A comparative analysis of derivative regulation following the global financial crisis : an emerging markets perspective
- Authors: Mpala, Nqobile Natasha
- Date: 2015
- Subjects: Derivative securities , Global Financial Crisis, 2008-2009 , Capital market -- Developing countries , Derivative securities -- Developing countries , International economic relations
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1121 , http://hdl.handle.net/10962/d1018660
- Description: The international financial environment has become riskier due to the recent developments in product offerings and failure of regulation to keep abreast with these changes. The Global Financial Crisis exposed inadequacies of regulation, thus consensus on the need for comprehensive and uniform regulation was made by G-20 member states. Imposing exchange trading, clearing, reporting and capital requirements on the derivatives market are some of the ways of dealing with the problems caused by lax regulatory oversight. In this study, through the comparative analysis of derivatives regulation in South Africa, Brazil, India and Turkey, it was established that emerging countries are taking active steps to implement the G-20 agreement. Uniformity in the core rules was noted, with differences in the supportive legislation. Country specific rules which support the macroeconomic factors that are faced by these countries and the infrastructure available for regulatory execution are used amongst countries. The study concluded that current regulation in emerging countries is accommodative and regulatory differences are in line with economic factors in each country.
- Full Text:
- Authors: Mpala, Nqobile Natasha
- Date: 2015
- Subjects: Derivative securities , Global Financial Crisis, 2008-2009 , Capital market -- Developing countries , Derivative securities -- Developing countries , International economic relations
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1121 , http://hdl.handle.net/10962/d1018660
- Description: The international financial environment has become riskier due to the recent developments in product offerings and failure of regulation to keep abreast with these changes. The Global Financial Crisis exposed inadequacies of regulation, thus consensus on the need for comprehensive and uniform regulation was made by G-20 member states. Imposing exchange trading, clearing, reporting and capital requirements on the derivatives market are some of the ways of dealing with the problems caused by lax regulatory oversight. In this study, through the comparative analysis of derivatives regulation in South Africa, Brazil, India and Turkey, it was established that emerging countries are taking active steps to implement the G-20 agreement. Uniformity in the core rules was noted, with differences in the supportive legislation. Country specific rules which support the macroeconomic factors that are faced by these countries and the infrastructure available for regulatory execution are used amongst countries. The study concluded that current regulation in emerging countries is accommodative and regulatory differences are in line with economic factors in each country.
- Full Text:
A water footprint assessment of primary citrus production in the Lower Sundays River Valley Citrus Farms, Eastern Cape, South Africa
- Authors: Munro, Samantha Alanna
- Date: 2015
- Subjects: Water efficiency -- South Africa -- Eastern Cape -- Evaluation , Water consumption -- Environmental aspects -- South Africa -- Eastern Cape , Citrus -- Water requirements -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: vital:1120 , http://hdl.handle.net/10962/d1017558
- Description: With the current implementation of the South African National Water Act (NWA) underway, comprehensive tools to assist in the efficient, fair and sustainable management of water resources are needed. Water footprints (WFs) are increasingly being recognised as a meaningful way to represent human appropriation of water resources and provide a framework for assessing the sustainability of water use. The study calculated blue, green and grey WFs for the lower Sundays River Valley (LSRV) citrus sector across dry, humid and long-term average climates for a number of cultivars. The sustainability of both the LSRV and the production process of citrus were examined through the adoption of a number of environmental, social and economic indicators. The study revealed that there was no water scarcity in the area because of an inter-basin transfer and that water pollution levels attributed to citrus production required a more comprehensive indicator than the grey WF. Results showed that navels, despite being the dominant cultivar, had the highest WF and the lowest water productivity and technical efficiency. It also provided lower benefits of income and employment in terms of water use in comparison to other cultivars. Conversely, cultivars such as lemons, which required a greater amount of water and fertiliser, were the most productive cultivar with the lowest blue, green and grey WF. The study demonstrated the complexity of decisions regarding water management and the need to assess accurately the environmental, social and economic implications of strategies to increase efficiency of water. The importance of incorporating local data and verifying WFs was also illustrated. The analysis highlighted that WF assessments could be useful for the South African government and agricultural sectors to assist in future water management decisions and promote increased collaboration between stakeholders. The study found that the adoption of local benchmarks could be useful in aiding the promotion of more efficient water use and could factor in sensitive economic and social attributes. WFs in conjunction with other economic and social indicators could also be used to evaluate the sustainability of current and future allocations pertaining to the implementation of the NWA. It was however noted that this requires vast amounts of accurate data.
- Full Text:
- Authors: Munro, Samantha Alanna
- Date: 2015
- Subjects: Water efficiency -- South Africa -- Eastern Cape -- Evaluation , Water consumption -- Environmental aspects -- South Africa -- Eastern Cape , Citrus -- Water requirements -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: vital:1120 , http://hdl.handle.net/10962/d1017558
- Description: With the current implementation of the South African National Water Act (NWA) underway, comprehensive tools to assist in the efficient, fair and sustainable management of water resources are needed. Water footprints (WFs) are increasingly being recognised as a meaningful way to represent human appropriation of water resources and provide a framework for assessing the sustainability of water use. The study calculated blue, green and grey WFs for the lower Sundays River Valley (LSRV) citrus sector across dry, humid and long-term average climates for a number of cultivars. The sustainability of both the LSRV and the production process of citrus were examined through the adoption of a number of environmental, social and economic indicators. The study revealed that there was no water scarcity in the area because of an inter-basin transfer and that water pollution levels attributed to citrus production required a more comprehensive indicator than the grey WF. Results showed that navels, despite being the dominant cultivar, had the highest WF and the lowest water productivity and technical efficiency. It also provided lower benefits of income and employment in terms of water use in comparison to other cultivars. Conversely, cultivars such as lemons, which required a greater amount of water and fertiliser, were the most productive cultivar with the lowest blue, green and grey WF. The study demonstrated the complexity of decisions regarding water management and the need to assess accurately the environmental, social and economic implications of strategies to increase efficiency of water. The importance of incorporating local data and verifying WFs was also illustrated. The analysis highlighted that WF assessments could be useful for the South African government and agricultural sectors to assist in future water management decisions and promote increased collaboration between stakeholders. The study found that the adoption of local benchmarks could be useful in aiding the promotion of more efficient water use and could factor in sensitive economic and social attributes. WFs in conjunction with other economic and social indicators could also be used to evaluate the sustainability of current and future allocations pertaining to the implementation of the NWA. It was however noted that this requires vast amounts of accurate data.
- Full Text:
An analysis of public equity offerings listed on the Johannesburg Stock Exchange (JSE)
- Authors: Van Heerden, Gillian
- Date: 2015
- Subjects: Stock exchanges -- South Africa -- Johannesburg
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1119 , http://hdl.handle.net/10962/d1017546
- Description: The underpricing of initial public offerings (IPOs) and their subsequent low long-run performance represents one of the anomalies observed in primary markets worldwide. However, the depth and breadth of it varies from country to country, and sector to sector. Literature has documented that the phenomenon surrounding the long-run post issue performance of IPOs is not unique and that quite similar patterns can be found regarding firms making seasoned equity offerings (SEOs). This study is an empirical analysis of public equity offerings listed on the Johannesburg Stock Exchange (JSE). Using data for 141 South African IPOs that were listed on the JSE Mainboard from 2001 to 2010, significant short-run underpricing is found. A sector wise analysis of three broad sectors indicated that the ‘other’ sector had the largest IPO underpricing after the first few days of trading. The year-wise analysis is also documented. In the long-run this study showed that IPOs in South Africa underperformed two out of three benchmarks in 36 full months post listing. In contrast, using data for 50 South African SEOs during 2003 to 2010, superior SEO performance is found over a 36-month period when assessed using a size and industry adjusted benchmark. Various cross-sectional and time-series patterns in the aftermarket performance of IPO and SEO firms are also documented
- Full Text:
- Authors: Van Heerden, Gillian
- Date: 2015
- Subjects: Stock exchanges -- South Africa -- Johannesburg
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1119 , http://hdl.handle.net/10962/d1017546
- Description: The underpricing of initial public offerings (IPOs) and their subsequent low long-run performance represents one of the anomalies observed in primary markets worldwide. However, the depth and breadth of it varies from country to country, and sector to sector. Literature has documented that the phenomenon surrounding the long-run post issue performance of IPOs is not unique and that quite similar patterns can be found regarding firms making seasoned equity offerings (SEOs). This study is an empirical analysis of public equity offerings listed on the Johannesburg Stock Exchange (JSE). Using data for 141 South African IPOs that were listed on the JSE Mainboard from 2001 to 2010, significant short-run underpricing is found. A sector wise analysis of three broad sectors indicated that the ‘other’ sector had the largest IPO underpricing after the first few days of trading. The year-wise analysis is also documented. In the long-run this study showed that IPOs in South Africa underperformed two out of three benchmarks in 36 full months post listing. In contrast, using data for 50 South African SEOs during 2003 to 2010, superior SEO performance is found over a 36-month period when assessed using a size and industry adjusted benchmark. Various cross-sectional and time-series patterns in the aftermarket performance of IPO and SEO firms are also documented
- Full Text:
Impact of the global financial crisis on economic growth: implications for South Africa and other developing economies
- Authors: Savy, Neil Edward
- Date: 2015
- Subjects: Global Financial Crisis, 2008-2009 , Gross domestic product -- Developing countries , Gross domestic product -- South Africa , Economic forecasting -- South Africa , Economic forecasting -- Developing countries , Economic development -- South Africa , Economic development -- Developing countries
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1117 , http://hdl.handle.net/10962/d1017542
- Description: This paper examines the impact of the recent global financial crisis on economic growth in developing economies and South Africa in particular. It explores whether the events experienced by developing countries conform to what would be anticipated from economic theory. This is done by firstly comparing country growth forecasts for 2012 captured in 2008 at the beginning of the crisis to actual 2012 GDP growth data. Secondly, panel data analysis is used to investigate three important transmission channels, namely those of Trade, Capital Flows and Exchange Rates for 25 developing economies. The results suggest that economic forecasters in 2008 on average overestimated GDP growth for 2012 by -21.6 percent (excluding Venezuela). The only important transmission channel identified using Trend analysis to explain this negative impact on growth was capital flows. However when using Panel regression analysis all three channels were found to explain the economic impact of the crisis on GDP growth for developing countries, conforming to economic theory. It was discovered that, contrary to what was initially expected, portfolio inflows actually increased for most developing countries during the crisis. This possibly can be explained by the impact of quantitative easing in the USA. South Africa was found to have been negatively impacted by the global financial crisis, but to a lesser extent when compared to most other developing countries. The findings are important for global investors looking for new investment opportunities. The extent to which individual economies are “decoupled” from developed economies’ performance provides possible opportunities for diversifying risk through a geographic spread of investor portfolios.
- Full Text:
- Authors: Savy, Neil Edward
- Date: 2015
- Subjects: Global Financial Crisis, 2008-2009 , Gross domestic product -- Developing countries , Gross domestic product -- South Africa , Economic forecasting -- South Africa , Economic forecasting -- Developing countries , Economic development -- South Africa , Economic development -- Developing countries
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1117 , http://hdl.handle.net/10962/d1017542
- Description: This paper examines the impact of the recent global financial crisis on economic growth in developing economies and South Africa in particular. It explores whether the events experienced by developing countries conform to what would be anticipated from economic theory. This is done by firstly comparing country growth forecasts for 2012 captured in 2008 at the beginning of the crisis to actual 2012 GDP growth data. Secondly, panel data analysis is used to investigate three important transmission channels, namely those of Trade, Capital Flows and Exchange Rates for 25 developing economies. The results suggest that economic forecasters in 2008 on average overestimated GDP growth for 2012 by -21.6 percent (excluding Venezuela). The only important transmission channel identified using Trend analysis to explain this negative impact on growth was capital flows. However when using Panel regression analysis all three channels were found to explain the economic impact of the crisis on GDP growth for developing countries, conforming to economic theory. It was discovered that, contrary to what was initially expected, portfolio inflows actually increased for most developing countries during the crisis. This possibly can be explained by the impact of quantitative easing in the USA. South Africa was found to have been negatively impacted by the global financial crisis, but to a lesser extent when compared to most other developing countries. The findings are important for global investors looking for new investment opportunities. The extent to which individual economies are “decoupled” from developed economies’ performance provides possible opportunities for diversifying risk through a geographic spread of investor portfolios.
- Full Text:
Livelihoods and climate change in Hamburg: issues for food security
- Authors: Martens, Brendon
- Date: 2015
- Subjects: Climatic changes -- South Africa -- Eastern Cape. , Climatic changes -- Risk management -- South Africa -- Eastern Cape , Climatic changes -- Effect of human beings on , Climatic changes -- Agriculture
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1116 , http://hdl.handle.net/10962/d1017538
- Description: Climate change continues to present a major challenge to food security around the world. The potential impact of climate change of rural livelihoods is especially significant as rural communities often rely heavily on natural resources to sustain their livelihoods and, hence, food security. This is applicable to the rural town of Hamburg, on the Eastern Cape coast of South Africa. The Sustainable Rural Livelihoods framework analyses livelihoods in terms of the context, available capitals and institutional framework that determines the livelihood strategies and outcomes for rural households. In terms of livelihood outcomes for Hamburg, it was found that the households have a heavy reliance on state grants in their livelihood portfolios. Natural resources, in the form of agriculture and harvesting of marine organisms, played only a supplementary role in livelihood strategies. Thus, given that climate change would impact negatively on the estuarine resources and the impact on agriculture is unknown as the climate becomes wetter and hotter, the impact on livelihoods and food security would not be significant. However, the sustainability of current livelihood strategies is questionable as grants, by their very nature, or unsustainable and therefore can result in vulnerability and food insecurity in the long-run for households. It is recommended that grants should be issued within the community, instead of in the distant town of Peddie, to help develop the local economy and reduce leakages. This would allow for diversification of livelihood strategies in Hamburg. In addition, government support through extension officers should be extended to Hamburg to assist in developing the local agriculture sector
- Full Text:
- Authors: Martens, Brendon
- Date: 2015
- Subjects: Climatic changes -- South Africa -- Eastern Cape. , Climatic changes -- Risk management -- South Africa -- Eastern Cape , Climatic changes -- Effect of human beings on , Climatic changes -- Agriculture
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1116 , http://hdl.handle.net/10962/d1017538
- Description: Climate change continues to present a major challenge to food security around the world. The potential impact of climate change of rural livelihoods is especially significant as rural communities often rely heavily on natural resources to sustain their livelihoods and, hence, food security. This is applicable to the rural town of Hamburg, on the Eastern Cape coast of South Africa. The Sustainable Rural Livelihoods framework analyses livelihoods in terms of the context, available capitals and institutional framework that determines the livelihood strategies and outcomes for rural households. In terms of livelihood outcomes for Hamburg, it was found that the households have a heavy reliance on state grants in their livelihood portfolios. Natural resources, in the form of agriculture and harvesting of marine organisms, played only a supplementary role in livelihood strategies. Thus, given that climate change would impact negatively on the estuarine resources and the impact on agriculture is unknown as the climate becomes wetter and hotter, the impact on livelihoods and food security would not be significant. However, the sustainability of current livelihood strategies is questionable as grants, by their very nature, or unsustainable and therefore can result in vulnerability and food insecurity in the long-run for households. It is recommended that grants should be issued within the community, instead of in the distant town of Peddie, to help develop the local economy and reduce leakages. This would allow for diversification of livelihood strategies in Hamburg. In addition, government support through extension officers should be extended to Hamburg to assist in developing the local agriculture sector
- Full Text:
Perceived undersupply of local labour in the presence of unemployment: a case of selected Sundays River Valley citrus farms, 2013
- Authors: Chirara, Malon Tinotenda
- Date: 2015
- Subjects: Unemployment -- South Africa -- Sundays River (Eastern Cape) , Citrus fruit industry -- South Africa -- Sundays River (Eastern Cape) , Labor market -- South Africa -- Sundays River (Eastern Cape) , Work environment -- South Africa -- Sundays River (Eastern Cape) , Agricultural wages -- South Africa -- Sundays River (Eastern Cape) , Agricultural laborers -- South Africa -- Sundays River (Eastern Cape) , Seasonal labor -- South Africa -- Sundays River (Eastern Cape) , Migrant agricultural laborers -- South Africa -- Sundays River (Eastern Cape) , Personnel management -- South Africa -- Sundays River (Eastern Cape)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1125 , http://hdl.handle.net/10962/d1020367
- Description: While skilled labour shortages are common in many countries, including South Africa, mainly due to a skills mismatch, the undersupply of unskilled labour was less expected, especially in developing countries with high unemployment. The thesis utilises data on perceived worker undersupply on selected citrus farms in the Sundays River Valley (SRV), located in the Eastern Cape Province of South Africa, collected in 2013, to analyse why unemployed residents, surprisingly, do not fill up vacancies on farms. In contrast to other labour markets, farm employment is not restricted by educational levels and as workers reported, with little training the various job tasks and skills required are easy and quick to grasp. At a time the government is trying to find ways of reducing unemployment, and the SRV Municipality (2012:29) reported approximately 42% unemployment, the question arises as to why the relatively low educated residents do not take advantage of the employment opportunities on farms. According to local workers and unemployed residents, the farm job was unattractive largely because of a combination of two factors: perceived relatively low salaries partly caused by the availability of migrant seasonal workers accepting lower remuneration and poor non-wage working conditions. The survey also found that farmers preferred migrant workers because they were more productive compared to their local counterparts who were, reportedly, characterised by high absenteeism and laziness, caused mainly by a reliance on social grants and alcohol abuse. Other reasons given for the unattractiveness of the farm job included the seasonal nature of farm employment, which left workers with no source of income in the offseason, the redundancy associated with farm tasks, perceived poor treatment of workers and lack of information on UIF and Provident funds to farm workers. To address problems associated with the dislike of farm work, seasonality of on-farm employment and the reportedly relatively low income, farm managers, the local municipality and the Labour Department could possibly be involved in creating more communal agricultural projects and help provide local community members to venture into supporting alternative careers within the Hospitality, Ecotourism and Conservation Industries through training programmes. Farm managers may need to consider improving their working relationship with workers in communication and when assigning tasks. Farmers and the local municipality could also consider investing in training programmes for the unemployed residents to equip them with technical skills that can improve their chances of finding jobs.
- Full Text:
- Authors: Chirara, Malon Tinotenda
- Date: 2015
- Subjects: Unemployment -- South Africa -- Sundays River (Eastern Cape) , Citrus fruit industry -- South Africa -- Sundays River (Eastern Cape) , Labor market -- South Africa -- Sundays River (Eastern Cape) , Work environment -- South Africa -- Sundays River (Eastern Cape) , Agricultural wages -- South Africa -- Sundays River (Eastern Cape) , Agricultural laborers -- South Africa -- Sundays River (Eastern Cape) , Seasonal labor -- South Africa -- Sundays River (Eastern Cape) , Migrant agricultural laborers -- South Africa -- Sundays River (Eastern Cape) , Personnel management -- South Africa -- Sundays River (Eastern Cape)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1125 , http://hdl.handle.net/10962/d1020367
- Description: While skilled labour shortages are common in many countries, including South Africa, mainly due to a skills mismatch, the undersupply of unskilled labour was less expected, especially in developing countries with high unemployment. The thesis utilises data on perceived worker undersupply on selected citrus farms in the Sundays River Valley (SRV), located in the Eastern Cape Province of South Africa, collected in 2013, to analyse why unemployed residents, surprisingly, do not fill up vacancies on farms. In contrast to other labour markets, farm employment is not restricted by educational levels and as workers reported, with little training the various job tasks and skills required are easy and quick to grasp. At a time the government is trying to find ways of reducing unemployment, and the SRV Municipality (2012:29) reported approximately 42% unemployment, the question arises as to why the relatively low educated residents do not take advantage of the employment opportunities on farms. According to local workers and unemployed residents, the farm job was unattractive largely because of a combination of two factors: perceived relatively low salaries partly caused by the availability of migrant seasonal workers accepting lower remuneration and poor non-wage working conditions. The survey also found that farmers preferred migrant workers because they were more productive compared to their local counterparts who were, reportedly, characterised by high absenteeism and laziness, caused mainly by a reliance on social grants and alcohol abuse. Other reasons given for the unattractiveness of the farm job included the seasonal nature of farm employment, which left workers with no source of income in the offseason, the redundancy associated with farm tasks, perceived poor treatment of workers and lack of information on UIF and Provident funds to farm workers. To address problems associated with the dislike of farm work, seasonality of on-farm employment and the reportedly relatively low income, farm managers, the local municipality and the Labour Department could possibly be involved in creating more communal agricultural projects and help provide local community members to venture into supporting alternative careers within the Hospitality, Ecotourism and Conservation Industries through training programmes. Farm managers may need to consider improving their working relationship with workers in communication and when assigning tasks. Farmers and the local municipality could also consider investing in training programmes for the unemployed residents to equip them with technical skills that can improve their chances of finding jobs.
- Full Text:
Recent developments in banking supervision and the soundness of the financial system : a comparative study of South Africa, Brazil and China
- Authors: Gutu, Taurai Fortune
- Date: 2015
- Subjects: Basel III (2010) , Bank management -- South Africa , Bank management -- Brazil , Bank management -- China , Global Financial Crisis, 2008-2009 , Ratio analysis , Liquidity (Economics)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1130 , http://hdl.handle.net/10962/d1020892
- Description: While the 2008 financial crisis has come and gone, its effects on the global financial sector still show. Globalisation has since changed the way that banks do business, and increased competitiveness and with it the level of risk within the international banking community. Therefore, because of these prolonged effects of the financial crisis and the rise in the level of risk in banking, regulators deemed it fit to make the global financial sector safer and sounder. As a result, the BASEL III Capital Accord was introduced with tighter capital adequacy and liquidity ratio requirements; as well as also introducing the leverage ratio. In this paper, through the study of the rules and regulations on banks in South Africa, Brazil and China, it was discovered that all three countries have since begun the implementation of the new Accord as from January 2013. While preparatory measures may be different, there is a general sense of regulatory alignment among the three countries. By analysing the capital adequacy, liquidity and leverage ratios of the three countries, it was also established that these ratios are interconnected, with the capital adequacy ratio being the most important one. The study concludes that, with proper implementation of these ratios and effective management, countries implementing the BASEL III regulations would be in a stronger position to achieve soundness in their banking systems. , Gutu, Taurai Fortunate
- Full Text:
- Authors: Gutu, Taurai Fortune
- Date: 2015
- Subjects: Basel III (2010) , Bank management -- South Africa , Bank management -- Brazil , Bank management -- China , Global Financial Crisis, 2008-2009 , Ratio analysis , Liquidity (Economics)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1130 , http://hdl.handle.net/10962/d1020892
- Description: While the 2008 financial crisis has come and gone, its effects on the global financial sector still show. Globalisation has since changed the way that banks do business, and increased competitiveness and with it the level of risk within the international banking community. Therefore, because of these prolonged effects of the financial crisis and the rise in the level of risk in banking, regulators deemed it fit to make the global financial sector safer and sounder. As a result, the BASEL III Capital Accord was introduced with tighter capital adequacy and liquidity ratio requirements; as well as also introducing the leverage ratio. In this paper, through the study of the rules and regulations on banks in South Africa, Brazil and China, it was discovered that all three countries have since begun the implementation of the new Accord as from January 2013. While preparatory measures may be different, there is a general sense of regulatory alignment among the three countries. By analysing the capital adequacy, liquidity and leverage ratios of the three countries, it was also established that these ratios are interconnected, with the capital adequacy ratio being the most important one. The study concludes that, with proper implementation of these ratios and effective management, countries implementing the BASEL III regulations would be in a stronger position to achieve soundness in their banking systems. , Gutu, Taurai Fortunate
- Full Text:
Sources of change in the money stock
- Smith, Robert Ayreton Bailey
- Authors: Smith, Robert Ayreton Bailey
- Date: 2015
- Subjects: Money supply -- South Africa , Money -- South Africa , Banks and banking, Central -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1118 , http://hdl.handle.net/10962/d1017543
- Description: This research provides an historical, theoretical and practical appraisal of exogenous and endogenous money and money creation, with South Africa as the focus of the practical investigation. Monetary theory of recent decades can be categorised as belonging to one of two distinct paradigms: mainstream (neoclassical) or post Keynesian. The mainstream (orthodox) view presents a Euclidian or Cartesian, ergodic, deductive, and axiomatic theoretical interpretation of the world. This is perpetuated through the continued, and inaccurate, depiction in academia of exogenous money creation, the money multiplier concept, asset transformation by banks, imposed alterations to the money stock by central banks and long-run closed system equilibrium models (and associated homogeneity, and long term behavioural assumptions). In the real world, economic agents, structures, institutions and their interrelations are perpetually evolving. The post Keynesian paradigm provides the theoretical framework within which to understand such a world. Unfortunately the necessity for a multiplicity of methods and methodology makes it a paradigm that is currently prohibitively complex, preventing simple exposition. Money creation should, both historically, and according to the analysis conducted, be defined according to the actual source of change in the money stock, that is, credit extension. In a nonergodic world, changes in the stock of money take on a causal role with regard the initiation of productive processes, and thus influence future economic conditions. The simple, although powerful, technique of balance sheet analysis conducted herein provides a detailed method of identification of causal changes in money stock. Within the context of the institutional and structural environment, it clearly demonstrates the residual nature of money m modern economies. This research serves to emphasise the importance of monetary matters for economic management, as well as the important difference between the money creation process and the residual deposit securities. It serves also to discourage the perpetuation of fallacies of money creation, and capabilities of monetary authorities. In South Africa, as in most countries, the central bank can influence the conditions under which borrowers and banks mutually create money, but do not themselves create or distribute money beyond the facilitation of credit extension by banks
- Full Text:
- Authors: Smith, Robert Ayreton Bailey
- Date: 2015
- Subjects: Money supply -- South Africa , Money -- South Africa , Banks and banking, Central -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1118 , http://hdl.handle.net/10962/d1017543
- Description: This research provides an historical, theoretical and practical appraisal of exogenous and endogenous money and money creation, with South Africa as the focus of the practical investigation. Monetary theory of recent decades can be categorised as belonging to one of two distinct paradigms: mainstream (neoclassical) or post Keynesian. The mainstream (orthodox) view presents a Euclidian or Cartesian, ergodic, deductive, and axiomatic theoretical interpretation of the world. This is perpetuated through the continued, and inaccurate, depiction in academia of exogenous money creation, the money multiplier concept, asset transformation by banks, imposed alterations to the money stock by central banks and long-run closed system equilibrium models (and associated homogeneity, and long term behavioural assumptions). In the real world, economic agents, structures, institutions and their interrelations are perpetually evolving. The post Keynesian paradigm provides the theoretical framework within which to understand such a world. Unfortunately the necessity for a multiplicity of methods and methodology makes it a paradigm that is currently prohibitively complex, preventing simple exposition. Money creation should, both historically, and according to the analysis conducted, be defined according to the actual source of change in the money stock, that is, credit extension. In a nonergodic world, changes in the stock of money take on a causal role with regard the initiation of productive processes, and thus influence future economic conditions. The simple, although powerful, technique of balance sheet analysis conducted herein provides a detailed method of identification of causal changes in money stock. Within the context of the institutional and structural environment, it clearly demonstrates the residual nature of money m modern economies. This research serves to emphasise the importance of monetary matters for economic management, as well as the important difference between the money creation process and the residual deposit securities. It serves also to discourage the perpetuation of fallacies of money creation, and capabilities of monetary authorities. In South Africa, as in most countries, the central bank can influence the conditions under which borrowers and banks mutually create money, but do not themselves create or distribute money beyond the facilitation of credit extension by banks
- Full Text:
Sport consumption patterns in the Eastern Cape: cricket spectators as sporting univores or omnivores
- Authors: Brock, Kelcey
- Date: 2015
- Subjects: Cricket -- South Africa -- Eastern Cape , Cricket -- Social aspects , Consumption (Economics) , Consumer behavior
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1115 , http://hdl.handle.net/10962/d1017534
- Description: Since its inception, consumption behaviour theory has developed to account for the important social aspect that underpins or at least to some extent can be used to explain consumption behaviour. Modern consumption behaviour theory is anthropocentric in nature, with people and societal influence at the forefront of the theory. To date, empirical studies on consumption behaviour of cultural activities (for example, music and arts), entertainment and sport have used Bourdieu’s (1984) omnivore/univore theory to suggest that consumption of leisure activities is bound up in social ties. To date, no such investigation has been conducted in the context of sport in South Africa. The aim of the study therefore is to investigate whether South African cricket spectators are sporting omnivores or univores, thus, essentially investigating whether sports consumption behaviour in South Africa is bound up in social ties. A number of positive economic and social ramifications could result from gaining a holistic understanding of sports consumption behaviour in South Africa. Given these ramifications, the secondary goal of the research is to identify motives for consumers making specific sport consumption decisions, and determining whether certain characteristics can be attributed to these consumption decisions. Recommendations based on the findings of the research could help various stakeholders understand sports consumption patterns in South Africa, which could in turn lead to the realization of positive economic and social benefits. The study made use of a questionnaire, administered at four different limited overs cricket matches in the 2012/13 cricket season, to obtain a range of responses reflecting specific types of consumption behaviour as well as motives for consumption decisions of cricket spectators in the Eastern Cape. Using individual binary probit models and post estimation F-tests, the results indicate that consumption behaviour of sport within South Africa predominantly differs on the grounds of education and race. This suggests that there are aspects of social connotations underpinning sports consumption behaviour within South Africa
- Full Text:
Sport consumption patterns in the Eastern Cape: cricket spectators as sporting univores or omnivores
- Authors: Brock, Kelcey
- Date: 2015
- Subjects: Cricket -- South Africa -- Eastern Cape , Cricket -- Social aspects , Consumption (Economics) , Consumer behavior
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1115 , http://hdl.handle.net/10962/d1017534
- Description: Since its inception, consumption behaviour theory has developed to account for the important social aspect that underpins or at least to some extent can be used to explain consumption behaviour. Modern consumption behaviour theory is anthropocentric in nature, with people and societal influence at the forefront of the theory. To date, empirical studies on consumption behaviour of cultural activities (for example, music and arts), entertainment and sport have used Bourdieu’s (1984) omnivore/univore theory to suggest that consumption of leisure activities is bound up in social ties. To date, no such investigation has been conducted in the context of sport in South Africa. The aim of the study therefore is to investigate whether South African cricket spectators are sporting omnivores or univores, thus, essentially investigating whether sports consumption behaviour in South Africa is bound up in social ties. A number of positive economic and social ramifications could result from gaining a holistic understanding of sports consumption behaviour in South Africa. Given these ramifications, the secondary goal of the research is to identify motives for consumers making specific sport consumption decisions, and determining whether certain characteristics can be attributed to these consumption decisions. Recommendations based on the findings of the research could help various stakeholders understand sports consumption patterns in South Africa, which could in turn lead to the realization of positive economic and social benefits. The study made use of a questionnaire, administered at four different limited overs cricket matches in the 2012/13 cricket season, to obtain a range of responses reflecting specific types of consumption behaviour as well as motives for consumption decisions of cricket spectators in the Eastern Cape. Using individual binary probit models and post estimation F-tests, the results indicate that consumption behaviour of sport within South Africa predominantly differs on the grounds of education and race. This suggests that there are aspects of social connotations underpinning sports consumption behaviour within South Africa
- Full Text:
The economics of institutions, institutional governance and efficiency: the case of water distribution in Lower Sundays River Valley
- Authors: Madigele, Patricia Kefilwe
- Date: 2015
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/54777 , vital:26611
- Description: The institutional dynamics, policies and legislation that were prevalent during the apartheid era have left imprints that are difficult to ignore as they still dictate the interaction between different elements in the water sector to date. During the apartheid era, the formulation of policies was informed by racial segregation, resulting in a socio-economic pattern that dictated the distribution and access of resources for the people of different races in the country. Post-apartheid, the National Water Act has established the basis for management of water resources on a catchment basis (for equity, efficiency and sustainability), and the Water Services Act aims to ensure everybody has access to basic water supply and sanitation services. Regardless of the improvements in water supply to the rural sector made by the South African government, many of the current patterns of water use are still characterised by inequality, inefficiency, and inadequacy. The poor remain marginalised, and emerging farmers and poor rural communities have limited access to water resources while water continues to be used inefficiently by some farmers in the agricultural sector with few incentives to improve its water use efficiency. Despite the existence of the thriving citrus industry in the area, around 60% of people in the Sundays River Valley Municipality (SRVM) live below the poverty datum line. The inequality between the municipal populace and the commercial citrus industry is noticeable and the inequitable water redistribution is prevalent in the Lower Sundays River Valley (LSRV). The problem of disrupted water supply is prevalent in the catchment. However, there is also currently no physical shortage of water in the catchment. Therefore, the currently experienced problems with water supply in the LSRV are consequence of a lack of effective institutions and infrastructure, not of physical water scarcity. It is argued in this paper that there is a notable lack of understanding about the design of institutions for water management in developing countries. The vast majority of research on water management and access is premised on neoclassical economics ideas related to water markets and pricing among others. The neoclassical economics approach, however, does not adequately define the role of institutions in shaping the direction of water access and supply. This study uses new institutional economics (NIE) arguments to define the institutional arrangements and dynamics defining the water sector in South Africa, using the Lower Sunday River Water Users Association (LSR-WUA) as the case study. It aims at analysing the institutional governance and performance of the using equity, efficiency and effectiveness as key indicators. The various research methods employed in this study include; interpretive and post-positivist paradigms, quantitative and qualitative research, the case study research method and in-depth key informant interviews. It is concluded that that the current and future decisions made by the LSR-WUA are not entirely independent of those made in the past under Sundays River Irrigation Board (SRIB). The thesis argues that such factors as old effective networks, vested interests of commercial farmers, sunk costs towards the building of canals, among other factors, may have influenced the dependence of the LSR-WUA on the SRIB’s set path. It is further concluded that the absence of contractual agreement between the LRS-WUA which acts as the bulk water supplier, and the SRVM which acts as both the water services authority (WSA) and the water service provider (WSP) creates an institutional arrangement deficiency. Such an institutional arrangement vacuum can lead to a failure of the water institutions in the catchment to provide water resources effectively. The study further argues that because the post-apartheid National Water Policy of South Africa is largely influenced by neoclassical economics foundations, the desired results in the water sector, such as equitable distribution of water resources, have not yet been fulfilled completely.
- Full Text:
- Authors: Madigele, Patricia Kefilwe
- Date: 2015
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/54777 , vital:26611
- Description: The institutional dynamics, policies and legislation that were prevalent during the apartheid era have left imprints that are difficult to ignore as they still dictate the interaction between different elements in the water sector to date. During the apartheid era, the formulation of policies was informed by racial segregation, resulting in a socio-economic pattern that dictated the distribution and access of resources for the people of different races in the country. Post-apartheid, the National Water Act has established the basis for management of water resources on a catchment basis (for equity, efficiency and sustainability), and the Water Services Act aims to ensure everybody has access to basic water supply and sanitation services. Regardless of the improvements in water supply to the rural sector made by the South African government, many of the current patterns of water use are still characterised by inequality, inefficiency, and inadequacy. The poor remain marginalised, and emerging farmers and poor rural communities have limited access to water resources while water continues to be used inefficiently by some farmers in the agricultural sector with few incentives to improve its water use efficiency. Despite the existence of the thriving citrus industry in the area, around 60% of people in the Sundays River Valley Municipality (SRVM) live below the poverty datum line. The inequality between the municipal populace and the commercial citrus industry is noticeable and the inequitable water redistribution is prevalent in the Lower Sundays River Valley (LSRV). The problem of disrupted water supply is prevalent in the catchment. However, there is also currently no physical shortage of water in the catchment. Therefore, the currently experienced problems with water supply in the LSRV are consequence of a lack of effective institutions and infrastructure, not of physical water scarcity. It is argued in this paper that there is a notable lack of understanding about the design of institutions for water management in developing countries. The vast majority of research on water management and access is premised on neoclassical economics ideas related to water markets and pricing among others. The neoclassical economics approach, however, does not adequately define the role of institutions in shaping the direction of water access and supply. This study uses new institutional economics (NIE) arguments to define the institutional arrangements and dynamics defining the water sector in South Africa, using the Lower Sunday River Water Users Association (LSR-WUA) as the case study. It aims at analysing the institutional governance and performance of the using equity, efficiency and effectiveness as key indicators. The various research methods employed in this study include; interpretive and post-positivist paradigms, quantitative and qualitative research, the case study research method and in-depth key informant interviews. It is concluded that that the current and future decisions made by the LSR-WUA are not entirely independent of those made in the past under Sundays River Irrigation Board (SRIB). The thesis argues that such factors as old effective networks, vested interests of commercial farmers, sunk costs towards the building of canals, among other factors, may have influenced the dependence of the LSR-WUA on the SRIB’s set path. It is further concluded that the absence of contractual agreement between the LRS-WUA which acts as the bulk water supplier, and the SRVM which acts as both the water services authority (WSA) and the water service provider (WSP) creates an institutional arrangement deficiency. Such an institutional arrangement vacuum can lead to a failure of the water institutions in the catchment to provide water resources effectively. The study further argues that because the post-apartheid National Water Policy of South Africa is largely influenced by neoclassical economics foundations, the desired results in the water sector, such as equitable distribution of water resources, have not yet been fulfilled completely.
- Full Text:
- «
- ‹
- 1
- ›
- »