An appraisal of the Department of Provincial and Local Government's management and coordination of Donor Assistance Programs to local government in South Africa
- Authors: Dzengwa, Simphiwe
- Date: 2004
- Subjects: South Africa. Dept. of Provincial & Local Government , Local government -- South Africa , Municipal government -- South Africa , Economic assistance -- South Africa , South Africa -- Politics and government , South Africa -- Foreign relations
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:816 , http://hdl.handle.net/10962/d1007923
- Description: This study is a contribution to the ongoing debate concerning the role and involvement of foreign donor entities in the processes of transforming and creating viable and sustainable municipal entities in South Africa. The discussion particularly focuses on the relationship between the donor community and the Department of Provincial and Local Government (DPLG) and how this relationship has been nurtured, coordinated and managed. The study acknowledges the challenges pertaining to local government transformation and the role and mandate assigned to the DPLG by the South African Constitution and the Presidential Coordinating Council (PCC) for it to facilitate the creation of developmental local government. In discussing this, consideration is given to capacity and resource constraints within the Department, which necessitate that it collaborates closely with other stakeholders, particularly donors, in seeking to augment its resource base and capacity. The Department's lack of capacity is further complicated by the various pieces of legislation, which have a serious bearing on how municipalities have to work - irrespective of their capacity and resources limitations. The research also focuses on how this relationship, between the DPLG and foreign aid donors working in the local government sector, is coordinated and managed. From evidence gathered and interviews conducted, the conclusion is drawn that there is much room for the DPLG to improve and strategically focus its interaction with donors as informed by its mandate and strategic priorities. Proposals, which entail development of donor management guidelines, setting up of a donor coordination unit within DPLG, the improvement of the understanding of donor work politics and modalities among DPLG officials, etc., are made.
- Full Text:
- Date Issued: 2004
- Authors: Dzengwa, Simphiwe
- Date: 2004
- Subjects: South Africa. Dept. of Provincial & Local Government , Local government -- South Africa , Municipal government -- South Africa , Economic assistance -- South Africa , South Africa -- Politics and government , South Africa -- Foreign relations
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:816 , http://hdl.handle.net/10962/d1007923
- Description: This study is a contribution to the ongoing debate concerning the role and involvement of foreign donor entities in the processes of transforming and creating viable and sustainable municipal entities in South Africa. The discussion particularly focuses on the relationship between the donor community and the Department of Provincial and Local Government (DPLG) and how this relationship has been nurtured, coordinated and managed. The study acknowledges the challenges pertaining to local government transformation and the role and mandate assigned to the DPLG by the South African Constitution and the Presidential Coordinating Council (PCC) for it to facilitate the creation of developmental local government. In discussing this, consideration is given to capacity and resource constraints within the Department, which necessitate that it collaborates closely with other stakeholders, particularly donors, in seeking to augment its resource base and capacity. The Department's lack of capacity is further complicated by the various pieces of legislation, which have a serious bearing on how municipalities have to work - irrespective of their capacity and resources limitations. The research also focuses on how this relationship, between the DPLG and foreign aid donors working in the local government sector, is coordinated and managed. From evidence gathered and interviews conducted, the conclusion is drawn that there is much room for the DPLG to improve and strategically focus its interaction with donors as informed by its mandate and strategic priorities. Proposals, which entail development of donor management guidelines, setting up of a donor coordination unit within DPLG, the improvement of the understanding of donor work politics and modalities among DPLG officials, etc., are made.
- Full Text:
- Date Issued: 2004
Price discovery, price behaviour, and efficiency of selected grain commodities traded on the agricultural products division of the JSE securities exchange
- Authors: Viljoen, Christo
- Date: 2004
- Subjects: Johannesburg Stock Exchange Stock exchanges -- South Africa International economic relations Primary commodities -- South Africa Grain trade -- South Africa Financial futures -- South Africa Price regulation -- South Africa
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:952 , http://hdl.handle.net/10962/d1002686
- Description: Agricultural commodity derivatives were first introduced in South Africa in 1996 after the deregulation of the former marketing system. In the context of its proposed functions, namely price discovery and risk management, the question arose as to whether the futures market developed over time to performed its role efficiently. According to the Efficient Markets Hypothesis (EMH) an efficient market is one that accurately incorporates all information available at any point in time. The purpose of the research was to address the issue of price discovery efficiency, firstly, focusing on the weak-form methodology. Secondly, considering the behaviour of futures prices over time, the study addressed the concern of anomalies in daily returns – phenomena contradictory to the EMH by implication. Thirdly, as a means of defining the sources of inefficiency, the role of scheduled public information and its impact on futures prices was examined. Therefore, the primary objective of the research was to investigate and identify the main components of agricultural futures market inefficiency within the unique price formation structure of South African grain markets. The assessment of this problem is important in terms of evaluating the growth and development of the futures market for different grain commodities to date. The Exchange needs to review rules and regulations on a frequent basis in order to ensure proper functioning at all times especially in the case of a relatively new and fast growing market. The study contributed to the knowledge of understanding the price adjustment process and its implications for market efficiency in the context of the three grain markets considered. The weak-form efficiency was tested using a co-integration based model. Analysing daily spot and futures prices of white maize, yellow maize, and wheat, results indicated that all three markets were efficient and unbiased. Non-parametric tests revealed the significant presence of day-of-the-week and turn-of-the-month effects in the futures returns of the three commodities. Further non-parametric analyses suggested a high degree of uncertainty in futures returns around scheduled agricultural and macroeconomic information release dates also contributing significantly to the identified anomalies. It was concluded that (1) the markets’ ability to anticipate the contents of future information to be released, (2) the current skewed size distribution of broking members, (3) the significant role of the R/$ exchange rate in the price formation process of South African grains and, therefore, (4) the relationship to and influence of the broader economy enhanced the return effects (anomalies) creating opportunity for profitable arbitrage. This conclusion was mainly attributed to South Africa’s status as a price-taker in the world grain complex as well as the relatively short existence of the local agricultural futures markets.
- Full Text:
- Date Issued: 2004
- Authors: Viljoen, Christo
- Date: 2004
- Subjects: Johannesburg Stock Exchange Stock exchanges -- South Africa International economic relations Primary commodities -- South Africa Grain trade -- South Africa Financial futures -- South Africa Price regulation -- South Africa
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:952 , http://hdl.handle.net/10962/d1002686
- Description: Agricultural commodity derivatives were first introduced in South Africa in 1996 after the deregulation of the former marketing system. In the context of its proposed functions, namely price discovery and risk management, the question arose as to whether the futures market developed over time to performed its role efficiently. According to the Efficient Markets Hypothesis (EMH) an efficient market is one that accurately incorporates all information available at any point in time. The purpose of the research was to address the issue of price discovery efficiency, firstly, focusing on the weak-form methodology. Secondly, considering the behaviour of futures prices over time, the study addressed the concern of anomalies in daily returns – phenomena contradictory to the EMH by implication. Thirdly, as a means of defining the sources of inefficiency, the role of scheduled public information and its impact on futures prices was examined. Therefore, the primary objective of the research was to investigate and identify the main components of agricultural futures market inefficiency within the unique price formation structure of South African grain markets. The assessment of this problem is important in terms of evaluating the growth and development of the futures market for different grain commodities to date. The Exchange needs to review rules and regulations on a frequent basis in order to ensure proper functioning at all times especially in the case of a relatively new and fast growing market. The study contributed to the knowledge of understanding the price adjustment process and its implications for market efficiency in the context of the three grain markets considered. The weak-form efficiency was tested using a co-integration based model. Analysing daily spot and futures prices of white maize, yellow maize, and wheat, results indicated that all three markets were efficient and unbiased. Non-parametric tests revealed the significant presence of day-of-the-week and turn-of-the-month effects in the futures returns of the three commodities. Further non-parametric analyses suggested a high degree of uncertainty in futures returns around scheduled agricultural and macroeconomic information release dates also contributing significantly to the identified anomalies. It was concluded that (1) the markets’ ability to anticipate the contents of future information to be released, (2) the current skewed size distribution of broking members, (3) the significant role of the R/$ exchange rate in the price formation process of South African grains and, therefore, (4) the relationship to and influence of the broader economy enhanced the return effects (anomalies) creating opportunity for profitable arbitrage. This conclusion was mainly attributed to South Africa’s status as a price-taker in the world grain complex as well as the relatively short existence of the local agricultural futures markets.
- Full Text:
- Date Issued: 2004
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