The effect of interest rates on investment spending: an empirical analysis of South Africa
- Authors: Dakin, Nicholas John
- Date: 2016
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1131 , http://hdl.handle.net/10962/d1021174
- Description: This thesis investigates the nature and strength of the relationship between short-, medium-, and long-term real interest rates and capital investment spending at both the aggregate and disaggregate levels in South Africa in order to determine whether changes in the real interest rate affect the level of capital investment in the economy. This thesis used quarterly data for the period 1987 to 2013. VAR modelling, variance decompositions, impulse response functions and Granger causality tests are used to explore the nature and strength of the relationship between interest rates and investment spending. It is found that interest rates explain very little of the variation in investment spending and seem to have little impact on investment (of any type). Furthermore, short-, medium- and long-term interest rates have different effects on the level of investment spending. A rise in short-term interest rates appears to decrease the level of investment spending in the long-run, whereas a rise in long-term interest rates results in an increase in investment.
- Full Text:
- Date Issued: 2016
- Authors: Dakin, Nicholas John
- Date: 2016
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1131 , http://hdl.handle.net/10962/d1021174
- Description: This thesis investigates the nature and strength of the relationship between short-, medium-, and long-term real interest rates and capital investment spending at both the aggregate and disaggregate levels in South Africa in order to determine whether changes in the real interest rate affect the level of capital investment in the economy. This thesis used quarterly data for the period 1987 to 2013. VAR modelling, variance decompositions, impulse response functions and Granger causality tests are used to explore the nature and strength of the relationship between interest rates and investment spending. It is found that interest rates explain very little of the variation in investment spending and seem to have little impact on investment (of any type). Furthermore, short-, medium- and long-term interest rates have different effects on the level of investment spending. A rise in short-term interest rates appears to decrease the level of investment spending in the long-run, whereas a rise in long-term interest rates results in an increase in investment.
- Full Text:
- Date Issued: 2016
Trends and determinants of inward foreign direct investment to South Africa
- Authors: Rusike, Tatonga Gardner
- Date: 2008
- Subjects: International business enterprises -- South Africa , Investments, Foreign -- South Africa , Economic development -- South Africa , Macroeconomics -- South Africa , Foreign exchange rates -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:995 , http://hdl.handle.net/10962/d1002730 , International business enterprises -- South Africa , Investments, Foreign -- South Africa , Economic development -- South Africa , Macroeconomics -- South Africa , Foreign exchange rates -- South Africa
- Description: Foreign direct investment (FDI) is seen as a way to provide the needed capital inflow to stimulate growth in a domestic economy. FDI can also result in increased employment levels, managerial skills and increase in technology. In efforts to attract FDI, host countries have undertaken various policy incentives to attract foreign investors. This study analyses the trends and determinants of inward FDI to South Africa for the period 1975-2005. The study starts by reviewing FDI literature on its determinants and provides the macroeconomic background and FDI related policies undertaken in South Africa. The trend and sectoral analysis provides the actual nature of FDI flows to South Africa. An empirical model linking theoretical and empirical determinants of FDI is estimated using the Johansen cointegration and VECM framework. The study also augments the cointegration framework with impulse response and variance decomposition analyses to complement the long and short run determinants of FDI. Dummy variables are used in each of the estimated FDI models to take into account the possibility of structural breaks. Results show that relative to the size of the economy and to other developing countries, South Africa still receives low levels of inward FDI. Only are few years are exceptional i.e. 1997, 2001 and 2005. From the sectoral distribution, the financial sector is now the major recipient of FDI followed by the mining and manufacturing sectors. The emergence of the financial sector could suggest that FDI motives could have shifted from the natural resource seeking and market seeking to efficiency seeking FDI. The United Kingdom emerges as the major source of FDI to South Africa followed by United States of America and Germany. Empirical analysis indicated that openness, exchange rate and financial development are important long run determinants of FDI. Increased openness and financial development attract FDI while an increase (depreciation) in the exchange rate deters FDI to South Africa. Market size emerges as a short run determinant of FDI although it is declining in importance. Most of the impulse response analysis confirmed the VECM findings. Variance decomposition analysis showed that FDI itself, imports and exchange rate explain a significant amount of the forecast error variance. The influence of market size variable is small and declining over time.
- Full Text:
- Date Issued: 2008
- Authors: Rusike, Tatonga Gardner
- Date: 2008
- Subjects: International business enterprises -- South Africa , Investments, Foreign -- South Africa , Economic development -- South Africa , Macroeconomics -- South Africa , Foreign exchange rates -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:995 , http://hdl.handle.net/10962/d1002730 , International business enterprises -- South Africa , Investments, Foreign -- South Africa , Economic development -- South Africa , Macroeconomics -- South Africa , Foreign exchange rates -- South Africa
- Description: Foreign direct investment (FDI) is seen as a way to provide the needed capital inflow to stimulate growth in a domestic economy. FDI can also result in increased employment levels, managerial skills and increase in technology. In efforts to attract FDI, host countries have undertaken various policy incentives to attract foreign investors. This study analyses the trends and determinants of inward FDI to South Africa for the period 1975-2005. The study starts by reviewing FDI literature on its determinants and provides the macroeconomic background and FDI related policies undertaken in South Africa. The trend and sectoral analysis provides the actual nature of FDI flows to South Africa. An empirical model linking theoretical and empirical determinants of FDI is estimated using the Johansen cointegration and VECM framework. The study also augments the cointegration framework with impulse response and variance decomposition analyses to complement the long and short run determinants of FDI. Dummy variables are used in each of the estimated FDI models to take into account the possibility of structural breaks. Results show that relative to the size of the economy and to other developing countries, South Africa still receives low levels of inward FDI. Only are few years are exceptional i.e. 1997, 2001 and 2005. From the sectoral distribution, the financial sector is now the major recipient of FDI followed by the mining and manufacturing sectors. The emergence of the financial sector could suggest that FDI motives could have shifted from the natural resource seeking and market seeking to efficiency seeking FDI. The United Kingdom emerges as the major source of FDI to South Africa followed by United States of America and Germany. Empirical analysis indicated that openness, exchange rate and financial development are important long run determinants of FDI. Increased openness and financial development attract FDI while an increase (depreciation) in the exchange rate deters FDI to South Africa. Market size emerges as a short run determinant of FDI although it is declining in importance. Most of the impulse response analysis confirmed the VECM findings. Variance decomposition analysis showed that FDI itself, imports and exchange rate explain a significant amount of the forecast error variance. The influence of market size variable is small and declining over time.
- Full Text:
- Date Issued: 2008
The theory of economic underdevelopment and its applicability to the Rhodesian economy
- Authors: Clarke, Duncan G, 1948-
- Date: 1969
- Subjects: Zimbabwe -- Economic conditions , Economic development -- Zimbabwe , Developing countries -- Economic conditions
- Language: English
- Type: Thesis , Honours , BCom
- Identifier: vital:1114 , http://hdl.handle.net/10962/d1014691
- Description: According to the canons of conventional economic philosophy the process of economic interpretation should be value neutral and strictly fall within the bounds of normative science. This approach is concerned not with goal setting but only with the technical possibilities of alternative means of successful tactics in a given overall strategy. It is the author's thesis that such premises patently ignore the fundamental truths of development problems, and that there exists a genuine need to bridge the gap that demarcates theory from practicality and truth from illusion. To seek "development" implies a challenge to the "status quo" of menial existence and perpetual servitude to the inhospitable forces of ones own environment. This attitude is in itself a value judgement, and in underdeveloped societies it is more than a mere academic quibble. Accordingly, this paper not only implicitly assumes "development" to be a desirable goal but also that it is necessary, and the objective of this study of an underdeveloped community shall be to examine the theoretical relevance, or otherwise, of general and partial theories of underdevelopment against the quantitative and qualitative evidence of the course of events that have in the past, and are likely in the future, to influence the development of the "Rhodesian economy".
- Full Text:
- Date Issued: 1969
- Authors: Clarke, Duncan G, 1948-
- Date: 1969
- Subjects: Zimbabwe -- Economic conditions , Economic development -- Zimbabwe , Developing countries -- Economic conditions
- Language: English
- Type: Thesis , Honours , BCom
- Identifier: vital:1114 , http://hdl.handle.net/10962/d1014691
- Description: According to the canons of conventional economic philosophy the process of economic interpretation should be value neutral and strictly fall within the bounds of normative science. This approach is concerned not with goal setting but only with the technical possibilities of alternative means of successful tactics in a given overall strategy. It is the author's thesis that such premises patently ignore the fundamental truths of development problems, and that there exists a genuine need to bridge the gap that demarcates theory from practicality and truth from illusion. To seek "development" implies a challenge to the "status quo" of menial existence and perpetual servitude to the inhospitable forces of ones own environment. This attitude is in itself a value judgement, and in underdeveloped societies it is more than a mere academic quibble. Accordingly, this paper not only implicitly assumes "development" to be a desirable goal but also that it is necessary, and the objective of this study of an underdeveloped community shall be to examine the theoretical relevance, or otherwise, of general and partial theories of underdevelopment against the quantitative and qualitative evidence of the course of events that have in the past, and are likely in the future, to influence the development of the "Rhodesian economy".
- Full Text:
- Date Issued: 1969
South African money market volatility, asymmetry and retail interest pass-through
- Authors: Fadiran, Gideon Oluwatobi
- Date: 2011
- Subjects: Money market -- South Africa Interest rates -- South Africa Monetary policy -- South Africa Econometric models Banks and banking -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:993 , http://hdl.handle.net/10962/d1002728
- Description: The purpose of this paper is to examine the interest rate transmission mechanism for South Africa as an emerging economy in a pre-repo and repo system. It explains how the money market rate is transmitted to the retail interest rates both in the long-run and short-run and tests the symmetric and asymmetric interest rate pass-through using the Scholnick (1996) ECM and the Wang and Lee (2009) ECM-EGARCH (1, 1)-M methodology. This permitted the examination of the impact of interest rate volatility, along with the leverage effect. An incomplete pass-through is found in the short-run. From the entire sample period, a symmetric adjustment is found in the deposit rate, which had upward rigidity adjustment, while an asymmetric adjustment is found in the lending rate, with a downward rigidity adjustment. All the adjustments supported the collusive pricing arrangements. According to the conditional variance estimation of the ECM-EGARCH (1, 1), negative volatility impact and leverage effect are present and influential only in the deposit interest rate adjustment process in South Africa.
- Full Text:
- Date Issued: 2011
- Authors: Fadiran, Gideon Oluwatobi
- Date: 2011
- Subjects: Money market -- South Africa Interest rates -- South Africa Monetary policy -- South Africa Econometric models Banks and banking -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:993 , http://hdl.handle.net/10962/d1002728
- Description: The purpose of this paper is to examine the interest rate transmission mechanism for South Africa as an emerging economy in a pre-repo and repo system. It explains how the money market rate is transmitted to the retail interest rates both in the long-run and short-run and tests the symmetric and asymmetric interest rate pass-through using the Scholnick (1996) ECM and the Wang and Lee (2009) ECM-EGARCH (1, 1)-M methodology. This permitted the examination of the impact of interest rate volatility, along with the leverage effect. An incomplete pass-through is found in the short-run. From the entire sample period, a symmetric adjustment is found in the deposit rate, which had upward rigidity adjustment, while an asymmetric adjustment is found in the lending rate, with a downward rigidity adjustment. All the adjustments supported the collusive pricing arrangements. According to the conditional variance estimation of the ECM-EGARCH (1, 1), negative volatility impact and leverage effect are present and influential only in the deposit interest rate adjustment process in South Africa.
- Full Text:
- Date Issued: 2011
A review of the actuaries' capitalisation rate from an economic perspective
- Authors: Turner, Jason
- Date: 2006
- Subjects: Macroeconomics , Keynesian economics , Insurance -- Mathematics , South Africa -- Economic conditions -- 1961-1991 , South Africa -- Economic policy
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:992 , http://hdl.handle.net/10962/d1002727 , Macroeconomics , Keynesian economics , Insurance -- Mathematics , South Africa -- Economic conditions -- 1961-1991 , South Africa -- Economic policy
- Description: The purpose of this paper was to evaluate if the macroeconomic change that has occurred in the South African economy since the 1980s has been significant enough to justify a re-examination of the actuaries’ capitalisation rate, due to its formulation processes dependence on the macroeconomic situation. The need for the reexamination arises from the use of the capitalisation in the calculation of lump sum awards where even a small change in the rate can have a significant impact on the value of the final award. In order to address the issue an examination of how Keynesian expectations are formulated and an examination of the Government’s macroeconomic policy was conducted to provide the foundation. On this foundation, a trend analysis of the major groups of financial instruments, as well as the current outlooks for the South African economy, was conducted to determine if there was any indication of a significant change in the macroeconomic conditions. The results of the analysis provided a compelling case for the urgent need for the actuaries’ capitalisation rate to be recalculated to account for the changed economic situation.
- Full Text:
- Date Issued: 2006
- Authors: Turner, Jason
- Date: 2006
- Subjects: Macroeconomics , Keynesian economics , Insurance -- Mathematics , South Africa -- Economic conditions -- 1961-1991 , South Africa -- Economic policy
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:992 , http://hdl.handle.net/10962/d1002727 , Macroeconomics , Keynesian economics , Insurance -- Mathematics , South Africa -- Economic conditions -- 1961-1991 , South Africa -- Economic policy
- Description: The purpose of this paper was to evaluate if the macroeconomic change that has occurred in the South African economy since the 1980s has been significant enough to justify a re-examination of the actuaries’ capitalisation rate, due to its formulation processes dependence on the macroeconomic situation. The need for the reexamination arises from the use of the capitalisation in the calculation of lump sum awards where even a small change in the rate can have a significant impact on the value of the final award. In order to address the issue an examination of how Keynesian expectations are formulated and an examination of the Government’s macroeconomic policy was conducted to provide the foundation. On this foundation, a trend analysis of the major groups of financial instruments, as well as the current outlooks for the South African economy, was conducted to determine if there was any indication of a significant change in the macroeconomic conditions. The results of the analysis provided a compelling case for the urgent need for the actuaries’ capitalisation rate to be recalculated to account for the changed economic situation.
- Full Text:
- Date Issued: 2006
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
Witwatersrand genesis: a comparative study of some early gold mining companies, 1886-1894
- Authors: Webb, Arthur (Arthur C M)
- Date: 1982
- Subjects: Gold mines and mining -- South Africa -- History Gold mines and mining -- South Africa -- Witwatersrand -- History Ferreira Gold Mining Company (Firm) Witwatersrand Gold Mining Company (Firm) Simmer and Jack Gold Mining Company (Firm) Wemmer Gold Mining Company (Firm)
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:1029 , http://hdl.handle.net/10962/d1003725
- Description: Preface: For anyone standing on the ridge of the Witwatersrand on a spring day in September 1886 the sight immediately to the south represented a hive of activity and hope. Nearly a hundred years later ample evidence stretches away on both sides of the watershed to confirm the fulfilment of those early sentiments. It is, nevertheless, all too easy to ignore the struggles and failures which marked the beginnings of the world's greatest gold field in the light of its subsequent abundant success. Only when attention is turned to the individual companies formed to exploit the discovery does the true picture emerge of the lack of adequate technological and managerial knowledge amongst the early pioneers and of the financial frailty of their companies. The object of this thesis is to shed light on these beginnings by reviewing the histories of four of the earliest companies established to work the main reef. The approach adopted is to scrutinize the material available with a view to determining the motivations and actions of the managements of the various companies with regard to their economic environment, whether within or without the individual company. Clearly, the availability of information is a major determinant of the success of any such venture and this was particularly so in the case of the companies considered. With the exception of the Barlow Rand Limited holding of the H. Eckstein and Company Archives, which offers an integral coverage of that firm's dealings with the emerging industry, and which is certainly the most comprehensive source of information available to the researcher, little material relating to specific gold mining companies has survived. Under these circumstances it was necessary to rely heavily for information on the local press. These newspapers proved an invaluable source in this regard. As a mining camp with a limited capacity for generating newsworthy incidents, the newspapers of early Johannesburg found an eager readership for information about the industry which lay at the heart of the community. For their part, the managements of the various mining companies found in the pages of the local press an outlet for intelligence both true and false; the press was a useful vehicle for the publication of directors' and annual reports to meet a wider audience, but similarly it could be and was used to disseminate 'spectacular' reports calculated to influence the status of a company's stock on the local share market. As a research source the press has thus to be approached with caution but its value, if the warning is heeded, is in no way diminished. Beyond these two sources the next most valuable accumulation of data on the early industry is "The Gold Fields Collection" housed in the Cory Library for Historical Research at Rhodes University. As a collection it is far from complete and it is to be hoped that the donors will in future see fit to augment it with further material as this becomes available. It neverthess proved an invaluable source for the investigation of at least one of the companies of the study and for a general background to the industry.
- Full Text:
- Date Issued: 1982
- Authors: Webb, Arthur (Arthur C M)
- Date: 1982
- Subjects: Gold mines and mining -- South Africa -- History Gold mines and mining -- South Africa -- Witwatersrand -- History Ferreira Gold Mining Company (Firm) Witwatersrand Gold Mining Company (Firm) Simmer and Jack Gold Mining Company (Firm) Wemmer Gold Mining Company (Firm)
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:1029 , http://hdl.handle.net/10962/d1003725
- Description: Preface: For anyone standing on the ridge of the Witwatersrand on a spring day in September 1886 the sight immediately to the south represented a hive of activity and hope. Nearly a hundred years later ample evidence stretches away on both sides of the watershed to confirm the fulfilment of those early sentiments. It is, nevertheless, all too easy to ignore the struggles and failures which marked the beginnings of the world's greatest gold field in the light of its subsequent abundant success. Only when attention is turned to the individual companies formed to exploit the discovery does the true picture emerge of the lack of adequate technological and managerial knowledge amongst the early pioneers and of the financial frailty of their companies. The object of this thesis is to shed light on these beginnings by reviewing the histories of four of the earliest companies established to work the main reef. The approach adopted is to scrutinize the material available with a view to determining the motivations and actions of the managements of the various companies with regard to their economic environment, whether within or without the individual company. Clearly, the availability of information is a major determinant of the success of any such venture and this was particularly so in the case of the companies considered. With the exception of the Barlow Rand Limited holding of the H. Eckstein and Company Archives, which offers an integral coverage of that firm's dealings with the emerging industry, and which is certainly the most comprehensive source of information available to the researcher, little material relating to specific gold mining companies has survived. Under these circumstances it was necessary to rely heavily for information on the local press. These newspapers proved an invaluable source in this regard. As a mining camp with a limited capacity for generating newsworthy incidents, the newspapers of early Johannesburg found an eager readership for information about the industry which lay at the heart of the community. For their part, the managements of the various mining companies found in the pages of the local press an outlet for intelligence both true and false; the press was a useful vehicle for the publication of directors' and annual reports to meet a wider audience, but similarly it could be and was used to disseminate 'spectacular' reports calculated to influence the status of a company's stock on the local share market. As a research source the press has thus to be approached with caution but its value, if the warning is heeded, is in no way diminished. Beyond these two sources the next most valuable accumulation of data on the early industry is "The Gold Fields Collection" housed in the Cory Library for Historical Research at Rhodes University. As a collection it is far from complete and it is to be hoped that the donors will in future see fit to augment it with further material as this becomes available. It neverthess proved an invaluable source for the investigation of at least one of the companies of the study and for a general background to the industry.
- Full Text:
- Date Issued: 1982
An analysis of the transport infrastructure of the Cape Midlands and Karroo regions
- Authors: Staude, G E
- Date: 1973
- Subjects: Transportation -- South Africa -- Cape of Good Hope , Railroads -- South Africa -- Cape of Good Hope -- History , Railroads -- Construction and development -- South Africa -- Cape of Good Hope -- History , Transportation, Automotive -- South Africa -- Cape of Good Hope , Roads -- Construction and development -- South Africa -- Cape of Good Hope
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1068 , http://hdl.handle.net/10962/d1007697
- Description: From Preface: In 1966, the Karroo Development Association approached Rhodes University to undertake a socio-economic survey of their region. This survey was to form the basis for development planning in view of the expected benefit to the region of the Orange River Project. Similar requests were also received from the Midlands Planning Association and the South Eastern Areas Development Association. When Rhodes University consulted the Department of Planning, which strongly supported the principle of a regional survey, it was decided that, although Port Elizabeth and its hinterland comprised a logical economic unit, the area should be sub-divided. The University of Port Elizabeth was entrusted with the responsibility for an analysis of the metropolitan area, while the Institute of Social and Economic Research of Rhodes University was commissioned to undertake a socio-economic survey of the inland areas. This thesis on the transport infrastructure of the Cape Midlands and Karroo Regions represents one aspect of the survey.
- Full Text:
- Date Issued: 1973
- Authors: Staude, G E
- Date: 1973
- Subjects: Transportation -- South Africa -- Cape of Good Hope , Railroads -- South Africa -- Cape of Good Hope -- History , Railroads -- Construction and development -- South Africa -- Cape of Good Hope -- History , Transportation, Automotive -- South Africa -- Cape of Good Hope , Roads -- Construction and development -- South Africa -- Cape of Good Hope
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1068 , http://hdl.handle.net/10962/d1007697
- Description: From Preface: In 1966, the Karroo Development Association approached Rhodes University to undertake a socio-economic survey of their region. This survey was to form the basis for development planning in view of the expected benefit to the region of the Orange River Project. Similar requests were also received from the Midlands Planning Association and the South Eastern Areas Development Association. When Rhodes University consulted the Department of Planning, which strongly supported the principle of a regional survey, it was decided that, although Port Elizabeth and its hinterland comprised a logical economic unit, the area should be sub-divided. The University of Port Elizabeth was entrusted with the responsibility for an analysis of the metropolitan area, while the Institute of Social and Economic Research of Rhodes University was commissioned to undertake a socio-economic survey of the inland areas. This thesis on the transport infrastructure of the Cape Midlands and Karroo Regions represents one aspect of the survey.
- Full Text:
- Date Issued: 1973
An evaluation of IMF structural adjustment programmes : lessons for South Africa
- Authors: Berolsky, Nuno Goncalo
- Date: 2000
- Subjects: International Monetary Fund , International Monetary Fund -- Developing countries , Structural adjustment (Economic policy) -- Developing countries , South Africa -- Economic policy
- Language: English
- Type: Thesis , Masters , MSocSc
- Identifier: vital:935 , http://hdl.handle.net/10962/d1002668 , International Monetary Fund , International Monetary Fund -- Developing countries , Structural adjustment (Economic policy) -- Developing countries , South Africa -- Economic policy
- Description: The mixed results of International Monetary Fund structural adjustment programmes in less developed countries are a major motivation for this research. Explanations must be advanced as to what may inhibit the success of such programmes. South Africa has often found itself in a precarious position- with a deteriorating balance of payments, a position similar to other countries that have accepted IMF loans. Furthermore, South Africa undertook an IMF loan in 1993. Financial support from the IMF incorporates structural adjustment programmes. These may include measures such as tighter monetary policy, reduction in the budget deficit, exchange rate devaluation and ceilings on domestic credit with increased interest rates (Ferguson, 1988). These policies illustrate the principle of ‘conditionality,’ whereby access to further loans is conditional on certain criteria being met, such as reduced budget deficits and inflation rates. The principle of conditionality has met with a great deal of criticism. Bacha (1987) and Dell (1982) argue that these aggregate demand-reducing conditions more often than not stagnate domestic economies, worsening the balance of payment and result in programme breakdowns. Essentially, they refer to the IMF conditions as ‘unrealistic.’ The IMF denies this, arguing that shortfalls are mainly due to a lack of political commitment to carry out its conditions (Winters, 1994). This issue of conditionality will be examined in detail, using three specific case studies. The aim of this study is to examine the characteristics of Brazil, Mexico and Zambia to see whether or not the IMF programmes were successful. Guidelines will be established for South African policy from these case studies. South Africa is trying to adjust to the competitiveness of the international economy. At the same time, the need for reconstruction and development exerts increasing pressures on the balance of payments. Guidelines are established for a successful economic adjustment for South Africa. The research concludes that South Africa is certainly in line for a successful transformation. The rigidities are not as extensive as has been the case in Brazil and Zambia. Institutionally, South Africa is sound. However there are still challenges in this area, such as export diversification and economic stability to attract foreign investment.
- Full Text:
- Date Issued: 2000
- Authors: Berolsky, Nuno Goncalo
- Date: 2000
- Subjects: International Monetary Fund , International Monetary Fund -- Developing countries , Structural adjustment (Economic policy) -- Developing countries , South Africa -- Economic policy
- Language: English
- Type: Thesis , Masters , MSocSc
- Identifier: vital:935 , http://hdl.handle.net/10962/d1002668 , International Monetary Fund , International Monetary Fund -- Developing countries , Structural adjustment (Economic policy) -- Developing countries , South Africa -- Economic policy
- Description: The mixed results of International Monetary Fund structural adjustment programmes in less developed countries are a major motivation for this research. Explanations must be advanced as to what may inhibit the success of such programmes. South Africa has often found itself in a precarious position- with a deteriorating balance of payments, a position similar to other countries that have accepted IMF loans. Furthermore, South Africa undertook an IMF loan in 1993. Financial support from the IMF incorporates structural adjustment programmes. These may include measures such as tighter monetary policy, reduction in the budget deficit, exchange rate devaluation and ceilings on domestic credit with increased interest rates (Ferguson, 1988). These policies illustrate the principle of ‘conditionality,’ whereby access to further loans is conditional on certain criteria being met, such as reduced budget deficits and inflation rates. The principle of conditionality has met with a great deal of criticism. Bacha (1987) and Dell (1982) argue that these aggregate demand-reducing conditions more often than not stagnate domestic economies, worsening the balance of payment and result in programme breakdowns. Essentially, they refer to the IMF conditions as ‘unrealistic.’ The IMF denies this, arguing that shortfalls are mainly due to a lack of political commitment to carry out its conditions (Winters, 1994). This issue of conditionality will be examined in detail, using three specific case studies. The aim of this study is to examine the characteristics of Brazil, Mexico and Zambia to see whether or not the IMF programmes were successful. Guidelines will be established for South African policy from these case studies. South Africa is trying to adjust to the competitiveness of the international economy. At the same time, the need for reconstruction and development exerts increasing pressures on the balance of payments. Guidelines are established for a successful economic adjustment for South Africa. The research concludes that South Africa is certainly in line for a successful transformation. The rigidities are not as extensive as has been the case in Brazil and Zambia. Institutionally, South Africa is sound. However there are still challenges in this area, such as export diversification and economic stability to attract foreign investment.
- Full Text:
- Date Issued: 2000
Scientific management as applied to a South African sweet factory
- Authors: Bernstein, Jack
- Date: 1956
- Subjects: Candy industry -- Management , Candy industry -- South Africa
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: vital:1111 , http://hdl.handle.net/10962/d1013494
- Description: From Chapter 1: Among the many problems that the sweet industry in this country has had to overcome was the prejudice which favoured imported confectionery as against the local product. Fortunately this prejudice is slowly disappearing, firstly because imported sweets are largely unobtainable, and, secondly because the quality of the South African manufactured article has improved tremendously. Both the quantity and value of sweets produced in this country have increased over the last decade...
- Full Text:
- Date Issued: 1956
- Authors: Bernstein, Jack
- Date: 1956
- Subjects: Candy industry -- Management , Candy industry -- South Africa
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: vital:1111 , http://hdl.handle.net/10962/d1013494
- Description: From Chapter 1: Among the many problems that the sweet industry in this country has had to overcome was the prejudice which favoured imported confectionery as against the local product. Fortunately this prejudice is slowly disappearing, firstly because imported sweets are largely unobtainable, and, secondly because the quality of the South African manufactured article has improved tremendously. Both the quantity and value of sweets produced in this country have increased over the last decade...
- Full Text:
- Date Issued: 1956
The nature of economic integration and co-operation within the South African region and a survey of economic benefits to member states
- Authors: Mutambara, Tsitsi Effie
- Date: 2001
- Subjects: Africa, Southern -- Economic integration , Southern African Development Community
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:938 , http://hdl.handle.net/10962/d1002671 , Africa, Southern -- Economic integration , Southern African Development Community
- Description: The transformation of SADCC into the Southern African Development Community (SADC) has paved the way towards closer regional economic integration in southern Africa. The regional grouping no longer only focuses on sectoral cooperation, but is steadily moving towards increased cooperation in trade development and promotion, industrial development and the diversification of national economies, with the aim of increasing regional economic integration. A free trade area ranks second lowest in the steps towards the highest levels of economic integration. Thus, the signing of the SADC Trade Protocol, which serves to pave way for a SADC Free Trade Area, has initiated steps to facilitate and promote the formal economic integration of all countries in the southern African region. It has been noted that at various periods, the region has adopted a variety of approaches to integration. As such, the present study reviews the different approaches to integration, namely the market integration model, the neo-functional integration model, the development integration model and the theory of common markets. Since the essential question with which this thesis is concerned is whether, and to what extent, the benefits expected from SADC and SACU in terms of their aims and objectives have accrued to member states, an insight into the expected benefits arising from the application of each theoretical framework can help to facilitate an evaluation of the benefits which the countries have enjoyed from these two regional groupings. The thesis highlights that throughout the ten years during which the original SADCC was in place, it based its approach to regional integration on the neo-functional and development integration models, although the former tended to be more dominant. With the regional grouping transforming into SADC, the market integration model was adopted, even though the grouping still had features of the aforementioned approaches. The relevance of the three approaches can be seen in: (i) the continued importance of SADC's sectoral projects, particularly in the field of transport and communication: (ii) continued attempts to put in place a suitable regional) industrial development strategy and implement policies to attract foreign investment; and (iii) the signing of the SADCC Trade Protocol to facilitate the implementation of a free trade area. The thesis argues that member states have enjoyed considerable economic benefits from the SADC sectoral projects. However, in some cases, members have lost out on potential benefits as a result of projects failing to be implemented or completed, mainly due to inadequate funding. Further, delays and inefficiencies at some border posts constitute significant non-tariff barriers which could be a hindrance to intra-regional trade. Progress towards diversification of exports has been limited as the region still relies mostly on the export of the traditional agricultural and mineral raw materials. While all countries have made efforts to diversify their industrial bases, attempts at implementing a meaningful regional industrial development strategy have met with limited success. Intra-regional trade has been increasing over the years. Since the SADC Trade Protocol only came into effect in September 2000, the increased levels of trade integration in the region appear to have been a result of the bilateral trade agreements between countries, and the customs union between South Africa and Botswana, Lesotho, Namibia and Swaziland (BLNS), as well as the structural adjustment programmes and the significant growth experienced in some countries. Outstanding intra-regional trade volumes have been experienced within SACU. In trade terms, benefits have varied between member states, with the more powerful countries like South Africa, Zimbabwe and Mauritius experiencing substantial trade surpluses vis-a.-vis their trade, partners. Countries with bilateral preferential trade agreements have also benefited more due to increased access into each other's markets compared to those without or with bilateral trade agreements of an MFN nature. However, it is important to note that, despite the increase in trade integration in the region, southern Africa is still heavily dependent on the rest of the world for its export markets and as its source of imports. The study finds that intra-industry trade (IIT) exists within the region and, in a number of sectors, high IIT indices are recorded;--although some such sectors do not display significant trade - voIumes. The opening of the region through the implementation of the SADC FTA could promote the expansion of IIT .as-the free trade area )'Till create an enlarged regional market. As such, SADC could benefit from dynamic effects such as scale economies in production and marketing, with member states working on having complementary production structures so as to facilitate specialisation. The thesis argues that the potential for intra-regional trade expansion in the SADC FT A also exists bearing in mind trade complementarity between countries as well as revealed comparative advantages in different sectors. One of the benefits which have accrued to the region as a result of facilitating and promoting greater cooperation and deepening the integration process has been an expansion in cross border investment. The study finds that the 1990s witnessed a gradual increase in cross border investment to take advantage of investment opportunities in member states. South Africa has become the primary source of foreign direct investment flows to a number of SADC countries, with mergers and acquisitions being the dominant mode of its foreign direct investment. Cross border investment helps in supplementing low domestic savings, thus providing substantial parts of the shortfall in capital needed to finance economic growth and development. It can thus promote development in the industrial sector, transfer of capital, skills and technology, and development of infrastructure. Many SADC countries are unable to compete effectively due to lack of export supply capacity. The thesis suggests that capitalising on investment by South African firms could enhance local supply capabilities and raise export competitiveness. The study concludes that for market integration to succeed in the SADC region, the neofunctional and development integration approaches need to be actively pursued simultaneously, particularly with respect to infrastructural and industrial development.
- Full Text:
- Date Issued: 2001
- Authors: Mutambara, Tsitsi Effie
- Date: 2001
- Subjects: Africa, Southern -- Economic integration , Southern African Development Community
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:938 , http://hdl.handle.net/10962/d1002671 , Africa, Southern -- Economic integration , Southern African Development Community
- Description: The transformation of SADCC into the Southern African Development Community (SADC) has paved the way towards closer regional economic integration in southern Africa. The regional grouping no longer only focuses on sectoral cooperation, but is steadily moving towards increased cooperation in trade development and promotion, industrial development and the diversification of national economies, with the aim of increasing regional economic integration. A free trade area ranks second lowest in the steps towards the highest levels of economic integration. Thus, the signing of the SADC Trade Protocol, which serves to pave way for a SADC Free Trade Area, has initiated steps to facilitate and promote the formal economic integration of all countries in the southern African region. It has been noted that at various periods, the region has adopted a variety of approaches to integration. As such, the present study reviews the different approaches to integration, namely the market integration model, the neo-functional integration model, the development integration model and the theory of common markets. Since the essential question with which this thesis is concerned is whether, and to what extent, the benefits expected from SADC and SACU in terms of their aims and objectives have accrued to member states, an insight into the expected benefits arising from the application of each theoretical framework can help to facilitate an evaluation of the benefits which the countries have enjoyed from these two regional groupings. The thesis highlights that throughout the ten years during which the original SADCC was in place, it based its approach to regional integration on the neo-functional and development integration models, although the former tended to be more dominant. With the regional grouping transforming into SADC, the market integration model was adopted, even though the grouping still had features of the aforementioned approaches. The relevance of the three approaches can be seen in: (i) the continued importance of SADC's sectoral projects, particularly in the field of transport and communication: (ii) continued attempts to put in place a suitable regional) industrial development strategy and implement policies to attract foreign investment; and (iii) the signing of the SADCC Trade Protocol to facilitate the implementation of a free trade area. The thesis argues that member states have enjoyed considerable economic benefits from the SADC sectoral projects. However, in some cases, members have lost out on potential benefits as a result of projects failing to be implemented or completed, mainly due to inadequate funding. Further, delays and inefficiencies at some border posts constitute significant non-tariff barriers which could be a hindrance to intra-regional trade. Progress towards diversification of exports has been limited as the region still relies mostly on the export of the traditional agricultural and mineral raw materials. While all countries have made efforts to diversify their industrial bases, attempts at implementing a meaningful regional industrial development strategy have met with limited success. Intra-regional trade has been increasing over the years. Since the SADC Trade Protocol only came into effect in September 2000, the increased levels of trade integration in the region appear to have been a result of the bilateral trade agreements between countries, and the customs union between South Africa and Botswana, Lesotho, Namibia and Swaziland (BLNS), as well as the structural adjustment programmes and the significant growth experienced in some countries. Outstanding intra-regional trade volumes have been experienced within SACU. In trade terms, benefits have varied between member states, with the more powerful countries like South Africa, Zimbabwe and Mauritius experiencing substantial trade surpluses vis-a.-vis their trade, partners. Countries with bilateral preferential trade agreements have also benefited more due to increased access into each other's markets compared to those without or with bilateral trade agreements of an MFN nature. However, it is important to note that, despite the increase in trade integration in the region, southern Africa is still heavily dependent on the rest of the world for its export markets and as its source of imports. The study finds that intra-industry trade (IIT) exists within the region and, in a number of sectors, high IIT indices are recorded;--although some such sectors do not display significant trade - voIumes. The opening of the region through the implementation of the SADC FTA could promote the expansion of IIT .as-the free trade area )'Till create an enlarged regional market. As such, SADC could benefit from dynamic effects such as scale economies in production and marketing, with member states working on having complementary production structures so as to facilitate specialisation. The thesis argues that the potential for intra-regional trade expansion in the SADC FT A also exists bearing in mind trade complementarity between countries as well as revealed comparative advantages in different sectors. One of the benefits which have accrued to the region as a result of facilitating and promoting greater cooperation and deepening the integration process has been an expansion in cross border investment. The study finds that the 1990s witnessed a gradual increase in cross border investment to take advantage of investment opportunities in member states. South Africa has become the primary source of foreign direct investment flows to a number of SADC countries, with mergers and acquisitions being the dominant mode of its foreign direct investment. Cross border investment helps in supplementing low domestic savings, thus providing substantial parts of the shortfall in capital needed to finance economic growth and development. It can thus promote development in the industrial sector, transfer of capital, skills and technology, and development of infrastructure. Many SADC countries are unable to compete effectively due to lack of export supply capacity. The thesis suggests that capitalising on investment by South African firms could enhance local supply capabilities and raise export competitiveness. The study concludes that for market integration to succeed in the SADC region, the neofunctional and development integration approaches need to be actively pursued simultaneously, particularly with respect to infrastructural and industrial development.
- Full Text:
- Date Issued: 2001
Wages and employment of European women in industry in Durban, 1955/56
- Authors: Mesham, Noreen Ina
- Date: 1958
- Subjects: Women -- Employment -- South Africa , Wages -- Women -- South Africa -- Durban , Women -- South Africa -- Durban -- Economic conditions , Women -- South Africa -- Durban -- Social conditions , Durban (South Africa) -- Economic conditions -- 20th century
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:1112 , http://hdl.handle.net/10962/d1013509
- Full Text:
- Date Issued: 1958
- Authors: Mesham, Noreen Ina
- Date: 1958
- Subjects: Women -- Employment -- South Africa , Wages -- Women -- South Africa -- Durban , Women -- South Africa -- Durban -- Economic conditions , Women -- South Africa -- Durban -- Social conditions , Durban (South Africa) -- Economic conditions -- 20th century
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:1112 , http://hdl.handle.net/10962/d1013509
- Full Text:
- Date Issued: 1958
A regulationist approach to South Africa and a critique of inflation targeting
- Authors: Bax, Ryan Michael Jonathan
- Date: 2011
- Subjects: Inflation (Finance) -- South Africa International finance Economic development -- South Africa Sustainable development -- South Africa Inflation targeting -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1036 , http://hdl.handle.net/10962/d1004533
- Description: Since the 1970s, the international economic system has become prone to the volatility and undue effects associated with booms and busts. This forty year period spanning the present has exhibited restrained growth and repressive economic development. Critical changes to the system are presented by the transition from "Fordism" to the post 1970s neoliberal regime and the globalization of world markets. Underpinning this transformation is an ideological shift towards free market capitalism and the adoption of "reduced form" market models. These "reduced form" models appear to hinder economic sustainability as their grounding in economics fails to account for real economic activity. This thesis aims to provide a more holistic perception of sustainability, one that provides a sound basis on which to develop sustainable economic policy. The Regulationist Approach presents the requisite understanding of economic sustainability required within this research. The inclusion of economic, historical and socio-political fields of research proposes a wider understanding of the political economy and sustainability. The application of the Regulation Approach to the South African economy illustrates many problem areas that require attention. The examination found that firstly, aggregate demand in the South African economy was unsustainable due to the debt driven nature of demand under the asset price bubble of the mid to late 2000s. Secondly, aggregate supply also proved unsustainable as government is failing to provide any substantive growth within important sectors of the economy such as education and the provision of general services. Furthermore, the adoption of inflation targeting in South Africa poses a barrier to sustained economic growth as it focuses singularly on price inflation. The "reduced form" model of inflation targeting fails to account for market failures and a number of vital indicators of sustainability most notably, debt levels and asset prices. The inclusion of these indicators, and financial stability more generally, are found to provide a more holistic and sustainable approach to macroeconomic policymaking.
- Full Text:
- Date Issued: 2011
- Authors: Bax, Ryan Michael Jonathan
- Date: 2011
- Subjects: Inflation (Finance) -- South Africa International finance Economic development -- South Africa Sustainable development -- South Africa Inflation targeting -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1036 , http://hdl.handle.net/10962/d1004533
- Description: Since the 1970s, the international economic system has become prone to the volatility and undue effects associated with booms and busts. This forty year period spanning the present has exhibited restrained growth and repressive economic development. Critical changes to the system are presented by the transition from "Fordism" to the post 1970s neoliberal regime and the globalization of world markets. Underpinning this transformation is an ideological shift towards free market capitalism and the adoption of "reduced form" market models. These "reduced form" models appear to hinder economic sustainability as their grounding in economics fails to account for real economic activity. This thesis aims to provide a more holistic perception of sustainability, one that provides a sound basis on which to develop sustainable economic policy. The Regulationist Approach presents the requisite understanding of economic sustainability required within this research. The inclusion of economic, historical and socio-political fields of research proposes a wider understanding of the political economy and sustainability. The application of the Regulation Approach to the South African economy illustrates many problem areas that require attention. The examination found that firstly, aggregate demand in the South African economy was unsustainable due to the debt driven nature of demand under the asset price bubble of the mid to late 2000s. Secondly, aggregate supply also proved unsustainable as government is failing to provide any substantive growth within important sectors of the economy such as education and the provision of general services. Furthermore, the adoption of inflation targeting in South Africa poses a barrier to sustained economic growth as it focuses singularly on price inflation. The "reduced form" model of inflation targeting fails to account for market failures and a number of vital indicators of sustainability most notably, debt levels and asset prices. The inclusion of these indicators, and financial stability more generally, are found to provide a more holistic and sustainable approach to macroeconomic policymaking.
- Full Text:
- Date Issued: 2011
The relationship between financial development and manufacturing sector growth: evidence from Southern African Customs Union countries
- Authors: Moshabesha, Mosili
- Date: 2011
- Subjects: Economic development -- Case studies -- Africa, Southern Entrepreneurship -- Case studies -- Africa, Southern Southern African Customs Union
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:990 , http://hdl.handle.net/10962/d1002725
- Description: Extensive research has been done on the relationship between financial development (FD) and growth (with the main focus on economic growth). Theoretical models and most of the conclusions reached stipulate that the development of a financial system is one of the essential ingredients for economic growth. A developed financial system is able to provide financial services efficiently to the real sector. This study examines the relationship between FD and manufacturing sector growth of the SACU countries. The study first reviews the theoretical and empirical literature of FD and growth (economic and manufacturing sector). This gives a full understanding of the topic before attempting to empirically study it. It also helps in the selection process of the model and variables to be employed in the study. A balanced panel for four SACU countries, namely Botswana, Lesotho, RSA and Swaziland, for the period 1976 to 2008 was estimated using Zellner‟s Seemingly Unrelated Regression Estimation (SURE) method. Namibia was omitted because of limited data. The SURE model was selected because it performs better than ordinary least squares (OLS) estimation of individual equations in cases where the countries studied can be affected by similar external shocks because they are in the same economic region and also have country specific structural differences which could affect their economic growth. Two measures of FD were used: credit to the private sector provided by commercial banks (FIC) and the ratio of liquid liabilities of commercial banks to GDP (LL). Manufacturing sector growth was measured by manufacturing value added to GDP. The results of the relationship between manufacturing growth and FD were very weak across the countries. The model that used FIC performed better, there was a negative significant relationship found in RSA and Swaziland, while with the model that used LL, all the countries gave an insignificant relationship. The results for Swaziland were very consistent with the past findings of the relationship between FD and economic growth in the country (for example Aziakpono (2005a)). This may be because of the high share of the manufacturing sector in GDP. Theory suggests that a well-developed financial system will have a positive impact on growth, but this was not the case in RSA and Botswana, where in some cases FD had a negative impact on the growth of the sector. The analysis of the countries‟ manufacturing sector development shows that the sector plays an important role in the economies of the SACU countries, especially in terms of employment and exports. The coefficients of trade openness are generally positive, though not significant in some cases. The other control variables gave mixed results across the counties and across the models. Based on the findings, the countries have to develop strategies that will improve entrepreneurial skills. Also the financial development in the small SACU countries is essential in order for all the sectors in the economy to benefit from the financial sector and in turn increase economic growth.
- Full Text:
- Date Issued: 2011
- Authors: Moshabesha, Mosili
- Date: 2011
- Subjects: Economic development -- Case studies -- Africa, Southern Entrepreneurship -- Case studies -- Africa, Southern Southern African Customs Union
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:990 , http://hdl.handle.net/10962/d1002725
- Description: Extensive research has been done on the relationship between financial development (FD) and growth (with the main focus on economic growth). Theoretical models and most of the conclusions reached stipulate that the development of a financial system is one of the essential ingredients for economic growth. A developed financial system is able to provide financial services efficiently to the real sector. This study examines the relationship between FD and manufacturing sector growth of the SACU countries. The study first reviews the theoretical and empirical literature of FD and growth (economic and manufacturing sector). This gives a full understanding of the topic before attempting to empirically study it. It also helps in the selection process of the model and variables to be employed in the study. A balanced panel for four SACU countries, namely Botswana, Lesotho, RSA and Swaziland, for the period 1976 to 2008 was estimated using Zellner‟s Seemingly Unrelated Regression Estimation (SURE) method. Namibia was omitted because of limited data. The SURE model was selected because it performs better than ordinary least squares (OLS) estimation of individual equations in cases where the countries studied can be affected by similar external shocks because they are in the same economic region and also have country specific structural differences which could affect their economic growth. Two measures of FD were used: credit to the private sector provided by commercial banks (FIC) and the ratio of liquid liabilities of commercial banks to GDP (LL). Manufacturing sector growth was measured by manufacturing value added to GDP. The results of the relationship between manufacturing growth and FD were very weak across the countries. The model that used FIC performed better, there was a negative significant relationship found in RSA and Swaziland, while with the model that used LL, all the countries gave an insignificant relationship. The results for Swaziland were very consistent with the past findings of the relationship between FD and economic growth in the country (for example Aziakpono (2005a)). This may be because of the high share of the manufacturing sector in GDP. Theory suggests that a well-developed financial system will have a positive impact on growth, but this was not the case in RSA and Botswana, where in some cases FD had a negative impact on the growth of the sector. The analysis of the countries‟ manufacturing sector development shows that the sector plays an important role in the economies of the SACU countries, especially in terms of employment and exports. The coefficients of trade openness are generally positive, though not significant in some cases. The other control variables gave mixed results across the counties and across the models. Based on the findings, the countries have to develop strategies that will improve entrepreneurial skills. Also the financial development in the small SACU countries is essential in order for all the sectors in the economy to benefit from the financial sector and in turn increase economic growth.
- Full Text:
- Date Issued: 2011
The power of investor sentiment: an analysis of the impact of investor confidence on South African financial markets
- Authors: Argyros, Robert
- Date: 2013
- Subjects: Johannesburg Stock Exchange Stockholders Stocks -- Prices -- South Africa Stock Exchanges Investments
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1032 , http://hdl.handle.net/10962/d1004169
- Description: Whether investor sentiment has any authority over financial markets has long been a topic of discussion in the field of finance. This study investigates the relationship between investor sentiment and share returns in South Africa. Determining this relationship will add to the existing work which has documented important determinants of share returns on the stock exchange in South Africa, as well adding to the inconclusive link between sentiment and the South African financial markets. Does sentiment influence share returns or do share returns influence sentiment? Using quarterly data for the period 1996-2010, the study makes use of the FNB/BER Consumer Confidence Index as a proxy for investor sentiment, and the FTSE/JSE All Share Index to represent the South African financial markets. A regression analysis was conducted along with granger-causality tests, impulse response functions and variance decompositions in order to determine the nature of this relationship. The results showed that investor sentiment has a statistically significant relationship with share returns in South Africa. However, sentiment is only able to account for a very small portion of the variation in returns, with returns able to account for a larger portion of the variation in sentiment. Therefore investor sentiment is not a suitable predictor of share returns in South Africa. In addition, granger-causality tests indicate that returns are actually the leading indicator, suggesting that changes in South African investors’ confidence levels occur following changes in the state of the JSE. The limitations of the study include the infrequent nature of the sentiment measure used, thereby failing to capture important changes in sentiment and their immediate impact on financial markets. In addition, the sentiment of foreign investors must be taken into account due to the large foreign investment in the JSE.
- Full Text:
- Date Issued: 2013
- Authors: Argyros, Robert
- Date: 2013
- Subjects: Johannesburg Stock Exchange Stockholders Stocks -- Prices -- South Africa Stock Exchanges Investments
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1032 , http://hdl.handle.net/10962/d1004169
- Description: Whether investor sentiment has any authority over financial markets has long been a topic of discussion in the field of finance. This study investigates the relationship between investor sentiment and share returns in South Africa. Determining this relationship will add to the existing work which has documented important determinants of share returns on the stock exchange in South Africa, as well adding to the inconclusive link between sentiment and the South African financial markets. Does sentiment influence share returns or do share returns influence sentiment? Using quarterly data for the period 1996-2010, the study makes use of the FNB/BER Consumer Confidence Index as a proxy for investor sentiment, and the FTSE/JSE All Share Index to represent the South African financial markets. A regression analysis was conducted along with granger-causality tests, impulse response functions and variance decompositions in order to determine the nature of this relationship. The results showed that investor sentiment has a statistically significant relationship with share returns in South Africa. However, sentiment is only able to account for a very small portion of the variation in returns, with returns able to account for a larger portion of the variation in sentiment. Therefore investor sentiment is not a suitable predictor of share returns in South Africa. In addition, granger-causality tests indicate that returns are actually the leading indicator, suggesting that changes in South African investors’ confidence levels occur following changes in the state of the JSE. The limitations of the study include the infrequent nature of the sentiment measure used, thereby failing to capture important changes in sentiment and their immediate impact on financial markets. In addition, the sentiment of foreign investors must be taken into account due to the large foreign investment in the JSE.
- Full Text:
- Date Issued: 2013
An analysis of the turn-of-the-year effect in South African equity returns
- Authors: Potgieter, Damien
- Date: 2007
- Subjects: Johannesburg Stock Exchange , FTSE International , Stock exchanges -- South Africa , Stock price indexes -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1063 , http://hdl.handle.net/10962/d1007605 , Johannesburg Stock Exchange , FTSE International , Stock exchanges -- South Africa , Stock price indexes -- South Africa
- Description: This study investigates FTSE/JSE All Share index monthly and daily equity returns for evidence of the January and TY effect. Four different measures of monthly return are analysed for the 1995-2006 period, whilst daily returns are analysed during the 1995-2005 period. In addition to this, analysis is conducted on monthly Fama-MacBeth risk premium estimates tor the FTSE/JSE All Share Index. Descriptive statistics are first analysed, followed by ANOV A or Kruskai-Wallis tests, the paired t-test and finally dummy variable regression analysis in investigating the seasonality of FTSE/JSE All Share Index returns and risk premia. Analysis on monthly returns reveals an absence of the January effect, however a positive slightly statistically significant December effect is found. Thus, investors earn abnormal returns on equity during the month of December. The results from the Fama-MacBeth risk premia estimates reveals highly statistically significant negative risk premia seasonal patterns during March, July and September. Thus, investors are in fact penalised for investing in equities during these months. In addition, the analysis reveals an absence of a December effect in risk premia, which contradicts the risk-return trade-off central to modem finance. The daily return analysis reveals a highly significant Turn-of-the-Year effect (TY), which suggests that investors earn abnormal returns on days at the turn of the year. Therefore, it is concluded that a December effect is apparent in South African equity monthly returns, whilst a March, July and September effect is apparent in South African equity risk premia contradicting the risk-return trade-off central to modem finance. In addition to this, a TY effect is present in South African equity daily returns.
- Full Text:
- Date Issued: 2007
- Authors: Potgieter, Damien
- Date: 2007
- Subjects: Johannesburg Stock Exchange , FTSE International , Stock exchanges -- South Africa , Stock price indexes -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1063 , http://hdl.handle.net/10962/d1007605 , Johannesburg Stock Exchange , FTSE International , Stock exchanges -- South Africa , Stock price indexes -- South Africa
- Description: This study investigates FTSE/JSE All Share index monthly and daily equity returns for evidence of the January and TY effect. Four different measures of monthly return are analysed for the 1995-2006 period, whilst daily returns are analysed during the 1995-2005 period. In addition to this, analysis is conducted on monthly Fama-MacBeth risk premium estimates tor the FTSE/JSE All Share Index. Descriptive statistics are first analysed, followed by ANOV A or Kruskai-Wallis tests, the paired t-test and finally dummy variable regression analysis in investigating the seasonality of FTSE/JSE All Share Index returns and risk premia. Analysis on monthly returns reveals an absence of the January effect, however a positive slightly statistically significant December effect is found. Thus, investors earn abnormal returns on equity during the month of December. The results from the Fama-MacBeth risk premia estimates reveals highly statistically significant negative risk premia seasonal patterns during March, July and September. Thus, investors are in fact penalised for investing in equities during these months. In addition, the analysis reveals an absence of a December effect in risk premia, which contradicts the risk-return trade-off central to modem finance. The daily return analysis reveals a highly significant Turn-of-the-Year effect (TY), which suggests that investors earn abnormal returns on days at the turn of the year. Therefore, it is concluded that a December effect is apparent in South African equity monthly returns, whilst a March, July and September effect is apparent in South African equity risk premia contradicting the risk-return trade-off central to modem finance. In addition to this, a TY effect is present in South African equity daily returns.
- Full Text:
- Date Issued: 2007
The market efficiency hypothesis and the behaviour of stock returns on the JSE securities exchange
- Authors: Mabhunu, Mind
- Date: 2004
- Subjects: Johannesburg Stock Exchange , Stocks -- Prices -- South Africa , Stock exchanges -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1027 , http://hdl.handle.net/10962/d1002762 , Johannesburg Stock Exchange , Stocks -- Prices -- South Africa , Stock exchanges -- South Africa
- Description: While the Efficient Market Hypothesis (EHM) has been widely accepted as robust by many researchers in the field of capital markets, the hypothesis’ robustness has been under increased scrutiny and question lately. In the light of the concerns over the robustness of the EMH, the weak form efficiency of the JSE is tested. Stock returns used in the analysis were controlled for thin trading and it was discovered that once returns are controlled for thin trading, they are independent of each other across time. Some of the previous studies found the JSE to be inefficient in the weak form but this research found that the JSE is efficient in the weak form. A comparison is also made between the JSE and four other African stock markets and the JSE is found to be more efficient than the other markets. The developments on the JSE, which have improved information dissemination as well as the efficiency of trading, contributed to the improvement of the JSE’s efficiency. The improvement in operational efficiency and turnover from the late 1990s has also made a major contribution to the improvement in the weak form efficiency of the JSE. Theory proposes that if markets are efficient then professional investment management is of little value if any; hence the position of professional investment managers in efficient markets is investigated. Although the JSE is found to be efficient, at least in the weak form, it is argued that achieving efficiency does not necessarily make the investment manager’s role obsolete. Investment managers are needed even when the market can be proved to be efficient.
- Full Text:
- Date Issued: 2004
- Authors: Mabhunu, Mind
- Date: 2004
- Subjects: Johannesburg Stock Exchange , Stocks -- Prices -- South Africa , Stock exchanges -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1027 , http://hdl.handle.net/10962/d1002762 , Johannesburg Stock Exchange , Stocks -- Prices -- South Africa , Stock exchanges -- South Africa
- Description: While the Efficient Market Hypothesis (EHM) has been widely accepted as robust by many researchers in the field of capital markets, the hypothesis’ robustness has been under increased scrutiny and question lately. In the light of the concerns over the robustness of the EMH, the weak form efficiency of the JSE is tested. Stock returns used in the analysis were controlled for thin trading and it was discovered that once returns are controlled for thin trading, they are independent of each other across time. Some of the previous studies found the JSE to be inefficient in the weak form but this research found that the JSE is efficient in the weak form. A comparison is also made between the JSE and four other African stock markets and the JSE is found to be more efficient than the other markets. The developments on the JSE, which have improved information dissemination as well as the efficiency of trading, contributed to the improvement of the JSE’s efficiency. The improvement in operational efficiency and turnover from the late 1990s has also made a major contribution to the improvement in the weak form efficiency of the JSE. Theory proposes that if markets are efficient then professional investment management is of little value if any; hence the position of professional investment managers in efficient markets is investigated. Although the JSE is found to be efficient, at least in the weak form, it is argued that achieving efficiency does not necessarily make the investment manager’s role obsolete. Investment managers are needed even when the market can be proved to be efficient.
- Full Text:
- Date Issued: 2004
The informal sector in the Eastern Cape: a case study of New Brighton and Kwamagxaki, Port Elizabeth
- Authors: Sofisa, Thembela Nicholas
- Date: 1991
- Subjects: Informal sector (Economics) -- South Africa -- Port Elizabeth , Self-employed -- South Africa , New Brighton (Port Elizabeth, South Africa) , Port Elizabeth (South Africa) -- Economic conditions , KwaMagxaki (Port Elizabeth, South Africa)
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:934 , http://hdl.handle.net/10962/d1002667 , Informal sector (Economics) -- South Africa -- Port Elizabeth , Self-employed -- South Africa , New Brighton (Port Elizabeth, South Africa) , Port Elizabeth (South Africa) -- Economic conditions
- Description: Recently, researchers have shown enormous interest in the informal sector due to extensive poverty and rising unemployment trend in the South African economy. These problems have worsened in the Port Elizabeth economy, as most entrepreneurs have scaled down their operations or liquidated their businesses due to a structural decline in the manufacturing sector and periodic recessions in the national economy. Undoubtedly, the informal sector has become a reasonable economic alternative as far as income accumulation and employment generation. The present study shows that the informal sector is characterised mainly by self-employment and also the income from this sector has also improved the standard of living of most sampled households in New Brighton and KwaMagxaki. The aim of this thesis, then, is to evaluate the nature, extent, meaning and influence of the informal sector in the Port Elizabeth Black economy. However, this can only be achieved once the informal sector is placed within the appropriate theoretical framework. This is done by comparing and contrasting the different conceptualisations of the informal sector in the literature. In conclusion, the thesis combines the different conceptualisations of the informal sector in the literature with the empirical evidence from the Port Elizabeth townships' informal sector. The important findings of the study are: The informal sector is mainly characterised by distributive activities than productive activities. Women comprised 62% of the informal sector. Economically-active members of the economy are in the informal sector. Education levels in this sector are relatively low. The informal sector is characterised by one-man businesses with few employees who are also family members. There was no trace of migrants in the informal sector. The informal sector is characterised by linkages. Informal income alleviates conditions of poverty. Policies have to implemented for the development of the informal sector. Twenty-three percent of the households in New Brighton were in the informal sector and only 6% in KwaMagxaki. Although, this study focuses in Port Elizabeth, it is the intention that the results presented will provide a broad overview of what the informal sector is.
- Full Text:
- Date Issued: 1991
The informal sector in the Eastern Cape: a case study of New Brighton and Kwamagxaki, Port Elizabeth
- Authors: Sofisa, Thembela Nicholas
- Date: 1991
- Subjects: Informal sector (Economics) -- South Africa -- Port Elizabeth , Self-employed -- South Africa , New Brighton (Port Elizabeth, South Africa) , Port Elizabeth (South Africa) -- Economic conditions , KwaMagxaki (Port Elizabeth, South Africa)
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:934 , http://hdl.handle.net/10962/d1002667 , Informal sector (Economics) -- South Africa -- Port Elizabeth , Self-employed -- South Africa , New Brighton (Port Elizabeth, South Africa) , Port Elizabeth (South Africa) -- Economic conditions
- Description: Recently, researchers have shown enormous interest in the informal sector due to extensive poverty and rising unemployment trend in the South African economy. These problems have worsened in the Port Elizabeth economy, as most entrepreneurs have scaled down their operations or liquidated their businesses due to a structural decline in the manufacturing sector and periodic recessions in the national economy. Undoubtedly, the informal sector has become a reasonable economic alternative as far as income accumulation and employment generation. The present study shows that the informal sector is characterised mainly by self-employment and also the income from this sector has also improved the standard of living of most sampled households in New Brighton and KwaMagxaki. The aim of this thesis, then, is to evaluate the nature, extent, meaning and influence of the informal sector in the Port Elizabeth Black economy. However, this can only be achieved once the informal sector is placed within the appropriate theoretical framework. This is done by comparing and contrasting the different conceptualisations of the informal sector in the literature. In conclusion, the thesis combines the different conceptualisations of the informal sector in the literature with the empirical evidence from the Port Elizabeth townships' informal sector. The important findings of the study are: The informal sector is mainly characterised by distributive activities than productive activities. Women comprised 62% of the informal sector. Economically-active members of the economy are in the informal sector. Education levels in this sector are relatively low. The informal sector is characterised by one-man businesses with few employees who are also family members. There was no trace of migrants in the informal sector. The informal sector is characterised by linkages. Informal income alleviates conditions of poverty. Policies have to implemented for the development of the informal sector. Twenty-three percent of the households in New Brighton were in the informal sector and only 6% in KwaMagxaki. Although, this study focuses in Port Elizabeth, it is the intention that the results presented will provide a broad overview of what the informal sector is.
- Full Text:
- Date Issued: 1991
The new initiative of the East African Cooperation : opportunities, challenges and prospects
- Authors: Kimemia, Peter Njau
- Date: 2000 , 2013-04-25
- Subjects: International economic relations , Africa, East -- Foreign economic relations , East African Co-operation , Africa, East -- Economic integration
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:1041 , http://hdl.handle.net/10962/d1004743 , International economic relations , Africa, East -- Foreign economic relations , East African Co-operation , Africa, East -- Economic integration
- Description: The landmark inauguration of the East African Cooperation (EAC) on 14 March 1996 brought to the fore some key issues regarding regional economic integration in East Africa, particularly since it signalled the second attempt by Kenya, Uganda and Tanzania to form a regional economic bloc. The EAC's predecessor, the East African Community, had collapsed in 1977 in acrimonious circumstances. Prominent among the issues that led to the collapse of the East African Community was the perception of unequal gains from the integration scheme, with Uganda and Tanzania considering that disproportionate benefits were accruing to Kenya at their expense. With the new initiative, the question emerges as to whether the problems that caused the collapse of the Community will not beset the EAC and subject it to a similar fate. In an attempt to address this question, this study considers some of the theoretical issues relating to regional economic integration among countries at different levels of development, and attempts to provide an analysis of the new initiative of the EAC in the light of this theory and the history of the East African Community. The study also critically examines the objectives of the EAC and the integration strategy adopted by the three countries, and offers suggestions on the way forward. Among the arguments made in this thesis are that, contrary to the suggestions of orthodox static analysis, if the dynamic effects of integration are considered, then there may be important gains which may accrue to integrating states in the developing country context. It is also argued that different levels of development among integrating states need not necessarily be an impediment to economic integration. The study finds that, in spite of the enormous challenges facing the EAC, member states may be better off within the integration scheme than if they acted as individual units in a rapidly globalizing international system.
- Full Text:
- Date Issued: 2000
- Authors: Kimemia, Peter Njau
- Date: 2000 , 2013-04-25
- Subjects: International economic relations , Africa, East -- Foreign economic relations , East African Co-operation , Africa, East -- Economic integration
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:1041 , http://hdl.handle.net/10962/d1004743 , International economic relations , Africa, East -- Foreign economic relations , East African Co-operation , Africa, East -- Economic integration
- Description: The landmark inauguration of the East African Cooperation (EAC) on 14 March 1996 brought to the fore some key issues regarding regional economic integration in East Africa, particularly since it signalled the second attempt by Kenya, Uganda and Tanzania to form a regional economic bloc. The EAC's predecessor, the East African Community, had collapsed in 1977 in acrimonious circumstances. Prominent among the issues that led to the collapse of the East African Community was the perception of unequal gains from the integration scheme, with Uganda and Tanzania considering that disproportionate benefits were accruing to Kenya at their expense. With the new initiative, the question emerges as to whether the problems that caused the collapse of the Community will not beset the EAC and subject it to a similar fate. In an attempt to address this question, this study considers some of the theoretical issues relating to regional economic integration among countries at different levels of development, and attempts to provide an analysis of the new initiative of the EAC in the light of this theory and the history of the East African Community. The study also critically examines the objectives of the EAC and the integration strategy adopted by the three countries, and offers suggestions on the way forward. Among the arguments made in this thesis are that, contrary to the suggestions of orthodox static analysis, if the dynamic effects of integration are considered, then there may be important gains which may accrue to integrating states in the developing country context. It is also argued that different levels of development among integrating states need not necessarily be an impediment to economic integration. The study finds that, in spite of the enormous challenges facing the EAC, member states may be better off within the integration scheme than if they acted as individual units in a rapidly globalizing international system.
- Full Text:
- Date Issued: 2000
A price analysis of vegetables on the East London municipal market
- Authors: Fraser, Gavin Cecil Gilbert
- Date: 1983
- Subjects: Agricultural prices -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1055 , http://hdl.handle.net/10962/d1006970 , Agricultural prices -- South Africa
- Description: [Introduction] Much of the information available on the prices of vegetables marketed through the fresh produce markets is of limited use to producers. This information contains the actual prices for individual years. This can obviously be taken as a guide to future prices but it does not necessarily mean that those prices are a true reflection of the general pattern. In this study an attempt will be made, firstly, to establish whether a general pattern exists in the prices of selected vegetables on the East London municipal market. This will be attempted by studying the prices obtained over the 1964-1979 period. Information of this nature can be used as a basis for the planning of future crops. Secondly, to determine the months which obtain the "best" prices for the selected vegetables taking into account the quantities supplied to the market.
- Full Text:
- Date Issued: 1983
- Authors: Fraser, Gavin Cecil Gilbert
- Date: 1983
- Subjects: Agricultural prices -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1055 , http://hdl.handle.net/10962/d1006970 , Agricultural prices -- South Africa
- Description: [Introduction] Much of the information available on the prices of vegetables marketed through the fresh produce markets is of limited use to producers. This information contains the actual prices for individual years. This can obviously be taken as a guide to future prices but it does not necessarily mean that those prices are a true reflection of the general pattern. In this study an attempt will be made, firstly, to establish whether a general pattern exists in the prices of selected vegetables on the East London municipal market. This will be attempted by studying the prices obtained over the 1964-1979 period. Information of this nature can be used as a basis for the planning of future crops. Secondly, to determine the months which obtain the "best" prices for the selected vegetables taking into account the quantities supplied to the market.
- Full Text:
- Date Issued: 1983