Malawi’s trilemma: monetary policy independence, exchange rate stability and financial integration
- Authors: Kamamkhudza, Charity
- Date: 2017
- Subjects: Malawi -- Economic conditions , Economic policy -- Malawi , Monetary policy -- Malawi , Foreign exchange rates -- Malawi
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/41634 , vital:25112
- Description: Malawi has, in the last few decades, undergone several reforms relating to monetary, exchange rate and financial integration policies in a bid to achieve sustainable economic growth. Despite these reforms, however, the country has barely attained desirable macroeconomic performance. This study sets out to establish if the need for these policy reforms is due to the fact that the country is constrained from the simultaneous achievement of optimal levels of monetary policy independence, exchange rate stability and financial integration, as postulated by the ‘trilemma’. The trilemma is evaluated using an approach introduced by Aizenman et al. (2008), in which the Ordinary Least Squares (OLS) method is applied to a model in which a constant is regressed on indices constructed for the policy intermediate goals; the results indicate that the trilemma is a binding constraint in Malawi and that the largest trade-off is between exchange rate stability and financial integration. Given these constraints, the study also considers the combination of the trilemma intermediate policy goals that has been dominant in the country in the last three decades, using predicted values from the model and a graphical analysis to explore this objective. The analysis reveals that Malawi has, on average, prioritised exchange rate stability and monetary policy independence at the expense of financial integration. The study also assesses how the trilemma intermediate policy goals affect macroeconomic performance, specifically regarding output growth rate and inflation. The results reveal that exchange rate stability is associated with faster output growth, financial integration is associated with higher inflation, and that monetary policy independence is not a significant factor. The results emphasise the importance of consistent stability of the exchange rate if Malawi is to achieve faster and sustainable economic growth. Given this, policy makers must be cautious, as the current floating exchange rate regime, combined with financial integration, could lead to slow growth and high inflation.
- Full Text:
- Date Issued: 2017
- Authors: Kamamkhudza, Charity
- Date: 2017
- Subjects: Malawi -- Economic conditions , Economic policy -- Malawi , Monetary policy -- Malawi , Foreign exchange rates -- Malawi
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/41634 , vital:25112
- Description: Malawi has, in the last few decades, undergone several reforms relating to monetary, exchange rate and financial integration policies in a bid to achieve sustainable economic growth. Despite these reforms, however, the country has barely attained desirable macroeconomic performance. This study sets out to establish if the need for these policy reforms is due to the fact that the country is constrained from the simultaneous achievement of optimal levels of monetary policy independence, exchange rate stability and financial integration, as postulated by the ‘trilemma’. The trilemma is evaluated using an approach introduced by Aizenman et al. (2008), in which the Ordinary Least Squares (OLS) method is applied to a model in which a constant is regressed on indices constructed for the policy intermediate goals; the results indicate that the trilemma is a binding constraint in Malawi and that the largest trade-off is between exchange rate stability and financial integration. Given these constraints, the study also considers the combination of the trilemma intermediate policy goals that has been dominant in the country in the last three decades, using predicted values from the model and a graphical analysis to explore this objective. The analysis reveals that Malawi has, on average, prioritised exchange rate stability and monetary policy independence at the expense of financial integration. The study also assesses how the trilemma intermediate policy goals affect macroeconomic performance, specifically regarding output growth rate and inflation. The results reveal that exchange rate stability is associated with faster output growth, financial integration is associated with higher inflation, and that monetary policy independence is not a significant factor. The results emphasise the importance of consistent stability of the exchange rate if Malawi is to achieve faster and sustainable economic growth. Given this, policy makers must be cautious, as the current floating exchange rate regime, combined with financial integration, could lead to slow growth and high inflation.
- Full Text:
- Date Issued: 2017
Modelling the causality between FDI and Zimbabwe’s economic growth
- Authors: Mashamhanda, Tendai
- Date: 2017
- Subjects: Investments, Foreign -- Zimbabwe , Zimbabwe -- Economic conditions -- 1965-1980 , Zimbabwe -- Economic conditions -- 1980-
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/50260 , vital:25970
- Description: The study investigates the causal nexus between economic growth and FDI in Zimbabwe for the period spanning 1976 to 2011. The bounds testing approach to cointegration and Granger causality methodology was applied and results suggest a bi-directional causal relationship between FDI and economic growth in the long run. However, the causal effect from economic growth to FDI was weak. Domestic investment, human capital and trade openness were also found to be crucial determinants of economic growth in Zimbabwe. Implementing policies that promote inflow of FDI into Zimbabwe are recommended.
- Full Text:
- Date Issued: 2017
- Authors: Mashamhanda, Tendai
- Date: 2017
- Subjects: Investments, Foreign -- Zimbabwe , Zimbabwe -- Economic conditions -- 1965-1980 , Zimbabwe -- Economic conditions -- 1980-
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/50260 , vital:25970
- Description: The study investigates the causal nexus between economic growth and FDI in Zimbabwe for the period spanning 1976 to 2011. The bounds testing approach to cointegration and Granger causality methodology was applied and results suggest a bi-directional causal relationship between FDI and economic growth in the long run. However, the causal effect from economic growth to FDI was weak. Domestic investment, human capital and trade openness were also found to be crucial determinants of economic growth in Zimbabwe. Implementing policies that promote inflow of FDI into Zimbabwe are recommended.
- Full Text:
- Date Issued: 2017
The determinants of credit default swap spreads in emerging market economies
- Authors: Matakane, Lwazi
- Date: 2017
- Subjects: Bank loans -- BRIC countries , Risk management -- BRIC countries , Swaps (Finance) -- BRIC countries , BRIC countries -- Economic conditions , Rating agencies (Finance)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/7142 , vital:21221
- Description: Emerging markets have become a destination for international portfolio flows as a result of global financial integration. This has allowed exogenous factors like sentiment and developed country monetary policy to affect developing countries capital markets and macroeconomic fundamentals. This study analyses the impact of investor sentiment alongside US monetary policy, country specific risks, inflation and domestic stock returns on the BRICS credit default spreads. To investigate this relationship, the study uses panel data and a fixed effects model. The results of the panel regressions suggest that all variables had an impact on the variation of BRICS credit default spreads however the crisis may have distorted the relationship among the variables. Sovereign ratings had an inverse relationship depicting a rise in ratings decreasing the credit default premium. This was in line with a priori expectations. Domestic company earnings also had an inverse relationship with BRCIS credit default premia, the magnitude of which is dependent on the value of the index. This is to say the higher the index, the more significant the effect on the BRICS default premium. US monetary policy was significant and in line with expectations of a linear relationship between emerging market credit default spreads when controlling for the crisis. In the crisis period however, results depicted an inverse relationship going against a priori expectations. The inflation variable was found to have a greater impact on CDS spreads during the crisis period, while the VIX index had a linear relationship with the default premia albeit the impact was not highly significant. The study concludes that the financial crisis was an important event that affected the relationship of these variables with BRICS country default spreads and had read through to market participant’s behaviour at the time.
- Full Text:
- Date Issued: 2017
- Authors: Matakane, Lwazi
- Date: 2017
- Subjects: Bank loans -- BRIC countries , Risk management -- BRIC countries , Swaps (Finance) -- BRIC countries , BRIC countries -- Economic conditions , Rating agencies (Finance)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/7142 , vital:21221
- Description: Emerging markets have become a destination for international portfolio flows as a result of global financial integration. This has allowed exogenous factors like sentiment and developed country monetary policy to affect developing countries capital markets and macroeconomic fundamentals. This study analyses the impact of investor sentiment alongside US monetary policy, country specific risks, inflation and domestic stock returns on the BRICS credit default spreads. To investigate this relationship, the study uses panel data and a fixed effects model. The results of the panel regressions suggest that all variables had an impact on the variation of BRICS credit default spreads however the crisis may have distorted the relationship among the variables. Sovereign ratings had an inverse relationship depicting a rise in ratings decreasing the credit default premium. This was in line with a priori expectations. Domestic company earnings also had an inverse relationship with BRCIS credit default premia, the magnitude of which is dependent on the value of the index. This is to say the higher the index, the more significant the effect on the BRICS default premium. US monetary policy was significant and in line with expectations of a linear relationship between emerging market credit default spreads when controlling for the crisis. In the crisis period however, results depicted an inverse relationship going against a priori expectations. The inflation variable was found to have a greater impact on CDS spreads during the crisis period, while the VIX index had a linear relationship with the default premia albeit the impact was not highly significant. The study concludes that the financial crisis was an important event that affected the relationship of these variables with BRICS country default spreads and had read through to market participant’s behaviour at the time.
- Full Text:
- Date Issued: 2017
The effects of changing western worldviews on morals and ethics in economics: a protestant perspective
- Authors: Appalraju, Nerusha
- Date: 2017
- Subjects: Economics -- Moral and ethical aspects , Neoclassical school of economics , Capitalism -- Religious aspects -- Protestant churches , Feminist economics , Economics -- Religious aspects , Environmental economics -- Moral and ethical aspects , Smith, Adam, 1723-1790 , Weber, Max, 1864-1920
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/32480 , vital:24050
- Description: The World Economics Association held an online conference in 2012 where they published many papers on ethics in economics. The topic of ethics in economics became more serious and popular following the 2008 financial crisis. However the case for a professional code of ethics in economics is difficult to introduce and implement due to the multidisciplinary approach of the discipline. Therefore authors such as Dow (2012), De Martino (2012), Freeman (2012) and Earl (2012) urged economists to start thinking about ethics in economics from a pluralistic view. This thesis studied the effects of changing Western worldviews on morals and ethics in economics from a Protestant perspective. Numerous authoritative sources were considered and used to create a discussion and analysis of how diverse Western worldviews impact on the type of economics which is prescribed and practiced. It was found that different Western worldviews create various standards of understanding and evaluation, which result in varying opinions on what constitutes as morally or ethically acceptable within the discipline of economics.
- Full Text:
- Date Issued: 2017
- Authors: Appalraju, Nerusha
- Date: 2017
- Subjects: Economics -- Moral and ethical aspects , Neoclassical school of economics , Capitalism -- Religious aspects -- Protestant churches , Feminist economics , Economics -- Religious aspects , Environmental economics -- Moral and ethical aspects , Smith, Adam, 1723-1790 , Weber, Max, 1864-1920
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/32480 , vital:24050
- Description: The World Economics Association held an online conference in 2012 where they published many papers on ethics in economics. The topic of ethics in economics became more serious and popular following the 2008 financial crisis. However the case for a professional code of ethics in economics is difficult to introduce and implement due to the multidisciplinary approach of the discipline. Therefore authors such as Dow (2012), De Martino (2012), Freeman (2012) and Earl (2012) urged economists to start thinking about ethics in economics from a pluralistic view. This thesis studied the effects of changing Western worldviews on morals and ethics in economics from a Protestant perspective. Numerous authoritative sources were considered and used to create a discussion and analysis of how diverse Western worldviews impact on the type of economics which is prescribed and practiced. It was found that different Western worldviews create various standards of understanding and evaluation, which result in varying opinions on what constitutes as morally or ethically acceptable within the discipline of economics.
- Full Text:
- Date Issued: 2017
The impact of good news and bad news on South Africa’s sectoral stock return volatility: an asymmetric GARCH analysis
- Authors: Muzinda, Edmond Toreva
- Date: 2017
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/6425 , vital:21108
- Description: This study explores the impact of good news and bad news on South Africa’s sectoral stock return volatility using an asymmetric GARCH analysis. Understanding the different impact of news on stock return volatility in different economic sectors has important implications for investors’ risk management practices, portfolio allocation strategies and asset pricing. The study employs data of daily closing prices for nine sectors and three benchmark indices for the period 2nd January 1997 - 17th August 2016. The data was split into sub-samples of pre-, during and post-global financial crisis, as well as the overall sample period. The incorporation of sub-samples was to help explain the outcomes of the overall sample period. To capture the different impact of good news and bad news on stock return volatility for each sector, asymmetric GARCH models namely, TGARCH and EGARCH were employed. The findings from this study revealed that volatility asymmetry was present in all sectors and benchmark indices of South African equity market. Bad news had more impact on stock return volatility for all sectors except the Oil and Gas sector, than good news of the same magnitude. In the Oil and Gas sector, good news was found to have an amplified effect on return volatility compared with bad news of the same magnitude. High volatility persistence was also found to be present in the Consumer goods, Financials, Industrials, All-share index and Mid-cap index. High differential impact of good and bad news were found in the Industrials, Financials, Basic materials, Consumer goods and the All-share index. Since the main objective of this study was to provide explanations of volatility asymmetry found in the South African sectors, the following were proposed as possible explanations of the findings. Within sectors, volatility asymmetry was explained by financial leverage, the role of the media, loss-averse investors and the behaviour of traders (overconfidence and extrapolation bias). Volatility asymmetry across sectors was explained by information flow, the uneven distribution of information by the media, investor sentiments, investor expectations and trading volumes. Overall, the results indicate that the stock return volatility of individual sectors of the South African equity market is driven mainly by bad news (except for Oil and Gas) and that leverage effects exist in all the sectors and in the benchmark indices.
- Full Text:
- Date Issued: 2017
- Authors: Muzinda, Edmond Toreva
- Date: 2017
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/6425 , vital:21108
- Description: This study explores the impact of good news and bad news on South Africa’s sectoral stock return volatility using an asymmetric GARCH analysis. Understanding the different impact of news on stock return volatility in different economic sectors has important implications for investors’ risk management practices, portfolio allocation strategies and asset pricing. The study employs data of daily closing prices for nine sectors and three benchmark indices for the period 2nd January 1997 - 17th August 2016. The data was split into sub-samples of pre-, during and post-global financial crisis, as well as the overall sample period. The incorporation of sub-samples was to help explain the outcomes of the overall sample period. To capture the different impact of good news and bad news on stock return volatility for each sector, asymmetric GARCH models namely, TGARCH and EGARCH were employed. The findings from this study revealed that volatility asymmetry was present in all sectors and benchmark indices of South African equity market. Bad news had more impact on stock return volatility for all sectors except the Oil and Gas sector, than good news of the same magnitude. In the Oil and Gas sector, good news was found to have an amplified effect on return volatility compared with bad news of the same magnitude. High volatility persistence was also found to be present in the Consumer goods, Financials, Industrials, All-share index and Mid-cap index. High differential impact of good and bad news were found in the Industrials, Financials, Basic materials, Consumer goods and the All-share index. Since the main objective of this study was to provide explanations of volatility asymmetry found in the South African sectors, the following were proposed as possible explanations of the findings. Within sectors, volatility asymmetry was explained by financial leverage, the role of the media, loss-averse investors and the behaviour of traders (overconfidence and extrapolation bias). Volatility asymmetry across sectors was explained by information flow, the uneven distribution of information by the media, investor sentiments, investor expectations and trading volumes. Overall, the results indicate that the stock return volatility of individual sectors of the South African equity market is driven mainly by bad news (except for Oil and Gas) and that leverage effects exist in all the sectors and in the benchmark indices.
- Full Text:
- Date Issued: 2017
Assessing the value of public investment into biological control research for invasive alien plants : the ARC PPRI Weeds Research Division
- Authors: Scarr, Lowell Martin
- Date: 2016
- Subjects: Alien plants -- Biological control , Invasive plants -- Biological control , Alien plants -- Economic aspects , Invasive plants -- Economic aspects , Weeds -- Biological control
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1126 , http://hdl.handle.net/10962/d1020604
- Description: This study investigates the economic impact of the ARC PPRI Weeds Research Division. The Division researches appropriate methods of biological control for invasive alien plants (IAPs). These plants pose an increasing threat to environmental integrity and ecosystem service provision impacting on economic potential. Since the work of the Division is considered a public good, a predominantly descriptive approach has been adopted for the valuation process. A combination of quantitative cost analysis and a qualitative study of the impacts of research and invasive alien plants is used to deal with the challenges associated with non-market valuation. The study found that investment into the Weeds Division is a valuable activity that supports the long-term growth potential of the South African economy. The role of a well-functioning environment is highlighted as an essential base for the creation of sustained growth opportunities in any society. It was determined that investment into the Division should be increased into the future to support efficient spending of scarce state funds. Biological control research was found to provide strategic future growth potential, creating opportunities for the development of a competitive advantage in the biotechnology and environmental management sectors. The study adds to the increasing move towards a more holistic view of economic valuation, taking factors other than pure finance and econometrics into consideration. This is an important shift in prevailing economic thought, as a realisation is reached that a single, or even triple, bottom line is an outdated and insufficient decision making basis.
- Full Text:
- Date Issued: 2016
- Authors: Scarr, Lowell Martin
- Date: 2016
- Subjects: Alien plants -- Biological control , Invasive plants -- Biological control , Alien plants -- Economic aspects , Invasive plants -- Economic aspects , Weeds -- Biological control
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1126 , http://hdl.handle.net/10962/d1020604
- Description: This study investigates the economic impact of the ARC PPRI Weeds Research Division. The Division researches appropriate methods of biological control for invasive alien plants (IAPs). These plants pose an increasing threat to environmental integrity and ecosystem service provision impacting on economic potential. Since the work of the Division is considered a public good, a predominantly descriptive approach has been adopted for the valuation process. A combination of quantitative cost analysis and a qualitative study of the impacts of research and invasive alien plants is used to deal with the challenges associated with non-market valuation. The study found that investment into the Weeds Division is a valuable activity that supports the long-term growth potential of the South African economy. The role of a well-functioning environment is highlighted as an essential base for the creation of sustained growth opportunities in any society. It was determined that investment into the Division should be increased into the future to support efficient spending of scarce state funds. Biological control research was found to provide strategic future growth potential, creating opportunities for the development of a competitive advantage in the biotechnology and environmental management sectors. The study adds to the increasing move towards a more holistic view of economic valuation, taking factors other than pure finance and econometrics into consideration. This is an important shift in prevailing economic thought, as a realisation is reached that a single, or even triple, bottom line is an outdated and insufficient decision making basis.
- Full Text:
- Date Issued: 2016
Institutional change, institutional isolation and biodiversity governance in South Africa: a case study of the trout industry in alien and invasive species regulatory reforms
- Authors: Marire, Juniours
- Date: 2016
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: http://hdl.handle.net/10962/639 , vital:19977
- Description: The world, in recent decades, has witnessed an incalculable surge in global “wicked” policy problems that have long-term, and most often irreversible, impacts, not least terrorism, climate change, biodiversity losses and desertification. Wicked problems are wicked because there is no single epistemological system that can adequately coordinate policy action for addressing them. Literature abounds with international case studies of opposition to national institutions that are designed to put into effect global and regional policies for resolving wicked problems. This raises questions about what constitutes reasonable institutions, how such institutions can be designed and why societies sometimes fail to develop such institutions despite the obvious need for them. As a point of entry into these issues, the thesis adapted and extended the Northean (2007, 2012) macro meta-theoretic framework for studying the violence-development relationship, which focuses on the role of political and economic competition in the emergence of ‘right’ institutions that promote development, while containing violence. The Northean framework conceptualises two mutually exclusive social orders – the limited access order and the open access order – which provide the socio-cultural context for the evolution of specific institutions. The macro meta-theoretic framework was transformed into a micro metatheoretic framework in such a way that the limited access order and the open access order co-existed in the evolution of specific institutions. This reconceptualisation built on Bromley’s (2004, 2006) two realms of public policy: the realm of reasons (legislative-judicial system) and the realm of rules (administrative system) as well as the feminist concept of epistemic violence, which broadened the concept of violence from being exclusively physical to including the sociocognitive. The feminist concept of epistemic oppression logically fitted into, and became a new sub-category of, Commons’ (1899, 1924, 1934) theories of sovereignty and negotiational psychology. The innovations showed that either of these realms can be a limited access order, while the other can be an open access order or both can be open access orders or both can be limited access orders. The conceptual innovations were then used as an interpretive scheme in analysing the evolution of the South African invasive alien species regulatory reforms under the National Environmental Management: Biodiversity Act of 2004, using a case study of the trout sector, which was the most opposed to the reforms. There was a general perception among socioeconomic sectors that utilise invasive alien species that the regulatory reform processes for the governance of such species had institutionally isolated the sectors. Because of this perception, the regulatory reform process was contested, and implementation of the Fifth Chapter of the Act, which deals with the governance of invasive alien species, was delayed for nearly a decade. The thesis evaluated whether institutional isolation existed and how and why it came to be since it has implications for the reasonableness of emerging regulatory institutions, economic performance of sectors and efficient allocation of fiscal resources in institutional design processes. A mixed methods methodology was used, which included data analysis techniques such as semiosis, exploratory factor analysis, econometric estimation and document analysis. Policy documents, an online survey and key informant interviews comprised the data. The findings suggested six dimensions of institutional change that a theory of institutional change might have to address: the origin and continuity of pecuniary institutions; selfreinforcing mechanisms of the limited access policymaking order; succession and disbandment of the limited access policymaking order; exclusivity of negotiations in institutional design; tiers of institutional isolation; and the role of administrative discontinuities. Findings suggested that institutional isolation existed in the regulatory process, manifesting in three forms: administrative isolation, epistemological isolation and sectoral isolation. Administrative isolation was the most complex of the three in that it also involved a less obvious process of institutional isolation in the form of administrative redefinition of opportunity sets that were already legislatively redefined. The mechanisms of institutional isolation through which administrative isolation was sustained were administrative financing of research and careerism. The two mechanisms created a revolving door-type scenario through which invasion biologists supplied the administrative agency with candidates for senior (decision making) positions and the administrative agency, in turn, demanded specific types of knowledge over which the same epistemic community had a monopoly. The revolving door-type scenario was found to ideologically and physically entrench invasion biologists into the regulatory community. The consequence of the entrenchment was institutional hegemony, which manifested itself through the mechanism of epistemic violence insofar as the invasion biologists became the epistemic arbiters about what kinds of ideas and institutions really mattered in the governance of invasive alien species. Econometric estimates suggested that the extent to which an emerging institution is perceived to be reasonable by regulated sectors depends on the extent to which the institution is designed in a participatory and inclusive manner (that is, using integrative knowledge systems), the extent to which the designers used credible evidence and contextualised international evidence as well as the extent to which the emergent biodiversity governance institution was anthropocentric. However, findings suggested that the South African regulatory reform process fell short on all these four dimensions of reasonable institutions, which is characteristic of institutional design process shaped by hegemonic social imaginaries, resulting in institutional isolation. Emerging from the findings are several theoretical insights. Bush’s (1987) concept of institutional spaces under the Veblenian Dichotomy was extended, the result of which was identification of two stable institutional equilibria – one ceremonial and another instrumental. The ceremonial equilibrium was a typical limited access policymaking order and was responsible for the historical and present emergence of regressive institutions. Findings also suggested that the entrenched invasion biologists ceremonially encapsulated the knowledge fund that had been accumulated since the 1980s, which could have facilitated the consensual design of regulatory institutions for invasive alien species without protracted controversy. Findings suggested that a limited access policymaking order could only be disbanded by the intervention of an external sovereign agent (in this case the office of the state president) since the administrative agency, and the epistemic community that advised it, adopted the solutions that were empirically tested and proposed in the 1980s only after the intervention of the external sovereign agent. The instrumental equilibrium repealed the contested prisoner’s dilemma that was characteristic of the policy process and turned it into an assurance policy game by facilitating the identification of common interests. This finding logically links the study to a recent theoretical development in institutional theory – Ordonomics – which focuses on the causality between ideas and institutions. The findings imply that it is possible to design reasonable institutions as long as integrative (transdisciplinary) knowledge systems, including the non-scientific knowledge of the resource users, are incorporated. Integrative knowledge systems facilitate semantic innovations, which create social DNA, but epistemic violence destroys social DNA. They also imply that reliance on unidisciplinary knowledge systems in institutional design induces a large and inefficient transaction cost burden of public policy on the fiscus and private agents alike because of the inevitability of controversy, especially for wicked policy problems.
- Full Text:
- Date Issued: 2016
- Authors: Marire, Juniours
- Date: 2016
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: http://hdl.handle.net/10962/639 , vital:19977
- Description: The world, in recent decades, has witnessed an incalculable surge in global “wicked” policy problems that have long-term, and most often irreversible, impacts, not least terrorism, climate change, biodiversity losses and desertification. Wicked problems are wicked because there is no single epistemological system that can adequately coordinate policy action for addressing them. Literature abounds with international case studies of opposition to national institutions that are designed to put into effect global and regional policies for resolving wicked problems. This raises questions about what constitutes reasonable institutions, how such institutions can be designed and why societies sometimes fail to develop such institutions despite the obvious need for them. As a point of entry into these issues, the thesis adapted and extended the Northean (2007, 2012) macro meta-theoretic framework for studying the violence-development relationship, which focuses on the role of political and economic competition in the emergence of ‘right’ institutions that promote development, while containing violence. The Northean framework conceptualises two mutually exclusive social orders – the limited access order and the open access order – which provide the socio-cultural context for the evolution of specific institutions. The macro meta-theoretic framework was transformed into a micro metatheoretic framework in such a way that the limited access order and the open access order co-existed in the evolution of specific institutions. This reconceptualisation built on Bromley’s (2004, 2006) two realms of public policy: the realm of reasons (legislative-judicial system) and the realm of rules (administrative system) as well as the feminist concept of epistemic violence, which broadened the concept of violence from being exclusively physical to including the sociocognitive. The feminist concept of epistemic oppression logically fitted into, and became a new sub-category of, Commons’ (1899, 1924, 1934) theories of sovereignty and negotiational psychology. The innovations showed that either of these realms can be a limited access order, while the other can be an open access order or both can be open access orders or both can be limited access orders. The conceptual innovations were then used as an interpretive scheme in analysing the evolution of the South African invasive alien species regulatory reforms under the National Environmental Management: Biodiversity Act of 2004, using a case study of the trout sector, which was the most opposed to the reforms. There was a general perception among socioeconomic sectors that utilise invasive alien species that the regulatory reform processes for the governance of such species had institutionally isolated the sectors. Because of this perception, the regulatory reform process was contested, and implementation of the Fifth Chapter of the Act, which deals with the governance of invasive alien species, was delayed for nearly a decade. The thesis evaluated whether institutional isolation existed and how and why it came to be since it has implications for the reasonableness of emerging regulatory institutions, economic performance of sectors and efficient allocation of fiscal resources in institutional design processes. A mixed methods methodology was used, which included data analysis techniques such as semiosis, exploratory factor analysis, econometric estimation and document analysis. Policy documents, an online survey and key informant interviews comprised the data. The findings suggested six dimensions of institutional change that a theory of institutional change might have to address: the origin and continuity of pecuniary institutions; selfreinforcing mechanisms of the limited access policymaking order; succession and disbandment of the limited access policymaking order; exclusivity of negotiations in institutional design; tiers of institutional isolation; and the role of administrative discontinuities. Findings suggested that institutional isolation existed in the regulatory process, manifesting in three forms: administrative isolation, epistemological isolation and sectoral isolation. Administrative isolation was the most complex of the three in that it also involved a less obvious process of institutional isolation in the form of administrative redefinition of opportunity sets that were already legislatively redefined. The mechanisms of institutional isolation through which administrative isolation was sustained were administrative financing of research and careerism. The two mechanisms created a revolving door-type scenario through which invasion biologists supplied the administrative agency with candidates for senior (decision making) positions and the administrative agency, in turn, demanded specific types of knowledge over which the same epistemic community had a monopoly. The revolving door-type scenario was found to ideologically and physically entrench invasion biologists into the regulatory community. The consequence of the entrenchment was institutional hegemony, which manifested itself through the mechanism of epistemic violence insofar as the invasion biologists became the epistemic arbiters about what kinds of ideas and institutions really mattered in the governance of invasive alien species. Econometric estimates suggested that the extent to which an emerging institution is perceived to be reasonable by regulated sectors depends on the extent to which the institution is designed in a participatory and inclusive manner (that is, using integrative knowledge systems), the extent to which the designers used credible evidence and contextualised international evidence as well as the extent to which the emergent biodiversity governance institution was anthropocentric. However, findings suggested that the South African regulatory reform process fell short on all these four dimensions of reasonable institutions, which is characteristic of institutional design process shaped by hegemonic social imaginaries, resulting in institutional isolation. Emerging from the findings are several theoretical insights. Bush’s (1987) concept of institutional spaces under the Veblenian Dichotomy was extended, the result of which was identification of two stable institutional equilibria – one ceremonial and another instrumental. The ceremonial equilibrium was a typical limited access policymaking order and was responsible for the historical and present emergence of regressive institutions. Findings also suggested that the entrenched invasion biologists ceremonially encapsulated the knowledge fund that had been accumulated since the 1980s, which could have facilitated the consensual design of regulatory institutions for invasive alien species without protracted controversy. Findings suggested that a limited access policymaking order could only be disbanded by the intervention of an external sovereign agent (in this case the office of the state president) since the administrative agency, and the epistemic community that advised it, adopted the solutions that were empirically tested and proposed in the 1980s only after the intervention of the external sovereign agent. The instrumental equilibrium repealed the contested prisoner’s dilemma that was characteristic of the policy process and turned it into an assurance policy game by facilitating the identification of common interests. This finding logically links the study to a recent theoretical development in institutional theory – Ordonomics – which focuses on the causality between ideas and institutions. The findings imply that it is possible to design reasonable institutions as long as integrative (transdisciplinary) knowledge systems, including the non-scientific knowledge of the resource users, are incorporated. Integrative knowledge systems facilitate semantic innovations, which create social DNA, but epistemic violence destroys social DNA. They also imply that reliance on unidisciplinary knowledge systems in institutional design induces a large and inefficient transaction cost burden of public policy on the fiscus and private agents alike because of the inevitability of controversy, especially for wicked policy problems.
- Full Text:
- Date Issued: 2016
Quantifying the water savings benefit of water hyacinth (Eichhornia crassipes) control in the Vaalharts Irrigation Scheme
- Authors: Arp, Reinhardt
- Date: 2016
- Language: English
- Type: Thesis , Masters , MEcon
- Identifier: http://hdl.handle.net/10962/409 , vital:19956
- Description: Global fresh water resources are under increasing pressure from an ever-growing population and global economic development, highlighting the need for sustainable water management. Effective sustainable management must also control any additional factors that may aggravate the water scarcity problem. Invasive alien plants present such an aggravating threat, and pose a particular problem for water scarce countries in particular. South Africa is not immune to this global phenomenon, with plant invasions estimated to carry an annual loss of R5.8 billion in water provisioning services. Given the country’s semi-arid climate, and relative water scarcity, the threat presented by invasive plants needs to managed effectively for the sustainability of the countries already scarce fresh water resources. One species in particular, water hyacinth (Eichhornia crassipes), is regarded as one of the most destructive aquatic weeds in the world. The threat presented by this weed is of particular concern for economically productive water resources, such as irrigation water. Through high levels of evapotranspiration, water hyacinth leads to substantial water losses that could otherwise have been used more productively, thereby creating an externality on irrigation fed agriculture. An economic valuation of irrigation water and the loss thereof from water hyacinth, is a step towards improved water management and alien plant control. This will provide policy makers, stakeholders and irrigation managers with the relevant information they need to improve sustainability, allocate scarce resources more efficiently and enhance the returns to water. This thesis provides such an evaluation of the benefits of water hyacinth control, using the Vaalharts Irrigation Scheme as a case study. The benefit of water hyacinth control programmes are essentially ‘avoided costs’ of no control. The study quantified the water saving benefits of water hyacinth control for the Vaalharts Irrigation Scheme at Warrenton Weir on the Vaal River, South Africa. Three evapotranspiration to evaporation (ET:EW) ratios at three levels of invasion (100; 50 and 25% cover) were used to estimate the net annual water loss at Warrenton Weir. A Residual Value Method was employed to estimate the average production value of irrigation water, to serve as a proxy for the value of water lost via evapotranspiration by water hyacinth. The average production value of irrigation water for the Vaalharts was estimated to be R300/m3, which translated into an annual benefit of between R500 million and R9 billion. However, due to various limitations associated with the valuation method, the inflationary bias of estimating the average value of water and the unlikelihood of ET:EW ratios being larger than 1.4 in reality, it was suggested that R500 million was the more realistic value of the benefit of control. Despite being a conservative estimation, the benefit still equated to a quarter of the annual production value of the irrigation scheme, suggesting the water hyacinth could potentially reduce the productivity of the scheme by as much as 25% in the event of a scarcity of water on the scheme. The results of this research highlight the need for invasive plant control, especially where invasions affect economically productive water resources. Therefore, it is recommended that alien plant control policy prioritise invasions of this nature, as they present significant costs to the economy yet carry substantial benefits.
- Full Text:
- Date Issued: 2016
- Authors: Arp, Reinhardt
- Date: 2016
- Language: English
- Type: Thesis , Masters , MEcon
- Identifier: http://hdl.handle.net/10962/409 , vital:19956
- Description: Global fresh water resources are under increasing pressure from an ever-growing population and global economic development, highlighting the need for sustainable water management. Effective sustainable management must also control any additional factors that may aggravate the water scarcity problem. Invasive alien plants present such an aggravating threat, and pose a particular problem for water scarce countries in particular. South Africa is not immune to this global phenomenon, with plant invasions estimated to carry an annual loss of R5.8 billion in water provisioning services. Given the country’s semi-arid climate, and relative water scarcity, the threat presented by invasive plants needs to managed effectively for the sustainability of the countries already scarce fresh water resources. One species in particular, water hyacinth (Eichhornia crassipes), is regarded as one of the most destructive aquatic weeds in the world. The threat presented by this weed is of particular concern for economically productive water resources, such as irrigation water. Through high levels of evapotranspiration, water hyacinth leads to substantial water losses that could otherwise have been used more productively, thereby creating an externality on irrigation fed agriculture. An economic valuation of irrigation water and the loss thereof from water hyacinth, is a step towards improved water management and alien plant control. This will provide policy makers, stakeholders and irrigation managers with the relevant information they need to improve sustainability, allocate scarce resources more efficiently and enhance the returns to water. This thesis provides such an evaluation of the benefits of water hyacinth control, using the Vaalharts Irrigation Scheme as a case study. The benefit of water hyacinth control programmes are essentially ‘avoided costs’ of no control. The study quantified the water saving benefits of water hyacinth control for the Vaalharts Irrigation Scheme at Warrenton Weir on the Vaal River, South Africa. Three evapotranspiration to evaporation (ET:EW) ratios at three levels of invasion (100; 50 and 25% cover) were used to estimate the net annual water loss at Warrenton Weir. A Residual Value Method was employed to estimate the average production value of irrigation water, to serve as a proxy for the value of water lost via evapotranspiration by water hyacinth. The average production value of irrigation water for the Vaalharts was estimated to be R300/m3, which translated into an annual benefit of between R500 million and R9 billion. However, due to various limitations associated with the valuation method, the inflationary bias of estimating the average value of water and the unlikelihood of ET:EW ratios being larger than 1.4 in reality, it was suggested that R500 million was the more realistic value of the benefit of control. Despite being a conservative estimation, the benefit still equated to a quarter of the annual production value of the irrigation scheme, suggesting the water hyacinth could potentially reduce the productivity of the scheme by as much as 25% in the event of a scarcity of water on the scheme. The results of this research highlight the need for invasive plant control, especially where invasions affect economically productive water resources. Therefore, it is recommended that alien plant control policy prioritise invasions of this nature, as they present significant costs to the economy yet carry substantial benefits.
- Full Text:
- Date Issued: 2016
Social assistance strategies as means of addressing poverty: lessons for South Africa
- Authors: Mampuru, Tsebo
- Date: 2016
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/4098 , vital:20607
- Description: Poverty is a daily reality which a majority of South Africans live with. Social security in the form of cash grants has been the main poverty reduction instrument, albeit with limited success. The thesis aims to propose improvements which can be made in the government’s current social protection system and formulate alternative directions towards reducing poverty. An overview of the three most researched social security strategies around the world (i.e. Nordic, Latin American, and U.S. models) revealed two dominant instruments: conditionality and universalism. If applied in South Africa, universalism may be costly and unsustainable unless the right funding method is used. Attaching education and health attainment conditions to an adult grant would be inefficient and even burdensome to recipients. In terms of child grants, there is little evidence to suggest that the demand for and private levels of investment in education and health are insufficient. Therefore attaching health and education conditions to social grants may only serve to highlight the severe supply side inefficiencies in South Africa. Attaching marriage as an alternative condition may disadvantage poor and needy beneficiaries as marriage is an expensive institution in South Africa. Furthermore, enforcing the marriage condition would violate the constitutional rights of recipients who do not necessarily place a high value on the institution. To strengthen the poverty reduction efficiency of social grants and reduce dependency, the thesis suggests that social cash grants, regardless of whether universal and/or conditional or neither, should be temporary and used in conjunction with other strategies which encourage inclusive economic growth. Social assistance alone will not reduce poverty and ultimately, inclusive economic growth remains a more viable approach to reducing poverty. How to achieve the required inclusive economic growth in South Africa therefore provides further research opportunities.
- Full Text:
- Date Issued: 2016
- Authors: Mampuru, Tsebo
- Date: 2016
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/4098 , vital:20607
- Description: Poverty is a daily reality which a majority of South Africans live with. Social security in the form of cash grants has been the main poverty reduction instrument, albeit with limited success. The thesis aims to propose improvements which can be made in the government’s current social protection system and formulate alternative directions towards reducing poverty. An overview of the three most researched social security strategies around the world (i.e. Nordic, Latin American, and U.S. models) revealed two dominant instruments: conditionality and universalism. If applied in South Africa, universalism may be costly and unsustainable unless the right funding method is used. Attaching education and health attainment conditions to an adult grant would be inefficient and even burdensome to recipients. In terms of child grants, there is little evidence to suggest that the demand for and private levels of investment in education and health are insufficient. Therefore attaching health and education conditions to social grants may only serve to highlight the severe supply side inefficiencies in South Africa. Attaching marriage as an alternative condition may disadvantage poor and needy beneficiaries as marriage is an expensive institution in South Africa. Furthermore, enforcing the marriage condition would violate the constitutional rights of recipients who do not necessarily place a high value on the institution. To strengthen the poverty reduction efficiency of social grants and reduce dependency, the thesis suggests that social cash grants, regardless of whether universal and/or conditional or neither, should be temporary and used in conjunction with other strategies which encourage inclusive economic growth. Social assistance alone will not reduce poverty and ultimately, inclusive economic growth remains a more viable approach to reducing poverty. How to achieve the required inclusive economic growth in South Africa therefore provides further research opportunities.
- Full Text:
- Date Issued: 2016
The potential economic implications of black locust (Robinia pseudoacacia l.) on agricultural production in South Africa
- Authors: Humphrey, Luke
- Date: 2016
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/4069 , vital:20599
- Description: Black Locust (Robinia pseudoacacia L.) is an invasive deciduous, strongly suckering, broad- leaved tree that has the potential to be widely distributed across a large portion of South Africa. Robinia pseudoacacia has invaded all nine of South African provinces, with large infestations found in the Eastern Cape, Kwa Zulu-Natal, Free State and Gauteng provinces. The invasive tree has the potential to spread into livestock grazing lands in South Africa. Because R. pseudoacacia has the ability to spread and thrive in a variety of habitats and resists control, the distribution of the invasive tree into grazing land poses a problem for landowners. The potential economic impacts of R. pseudoacacia on agricultural production stem from the trees ability to reduce the carrying capacity of livestock. This study estimated the potential economic implications of R. pseudoacacia on agricultural production in South Africa, specifically looking at the livestock sector. The prevalence of R. pseudoacacia potential distribution was calculated by using a maximum-entropy predictive habitat model, MAXENT. The distribution of livestock, based on grazing capacity (ha/LSU), in South Africa was then determined. The potential direct economic impacts were estimated by assessing the impact of the potential distribution of R. pseudoacacia on the carrying capacity of livestock. The results showed that an infestation of R. pseudoacacia has the potential to reduce the gross margin in the livestock sector by between approximately R130 million and R961 million, dependent on the probability of invasion. Therefore, the potential invasion of R. pseudoacacia can have detrimental effects on the livestock sector in South Africa. The potential high levels of foregone income and business activity found in this study reaffirm the need to devote resources to develop a viable, economical and effective control method, such as biological control.
- Full Text:
- Date Issued: 2016
- Authors: Humphrey, Luke
- Date: 2016
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/4069 , vital:20599
- Description: Black Locust (Robinia pseudoacacia L.) is an invasive deciduous, strongly suckering, broad- leaved tree that has the potential to be widely distributed across a large portion of South Africa. Robinia pseudoacacia has invaded all nine of South African provinces, with large infestations found in the Eastern Cape, Kwa Zulu-Natal, Free State and Gauteng provinces. The invasive tree has the potential to spread into livestock grazing lands in South Africa. Because R. pseudoacacia has the ability to spread and thrive in a variety of habitats and resists control, the distribution of the invasive tree into grazing land poses a problem for landowners. The potential economic impacts of R. pseudoacacia on agricultural production stem from the trees ability to reduce the carrying capacity of livestock. This study estimated the potential economic implications of R. pseudoacacia on agricultural production in South Africa, specifically looking at the livestock sector. The prevalence of R. pseudoacacia potential distribution was calculated by using a maximum-entropy predictive habitat model, MAXENT. The distribution of livestock, based on grazing capacity (ha/LSU), in South Africa was then determined. The potential direct economic impacts were estimated by assessing the impact of the potential distribution of R. pseudoacacia on the carrying capacity of livestock. The results showed that an infestation of R. pseudoacacia has the potential to reduce the gross margin in the livestock sector by between approximately R130 million and R961 million, dependent on the probability of invasion. Therefore, the potential invasion of R. pseudoacacia can have detrimental effects on the livestock sector in South Africa. The potential high levels of foregone income and business activity found in this study reaffirm the need to devote resources to develop a viable, economical and effective control method, such as biological control.
- Full Text:
- Date Issued: 2016
Transitions into informal employment: an analysis of South African panel data: 2008-2012
- Authors: Muttze, Takudzwa
- Date: 2016
- Language: English
- Type: Thesis , Masters , MEcon
- Identifier: http://hdl.handle.net/10962/4498 , vital:20682
- Description: South Africa’s labour market is characterised by high unemployment but relatively low levels of informal employment, making it distinct from other developing countries. The existing literature appears to show evidence of high mobility rates of labour across labour market states. The coexistence of high labour mobility rates, yet high unemployment and weak informal employment in South Africa’s labour market is therefore puzzling. Considerable research has been done to explain this phenomenon and has suggested that barriers to informal entrepreneurship form the key reason why informal employment is relatively low in South Africa compared to other developing countries. Worker transitions have however not been a focal question in the literature. Using data from the National Tncome Dynamics Study (NTDS 2008-2012), this study sought to examine the characteristics of workers who move into informal employment, attaching importance to those who become self-employed. Transition matrices are constructed showing the proportion of workers who stayed or moved into different labour market states between 2008 and 2012, and linking the movements to 2008 personal characteristics. Churning between labour market states was found to be relatively high, albeit formal wage employment exhibiting immobility. Transitions out of informal employment were high, reflecting its survivalist nature. Conversely, those from unemployment into informal employment, particularly self-employment were low. Using the probit regression model, transitions to informal employment were found to be more associated with workers who are generally marginalised from formal employment opportunities. The results suggest that the South African labour market is to a larger extent not reflective of the Dualist narrative of ease of movement of workers from unemployment into informal employment and barriers into informal entrepreneurship are high. To date, policies which have sought to encourage informal entrepreneurship have not been a success. A central challenge to policymakers is to create an enabling environment for the unemployed to start their own informal businesses. This has the potential of reducing unemployment and poverty rates in the country.
- Full Text:
- Date Issued: 2016
- Authors: Muttze, Takudzwa
- Date: 2016
- Language: English
- Type: Thesis , Masters , MEcon
- Identifier: http://hdl.handle.net/10962/4498 , vital:20682
- Description: South Africa’s labour market is characterised by high unemployment but relatively low levels of informal employment, making it distinct from other developing countries. The existing literature appears to show evidence of high mobility rates of labour across labour market states. The coexistence of high labour mobility rates, yet high unemployment and weak informal employment in South Africa’s labour market is therefore puzzling. Considerable research has been done to explain this phenomenon and has suggested that barriers to informal entrepreneurship form the key reason why informal employment is relatively low in South Africa compared to other developing countries. Worker transitions have however not been a focal question in the literature. Using data from the National Tncome Dynamics Study (NTDS 2008-2012), this study sought to examine the characteristics of workers who move into informal employment, attaching importance to those who become self-employed. Transition matrices are constructed showing the proportion of workers who stayed or moved into different labour market states between 2008 and 2012, and linking the movements to 2008 personal characteristics. Churning between labour market states was found to be relatively high, albeit formal wage employment exhibiting immobility. Transitions out of informal employment were high, reflecting its survivalist nature. Conversely, those from unemployment into informal employment, particularly self-employment were low. Using the probit regression model, transitions to informal employment were found to be more associated with workers who are generally marginalised from formal employment opportunities. The results suggest that the South African labour market is to a larger extent not reflective of the Dualist narrative of ease of movement of workers from unemployment into informal employment and barriers into informal entrepreneurship are high. To date, policies which have sought to encourage informal entrepreneurship have not been a success. A central challenge to policymakers is to create an enabling environment for the unemployed to start their own informal businesses. This has the potential of reducing unemployment and poverty rates in the country.
- Full Text:
- Date Issued: 2016
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:
- Date Issued: 2015
- 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:
- Date Issued: 2015
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:
- Date Issued: 2015
- 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:
- Date Issued: 2015
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:
- Date Issued: 2015
- 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:
- Date Issued: 2015
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:
- Date Issued: 2015
- 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:
- Date Issued: 2015
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:
- Date Issued: 2015
- 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:
- Date Issued: 2015
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:
- Date Issued: 2015
- 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:
- Date Issued: 2015
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:
- Date Issued: 2015
- 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:
- Date Issued: 2015
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:
- Date Issued: 2015
- 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:
- Date Issued: 2015
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:
- Date Issued: 2015
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:
- Date Issued: 2015