10962/d1002673
- Description: The main objective of monetary policy is to protect the value of the currency, and in so doing, achieve the objectives of maximum economic growth, development, and the creation of employment opportunities. As from 1985, under the advice of the De Kock Commission, the South African Reserve Bank (SARB), implemented the classical cash reserve system of monetary control. Under this system, the SARB was willing to refinance the money market shortage fully, automatically, and on certain predetermined terms, conditions and costs. However, since the new political dispensation in 1994, South Africa’s financial markets have become more globalized, liberalised, and integrated. Thus, the classical cash reserve system had lost its usefulness, and was no longer effective. As from March 1998, the SARB implemented the new repurchase system of monetary control. In implementing the repurchase system of monetary control, South Africa was adopting a more eclectic approach. This system is aimed at making monetary policy more effective and more flexible in a financial environment filled with complexities. This study finds that the repurchase system has thus far been successful in meeting its objectives. Interest rates are more flexible and sensitive to developments in the domestic and external environment, the signalling mechanism of the SARB has proved to be successful, accommodation and interest rates are closely related and the interbank market has become more developed. Therefore, the repurchase system appears to be more efficient than the previous system of monetary control in South Africa.
- Full Text:
- Date Issued: 2001
- Authors: Springfield, Samantha Claire
- Date: 2001
- Subjects: Monetary policy -- South Africa Credit control -- South Africa
- Language: English
- Type: Thesis , Masters , MEcon
- Identifier: vital:940 , http://hdl.handle.net/10962/d1002673
- Description: The main objective of monetary policy is to protect the value of the currency, and in so doing, achieve the objectives of maximum economic growth, development, and the creation of employment opportunities. As from 1985, under the advice of the De Kock Commission, the South African Reserve Bank (SARB), implemented the classical cash reserve system of monetary control. Under this system, the SARB was willing to refinance the money market shortage fully, automatically, and on certain predetermined terms, conditions and costs. However, since the new political dispensation in 1994, South Africa’s financial markets have become more globalized, liberalised, and integrated. Thus, the classical cash reserve system had lost its usefulness, and was no longer effective. As from March 1998, the SARB implemented the new repurchase system of monetary control. In implementing the repurchase system of monetary control, South Africa was adopting a more eclectic approach. This system is aimed at making monetary policy more effective and more flexible in a financial environment filled with complexities. This study finds that the repurchase system has thus far been successful in meeting its objectives. Interest rates are more flexible and sensitive to developments in the domestic and external environment, the signalling mechanism of the SARB has proved to be successful, accommodation and interest rates are closely related and the interbank market has become more developed. Therefore, the repurchase system appears to be more efficient than the previous system of monetary control in South Africa.
- Full Text:
- Date Issued: 2001
Aspects of the theory of human capital and its application to South African economic development
- Authors: Bates, Terrence
- Date: 1974
- Subjects: Human capital -- South Africa , South Africa -- Economic conditions -- 1961-1991
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1064 , http://hdl.handle.net/10962/d1007608 , Human capital -- South Africa , South Africa -- Economic conditions -- 1961-1991
- Description: Human capital is an important economic concept. The significance of human resource development, in the form of both education and health, has long been realised and was stressed even in the writings of the early economists. Introduction, p.1
- Full Text:
- Date Issued: 1974
- Authors: Bates, Terrence
- Date: 1974
- Subjects: Human capital -- South Africa , South Africa -- Economic conditions -- 1961-1991
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1064 , http://hdl.handle.net/10962/d1007608 , Human capital -- South Africa , South Africa -- Economic conditions -- 1961-1991
- Description: Human capital is an important economic concept. The significance of human resource development, in the form of both education and health, has long been realised and was stressed even in the writings of the early economists. Introduction, p.1
- Full Text:
- Date Issued: 1974
Asset prices and inflation-targeting : implications for South Africa
- Authors: Cosser, Leigh Emma
- Date: 2005
- Subjects: South African Reserve Bank , Monetary policy -- South Africa , Inflation (Finance) -- South Africa , South Africa -- Economic policy , Banks and banking, Central -- South Africa , Anti-inflationary policies , Monetary policy -- Japan , Monetary policy -- United States
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1127 , http://hdl.handle.net/10962/d1020849
- Description: An analysis of the current monetary policy framework in South Africa, which followed the exampie of a number of developed countries by implementing an inflation-targeting regime in 2000, is presented. The primary goal of the framework is to establish price stability, with financial stability a secondary objective. However, as has been evident in other countries, price stability does not guarantee financial stability. Movements in asset prices and the development of asset price bubbles have resulted in a number of episodes of financial instability, which negatively impacted on the growth and development of the countries involved. In addition, the majority of these episodes have occurred in periods of low and stable inflation. The dissertation analyses whether monetary policy would be more efficient if asset price movements were incorporated within the inflation-targeting regime. International experience indicates that early intervention of monetary policy can dampen the negative effects that result when an asset price bubble "bursts". However, if the monetary authorities act too early the effects on the economy can be just as disruptive. The literature is scrutinized to establish what the most effective form of monetary policy should be. The results are then transposed within the South African context to establish how the South African Reserve Bank can best ensure both price and financial stability.
- Full Text:
- Date Issued: 2005
- Authors: Cosser, Leigh Emma
- Date: 2005
- Subjects: South African Reserve Bank , Monetary policy -- South Africa , Inflation (Finance) -- South Africa , South Africa -- Economic policy , Banks and banking, Central -- South Africa , Anti-inflationary policies , Monetary policy -- Japan , Monetary policy -- United States
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1127 , http://hdl.handle.net/10962/d1020849
- Description: An analysis of the current monetary policy framework in South Africa, which followed the exampie of a number of developed countries by implementing an inflation-targeting regime in 2000, is presented. The primary goal of the framework is to establish price stability, with financial stability a secondary objective. However, as has been evident in other countries, price stability does not guarantee financial stability. Movements in asset prices and the development of asset price bubbles have resulted in a number of episodes of financial instability, which negatively impacted on the growth and development of the countries involved. In addition, the majority of these episodes have occurred in periods of low and stable inflation. The dissertation analyses whether monetary policy would be more efficient if asset price movements were incorporated within the inflation-targeting regime. International experience indicates that early intervention of monetary policy can dampen the negative effects that result when an asset price bubble "bursts". However, if the monetary authorities act too early the effects on the economy can be just as disruptive. The literature is scrutinized to establish what the most effective form of monetary policy should be. The results are then transposed within the South African context to establish how the South African Reserve Bank can best ensure both price and financial stability.
- Full Text:
- Date Issued: 2005
Clustering as a strategy for manufacturing performance in the Eastern Cape Automotive industry
- Makuwaza, Gwynneth Chandakaita
- Authors: Makuwaza, Gwynneth Chandakaita
- Date: 2001
- Subjects: Automobile industry and trade , Automobile industry and trade -- South Africa -- Eastern Cape , Automobile industry and trade -- South Africa -- Eastern Cape -- Performance
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:937 , http://hdl.handle.net/10962/d1002670 , Automobile industry and trade , Automobile industry and trade -- South Africa -- Eastern Cape , Automobile industry and trade -- South Africa -- Eastern Cape -- Performance
- Description: South Africa's current industrial policy focuses on the economy at two levels: a sectoral and spatial level. The former relates to the manner in which industrial policy is concentrating on particular sectors i.e. industrial clusters. This shift in industrial policy from targeting individual industries to an emphasis on industrial clusters, has complemented the change in focus to export promotion under trade policy. Furthermore, there has been increasing recognition of the need to improve industry performance and competitiveness in order to successfully implement export growth. Industry clusters are considered as having the potential to increase manufacturing performance and can provide the basis for sustainable competitive advantage for nations. Consequently the concept of industry clusters was introduced in South Africa in 1997. Because industry clusters are relatively new in South Africa, most of the cluster initiatives in various sectors of the economy are in their early stages of development. Nevertheless, some are already showing signs of potential success in increasing competitiveness in particular sectors. This thesis uses Porter's "diamond" framework apprdach to investigate whether clustering has improved the manufacturing performance of the motor industry in the Eastern Cape. International experience from both developed and developing countries will illustrate the potential of clustering as a powerful strategy in increasing manufacturing performance and consequently competitiveness. Ultimately this should lead to long-term economic development, especially if government adopts clusterbased economic development policies. Information from a survey conducted on both the motor vehicle assemblers and component suppliers is used in this study. The findings reveal that it is mainly the motor vehicle assemblers who have experienced some improvements in manufacturing performance. The components sector on the other hand has not experienced any such improvements. This thesis concludes with the recommendation that it is important to develop cluster policy as a broader and dynamic view of competition. The main emphasis under such policy would be a move from targeting particular industries and providing subsidies towards focusing attention to all clusters in the economy. To effectively apply such a policy requires the repositioning of national, local and provincial government in order to become more involved in regional development issues. Moreover, the various levels of government need to incorporate cluster policy into their competitive strategies.
- Full Text:
- Date Issued: 2001
- Authors: Makuwaza, Gwynneth Chandakaita
- Date: 2001
- Subjects: Automobile industry and trade , Automobile industry and trade -- South Africa -- Eastern Cape , Automobile industry and trade -- South Africa -- Eastern Cape -- Performance
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:937 , http://hdl.handle.net/10962/d1002670 , Automobile industry and trade , Automobile industry and trade -- South Africa -- Eastern Cape , Automobile industry and trade -- South Africa -- Eastern Cape -- Performance
- Description: South Africa's current industrial policy focuses on the economy at two levels: a sectoral and spatial level. The former relates to the manner in which industrial policy is concentrating on particular sectors i.e. industrial clusters. This shift in industrial policy from targeting individual industries to an emphasis on industrial clusters, has complemented the change in focus to export promotion under trade policy. Furthermore, there has been increasing recognition of the need to improve industry performance and competitiveness in order to successfully implement export growth. Industry clusters are considered as having the potential to increase manufacturing performance and can provide the basis for sustainable competitive advantage for nations. Consequently the concept of industry clusters was introduced in South Africa in 1997. Because industry clusters are relatively new in South Africa, most of the cluster initiatives in various sectors of the economy are in their early stages of development. Nevertheless, some are already showing signs of potential success in increasing competitiveness in particular sectors. This thesis uses Porter's "diamond" framework apprdach to investigate whether clustering has improved the manufacturing performance of the motor industry in the Eastern Cape. International experience from both developed and developing countries will illustrate the potential of clustering as a powerful strategy in increasing manufacturing performance and consequently competitiveness. Ultimately this should lead to long-term economic development, especially if government adopts clusterbased economic development policies. Information from a survey conducted on both the motor vehicle assemblers and component suppliers is used in this study. The findings reveal that it is mainly the motor vehicle assemblers who have experienced some improvements in manufacturing performance. The components sector on the other hand has not experienced any such improvements. This thesis concludes with the recommendation that it is important to develop cluster policy as a broader and dynamic view of competition. The main emphasis under such policy would be a move from targeting particular industries and providing subsidies towards focusing attention to all clusters in the economy. To effectively apply such a policy requires the repositioning of national, local and provincial government in order to become more involved in regional development issues. Moreover, the various levels of government need to incorporate cluster policy into their competitive strategies.
- Full Text:
- Date Issued: 2001
Competition and segmentation : an analysis of wage determination and labour adjustments in manufacturing industry
- Authors: McCartan, Patrick John
- Date: 1986
- Subjects: Labour supply , Labour market , Competition , South Africa
- Language: English
- Type: text , Thesis , Masters , MA
- Identifier: vital:927 , http://hdl.handle.net/10962/d1001453
- Description: The thesis itself proceeds according to the following outline. Chapter One is concerned with the neoclassical theory of the labour market. Three particular models are surveyed all of which attempt to explain wage differentials and labour adjustments within a competitive equilibrium framework. The basic model of the labour market which rests upon the marginal productivity theory of labour demand, the utility-maximising approach to labour supply and the competitive theory of market equilibrium is dealt with first.This is followed by an outline of human capital theory which emphasises the crucial role played by education and training in determining individual earnings . Finally, attention is focused on disequilibrium wage models of adjustment which account for wage dispersion in terms of the amount and quality of information available to transactors in the labour market.(Introduction, p. 3-4)
- Full Text:
- Date Issued: 1986
- Authors: McCartan, Patrick John
- Date: 1986
- Subjects: Labour supply , Labour market , Competition , South Africa
- Language: English
- Type: text , Thesis , Masters , MA
- Identifier: vital:927 , http://hdl.handle.net/10962/d1001453
- Description: The thesis itself proceeds according to the following outline. Chapter One is concerned with the neoclassical theory of the labour market. Three particular models are surveyed all of which attempt to explain wage differentials and labour adjustments within a competitive equilibrium framework. The basic model of the labour market which rests upon the marginal productivity theory of labour demand, the utility-maximising approach to labour supply and the competitive theory of market equilibrium is dealt with first.This is followed by an outline of human capital theory which emphasises the crucial role played by education and training in determining individual earnings . Finally, attention is focused on disequilibrium wage models of adjustment which account for wage dispersion in terms of the amount and quality of information available to transactors in the labour market.(Introduction, p. 3-4)
- Full Text:
- Date Issued: 1986
Development of the South African monetary banking sector and money market
- Authors: Patel, Aadil Suleman
- Date: 2005
- Subjects: South African Reserve Bank , Banks and banking -- South Africa , Money market -- South Africa , Economic development -- South Africa , Monetary policy -- South Africa , South Africa -- Economic conditions , Financial institutions -- South Africa , Money -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:997 , http://hdl.handle.net/10962/d1002732 , South African Reserve Bank , Banks and banking -- South Africa , Money market -- South Africa , Economic development -- South Africa , Monetary policy -- South Africa , South Africa -- Economic conditions , Financial institutions -- South Africa , Money -- South Africa
- Description: This thesis presents a theoretical analysis of developments in the South African monetary banking sector and money market. In the first section, evolution of the political, social and economic environments over the past few decades are discussed to provide the reader with an idea of some factors responsible for the underdeveloped nature of this market. It has been argued that the domestic political and economic landscape is relatively stable. Nevertheless, factors such as Zimbabwe’s political and ensuing economic turmoil, coupled with numerous financial crises in other developing nations have had negative consequences on domestic financial market development and economic growth. The current state of monetary policy is also analysed, within the economic environment, and various policy considerations have been put forth concerning the inflation targeting policy. The thesis then goes on to scrutinise the statutory and institutional environments within which the monetary banking institutions operate. Recent changes in the regulations governing the operations of these institutions are identified, together with the consequences of such laws on banking institutions and possible amendments have been suggested. In particular, a system of Asset Based Reserve Requirements (ABRR) has been recommended, in place of the current cash reserve requirement, to ensure regulators create a level playing field in the financial sector. The system can also provide authorities with the necessary control required to direct funds to the most desirable sectors of the economy. Development of the interbank market and the effect of reduced banking competition on the efficacy of the South African Reserve Bank’s refinancing operations and inflation targeting policy are also considered. Finally, the thesis analyses some effects of financial development on the South African economy, and whether it is in the best interests of the country to pursue financial reforms with such vigour. While financial development may bring South Africa closer to international standards of best practice, the timing and extent of the reforms will be critical to guarantee success.
- Full Text:
- Date Issued: 2005
- Authors: Patel, Aadil Suleman
- Date: 2005
- Subjects: South African Reserve Bank , Banks and banking -- South Africa , Money market -- South Africa , Economic development -- South Africa , Monetary policy -- South Africa , South Africa -- Economic conditions , Financial institutions -- South Africa , Money -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:997 , http://hdl.handle.net/10962/d1002732 , South African Reserve Bank , Banks and banking -- South Africa , Money market -- South Africa , Economic development -- South Africa , Monetary policy -- South Africa , South Africa -- Economic conditions , Financial institutions -- South Africa , Money -- South Africa
- Description: This thesis presents a theoretical analysis of developments in the South African monetary banking sector and money market. In the first section, evolution of the political, social and economic environments over the past few decades are discussed to provide the reader with an idea of some factors responsible for the underdeveloped nature of this market. It has been argued that the domestic political and economic landscape is relatively stable. Nevertheless, factors such as Zimbabwe’s political and ensuing economic turmoil, coupled with numerous financial crises in other developing nations have had negative consequences on domestic financial market development and economic growth. The current state of monetary policy is also analysed, within the economic environment, and various policy considerations have been put forth concerning the inflation targeting policy. The thesis then goes on to scrutinise the statutory and institutional environments within which the monetary banking institutions operate. Recent changes in the regulations governing the operations of these institutions are identified, together with the consequences of such laws on banking institutions and possible amendments have been suggested. In particular, a system of Asset Based Reserve Requirements (ABRR) has been recommended, in place of the current cash reserve requirement, to ensure regulators create a level playing field in the financial sector. The system can also provide authorities with the necessary control required to direct funds to the most desirable sectors of the economy. Development of the interbank market and the effect of reduced banking competition on the efficacy of the South African Reserve Bank’s refinancing operations and inflation targeting policy are also considered. Finally, the thesis analyses some effects of financial development on the South African economy, and whether it is in the best interests of the country to pursue financial reforms with such vigour. While financial development may bring South Africa closer to international standards of best practice, the timing and extent of the reforms will be critical to guarantee success.
- Full Text:
- Date Issued: 2005
Die nywerheidsopleiding van vakleerlinge en hulle relatiewe invloed op die besetting van die arbeidsmark oor die afgelope tien jaar, met inbegrip van die toepaslike aspekte op die grensgebied
- Authors: De Beer, David Petrus
- Date: 1975
- Subjects: Apprentices -- Training -- South Africa -- Eastern Cape , Apprentices -- Labor market -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1082 , http://hdl.handle.net/10962/d1011032 , Apprentices -- Training -- South Africa -- Eastern Cape , Apprentices -- Labor market -- South Africa -- Eastern Cape
- Full Text:
- Date Issued: 1975
- Authors: De Beer, David Petrus
- Date: 1975
- Subjects: Apprentices -- Training -- South Africa -- Eastern Cape , Apprentices -- Labor market -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1082 , http://hdl.handle.net/10962/d1011032 , Apprentices -- Training -- South Africa -- Eastern Cape , Apprentices -- Labor market -- South Africa -- Eastern Cape
- Full Text:
- Date Issued: 1975
Die stedelike informele sektor in die volkshuishouding van die Ciskei
- Authors: Jacobs, François Alwyn
- Date: 1981
- Subjects: Community development -- South Africa -- Ciskei , Urban policy -- South Africa -- Ciskei , Ciskei (South Africa) -- Economic conditions
- Language: Afrikaans
- Type: Thesis , Masters , MCom
- Identifier: vital:1054 , http://hdl.handle.net/10962/d1006876 , Community development -- South Africa -- Ciskei , Urban policy -- South Africa -- Ciskei , Ciskei (South Africa) -- Economic conditions
- Full Text:
- Date Issued: 1981
- Authors: Jacobs, François Alwyn
- Date: 1981
- Subjects: Community development -- South Africa -- Ciskei , Urban policy -- South Africa -- Ciskei , Ciskei (South Africa) -- Economic conditions
- Language: Afrikaans
- Type: Thesis , Masters , MCom
- Identifier: vital:1054 , http://hdl.handle.net/10962/d1006876 , Community development -- South Africa -- Ciskei , Urban policy -- South Africa -- Ciskei , Ciskei (South Africa) -- Economic conditions
- Full Text:
- Date Issued: 1981
Economic impact of international labour migration on Lesotho's development, 1986-1998: towards an international labour migration policy for the Southern African region
- Authors: Maro, Mkasafari Grace
- Date: 2002
- Subjects: Migrant labor -- South Africa , Migrant labor -- Lesotho , Foreign workers -- South Africa , Miners -- South Africa , Miners -- Labor unions -- South Africa
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:1058 , http://hdl.handle.net/10962/d1007496 , Migrant labor -- South Africa , Migrant labor -- Lesotho , Foreign workers -- South Africa , Miners -- South Africa , Miners -- Labor unions -- South Africa
- Description: The aim of the thesis is to identify the pressures that contributed to the rise in international labour migration in Lesotho, and to investigate how these pressures are impacting upon the modernization process in the country, particularly at a time when employment opportunities are scarce in the southern African region. International labour migration has been used as a development tool throughout history, but especially in the 20th century by developing countries with dual labour markets. Newly independent developing countries with dual labour markets adapted the strategy of import substitution industrialization (lSI), with an emphasis on protecting infant industries and promoting pro-labour policies. In the post-colonial period the international demand for lowskilled workers rose, particularly in the North (developed countries), and in mineral rich countries including the oil exporters and South Africa, and the newly industrialising countries in East Asia. International labour migration to these countries was adapted as an integral development tool by the governments of the lSI countries. Most migrants were low-skilled and temporary workers in the destination countries. Although no multilateral institutional framework existed, usually both the sending and receiving countries adapted unilateral and bilateral migration policies to guarantee the gains from migration. Workers were thus "protected" to varying degrees under such agreements. From the 1970s, the North experienced a slowdown in the growth in demand for unskilled workers. In the 1980s, many lSI countries experienced devastating economic crises that forced them to abandon the lSI policy and adapt the export-led industrialisation (EOI) policy with an emphasis on trade liberalization. The switch from lSI to EOI in developing countries with dual labour markets led to the downsizing of public sector employment, the removal of marketing boards formally used by small-scale agricultural farmers, and the expansion of export processing zones (EPZs). These outcomes resulted in a rise in push internal migration, and international migration from these countries especially to other developing countries. At the same time, since the late 1980s, capital has acquired greatly enhanced mobility at the global level. The adaptation of EOI and the full mobility of capital at the global level altered the institutional structure within which labour migration was governed both nationally, and internationally. At the national level stricter unilateral policies were reinforced by receiving countries for low-skilled labour, while less strict policies applied for skilled labour. These remain in operation in conjunction with the earlier bilateral agreements. At the international level, there remains a lack of policy to regulate international labour migration. Under the current enhanced mobility of capital, international migrants are thus left vulnerable. Lesotho fits this pattern. Faced with a dual economy and an abundance of semi-skilled labour, Lesotho has been a principal supplier of labour to the South Africa's mining industry since its independence. Lesotho's industrial diversification thus mirrors South Africa's industrial diversification. In the lSI phase (1968 - 1987), international labour migration became the most important tool of economic welfare generation in Lesotho. Bilateral agreements were signed in the early 1970s between Lesotho and South Africa to guarantee the gains from migration. Since the late I980s, the mining industry in South Africa began to downsize production and employment. Fewer novice miners from Lesotho were recruited to work in South Africa. The adaptation of the EOI policy in Lesotho in 1987 introduced EPZ industrialization and trade liberalization. Nevertheless, the retrenchment of mine workers from South Africa is occurring at a time when Lesotho is experiencing an employment crisis. The political independence of South Africa in 1994 was accompanied by stricter international migration policies by the new democratic government of South Africa. Most migrant workers in South Africa are thus now faced with a two-door policy (of the earlier bilateral agreements and the amendments to the Aliens Control Act). This system has left migrant workers vulnerable to exploitation by both employers and the law (police) in South Africa. Nevertheless, international migration from Lesotho to South Africa continues to expand, particularly of the new type of migration - semiskilled female workers in the services sector. At the same time, South Africa is also experiencing an employment crisis. The most important policy implications are, firstly, that migration is subject to the same "casualisation" as other work, with the effects made worse by the "statelessness" of migrants, who are most vulnerable to exploitation. Secondly, multilateralism is needed (e.g., SADC) and holistic, multilateral policies are required. It is clear that under the new global division of labour ad hoc policy towards international labour migration is ineffective.
- Full Text:
- Date Issued: 2002
- Authors: Maro, Mkasafari Grace
- Date: 2002
- Subjects: Migrant labor -- South Africa , Migrant labor -- Lesotho , Foreign workers -- South Africa , Miners -- South Africa , Miners -- Labor unions -- South Africa
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:1058 , http://hdl.handle.net/10962/d1007496 , Migrant labor -- South Africa , Migrant labor -- Lesotho , Foreign workers -- South Africa , Miners -- South Africa , Miners -- Labor unions -- South Africa
- Description: The aim of the thesis is to identify the pressures that contributed to the rise in international labour migration in Lesotho, and to investigate how these pressures are impacting upon the modernization process in the country, particularly at a time when employment opportunities are scarce in the southern African region. International labour migration has been used as a development tool throughout history, but especially in the 20th century by developing countries with dual labour markets. Newly independent developing countries with dual labour markets adapted the strategy of import substitution industrialization (lSI), with an emphasis on protecting infant industries and promoting pro-labour policies. In the post-colonial period the international demand for lowskilled workers rose, particularly in the North (developed countries), and in mineral rich countries including the oil exporters and South Africa, and the newly industrialising countries in East Asia. International labour migration to these countries was adapted as an integral development tool by the governments of the lSI countries. Most migrants were low-skilled and temporary workers in the destination countries. Although no multilateral institutional framework existed, usually both the sending and receiving countries adapted unilateral and bilateral migration policies to guarantee the gains from migration. Workers were thus "protected" to varying degrees under such agreements. From the 1970s, the North experienced a slowdown in the growth in demand for unskilled workers. In the 1980s, many lSI countries experienced devastating economic crises that forced them to abandon the lSI policy and adapt the export-led industrialisation (EOI) policy with an emphasis on trade liberalization. The switch from lSI to EOI in developing countries with dual labour markets led to the downsizing of public sector employment, the removal of marketing boards formally used by small-scale agricultural farmers, and the expansion of export processing zones (EPZs). These outcomes resulted in a rise in push internal migration, and international migration from these countries especially to other developing countries. At the same time, since the late 1980s, capital has acquired greatly enhanced mobility at the global level. The adaptation of EOI and the full mobility of capital at the global level altered the institutional structure within which labour migration was governed both nationally, and internationally. At the national level stricter unilateral policies were reinforced by receiving countries for low-skilled labour, while less strict policies applied for skilled labour. These remain in operation in conjunction with the earlier bilateral agreements. At the international level, there remains a lack of policy to regulate international labour migration. Under the current enhanced mobility of capital, international migrants are thus left vulnerable. Lesotho fits this pattern. Faced with a dual economy and an abundance of semi-skilled labour, Lesotho has been a principal supplier of labour to the South Africa's mining industry since its independence. Lesotho's industrial diversification thus mirrors South Africa's industrial diversification. In the lSI phase (1968 - 1987), international labour migration became the most important tool of economic welfare generation in Lesotho. Bilateral agreements were signed in the early 1970s between Lesotho and South Africa to guarantee the gains from migration. Since the late I980s, the mining industry in South Africa began to downsize production and employment. Fewer novice miners from Lesotho were recruited to work in South Africa. The adaptation of the EOI policy in Lesotho in 1987 introduced EPZ industrialization and trade liberalization. Nevertheless, the retrenchment of mine workers from South Africa is occurring at a time when Lesotho is experiencing an employment crisis. The political independence of South Africa in 1994 was accompanied by stricter international migration policies by the new democratic government of South Africa. Most migrant workers in South Africa are thus now faced with a two-door policy (of the earlier bilateral agreements and the amendments to the Aliens Control Act). This system has left migrant workers vulnerable to exploitation by both employers and the law (police) in South Africa. Nevertheless, international migration from Lesotho to South Africa continues to expand, particularly of the new type of migration - semiskilled female workers in the services sector. At the same time, South Africa is also experiencing an employment crisis. The most important policy implications are, firstly, that migration is subject to the same "casualisation" as other work, with the effects made worse by the "statelessness" of migrants, who are most vulnerable to exploitation. Secondly, multilateralism is needed (e.g., SADC) and holistic, multilateral policies are required. It is clear that under the new global division of labour ad hoc policy towards international labour migration is ineffective.
- Full Text:
- Date Issued: 2002
Economic incentives in controlling pollution in the South African leather industry
- Authors: Mowat, Shaun Phillip
- Date: 1996
- Subjects: Leather industry and trade -- South Africa , Tanneries -- Waste disposal -- Economic aspects
- Language: English
- Type: Thesis , Masters , MSocSc
- Identifier: vital:1010 , http://hdl.handle.net/10962/d1002745 , Leather industry and trade -- South Africa , Tanneries -- Waste disposal -- Economic aspects
- Description: The objective of the research was to ascertain whether, when compared to a system'of standards, the theoretical promise that economic incentives offered as a low cost solution to the abatement problem, would hold in practice. This was done by applying environmental economic theory to the practical problem of controlling the effluent generated by firms in the South African leather industry. It was found that in this instance the theory did indeed hold in practice. Furthermore, it was found that of the incentives discussed by the theory, marketable permits were the most economically efficient. It was however shown that a charge - not discussed in the ., theory - based on a central treatment agency's (CTA) cost of treatment offered the least cost solution to the abatement problem when the CTA could do at least some of the effluent treatment at a lower cost than the firms. - In addition a formula was developed to show the net benefits accruing to an individual firm if it undertook to treat its effluent. It was shown that in order to maximise the total benefits of treatment, a firm should treat until its net benefits of treatment were zero. A number of problem however were found to exist when the theory was applied to a practical situation. The most important was the "stepped" nature of the firms marginal abatement cost curves which meant that the setting of a charge based on a trial and error method would prove to be more difficult than the theory envisaged. Furthermore, it meant that no matter what method of pollution control was used, it would prove i~possible to reduce effluent to an optimal level. It was recommended that greater use be made of economic incentives to control all industrial effluent. It would nonetheless be necessary to do more research in this field as the theory was not tailor made for all practical situations. Further evidence of the viability of economic incentives could however encourage wider use by policy makers.
- Full Text:
- Date Issued: 1996
- Authors: Mowat, Shaun Phillip
- Date: 1996
- Subjects: Leather industry and trade -- South Africa , Tanneries -- Waste disposal -- Economic aspects
- Language: English
- Type: Thesis , Masters , MSocSc
- Identifier: vital:1010 , http://hdl.handle.net/10962/d1002745 , Leather industry and trade -- South Africa , Tanneries -- Waste disposal -- Economic aspects
- Description: The objective of the research was to ascertain whether, when compared to a system'of standards, the theoretical promise that economic incentives offered as a low cost solution to the abatement problem, would hold in practice. This was done by applying environmental economic theory to the practical problem of controlling the effluent generated by firms in the South African leather industry. It was found that in this instance the theory did indeed hold in practice. Furthermore, it was found that of the incentives discussed by the theory, marketable permits were the most economically efficient. It was however shown that a charge - not discussed in the ., theory - based on a central treatment agency's (CTA) cost of treatment offered the least cost solution to the abatement problem when the CTA could do at least some of the effluent treatment at a lower cost than the firms. - In addition a formula was developed to show the net benefits accruing to an individual firm if it undertook to treat its effluent. It was shown that in order to maximise the total benefits of treatment, a firm should treat until its net benefits of treatment were zero. A number of problem however were found to exist when the theory was applied to a practical situation. The most important was the "stepped" nature of the firms marginal abatement cost curves which meant that the setting of a charge based on a trial and error method would prove to be more difficult than the theory envisaged. Furthermore, it meant that no matter what method of pollution control was used, it would prove i~possible to reduce effluent to an optimal level. It was recommended that greater use be made of economic incentives to control all industrial effluent. It would nonetheless be necessary to do more research in this field as the theory was not tailor made for all practical situations. Further evidence of the viability of economic incentives could however encourage wider use by policy makers.
- Full Text:
- Date Issued: 1996
Economic sanctions and South Africa
- Authors: Cooper, John Howard
- Date: 1983
- Subjects: Economic sanctions -- South Africa
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:1045 , http://hdl.handle.net/10962/d1006137 , Economic sanctions -- South Africa
- Description: From Introduction: There are few more emotive and contentious contemporary issues of enduring nature than the subject of economic sanctions and South Africa. The controversy surrounding this issue has implications for the structure of international social, political and economic order. The threads of the debate are woven into the historical fabric of the past two decades, during which the acrimony of arguments both for and against sanctions on South Africa has increased. Indeed, for each argument in the debate can be found a counter-argument and "lies, damned lies and statistics" abound. The complex and widespread nature of the question has elevated a practical issue into the realm of theoretical analysis. This thesis is neither purely descriptive nor purely theoretical. It has essentially two focal points, firstly, an attempt at a systematic and reasoned investigation of the many claims and counter-claims, designed to put these arguments into a broad economic framework. There is generally a greater volume of pro-sanctions literature than anti-sanctions literature, some of which is freely available in South Africa, while some is restricted and some not available at all. However, this partial lack of accessibility would seem to pose no material problem of omission: as much of the literature is repetitive, the unavailable material is usually adequately "represented" by material which is available. Also a great part of the literature contains little or no economic analysis since it focuses more on political issues. In this respect the thesis tries to represent the main points of the broad arguments concerned rather than individual nuances and personal viewpoints. It is concerned with sanctions of an economic nature rather than wider sanctions that may affect South African citizens more generally, for example, sport and diplomatic boycotts, bans and restrictions on international travel, etc.
- Full Text:
- Date Issued: 1983
- Authors: Cooper, John Howard
- Date: 1983
- Subjects: Economic sanctions -- South Africa
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:1045 , http://hdl.handle.net/10962/d1006137 , Economic sanctions -- South Africa
- Description: From Introduction: There are few more emotive and contentious contemporary issues of enduring nature than the subject of economic sanctions and South Africa. The controversy surrounding this issue has implications for the structure of international social, political and economic order. The threads of the debate are woven into the historical fabric of the past two decades, during which the acrimony of arguments both for and against sanctions on South Africa has increased. Indeed, for each argument in the debate can be found a counter-argument and "lies, damned lies and statistics" abound. The complex and widespread nature of the question has elevated a practical issue into the realm of theoretical analysis. This thesis is neither purely descriptive nor purely theoretical. It has essentially two focal points, firstly, an attempt at a systematic and reasoned investigation of the many claims and counter-claims, designed to put these arguments into a broad economic framework. There is generally a greater volume of pro-sanctions literature than anti-sanctions literature, some of which is freely available in South Africa, while some is restricted and some not available at all. However, this partial lack of accessibility would seem to pose no material problem of omission: as much of the literature is repetitive, the unavailable material is usually adequately "represented" by material which is available. Also a great part of the literature contains little or no economic analysis since it focuses more on political issues. In this respect the thesis tries to represent the main points of the broad arguments concerned rather than individual nuances and personal viewpoints. It is concerned with sanctions of an economic nature rather than wider sanctions that may affect South African citizens more generally, for example, sport and diplomatic boycotts, bans and restrictions on international travel, etc.
- Full Text:
- Date Issued: 1983
Education : an investment or a liability? : an economic analysis of education and its role in the development of underdeveloped countries, with special reference to the concept of human capital
- Authors: Bates, Terrence
- Date: 1970
- Subjects: Education -- Economic aspects -- Developing countries , Human capital
- Language: English
- Type: Thesis , Honours , BCom
- Identifier: vital:1110 , http://hdl.handle.net/10962/d1013466
- Description: From Introduction: Education, in the broadest sense of the term, is as old as man himself, but the attention devoted to it has fluctuated to extremities over time. The "Economics of Education", as a separate study, has suffered the same cyclical life, but has in recent years experienced a prolonged revival of interest, eapecially with regard to the concept of "Human Capital".
- Full Text:
- Date Issued: 1970
- Authors: Bates, Terrence
- Date: 1970
- Subjects: Education -- Economic aspects -- Developing countries , Human capital
- Language: English
- Type: Thesis , Honours , BCom
- Identifier: vital:1110 , http://hdl.handle.net/10962/d1013466
- Description: From Introduction: Education, in the broadest sense of the term, is as old as man himself, but the attention devoted to it has fluctuated to extremities over time. The "Economics of Education", as a separate study, has suffered the same cyclical life, but has in recent years experienced a prolonged revival of interest, eapecially with regard to the concept of "Human Capital".
- Full Text:
- Date Issued: 1970
Financial technology and bank risk-taking behavior: a case of selected South African banks
- Authors: Magula, Zizipho
- Date: 2022-04-06
- Subjects: Uncatalogued
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10962/234206 , vital:50172
- Description: Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-04-06
- Authors: Magula, Zizipho
- Date: 2022-04-06
- Subjects: Uncatalogued
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10962/234206 , vital:50172
- Description: Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-04-06
Government debt levels and the systemic risks associated with post-crisis fiscal policies
- Authors: Koekemoer, Jonathan
- Date: 2013
- Subjects: Finance, Public Debts, Public -- South Africa Fiscal policy Monetary policy -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1031 , http://hdl.handle.net/10962/d1004168
- Description: The study analyses the concepts of intergenerational equity and fiscal sustainability in South Africa. The question raised is whether or not South Africa can adopt stimulatory fiscal measures, with a simultaneous increase in debt, so as to improve long-term growth potential in a sustainable manner without creating an excessive burden on future generations. The debate surrounding the use of stimulatory fiscal policy has come to the fore once again as monetary policy has become a restricted and ineffective macroeconomic policy tool in certain countries after the world-wide financial crisis and the Euro-debt crisis. Fiscal sustainability risks and high debt levels remain a source of concern in the United States and the Euro-zone, while South Africa presently seems to be at no great risk. With South Africa’s intention to become a developmental state, the use and appropriateness of fiscal policy is considered. An overlapping-generations model is used to determine whether or not future generations will be burdened due to current stimulatory policy. The use of fiscal rules in South Africa is discussed and considered in light of various political incentives and constraints. The conclusion given is that the possible use of a procedural fiscal rule, such as the ‘golden rule’, may add credibility to the current regime, while a numerical fiscal rule is seen as unnecessary given South Africa’s responsible use of fiscal policy thus far. As it stands, there is little possibility or risk that the public debt in South Africa will become too high in the near future. Although South Africa has been affected by the crisis, the developmental nature of the economy has been sustained through the use of responsible discretionary fiscal policy, putting South Africa in a positive position to meet its long-run growth potential.
- Full Text:
- Date Issued: 2013
- Authors: Koekemoer, Jonathan
- Date: 2013
- Subjects: Finance, Public Debts, Public -- South Africa Fiscal policy Monetary policy -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1031 , http://hdl.handle.net/10962/d1004168
- Description: The study analyses the concepts of intergenerational equity and fiscal sustainability in South Africa. The question raised is whether or not South Africa can adopt stimulatory fiscal measures, with a simultaneous increase in debt, so as to improve long-term growth potential in a sustainable manner without creating an excessive burden on future generations. The debate surrounding the use of stimulatory fiscal policy has come to the fore once again as monetary policy has become a restricted and ineffective macroeconomic policy tool in certain countries after the world-wide financial crisis and the Euro-debt crisis. Fiscal sustainability risks and high debt levels remain a source of concern in the United States and the Euro-zone, while South Africa presently seems to be at no great risk. With South Africa’s intention to become a developmental state, the use and appropriateness of fiscal policy is considered. An overlapping-generations model is used to determine whether or not future generations will be burdened due to current stimulatory policy. The use of fiscal rules in South Africa is discussed and considered in light of various political incentives and constraints. The conclusion given is that the possible use of a procedural fiscal rule, such as the ‘golden rule’, may add credibility to the current regime, while a numerical fiscal rule is seen as unnecessary given South Africa’s responsible use of fiscal policy thus far. As it stands, there is little possibility or risk that the public debt in South Africa will become too high in the near future. Although South Africa has been affected by the crisis, the developmental nature of the economy has been sustained through the use of responsible discretionary fiscal policy, putting South Africa in a positive position to meet its long-run growth potential.
- Full Text:
- Date Issued: 2013
Government policy and industrial location in South Africa
- Authors: Bell, Robert Trevor
- Date: 1968
- Subjects: South Africa -- Industries -- Location Industrial relations -- Government policy -- South Africa
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:1079 , http://hdl.handle.net/10962/d1009507
- Description: Governments, naturally, pursue social and political as well as economic objectives. The degree to which economic and non-economic objectives harmonise with one another without government interference, however, obviously varies a good deal according to time and place. For instance in the nineteenth century, the priorities of British governments made possible a high degree of individual freedom in the economic sphere. This century, however, as Robbins suggests, has seen a great extension of state activity in the economic sphere, for both economic and non-economic reasons. This tendency, then, is not peculiar to South Africa, but the border industries policy, largely because of its ideological associations and the degree of intervention which it seems to imply, is a particularly controversial example. Chapter 1 para 2.
- Full Text:
- Date Issued: 1968
- Authors: Bell, Robert Trevor
- Date: 1968
- Subjects: South Africa -- Industries -- Location Industrial relations -- Government policy -- South Africa
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:1079 , http://hdl.handle.net/10962/d1009507
- Description: Governments, naturally, pursue social and political as well as economic objectives. The degree to which economic and non-economic objectives harmonise with one another without government interference, however, obviously varies a good deal according to time and place. For instance in the nineteenth century, the priorities of British governments made possible a high degree of individual freedom in the economic sphere. This century, however, as Robbins suggests, has seen a great extension of state activity in the economic sphere, for both economic and non-economic reasons. This tendency, then, is not peculiar to South Africa, but the border industries policy, largely because of its ideological associations and the degree of intervention which it seems to imply, is a particularly controversial example. Chapter 1 para 2.
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- Date Issued: 1968