Cross-border tourism planning and development: the case of the Lake Gariep Initiative
- Authors: Crozier, Marguerite Nicole
- Date: 2011
- Subjects: Tourism -- South Africa -- Gariep Dam -- Case studies , Gariep Dam (South Africa) -- Tourism -- Case studies , Central-local government relations -- South Africa -- Gariep Dam , Globalization -- Economic aspects -- South Africa
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:9034 , http://hdl.handle.net/10948/1668 , Tourism -- South Africa -- Gariep Dam -- Case studies , Gariep Dam (South Africa) -- Tourism -- Case studies , Central-local government relations -- South Africa -- Gariep Dam , Globalization -- Economic aspects -- South Africa
- Description: The concept of cross-border tourism planning and cooperation is investigated in reference to the Lake !Gariep Initiative. The field of cross-border economic planning and integration is an area of increasing interest in regional development studies. The Lake Gariep Initiative is an initiative to promote cross-border planning and development around nature conservation, water resource management, economic development, poverty alleviation and tourism in the three municipalities that surround the Gariep Dam. The Gariep Dam, which is largest dam in South Africa, is surrounded by three provinces. The region is also economically and politically marginalised as it has a small, dispersed population and a marginal contribution to the broader regional economy. Under these circumstances the coordination of resources between municipalities to develop and promote the region has been identified as a key success factor for the region. The Lake Gariep Initiative although strongly supported locally has over ten years failed to be institutionalised. This study examines the Lake Gariep Initiative in terms of the origins of the concept and the key challenges that have been faced in establishing a cross-border, development entity. Findings are based on an assessment of documents on the formation of the LGI, interviews with stakeholders involved in the process and an assessment of critical success factors in reference to national and international case studies. This study provides a review of the key challenges, benefits and critical success factors for cross-border tourism development in relation to the Lake !Gariep Initiative.
- Full Text:
- Date Issued: 2011
- Authors: Crozier, Marguerite Nicole
- Date: 2011
- Subjects: Tourism -- South Africa -- Gariep Dam -- Case studies , Gariep Dam (South Africa) -- Tourism -- Case studies , Central-local government relations -- South Africa -- Gariep Dam , Globalization -- Economic aspects -- South Africa
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:9034 , http://hdl.handle.net/10948/1668 , Tourism -- South Africa -- Gariep Dam -- Case studies , Gariep Dam (South Africa) -- Tourism -- Case studies , Central-local government relations -- South Africa -- Gariep Dam , Globalization -- Economic aspects -- South Africa
- Description: The concept of cross-border tourism planning and cooperation is investigated in reference to the Lake !Gariep Initiative. The field of cross-border economic planning and integration is an area of increasing interest in regional development studies. The Lake Gariep Initiative is an initiative to promote cross-border planning and development around nature conservation, water resource management, economic development, poverty alleviation and tourism in the three municipalities that surround the Gariep Dam. The Gariep Dam, which is largest dam in South Africa, is surrounded by three provinces. The region is also economically and politically marginalised as it has a small, dispersed population and a marginal contribution to the broader regional economy. Under these circumstances the coordination of resources between municipalities to develop and promote the region has been identified as a key success factor for the region. The Lake Gariep Initiative although strongly supported locally has over ten years failed to be institutionalised. This study examines the Lake Gariep Initiative in terms of the origins of the concept and the key challenges that have been faced in establishing a cross-border, development entity. Findings are based on an assessment of documents on the formation of the LGI, interviews with stakeholders involved in the process and an assessment of critical success factors in reference to national and international case studies. This study provides a review of the key challenges, benefits and critical success factors for cross-border tourism development in relation to the Lake !Gariep Initiative.
- Full Text:
- Date Issued: 2011
An empirical analysis of the long-run comovement, dynamic returns linkages and volatility transmission between the world major and the South African stock markets
- Authors: Chinzara, Zivanemoyo
- Date: 2008
- Subjects: Stock exchanges -- South Africa , Globalization -- Economic aspects -- South Africa , International economic relations , Portfolio management -- South Africa , Monetary policy -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:970 , http://hdl.handle.net/10962/d1002704 , Stock exchanges -- South Africa , Globalization -- Economic aspects -- South Africa , International economic relations , Portfolio management -- South Africa , Monetary policy -- South Africa
- Description: The international linkages of stock markets have important implications for cost of capital and portfolio diversification. Recent trends in globalization, financial liberalization and financial innovation raises questions with regard to whether African stock markets are being integrated into world equity markets. This study examines the extent to which the South African (SA) equity market is integrated into the world equity markets using daily data for the period 1995-2007. The study is divided into three main parts, each looking at the different ways in which integration can be considered. The first investigates whether there is long run comovement between the SA and the major global equity markets. Both bivariate and multivariate Johansen (1988) and Johansen and Juselius (1990) cointegration approaches were utilised. Vector Error Correction Models (VECMs) are then estimated for portfolios which show evidence of cointegration. The second part analyses returns linkages using the Vector Autoregressive (VAR), block exogeneity, impulse response and variance decomposition. The third part examines the behaviour of volatility and volatility linkages among the stock markets. Firstly volatility is analysed using the GARCH, EGARCH and GJR GARCH. Simultaneously, the hypothesis that investors receive a premium for investing in more risky stock markets is explored using the GARCH-in mean. The long term trend of volatility is also examined. Volatility linkages are then analysed using the VAR, block exogeneity, impulse response and variance decomposition. The first part established that no bivariate cointegration exists between the SA and any of the stock markets being studied, implying that pairwise portfolio diversification is potentially worthwhile for SA portfolio managers. However, multivariate cointegration exists for some portfolios, with the US, UK, Germany and SA showing evidence of error correction for some of these portfolios. Findings on return linkages is that there are significant returns linkages among the markets, with the US and SA being the most exogenous and most endogenous respectively. Findings regarding volatility are that the volatility in all the markets is inherently asymmetric and that except for the US there is no risk premium in any of the markets. The long term trend of volatility in all the stock markets was found to be relatively stable. The final finding was that significant volatility linkages exist among the markets, with the US being the most exogenous and SA and China showing evidence of bidirectional linkages. Overall, except for volatility linkages, the integration of SA into the global equity markets is still quite low. Thus, both SA and international investors can capitalise on this portfolio diversification potential. On the other hand, policy makers should capitalise on this and make policies that will attract the much needed foreign investors.
- Full Text:
- Date Issued: 2008
- Authors: Chinzara, Zivanemoyo
- Date: 2008
- Subjects: Stock exchanges -- South Africa , Globalization -- Economic aspects -- South Africa , International economic relations , Portfolio management -- South Africa , Monetary policy -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:970 , http://hdl.handle.net/10962/d1002704 , Stock exchanges -- South Africa , Globalization -- Economic aspects -- South Africa , International economic relations , Portfolio management -- South Africa , Monetary policy -- South Africa
- Description: The international linkages of stock markets have important implications for cost of capital and portfolio diversification. Recent trends in globalization, financial liberalization and financial innovation raises questions with regard to whether African stock markets are being integrated into world equity markets. This study examines the extent to which the South African (SA) equity market is integrated into the world equity markets using daily data for the period 1995-2007. The study is divided into three main parts, each looking at the different ways in which integration can be considered. The first investigates whether there is long run comovement between the SA and the major global equity markets. Both bivariate and multivariate Johansen (1988) and Johansen and Juselius (1990) cointegration approaches were utilised. Vector Error Correction Models (VECMs) are then estimated for portfolios which show evidence of cointegration. The second part analyses returns linkages using the Vector Autoregressive (VAR), block exogeneity, impulse response and variance decomposition. The third part examines the behaviour of volatility and volatility linkages among the stock markets. Firstly volatility is analysed using the GARCH, EGARCH and GJR GARCH. Simultaneously, the hypothesis that investors receive a premium for investing in more risky stock markets is explored using the GARCH-in mean. The long term trend of volatility is also examined. Volatility linkages are then analysed using the VAR, block exogeneity, impulse response and variance decomposition. The first part established that no bivariate cointegration exists between the SA and any of the stock markets being studied, implying that pairwise portfolio diversification is potentially worthwhile for SA portfolio managers. However, multivariate cointegration exists for some portfolios, with the US, UK, Germany and SA showing evidence of error correction for some of these portfolios. Findings on return linkages is that there are significant returns linkages among the markets, with the US and SA being the most exogenous and most endogenous respectively. Findings regarding volatility are that the volatility in all the markets is inherently asymmetric and that except for the US there is no risk premium in any of the markets. The long term trend of volatility in all the stock markets was found to be relatively stable. The final finding was that significant volatility linkages exist among the markets, with the US being the most exogenous and SA and China showing evidence of bidirectional linkages. Overall, except for volatility linkages, the integration of SA into the global equity markets is still quite low. Thus, both SA and international investors can capitalise on this portfolio diversification potential. On the other hand, policy makers should capitalise on this and make policies that will attract the much needed foreign investors.
- Full Text:
- Date Issued: 2008
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