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:
- 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:
The perceived visual impacts and attitudes of the Grahamstown community towards the Waainek Wind-Farm
- Authors: Cruickshank, Kyle Mark
- Date: 2014
- Subjects: Renewable energy sources -- South Africa -- Grahamstown Wind power plants -- South Africa -- Grahamstown -- Public opinion Wind power plants -- Social aspects -- South Africa -- Grahamstown Wind power plants -- Environmental aspects -- South Africa -- Grahamstown Wind power plants -- Economic aspects -- South Africa Wind turbines -- South Africa
- Language: English
- Type: Thesis , Masters , MEcon
- Identifier: vital:1085 , http://hdl.handle.net/10962/d1011768
- Description: Renewable energy has become an important feature of most modern economies with clean and non-exhaustible sources of power being given a greater significance. Wind energy is one of the favoured renewable, as it is (2013) generally the cheapest and most mature technology available for commercial use. The South African government, as outlined by the Department of Energy's Integrated Resource Plan (IRP), aims to install 5 GW (Gigawatts) of wind energy by 2020. However, South Africa has had little experience in the wind energy industry which is limited to two projects, Klipheuwel (2002) and Darling (2008). Much effort has been dedicated to calculating balance sheet costs, which carries uncertainty due to the high reliance on country specific and site specific variables. An aspect which deserves more attention, and is often ignored, is the public‟s attitudes towards local wind farm developments, which have been known to "make or break" a project during the planning stages. Public backlashes have mostly been concerned with the visual "intrusiveness" of wind farms in the landscape. Detrimental effects on scenery, while seemingly innocuous, are acknowledged as being the single largest barrier to successful wind farm development. Individuals within an area become sentimentally attached to their surroundings, where significant rapid changes in the landscape are viewed as "damage". Economics recognises such declines in scenic resources as market failures, where an externalised cost is passed on to the public and is often not accounted for by private parties responsible for the liability. The primary objective therefore was to measure the magnitude of the visual impact, caused by the Waainek Wind Farm, on the Grahamstown community. Conventional NIMBY¹ (not in my back yard) reasoning, which seeks to explain local wind farm resistance, has attracted criticism with regard to its simplistic approach to wind farm problem identification. Contemporary arguments propose that NIMBY is a poor explanation for the trouble experienced on the local level because it groups problems into one all-encompassing term, leaving much of the discontent unexplained. Instead, the NIMBY explanation is really a broad set of unattended problems, largely resulting from the unsound practices present in the public participation process. Insufficient community involvement and disparities in the negotiation power structures have become the recent focus in wind farm literature. Essentially, these disparities force opposition groups to select factors which may seem more serious to developers, leading to ineffective remedial measures because the core underlying problems are not being remedied. Thus these considerations formed an additional area of investigation. No NIMBY effect was found for the Grahamstown community, as support for both the local and general level was roughly 80%. The public participation process on the other hand revealed that while many found the practices of the developer to be unfair, attitudes towards the wind farm were not adversely affected, especially for the lower income Grahamstown East areas. While the public participation process in this instance did not have any effect on people’s attitudes, careful inspection of the circumstances need to be given. Wind farms are new to South Africa, where the novelty and benefits are the focus of enthusiasm. Job opportunities as well as clean energy are positive drivers for attitudes; however given time, once the anticipation for wind farms dulls, real problems may be revealed. Thus it is crucial to implement good practice procedures during the public participation process, especially when national adoption rates of wind energy are low. Early implementation of an effective public participation process system will ensure that when major problems do arise in future projects, experience and institutional processes would have had ample opportunity to evolve appropriately over a period of time. The double bounded Contingent Valuation Method was used to value the impact of the wind farm on the Waainek scenery through a hypothetical scenario based procedure which presented pictures of the landscape before and after the wind farm had been installed. Based on the perceived impact of the wind farm, respondents were asked their Willingness to Pay to relocate the development, based solely on visual impacts. Learning design Contingent Valuation (Bateman et al., 2008) is a novel technique employed to familiarize respondents with the hypothetical market institution as well as the scenic goods being valued. Average Willingness to Pay was found to be R67 per month, with a final total monthly negative visual impact of R104,000 to R121,000 per month for the entire Grahamstown community. Grahamstown Central (middle-high income) residents were more likely to pay than Grahamstown East (low-middle income) East residents because of socio-economic differences present in each area. A ranking exercise determined that while negative visual impacts are present, the overall benefits derived from the wind farm are potentially much higher. Additionally, positive scenic improvements were found, but were not measured due to time constraints, and would have worked to reduce the net visual impact of the Waainek Wind Farm. ¹Problem where individuals support the general concept of wind power, but when it comes to local implementation, opposition to the development arises within the same group.
- Full Text:
- Authors: Cruickshank, Kyle Mark
- Date: 2014
- Subjects: Renewable energy sources -- South Africa -- Grahamstown Wind power plants -- South Africa -- Grahamstown -- Public opinion Wind power plants -- Social aspects -- South Africa -- Grahamstown Wind power plants -- Environmental aspects -- South Africa -- Grahamstown Wind power plants -- Economic aspects -- South Africa Wind turbines -- South Africa
- Language: English
- Type: Thesis , Masters , MEcon
- Identifier: vital:1085 , http://hdl.handle.net/10962/d1011768
- Description: Renewable energy has become an important feature of most modern economies with clean and non-exhaustible sources of power being given a greater significance. Wind energy is one of the favoured renewable, as it is (2013) generally the cheapest and most mature technology available for commercial use. The South African government, as outlined by the Department of Energy's Integrated Resource Plan (IRP), aims to install 5 GW (Gigawatts) of wind energy by 2020. However, South Africa has had little experience in the wind energy industry which is limited to two projects, Klipheuwel (2002) and Darling (2008). Much effort has been dedicated to calculating balance sheet costs, which carries uncertainty due to the high reliance on country specific and site specific variables. An aspect which deserves more attention, and is often ignored, is the public‟s attitudes towards local wind farm developments, which have been known to "make or break" a project during the planning stages. Public backlashes have mostly been concerned with the visual "intrusiveness" of wind farms in the landscape. Detrimental effects on scenery, while seemingly innocuous, are acknowledged as being the single largest barrier to successful wind farm development. Individuals within an area become sentimentally attached to their surroundings, where significant rapid changes in the landscape are viewed as "damage". Economics recognises such declines in scenic resources as market failures, where an externalised cost is passed on to the public and is often not accounted for by private parties responsible for the liability. The primary objective therefore was to measure the magnitude of the visual impact, caused by the Waainek Wind Farm, on the Grahamstown community. Conventional NIMBY¹ (not in my back yard) reasoning, which seeks to explain local wind farm resistance, has attracted criticism with regard to its simplistic approach to wind farm problem identification. Contemporary arguments propose that NIMBY is a poor explanation for the trouble experienced on the local level because it groups problems into one all-encompassing term, leaving much of the discontent unexplained. Instead, the NIMBY explanation is really a broad set of unattended problems, largely resulting from the unsound practices present in the public participation process. Insufficient community involvement and disparities in the negotiation power structures have become the recent focus in wind farm literature. Essentially, these disparities force opposition groups to select factors which may seem more serious to developers, leading to ineffective remedial measures because the core underlying problems are not being remedied. Thus these considerations formed an additional area of investigation. No NIMBY effect was found for the Grahamstown community, as support for both the local and general level was roughly 80%. The public participation process on the other hand revealed that while many found the practices of the developer to be unfair, attitudes towards the wind farm were not adversely affected, especially for the lower income Grahamstown East areas. While the public participation process in this instance did not have any effect on people’s attitudes, careful inspection of the circumstances need to be given. Wind farms are new to South Africa, where the novelty and benefits are the focus of enthusiasm. Job opportunities as well as clean energy are positive drivers for attitudes; however given time, once the anticipation for wind farms dulls, real problems may be revealed. Thus it is crucial to implement good practice procedures during the public participation process, especially when national adoption rates of wind energy are low. Early implementation of an effective public participation process system will ensure that when major problems do arise in future projects, experience and institutional processes would have had ample opportunity to evolve appropriately over a period of time. The double bounded Contingent Valuation Method was used to value the impact of the wind farm on the Waainek scenery through a hypothetical scenario based procedure which presented pictures of the landscape before and after the wind farm had been installed. Based on the perceived impact of the wind farm, respondents were asked their Willingness to Pay to relocate the development, based solely on visual impacts. Learning design Contingent Valuation (Bateman et al., 2008) is a novel technique employed to familiarize respondents with the hypothetical market institution as well as the scenic goods being valued. Average Willingness to Pay was found to be R67 per month, with a final total monthly negative visual impact of R104,000 to R121,000 per month for the entire Grahamstown community. Grahamstown Central (middle-high income) residents were more likely to pay than Grahamstown East (low-middle income) East residents because of socio-economic differences present in each area. A ranking exercise determined that while negative visual impacts are present, the overall benefits derived from the wind farm are potentially much higher. Additionally, positive scenic improvements were found, but were not measured due to time constraints, and would have worked to reduce the net visual impact of the Waainek Wind Farm. ¹Problem where individuals support the general concept of wind power, but when it comes to local implementation, opposition to the development arises within the same group.
- Full Text:
A critical analysis of the socioeconomic impact assessments of the Addo Elephant National Park
- Authors: Rose, Matthew Calvin
- Date: 2011
- Subjects: Addo Elephant National Park (South Africa) South African National Parks Economic impact analysis -- South Africa -- Addo Elephant National Park Environmental impact analysis -- South Africa -- Addo Elephant National Park
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:964 , http://hdl.handle.net/10962/d1002698
- Description: Impact assessment is a requirement for development in many countries across the globe, seeking to inform the decision-maker as to the environmental, social and economic impact of an ongoing or proposed project. Socioeconomic impact assessment (SEIA) is a means of informing decision-makers as to the socioeconomic effects a project could have, or is having, thus contributing to informing adaptive management practices. However, the tendency of socioeconomic impact assessment to highly quantitative economic methods of analysis raises the question of whether the desired results are achieved by the process. The purpose of the research was to determine whether highly quantitative forms of economic analysis are suitable for measurement of impacts in a social context where distributive as well as net impact is important; to critically analyze the method utilized in achieving highly quantitative economic impact assessment results; and lastly to draw conclusions and make recommendations regarding the efficacy of monitoring processes used to inform adaptive management practices. The research was conducted by means of a case study focusing on three SEIAs carried out on the same entity, namely the Addo Elephant National Park. Managed by South African National Parks (SANP), it began expanding its borders in the early 2000s. Funded by the World Bank, SANP was required to carry out a comprehensive Strategic Environmental Assessment (SEA) in 2003 to ensure the expansion did not have negative environmental, social and economic repercussions, and where such consequences were unavoidable, to ensure that mitigation and management thereof was informed by useful monitoring exercises. Given the need for resettlement and issues of economic distributive concern raised in the 2003 SEA, the three socioeconomic impact assessments conducted from 2005 – 2010 as part of the ongoing monitoring exercises formed an ideal framework for answering the primary research questions. The findings indicate that despite consistent terms of reference, different assessors interpret mandates from the commissioning body in different ways, leading to varied applications of the same theory, some methodologically better than others. Economic multiplier analysis was found to be inadequate as a measure of the distributive effects of economic impact. Moreover, a lack of consistency, accountability and transparency in the monitoring process led to three sets of results that were incomparable over time and thus inadequate as a means to inform adaptive management practices. Asymmetries of and between power and expertise in the commissioning body and the assessors led to breakdowns of the assessment process in terms of accountability and integrity and resulted in a failure to properly define the scope of the study and measure the relevant indicators. The following recommendations were made: that the economic multiplier method be complemented by additional methods of analysis when utilized in disparate social contexts where distribution of economic benefit is important; that monitoring practices be systematized at an early stage of the process to ensure comparable results useful in informing ongoing management practices; and that what an assessment measures and how it measures it be clarified with reference to an objective source. Finally, the number of factors for consideration in any impact assessment means that measurement of the full picture suffers resource constraints, emphasizing the need for impact assessment oversight to recognize the deficiencies of the process whilst still acknowledging that ‘some number is better than no number’.
- Full Text:
- Authors: Rose, Matthew Calvin
- Date: 2011
- Subjects: Addo Elephant National Park (South Africa) South African National Parks Economic impact analysis -- South Africa -- Addo Elephant National Park Environmental impact analysis -- South Africa -- Addo Elephant National Park
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:964 , http://hdl.handle.net/10962/d1002698
- Description: Impact assessment is a requirement for development in many countries across the globe, seeking to inform the decision-maker as to the environmental, social and economic impact of an ongoing or proposed project. Socioeconomic impact assessment (SEIA) is a means of informing decision-makers as to the socioeconomic effects a project could have, or is having, thus contributing to informing adaptive management practices. However, the tendency of socioeconomic impact assessment to highly quantitative economic methods of analysis raises the question of whether the desired results are achieved by the process. The purpose of the research was to determine whether highly quantitative forms of economic analysis are suitable for measurement of impacts in a social context where distributive as well as net impact is important; to critically analyze the method utilized in achieving highly quantitative economic impact assessment results; and lastly to draw conclusions and make recommendations regarding the efficacy of monitoring processes used to inform adaptive management practices. The research was conducted by means of a case study focusing on three SEIAs carried out on the same entity, namely the Addo Elephant National Park. Managed by South African National Parks (SANP), it began expanding its borders in the early 2000s. Funded by the World Bank, SANP was required to carry out a comprehensive Strategic Environmental Assessment (SEA) in 2003 to ensure the expansion did not have negative environmental, social and economic repercussions, and where such consequences were unavoidable, to ensure that mitigation and management thereof was informed by useful monitoring exercises. Given the need for resettlement and issues of economic distributive concern raised in the 2003 SEA, the three socioeconomic impact assessments conducted from 2005 – 2010 as part of the ongoing monitoring exercises formed an ideal framework for answering the primary research questions. The findings indicate that despite consistent terms of reference, different assessors interpret mandates from the commissioning body in different ways, leading to varied applications of the same theory, some methodologically better than others. Economic multiplier analysis was found to be inadequate as a measure of the distributive effects of economic impact. Moreover, a lack of consistency, accountability and transparency in the monitoring process led to three sets of results that were incomparable over time and thus inadequate as a means to inform adaptive management practices. Asymmetries of and between power and expertise in the commissioning body and the assessors led to breakdowns of the assessment process in terms of accountability and integrity and resulted in a failure to properly define the scope of the study and measure the relevant indicators. The following recommendations were made: that the economic multiplier method be complemented by additional methods of analysis when utilized in disparate social contexts where distribution of economic benefit is important; that monitoring practices be systematized at an early stage of the process to ensure comparable results useful in informing ongoing management practices; and that what an assessment measures and how it measures it be clarified with reference to an objective source. Finally, the number of factors for consideration in any impact assessment means that measurement of the full picture suffers resource constraints, emphasizing the need for impact assessment oversight to recognize the deficiencies of the process whilst still acknowledging that ‘some number is better than no number’.
- Full Text:
Willingness to pay for the control of water hyacinth in an urban environment of South Africa
- Authors: Law, Matthew Charles
- Date: 2008
- Subjects: Water hyacinth -- Control -- South Africa , Urban ecology (Sociology) -- South Africa , Biodiversity -- Economic aspects -- South Africa , Biodiversity conservation -- Economic aspects -- South Africa , Biological invasions -- Economic aspects -- South Africa , Biological invasions -- Environmental aspects -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:996 , http://hdl.handle.net/10962/d1002731 , Water hyacinth -- Control -- South Africa , Urban ecology (Sociology) -- South Africa , Biodiversity -- Economic aspects -- South Africa , Biodiversity conservation -- Economic aspects -- South Africa , Biological invasions -- Economic aspects -- South Africa , Biological invasions -- Environmental aspects -- South Africa
- Description: Water hyacinth is recognised as one of the most problematic invasive aquatic plant species in Africa. For this reason considerable funds are spent each year on itscontrol. As a consequence of the amount of money being spent on problems such as the invasion of water hyacinth, and because of the recognition of the ongoing and accelerated efforts that are required in the future, recent research has focused on accurately quantifying the costs and benefits of control of invasive species to aid policy decisions.A comprehensive cost-benefit analysis would be able to identify if the funds are justified and are being spent effectively. This thesis provides an example of a cost-benefit analysis of funds spent on the control of water hyacinth in an urban environment in South Africa. In order to develop a comprehensive assessment of the total economic value of the control of water hyacinth to an urban population, the Nahoon River in East London was selected as the study site to calculate the benefits of control. In addition to valuing the direct services provided by the resources that are traded in the market (in this case water provision), a contingent valuation study was undertaken in Abbottsford and Dorchester Heights (two suburbs in East London banking the Nahoon River). These were done in order to assess any non-use value a sample of 132 households of the population has for the control of water hyacinth, and any use values that are not traded in the market, for example recreational value. When the benefits of control of water hyacinth were compared to the costs of one of the least cost effective methods of control (herbicidal control), the benefits outweighed the costs by a ratio of more than 4:1, and for the most cost effective method of control the ratio was almost 6:1. These results provide a justification for the funds that are devoted to the control of water hyacinth, providing an argument for the continued expenditure for its control, and for further research into more cost effective methods of control, such as biological control.
- Full Text:
- Authors: Law, Matthew Charles
- Date: 2008
- Subjects: Water hyacinth -- Control -- South Africa , Urban ecology (Sociology) -- South Africa , Biodiversity -- Economic aspects -- South Africa , Biodiversity conservation -- Economic aspects -- South Africa , Biological invasions -- Economic aspects -- South Africa , Biological invasions -- Environmental aspects -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:996 , http://hdl.handle.net/10962/d1002731 , Water hyacinth -- Control -- South Africa , Urban ecology (Sociology) -- South Africa , Biodiversity -- Economic aspects -- South Africa , Biodiversity conservation -- Economic aspects -- South Africa , Biological invasions -- Economic aspects -- South Africa , Biological invasions -- Environmental aspects -- South Africa
- Description: Water hyacinth is recognised as one of the most problematic invasive aquatic plant species in Africa. For this reason considerable funds are spent each year on itscontrol. As a consequence of the amount of money being spent on problems such as the invasion of water hyacinth, and because of the recognition of the ongoing and accelerated efforts that are required in the future, recent research has focused on accurately quantifying the costs and benefits of control of invasive species to aid policy decisions.A comprehensive cost-benefit analysis would be able to identify if the funds are justified and are being spent effectively. This thesis provides an example of a cost-benefit analysis of funds spent on the control of water hyacinth in an urban environment in South Africa. In order to develop a comprehensive assessment of the total economic value of the control of water hyacinth to an urban population, the Nahoon River in East London was selected as the study site to calculate the benefits of control. In addition to valuing the direct services provided by the resources that are traded in the market (in this case water provision), a contingent valuation study was undertaken in Abbottsford and Dorchester Heights (two suburbs in East London banking the Nahoon River). These were done in order to assess any non-use value a sample of 132 households of the population has for the control of water hyacinth, and any use values that are not traded in the market, for example recreational value. When the benefits of control of water hyacinth were compared to the costs of one of the least cost effective methods of control (herbicidal control), the benefits outweighed the costs by a ratio of more than 4:1, and for the most cost effective method of control the ratio was almost 6:1. These results provide a justification for the funds that are devoted to the control of water hyacinth, providing an argument for the continued expenditure for its control, and for further research into more cost effective methods of control, such as biological control.
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An appraisal of the Department of Provincial and Local Government's management and coordination of Donor Assistance Programs to local government in South Africa
- Authors: Dzengwa, Simphiwe
- Date: 2004
- Subjects: South Africa. Dept. of Provincial & Local Government , Local government -- South Africa , Municipal government -- South Africa , Economic assistance -- South Africa , South Africa -- Politics and government , South Africa -- Foreign relations
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:816 , http://hdl.handle.net/10962/d1007923
- Description: This study is a contribution to the ongoing debate concerning the role and involvement of foreign donor entities in the processes of transforming and creating viable and sustainable municipal entities in South Africa. The discussion particularly focuses on the relationship between the donor community and the Department of Provincial and Local Government (DPLG) and how this relationship has been nurtured, coordinated and managed. The study acknowledges the challenges pertaining to local government transformation and the role and mandate assigned to the DPLG by the South African Constitution and the Presidential Coordinating Council (PCC) for it to facilitate the creation of developmental local government. In discussing this, consideration is given to capacity and resource constraints within the Department, which necessitate that it collaborates closely with other stakeholders, particularly donors, in seeking to augment its resource base and capacity. The Department's lack of capacity is further complicated by the various pieces of legislation, which have a serious bearing on how municipalities have to work - irrespective of their capacity and resources limitations. The research also focuses on how this relationship, between the DPLG and foreign aid donors working in the local government sector, is coordinated and managed. From evidence gathered and interviews conducted, the conclusion is drawn that there is much room for the DPLG to improve and strategically focus its interaction with donors as informed by its mandate and strategic priorities. Proposals, which entail development of donor management guidelines, setting up of a donor coordination unit within DPLG, the improvement of the understanding of donor work politics and modalities among DPLG officials, etc., are made.
- Full Text:
- Authors: Dzengwa, Simphiwe
- Date: 2004
- Subjects: South Africa. Dept. of Provincial & Local Government , Local government -- South Africa , Municipal government -- South Africa , Economic assistance -- South Africa , South Africa -- Politics and government , South Africa -- Foreign relations
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:816 , http://hdl.handle.net/10962/d1007923
- Description: This study is a contribution to the ongoing debate concerning the role and involvement of foreign donor entities in the processes of transforming and creating viable and sustainable municipal entities in South Africa. The discussion particularly focuses on the relationship between the donor community and the Department of Provincial and Local Government (DPLG) and how this relationship has been nurtured, coordinated and managed. The study acknowledges the challenges pertaining to local government transformation and the role and mandate assigned to the DPLG by the South African Constitution and the Presidential Coordinating Council (PCC) for it to facilitate the creation of developmental local government. In discussing this, consideration is given to capacity and resource constraints within the Department, which necessitate that it collaborates closely with other stakeholders, particularly donors, in seeking to augment its resource base and capacity. The Department's lack of capacity is further complicated by the various pieces of legislation, which have a serious bearing on how municipalities have to work - irrespective of their capacity and resources limitations. The research also focuses on how this relationship, between the DPLG and foreign aid donors working in the local government sector, is coordinated and managed. From evidence gathered and interviews conducted, the conclusion is drawn that there is much room for the DPLG to improve and strategically focus its interaction with donors as informed by its mandate and strategic priorities. Proposals, which entail development of donor management guidelines, setting up of a donor coordination unit within DPLG, the improvement of the understanding of donor work politics and modalities among DPLG officials, etc., are made.
- Full Text:
Price discovery, price behaviour, and efficiency of selected grain commodities traded on the agricultural products division of the JSE securities exchange
- Authors: Viljoen, Christo
- Date: 2004
- Subjects: Johannesburg Stock Exchange Stock exchanges -- South Africa International economic relations Primary commodities -- South Africa Grain trade -- South Africa Financial futures -- South Africa Price regulation -- South Africa
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:952 , http://hdl.handle.net/10962/d1002686
- Description: Agricultural commodity derivatives were first introduced in South Africa in 1996 after the deregulation of the former marketing system. In the context of its proposed functions, namely price discovery and risk management, the question arose as to whether the futures market developed over time to performed its role efficiently. According to the Efficient Markets Hypothesis (EMH) an efficient market is one that accurately incorporates all information available at any point in time. The purpose of the research was to address the issue of price discovery efficiency, firstly, focusing on the weak-form methodology. Secondly, considering the behaviour of futures prices over time, the study addressed the concern of anomalies in daily returns – phenomena contradictory to the EMH by implication. Thirdly, as a means of defining the sources of inefficiency, the role of scheduled public information and its impact on futures prices was examined. Therefore, the primary objective of the research was to investigate and identify the main components of agricultural futures market inefficiency within the unique price formation structure of South African grain markets. The assessment of this problem is important in terms of evaluating the growth and development of the futures market for different grain commodities to date. The Exchange needs to review rules and regulations on a frequent basis in order to ensure proper functioning at all times especially in the case of a relatively new and fast growing market. The study contributed to the knowledge of understanding the price adjustment process and its implications for market efficiency in the context of the three grain markets considered. The weak-form efficiency was tested using a co-integration based model. Analysing daily spot and futures prices of white maize, yellow maize, and wheat, results indicated that all three markets were efficient and unbiased. Non-parametric tests revealed the significant presence of day-of-the-week and turn-of-the-month effects in the futures returns of the three commodities. Further non-parametric analyses suggested a high degree of uncertainty in futures returns around scheduled agricultural and macroeconomic information release dates also contributing significantly to the identified anomalies. It was concluded that (1) the markets’ ability to anticipate the contents of future information to be released, (2) the current skewed size distribution of broking members, (3) the significant role of the R/$ exchange rate in the price formation process of South African grains and, therefore, (4) the relationship to and influence of the broader economy enhanced the return effects (anomalies) creating opportunity for profitable arbitrage. This conclusion was mainly attributed to South Africa’s status as a price-taker in the world grain complex as well as the relatively short existence of the local agricultural futures markets.
- Full Text:
- Authors: Viljoen, Christo
- Date: 2004
- Subjects: Johannesburg Stock Exchange Stock exchanges -- South Africa International economic relations Primary commodities -- South Africa Grain trade -- South Africa Financial futures -- South Africa Price regulation -- South Africa
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:952 , http://hdl.handle.net/10962/d1002686
- Description: Agricultural commodity derivatives were first introduced in South Africa in 1996 after the deregulation of the former marketing system. In the context of its proposed functions, namely price discovery and risk management, the question arose as to whether the futures market developed over time to performed its role efficiently. According to the Efficient Markets Hypothesis (EMH) an efficient market is one that accurately incorporates all information available at any point in time. The purpose of the research was to address the issue of price discovery efficiency, firstly, focusing on the weak-form methodology. Secondly, considering the behaviour of futures prices over time, the study addressed the concern of anomalies in daily returns – phenomena contradictory to the EMH by implication. Thirdly, as a means of defining the sources of inefficiency, the role of scheduled public information and its impact on futures prices was examined. Therefore, the primary objective of the research was to investigate and identify the main components of agricultural futures market inefficiency within the unique price formation structure of South African grain markets. The assessment of this problem is important in terms of evaluating the growth and development of the futures market for different grain commodities to date. The Exchange needs to review rules and regulations on a frequent basis in order to ensure proper functioning at all times especially in the case of a relatively new and fast growing market. The study contributed to the knowledge of understanding the price adjustment process and its implications for market efficiency in the context of the three grain markets considered. The weak-form efficiency was tested using a co-integration based model. Analysing daily spot and futures prices of white maize, yellow maize, and wheat, results indicated that all three markets were efficient and unbiased. Non-parametric tests revealed the significant presence of day-of-the-week and turn-of-the-month effects in the futures returns of the three commodities. Further non-parametric analyses suggested a high degree of uncertainty in futures returns around scheduled agricultural and macroeconomic information release dates also contributing significantly to the identified anomalies. It was concluded that (1) the markets’ ability to anticipate the contents of future information to be released, (2) the current skewed size distribution of broking members, (3) the significant role of the R/$ exchange rate in the price formation process of South African grains and, therefore, (4) the relationship to and influence of the broader economy enhanced the return effects (anomalies) creating opportunity for profitable arbitrage. This conclusion was mainly attributed to South Africa’s status as a price-taker in the world grain complex as well as the relatively short existence of the local agricultural futures markets.
- Full Text:
The theoretical and empirical analysis of trade integration among unequal partners : implications for the Southern African Development Community
- Authors: Cattaneo, Nicolette Sylvie
- Date: 1998
- Subjects: Southern African Development Community , Customs unions , Africa, Southern -- Foreign economic relations , Africa, Southern -- Economic integration
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: vital:1008 , http://hdl.handle.net/10962/d1002743 , Southern African Development Community , Customs unions , Africa, Southern -- Foreign economic relations , Africa, Southern -- Economic integration
- Description: The re-acceptance of South Africa into the international community has cleared the path for the closer integration of South Africa with its neighbours in a broader southern African regional union. In particular, the countries of the Southern African Development Community {SADC), which South Africa joined in August 1994, have committed themselves to the formation of a free trade area (FTA) over an eight-year period. The most likely impediment to this process is the perception of a highly unequal distribution of the economic gains and losses of such an arrangement. This reflects the particular context of SADC: one of a comparatively undeveloped region, dominated by a relatively large, more industrially advanced country, which is itself small by international standards. The essential question with which this study is concerned, therefore, is whether, despite the existing inequalities in the region, a FTA among SADC members could be mutually beneficial to South Africa and its partners. The thesis applies orthodox and new trade theory to the analysis of economic integration among unequal partners. Using the theoretical analysis, and with reference to empirical studies of such experience elsewhere in the world, it attempts to provide an assessment of the existing body of literature on the possible effects of a SADC FTA. In the light of this discussion, and from its own preliminary empirical analysis of the possible pattern of inter-sectoral versus intra-sectoral specialisation which may result on union, the study suggests ways in which a fuller evaluation of the welfare implications of a southern African FTA may be achieved. The thesis argues that the orthodox theory based on perfect competition provides an insufficient framework for the analysis of the likely effects of a SADC FT A. It finds that, firstly, in an alternative analytical framework which retains the assumption of perfect competition, there may be other criteria for judging the success of a regional union that are neglected by orthodoxy, particularly in the case of developing countries. Secondly, the new trade theory based on imperfect competition and product differentiation provides useful insights into the possible effects of a regional union among countries at unequal levels of development. The formal extension of this body of literature to the theory of economic integration is clearly called for. It is found, however, that neither orthodox customs union theory, nor its suggested alternatives and extensions, enable one to conclude, a priori, that the formation of a FTA in the southern African region could not be beneficial to both South Africa and its smaller partners. Further, the present empirical studies on SADC do not take account of the full range of factors necessary for a complete welfare assessment of the possible effects. Since the outcome of integration depends on the empirical circumstances of the particular case, and since the information necessary for a comprehensive welfare evaluation is not currently available, the study concludes that the countries of the region have committed themselves to a FTA without any definite knowledge of its likely effects.
- Full Text:
- Authors: Cattaneo, Nicolette Sylvie
- Date: 1998
- Subjects: Southern African Development Community , Customs unions , Africa, Southern -- Foreign economic relations , Africa, Southern -- Economic integration
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: vital:1008 , http://hdl.handle.net/10962/d1002743 , Southern African Development Community , Customs unions , Africa, Southern -- Foreign economic relations , Africa, Southern -- Economic integration
- Description: The re-acceptance of South Africa into the international community has cleared the path for the closer integration of South Africa with its neighbours in a broader southern African regional union. In particular, the countries of the Southern African Development Community {SADC), which South Africa joined in August 1994, have committed themselves to the formation of a free trade area (FTA) over an eight-year period. The most likely impediment to this process is the perception of a highly unequal distribution of the economic gains and losses of such an arrangement. This reflects the particular context of SADC: one of a comparatively undeveloped region, dominated by a relatively large, more industrially advanced country, which is itself small by international standards. The essential question with which this study is concerned, therefore, is whether, despite the existing inequalities in the region, a FTA among SADC members could be mutually beneficial to South Africa and its partners. The thesis applies orthodox and new trade theory to the analysis of economic integration among unequal partners. Using the theoretical analysis, and with reference to empirical studies of such experience elsewhere in the world, it attempts to provide an assessment of the existing body of literature on the possible effects of a SADC FTA. In the light of this discussion, and from its own preliminary empirical analysis of the possible pattern of inter-sectoral versus intra-sectoral specialisation which may result on union, the study suggests ways in which a fuller evaluation of the welfare implications of a southern African FTA may be achieved. The thesis argues that the orthodox theory based on perfect competition provides an insufficient framework for the analysis of the likely effects of a SADC FT A. It finds that, firstly, in an alternative analytical framework which retains the assumption of perfect competition, there may be other criteria for judging the success of a regional union that are neglected by orthodoxy, particularly in the case of developing countries. Secondly, the new trade theory based on imperfect competition and product differentiation provides useful insights into the possible effects of a regional union among countries at unequal levels of development. The formal extension of this body of literature to the theory of economic integration is clearly called for. It is found, however, that neither orthodox customs union theory, nor its suggested alternatives and extensions, enable one to conclude, a priori, that the formation of a FTA in the southern African region could not be beneficial to both South Africa and its smaller partners. Further, the present empirical studies on SADC do not take account of the full range of factors necessary for a complete welfare assessment of the possible effects. Since the outcome of integration depends on the empirical circumstances of the particular case, and since the information necessary for a comprehensive welfare evaluation is not currently available, the study concludes that the countries of the region have committed themselves to a FTA without any definite knowledge of its likely effects.
- Full Text:
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