Financial reforms and interest rate spreads in the commercial banking sector in Kenya
- Authors: Munene, Daniel
- Date: 2006
- Subjects: Finance -- Kenya , Banks and banking -- Kenya , Economics -- Kenya , Interest rates -- Kenya , Economic development -- Kenya
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1070 , http://hdl.handle.net/10962/d1007711 , Finance -- Kenya , Banks and banking -- Kenya , Economics -- Kenya , Interest rates -- Kenya , Economic development -- Kenya
- Description: Financial reforms were a major component of structural adjustment programs deemed necessary for developing countries in the mid 1980s. These were not only meant to improve the sector, but would ultimately enhance economic growth and help in poverty alleviation. At the top of these reforms was financial liberalisation. Kenya, like many other sub-Saharan African countries, undertook financial liberalisation in 1991, one of the measures was decontrolling interest rates. With market driven interest rates in place it was assumed that there would be increased efficiency in bank lending, as well as growth in credit availability as deposits increased. A key indicator of this improved intermediation process would be a narrowing interest rates spread, that is, the margin between the deposit and lending rate. Paradoxically, however, the expected benefits of these reforms did not accrue to Kenya's banking sector. This study focuses on financial reforms and the spread of interest rates in Kenya's banking sector. Using a trend analysis, spanning the period before and after liberalisation, interest rates spread are shown to have escalated dramatically upwards after liberalisation. An analysis of three macroeconomic variables, namely, the exchange rate, inflation rate and economic growth offer little, or inconclusive evidence, that they were the main causes of the wide interest rate spread. In fact, the spread is closely linked to institutional/structural factors such as non-competitiveness in the banking sector, imprudent lending practices and poor and/or inadequate banking supervision. Policies for improving the institutional infrastructure and thus moderating the spreads are highlighted.
- Full Text:
- Date Issued: 2006
- Authors: Munene, Daniel
- Date: 2006
- Subjects: Finance -- Kenya , Banks and banking -- Kenya , Economics -- Kenya , Interest rates -- Kenya , Economic development -- Kenya
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1070 , http://hdl.handle.net/10962/d1007711 , Finance -- Kenya , Banks and banking -- Kenya , Economics -- Kenya , Interest rates -- Kenya , Economic development -- Kenya
- Description: Financial reforms were a major component of structural adjustment programs deemed necessary for developing countries in the mid 1980s. These were not only meant to improve the sector, but would ultimately enhance economic growth and help in poverty alleviation. At the top of these reforms was financial liberalisation. Kenya, like many other sub-Saharan African countries, undertook financial liberalisation in 1991, one of the measures was decontrolling interest rates. With market driven interest rates in place it was assumed that there would be increased efficiency in bank lending, as well as growth in credit availability as deposits increased. A key indicator of this improved intermediation process would be a narrowing interest rates spread, that is, the margin between the deposit and lending rate. Paradoxically, however, the expected benefits of these reforms did not accrue to Kenya's banking sector. This study focuses on financial reforms and the spread of interest rates in Kenya's banking sector. Using a trend analysis, spanning the period before and after liberalisation, interest rates spread are shown to have escalated dramatically upwards after liberalisation. An analysis of three macroeconomic variables, namely, the exchange rate, inflation rate and economic growth offer little, or inconclusive evidence, that they were the main causes of the wide interest rate spread. In fact, the spread is closely linked to institutional/structural factors such as non-competitiveness in the banking sector, imprudent lending practices and poor and/or inadequate banking supervision. Policies for improving the institutional infrastructure and thus moderating the spreads are highlighted.
- Full Text:
- Date Issued: 2006
A discussion and comparison of company legislation and tax legislation in South Africa, in relation to amalgamations and mergers
- Authors: Sloane, Justin
- Date: 2014
- Subjects: Corporation law -- South Africa , Taxation -- Law and legislation -- South Africa , Consolidation and merger of corporations -- South Africa , Income tax -- South Africa , Capital gains tax -- South Africa , Value-added tax -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:908 , http://hdl.handle.net/10962/d1013028
- Description: In his 2012 Budget Review, the Minister of Finance, Pravin Gordhan acknowledged that the introduction of the "new" Companies Act had given rise to certain anomalies in relation to tax and subsequently announced that the South African government would undertake to review the nature of company mergers, acquisitions and other restructurings with the view of possibly amending the Income Tax Act and/or the "new" Companies Act, to bring the two legislations in line with one another. These anomalies give rise to the present research. The literature reviewed in the present research revealed and identified the inconsistencies that exist between the "new" Companies Act, 71 of 2008 and the Income Tax Act, 58 of 1962, specifically the inconsistencies that exist in respect of the newly introduced amalgamation or merger provisions as set out in the "new" Companies Act. Moreover, this research was undertaken to identify the potential tax implications insofar as they relate to amalgamation transactions and, in particular, the potential tax implications where such transactions, because of the anomalies, fall outside the ambit section 44 of the Income Tax Act, which would in normal circumstances provide for tax "rollover relief". In this regard, the present research identified the possible income tax, capital gains tax, value-added tax, transfer duty tax and securities transfer tax affected by an amalgamation transaction, on the assumption that the "rollover relief" in section 44 of the Income Tax Act does not apply.
- Full Text:
- Date Issued: 2014
- Authors: Sloane, Justin
- Date: 2014
- Subjects: Corporation law -- South Africa , Taxation -- Law and legislation -- South Africa , Consolidation and merger of corporations -- South Africa , Income tax -- South Africa , Capital gains tax -- South Africa , Value-added tax -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:908 , http://hdl.handle.net/10962/d1013028
- Description: In his 2012 Budget Review, the Minister of Finance, Pravin Gordhan acknowledged that the introduction of the "new" Companies Act had given rise to certain anomalies in relation to tax and subsequently announced that the South African government would undertake to review the nature of company mergers, acquisitions and other restructurings with the view of possibly amending the Income Tax Act and/or the "new" Companies Act, to bring the two legislations in line with one another. These anomalies give rise to the present research. The literature reviewed in the present research revealed and identified the inconsistencies that exist between the "new" Companies Act, 71 of 2008 and the Income Tax Act, 58 of 1962, specifically the inconsistencies that exist in respect of the newly introduced amalgamation or merger provisions as set out in the "new" Companies Act. Moreover, this research was undertaken to identify the potential tax implications insofar as they relate to amalgamation transactions and, in particular, the potential tax implications where such transactions, because of the anomalies, fall outside the ambit section 44 of the Income Tax Act, which would in normal circumstances provide for tax "rollover relief". In this regard, the present research identified the possible income tax, capital gains tax, value-added tax, transfer duty tax and securities transfer tax affected by an amalgamation transaction, on the assumption that the "rollover relief" in section 44 of the Income Tax Act does not apply.
- Full Text:
- Date Issued: 2014
Transformational leadership and organisational effectiveness in the administration of cricket in South Africa
- Authors: Ristow, Adrian
- Date: 1998
- Subjects: Cricket--South Africa , Cricket -- South Africa -- Management , Sports administration -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1182 , http://hdl.handle.net/10962/d1002799 , Cricket--South Africa , Cricket -- South Africa -- Management , Sports administration -- South Africa
- Description: After years of isolation from the international sporting arena, South African sports teams have recently achieved much success. This study is concerned specifically with managing for organisational effectiveness in South African cricket. According to the theory of transformational leadership, there should be a positive relationship between this style of leadership and organisational effectiveness. The Multifactor Leadership Questionnaire was used to collect information about leadership while data for organisational effectiveness, the dependent variable, was collected using the Effectiveness Survey for Cricket Administration. Most of the results regarding the relationship of the transformational leadership factors and organisational effectiveness were significant. On the other hand, most of the results regarding the relationship of the transactional leadership factors and organisational effectiveness were not significant. The overall results provide general support of the relevance of the transformational leadership theory in the context of cricket administration in South Africa. The results also support Bass's (1990b) argument of the universal application of the transformational leadership theory.
- Full Text:
- Date Issued: 1998
- Authors: Ristow, Adrian
- Date: 1998
- Subjects: Cricket--South Africa , Cricket -- South Africa -- Management , Sports administration -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1182 , http://hdl.handle.net/10962/d1002799 , Cricket--South Africa , Cricket -- South Africa -- Management , Sports administration -- South Africa
- Description: After years of isolation from the international sporting arena, South African sports teams have recently achieved much success. This study is concerned specifically with managing for organisational effectiveness in South African cricket. According to the theory of transformational leadership, there should be a positive relationship between this style of leadership and organisational effectiveness. The Multifactor Leadership Questionnaire was used to collect information about leadership while data for organisational effectiveness, the dependent variable, was collected using the Effectiveness Survey for Cricket Administration. Most of the results regarding the relationship of the transformational leadership factors and organisational effectiveness were significant. On the other hand, most of the results regarding the relationship of the transactional leadership factors and organisational effectiveness were not significant. The overall results provide general support of the relevance of the transformational leadership theory in the context of cricket administration in South Africa. The results also support Bass's (1990b) argument of the universal application of the transformational leadership theory.
- Full Text:
- Date Issued: 1998
Suicide and the South African business cycle: a time series approach, 2006-2015
- Authors: Pitot, Amaury
- Date: 2018
- Subjects: Suicide -- South Africa , Business cycles -- South Africa , Autoregression (Statistics) , Divorce -- South Africa , AutoRegressive Distributed Lagged model (ARDL)
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/62286 , vital:28150
- Description: Suicide is a major public health issue and imposes substantial economic cost on society every year. For example, the World Health Organisation has estimated that there are over one million completed suicides every year, of which about 75% occur in middle and low income countries. In South Africa, suicide is one of the leading causes of non-natural death, but remains under-researched from an economic point of view due to limited data availability. Using monthly data for the period 2006-2015, this study explores whether there is a relationship between suicide and the South African business cycle. This is further broken down to examine how, if at all, this relationship with the business cycle differs across age-, gender-, and racial groups. The primary source of data for suicide and demographic groups were obtained from Statistics South Africa’s Mortality and Causes of Death Data from Death Notification released since 2006. The coincident indicator was used as a proxy for the business cycle as it represents the business cycle in real time. Using an autoregressive distributed lagged model (ARDL), a long run relationship was established with suicide being a function of the coincident indicator, divorce and fertility rate. The findings of this paper show that the overall suicide rate moves with the South African business cycle (i.e. pro-cyclical relationship) in the long run. This relationship holds for males, the black population group and the 15-29 and 30-44 age categories. In addition, the divorce rate had a positive and significant relationship with the overall suicide rate, as well as suicide among the black population group and for the 30-44 age category, whereas fertility rates had no significant relationship with suicide.
- Full Text:
- Date Issued: 2018
- Authors: Pitot, Amaury
- Date: 2018
- Subjects: Suicide -- South Africa , Business cycles -- South Africa , Autoregression (Statistics) , Divorce -- South Africa , AutoRegressive Distributed Lagged model (ARDL)
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/62286 , vital:28150
- Description: Suicide is a major public health issue and imposes substantial economic cost on society every year. For example, the World Health Organisation has estimated that there are over one million completed suicides every year, of which about 75% occur in middle and low income countries. In South Africa, suicide is one of the leading causes of non-natural death, but remains under-researched from an economic point of view due to limited data availability. Using monthly data for the period 2006-2015, this study explores whether there is a relationship between suicide and the South African business cycle. This is further broken down to examine how, if at all, this relationship with the business cycle differs across age-, gender-, and racial groups. The primary source of data for suicide and demographic groups were obtained from Statistics South Africa’s Mortality and Causes of Death Data from Death Notification released since 2006. The coincident indicator was used as a proxy for the business cycle as it represents the business cycle in real time. Using an autoregressive distributed lagged model (ARDL), a long run relationship was established with suicide being a function of the coincident indicator, divorce and fertility rate. The findings of this paper show that the overall suicide rate moves with the South African business cycle (i.e. pro-cyclical relationship) in the long run. This relationship holds for males, the black population group and the 15-29 and 30-44 age categories. In addition, the divorce rate had a positive and significant relationship with the overall suicide rate, as well as suicide among the black population group and for the 30-44 age category, whereas fertility rates had no significant relationship with suicide.
- Full Text:
- Date Issued: 2018
An analysis of neural networks and time series techniques for demand forecasting
- Authors: Winn, David
- Date: 2007
- Subjects: Time-series analysis , Neural networks (Computer science) , Artificial intelligence , Marketing -- Management , Marketing -- Data processing , Marketing -- Statistical methods , Consumer behaviour
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:5572 , http://hdl.handle.net/10962/d1004362 , Time-series analysis , Neural networks (Computer science) , Artificial intelligence , Marketing -- Management , Marketing -- Data processing , Marketing -- Statistical methods , Consumer behaviour
- Description: This research examines the plausibility of developing demand forecasting techniques which are consistently and accurately able to predict demand. Time Series Techniques and Artificial Neural Networks are both investigated. Deodorant sales in South Africa are specifically studied in this thesis. Marketing techniques which are used to influence consumer buyer behaviour are considered, and these factors are integrated into the forecasting models wherever possible. The results of this research suggest that Artificial Neural Networks can be developed which consistently outperform industry forecasting targets as well as Time Series forecasts, suggesting that producers could reduce costs by adopting this more effective method.
- Full Text:
- Date Issued: 2007
- Authors: Winn, David
- Date: 2007
- Subjects: Time-series analysis , Neural networks (Computer science) , Artificial intelligence , Marketing -- Management , Marketing -- Data processing , Marketing -- Statistical methods , Consumer behaviour
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:5572 , http://hdl.handle.net/10962/d1004362 , Time-series analysis , Neural networks (Computer science) , Artificial intelligence , Marketing -- Management , Marketing -- Data processing , Marketing -- Statistical methods , Consumer behaviour
- Description: This research examines the plausibility of developing demand forecasting techniques which are consistently and accurately able to predict demand. Time Series Techniques and Artificial Neural Networks are both investigated. Deodorant sales in South Africa are specifically studied in this thesis. Marketing techniques which are used to influence consumer buyer behaviour are considered, and these factors are integrated into the forecasting models wherever possible. The results of this research suggest that Artificial Neural Networks can be developed which consistently outperform industry forecasting targets as well as Time Series forecasts, suggesting that producers could reduce costs by adopting this more effective method.
- Full Text:
- Date Issued: 2007
Guidelines for the user interface design of electronic medical records in optometry
- Authors: Nathoo, Dina
- Date: 2020
- Subjects: User interfaces (Computer systems) , Medical records -- Data processing , Optometry -- South Africa -- Eastern Cape , System design , Workflow management systems
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/148782 , vital:38773
- Description: With the prevalence of digitalisation in the medical industry, e-health systems have largely replaced the traditional paper-based recording methods. At the centre of these e-health systems are Electronic Health Records (EHRs) and Electronic Medical Records (EMRs), whose benefits significantly improve physician workflows. However, provision for user interface designs (UIDs) of these systems have been so poor that they have severely hindered physician usability, disrupted their workflows and risked patient safety. UID and usability guidelines have been provided, but have been very high level and general, mostly suitable for EHRs (which are used in general practices and hospitals). These guidelines have thus been ineffective in applicability for EMRs, which are typically used in niche medical environments. Within the niche field of Optometry, physicians experience disrupted workflows as a result of poor EMR UID and usability, of which EMR guidelines to improve these challenges are scarce. Hence, the need for this research arose, aiming to create UID guidelines for EMRs in Optometry, which will help improve the usability of the optometrists’ EMR. The main research question was successfully answered to produce the set of UID Guidelines for EMRs in Optometry, which includes guidelines built upon from literature and made contextually relevant, as well as some new additions, which are more patient focused. Design Science Research (DSR) was chosen as a suitable approach, and the phased Design Science Research Process Model (DSRPM) was used to guide this research. A literature review was conducted, including EHR and EMR, usability, UIDs, Optometry, related fields, and studies previously conducted to provide guidelines, frameworks and models. The review also included studying usability problems reported on the systems and the methods to overcome them. Task Analysis (TA) was used to observe and understand the optometrists’ workflows and their interactions with their EMRs during patient appointments, also identifying EMR problem areas. To address these problems, Focus Groups (FGs) were used to brainstorm solutions in the form of EMR UID features that optometrists’ required to improve their usability. From the literature review, TAs and FGs, proposed guidelines were created. The created guidelines informed the UID of an EMR prototype, which was successfully demonstrated to optometrists during Usability Testing sessions for the evaluation. Surveys were also used for the evaluation. The results proved the guidelines were successful, and were usable, effective, efficient and of good quality. A revised, final set of guidelines was then presented. Future researchers and designers may benefit from the contributions made from this research, which are both theoretical and practical.
- Full Text:
- Date Issued: 2020
- Authors: Nathoo, Dina
- Date: 2020
- Subjects: User interfaces (Computer systems) , Medical records -- Data processing , Optometry -- South Africa -- Eastern Cape , System design , Workflow management systems
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/148782 , vital:38773
- Description: With the prevalence of digitalisation in the medical industry, e-health systems have largely replaced the traditional paper-based recording methods. At the centre of these e-health systems are Electronic Health Records (EHRs) and Electronic Medical Records (EMRs), whose benefits significantly improve physician workflows. However, provision for user interface designs (UIDs) of these systems have been so poor that they have severely hindered physician usability, disrupted their workflows and risked patient safety. UID and usability guidelines have been provided, but have been very high level and general, mostly suitable for EHRs (which are used in general practices and hospitals). These guidelines have thus been ineffective in applicability for EMRs, which are typically used in niche medical environments. Within the niche field of Optometry, physicians experience disrupted workflows as a result of poor EMR UID and usability, of which EMR guidelines to improve these challenges are scarce. Hence, the need for this research arose, aiming to create UID guidelines for EMRs in Optometry, which will help improve the usability of the optometrists’ EMR. The main research question was successfully answered to produce the set of UID Guidelines for EMRs in Optometry, which includes guidelines built upon from literature and made contextually relevant, as well as some new additions, which are more patient focused. Design Science Research (DSR) was chosen as a suitable approach, and the phased Design Science Research Process Model (DSRPM) was used to guide this research. A literature review was conducted, including EHR and EMR, usability, UIDs, Optometry, related fields, and studies previously conducted to provide guidelines, frameworks and models. The review also included studying usability problems reported on the systems and the methods to overcome them. Task Analysis (TA) was used to observe and understand the optometrists’ workflows and their interactions with their EMRs during patient appointments, also identifying EMR problem areas. To address these problems, Focus Groups (FGs) were used to brainstorm solutions in the form of EMR UID features that optometrists’ required to improve their usability. From the literature review, TAs and FGs, proposed guidelines were created. The created guidelines informed the UID of an EMR prototype, which was successfully demonstrated to optometrists during Usability Testing sessions for the evaluation. Surveys were also used for the evaluation. The results proved the guidelines were successful, and were usable, effective, efficient and of good quality. A revised, final set of guidelines was then presented. Future researchers and designers may benefit from the contributions made from this research, which are both theoretical and practical.
- Full Text:
- Date Issued: 2020
An analysis on role of judges in interpreting tax legislation
- Authors: Chanhuwa, Mildred Kudzanai
- Date: 2017
- Subjects: Taxation -- Law and legislation -- South Africa , Law -- South Africa , Judicial discretion -- South Africa , Judicial opinion -- South Africa , Judges -- Attitudes -- South Africa , South Africa. Constitution of the Republic of South Africa, 1996
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/4289 , vital:20644
- Description: This thesis focusses on the role of judges as interpreters of tax legislation. It examines the role of judges by analysing how the perceptions of judges can impact on how they interpret legislation. It also analyses various other factors that play a role when judges interpret legislation, in an effort to answer the question to what extent do philosophical theories and interpretative approaches explain the role of judges as interpreters? Jurisprudential theories such as the natural law theory, positivist theories, and American realist theories are used to analyse how judges interpret and how theorists think judges should play their interpretational role. It is noted that in pre-constitutional South Africa the courts followed a positivist paradigm; as a result, the judges used a strict literal approach to interpretation. The new Constitution brought a change in the jurisprudential paradigm accepted in South Africa and has transformed how judges perceive and carry out their role as interpreters of legislation. Judges have now adopted the purposive value-laden approach as authoritative. As custodians of the Constitution, judges should interpret provisions against the values imposed by it. The purposive value-laden interpretational approach allows judges to take into account more considerations and to weigh a provision against the constitutional values. Other issues discussed pertain to how institutional guidelines such as the doctrine of precedent and separation of powers, to a lesser extent, play a role in how judges interpret the law. It is demonstrated that the doctrine of precedent does not limit the role of judges but rather contributes to maintaining certainty, predictability and coherence in the legal system. It is also noted that judicial discretion is the mechanism by which judges use extra-legal factors such as public policy and moral considerations to assist in interpreting legislation.
- Full Text:
- Date Issued: 2017
- Authors: Chanhuwa, Mildred Kudzanai
- Date: 2017
- Subjects: Taxation -- Law and legislation -- South Africa , Law -- South Africa , Judicial discretion -- South Africa , Judicial opinion -- South Africa , Judges -- Attitudes -- South Africa , South Africa. Constitution of the Republic of South Africa, 1996
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/4289 , vital:20644
- Description: This thesis focusses on the role of judges as interpreters of tax legislation. It examines the role of judges by analysing how the perceptions of judges can impact on how they interpret legislation. It also analyses various other factors that play a role when judges interpret legislation, in an effort to answer the question to what extent do philosophical theories and interpretative approaches explain the role of judges as interpreters? Jurisprudential theories such as the natural law theory, positivist theories, and American realist theories are used to analyse how judges interpret and how theorists think judges should play their interpretational role. It is noted that in pre-constitutional South Africa the courts followed a positivist paradigm; as a result, the judges used a strict literal approach to interpretation. The new Constitution brought a change in the jurisprudential paradigm accepted in South Africa and has transformed how judges perceive and carry out their role as interpreters of legislation. Judges have now adopted the purposive value-laden approach as authoritative. As custodians of the Constitution, judges should interpret provisions against the values imposed by it. The purposive value-laden interpretational approach allows judges to take into account more considerations and to weigh a provision against the constitutional values. Other issues discussed pertain to how institutional guidelines such as the doctrine of precedent and separation of powers, to a lesser extent, play a role in how judges interpret the law. It is demonstrated that the doctrine of precedent does not limit the role of judges but rather contributes to maintaining certainty, predictability and coherence in the legal system. It is also noted that judicial discretion is the mechanism by which judges use extra-legal factors such as public policy and moral considerations to assist in interpreting legislation.
- Full Text:
- Date Issued: 2017
Exchange rate behavior in the cases of the Zambian Kwacha and Malawian Kwacha : is there misalignment?
- Magwizi, Brenda Thandekha, Rhodes University
- Authors: Magwizi, Brenda Thandekha , Rhodes University
- Date: 2011
- Subjects: Foreign exchange rates -- Zambia Foreign exchange rates -- Malawi International relations -- Case studies -- Zambia International relations -- Case studies -- Malawi
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:974 , http://hdl.handle.net/10962/d1002708
- Description: The exchange rate is the price of one currency against another currency or currencies of a group of countries. Real exchange rates are important because they show the external competitiveness of a country‟s economy. Thus, when the exchange rate of a country is misaligned, this will affect its trade, production and the welfare of people. This study analysed macroeconomic determinants of the real exchange rate and dynamic adjustment of the real exchange rate as a result of shocks to these determinants. The study also determined the extent of misalignment of the real exchange rate in Malawi and Zambia and identified variables that contributed to it. Such information is important to policy makers. Quarterly data were used for both countries from 1980:1-2008:4. The literature review identified those variables that determine the exchange rate and these include government consumption, foreign aid, net foreign assets, commodity prices, terms of trade, domestic credit, openness and the Balassa Samuelson effect (technological progress). To determine the long-run relationship between the exchange rate and its determinants, we employed the Johansen approach and the Vector Error Correction Model (VECM). For robustness check on the long-run and shortrun effects of determinants on the exchange rate, variance decomposition and impulse response analyses were used. Results in the study show that in Malawi for both models, an increase in LAID, LGCON and LTOT resulted in real exchange rate depreciation and increases in LDC, NFA and LNEER resulted in an appreciation. In Zambia, increases in LAID, LGCON, LOPEN and LTOT caused the real exchange rate to depreciate while increases in LDC, NFA and LCOPPER led to an appreciation. Lagged LREER and LNEER were found to have short run effects on the equilibrium exchange rate for Malawi and lagged LCOPPER and LDC for Zambia. Periods of exchange rate misalignment were found in both countries. It was also found that the coefficient of speed of adjustment in Malawi in models 1 and 2 indicate that 11% and 27% of the variation in the real exchange rate from its equilibrium adjust each quarter respectively. The speed of adjustment for Zambia in both models was 45% and 47% respectively, higher than that of Malawi. Foreign aid has proven to be important in exchange rate misalignment in both countries, though this was not really expected in the case of Zambia. Given these results, it may be of interest to policy makers to understand which variables impact most on the exchange rate and how misalignment due to these determinants can be minimised.
- Full Text:
- Date Issued: 2011
- Authors: Magwizi, Brenda Thandekha , Rhodes University
- Date: 2011
- Subjects: Foreign exchange rates -- Zambia Foreign exchange rates -- Malawi International relations -- Case studies -- Zambia International relations -- Case studies -- Malawi
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:974 , http://hdl.handle.net/10962/d1002708
- Description: The exchange rate is the price of one currency against another currency or currencies of a group of countries. Real exchange rates are important because they show the external competitiveness of a country‟s economy. Thus, when the exchange rate of a country is misaligned, this will affect its trade, production and the welfare of people. This study analysed macroeconomic determinants of the real exchange rate and dynamic adjustment of the real exchange rate as a result of shocks to these determinants. The study also determined the extent of misalignment of the real exchange rate in Malawi and Zambia and identified variables that contributed to it. Such information is important to policy makers. Quarterly data were used for both countries from 1980:1-2008:4. The literature review identified those variables that determine the exchange rate and these include government consumption, foreign aid, net foreign assets, commodity prices, terms of trade, domestic credit, openness and the Balassa Samuelson effect (technological progress). To determine the long-run relationship between the exchange rate and its determinants, we employed the Johansen approach and the Vector Error Correction Model (VECM). For robustness check on the long-run and shortrun effects of determinants on the exchange rate, variance decomposition and impulse response analyses were used. Results in the study show that in Malawi for both models, an increase in LAID, LGCON and LTOT resulted in real exchange rate depreciation and increases in LDC, NFA and LNEER resulted in an appreciation. In Zambia, increases in LAID, LGCON, LOPEN and LTOT caused the real exchange rate to depreciate while increases in LDC, NFA and LCOPPER led to an appreciation. Lagged LREER and LNEER were found to have short run effects on the equilibrium exchange rate for Malawi and lagged LCOPPER and LDC for Zambia. Periods of exchange rate misalignment were found in both countries. It was also found that the coefficient of speed of adjustment in Malawi in models 1 and 2 indicate that 11% and 27% of the variation in the real exchange rate from its equilibrium adjust each quarter respectively. The speed of adjustment for Zambia in both models was 45% and 47% respectively, higher than that of Malawi. Foreign aid has proven to be important in exchange rate misalignment in both countries, though this was not really expected in the case of Zambia. Given these results, it may be of interest to policy makers to understand which variables impact most on the exchange rate and how misalignment due to these determinants can be minimised.
- Full Text:
- Date Issued: 2011
An analysis of the long run comovements between financial system development and mining production in South Africa
- Authors: Ajagbe, Stephen Mayowa
- Date: 2011
- Subjects: Economic development -- South Africa , Econometric models , Mineral industries -- Economic aspects -- South Africa , South Africa -- Economic conditions , South Africa -- Economic policy , Principal components analysis , Cointegration , Stock exchanges -- South Africa , Banks and banking -- South Africa , Foreign exchange rates
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:955 , http://hdl.handle.net/10962/d1002689 , Economic development -- South Africa , Econometric models , Mineral industries -- Economic aspects -- South Africa , South Africa -- Economic conditions , South Africa -- Economic policy , Principal components analysis , Cointegration , Stock exchanges -- South Africa , Banks and banking -- South Africa , Foreign exchange rates
- Description: This study examines the nature of the relationship which exists between mining sector production and development of the financial systems in South Africa. This is particularly important in that the mining sector is considered to be one of the major contributors to the country’s overall economic growth. South Africa is also considered to have a very well developed financial system, to the point where the dominance of one over the other is difficult to identify. Therefore offering insight into the nature of this relationship will assist policy makers in identifying the most effective policies in order to ensure that the developments within the financial systems impact appropriately on the mining sector, and ultimately on the economy. In addition to using the conventional proxies of financial system development, this study utilises the principal component analysis (PCA) to construct an index for the entire financial system. The multivariate cointegration approach as proposed by Johansen (1988) and Johansen and Juselius (1990) was then used to estimate the relationship between the development of the financial systems and the mining sector production for the period 1988-2008. The study reveals mixed results for different measures of financial system development. Those involving the banking system show that a negative relationship exists between total mining production and total credit extended to the private sector, while liquid liabilities has a positive relationship. Similarly, with the stock market system, mixed results are also obtained which reveal a negative relationship between total mining production and stock market capitalisation, while a positive relationship is found with secondary market turnover. Of all the financial system variables, only that of stock market capitalisation was found to be significant. The result with the financial development index reveals that a significant negative relationship exists between financial system development and total mining sector production. Results on the other variables controlled in the estimation show that positive and significant relationships exist between total mining production and both nominal exchange rate and political stability respectively. Increased mining production therefore takes place in periods of appreciating exchange rates, and similarly in the post-apartheid era. On the other hand, negative relationships were found for both trade openness and inflation control variables. The impulse response and variance decomposition analyses showed that total mining production explains the largest amount of shocks within itself. Overall, the study reveals that the mining sector might not have benefited much from the development in the South African financial system.
- Full Text:
- Date Issued: 2011
- Authors: Ajagbe, Stephen Mayowa
- Date: 2011
- Subjects: Economic development -- South Africa , Econometric models , Mineral industries -- Economic aspects -- South Africa , South Africa -- Economic conditions , South Africa -- Economic policy , Principal components analysis , Cointegration , Stock exchanges -- South Africa , Banks and banking -- South Africa , Foreign exchange rates
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:955 , http://hdl.handle.net/10962/d1002689 , Economic development -- South Africa , Econometric models , Mineral industries -- Economic aspects -- South Africa , South Africa -- Economic conditions , South Africa -- Economic policy , Principal components analysis , Cointegration , Stock exchanges -- South Africa , Banks and banking -- South Africa , Foreign exchange rates
- Description: This study examines the nature of the relationship which exists between mining sector production and development of the financial systems in South Africa. This is particularly important in that the mining sector is considered to be one of the major contributors to the country’s overall economic growth. South Africa is also considered to have a very well developed financial system, to the point where the dominance of one over the other is difficult to identify. Therefore offering insight into the nature of this relationship will assist policy makers in identifying the most effective policies in order to ensure that the developments within the financial systems impact appropriately on the mining sector, and ultimately on the economy. In addition to using the conventional proxies of financial system development, this study utilises the principal component analysis (PCA) to construct an index for the entire financial system. The multivariate cointegration approach as proposed by Johansen (1988) and Johansen and Juselius (1990) was then used to estimate the relationship between the development of the financial systems and the mining sector production for the period 1988-2008. The study reveals mixed results for different measures of financial system development. Those involving the banking system show that a negative relationship exists between total mining production and total credit extended to the private sector, while liquid liabilities has a positive relationship. Similarly, with the stock market system, mixed results are also obtained which reveal a negative relationship between total mining production and stock market capitalisation, while a positive relationship is found with secondary market turnover. Of all the financial system variables, only that of stock market capitalisation was found to be significant. The result with the financial development index reveals that a significant negative relationship exists between financial system development and total mining sector production. Results on the other variables controlled in the estimation show that positive and significant relationships exist between total mining production and both nominal exchange rate and political stability respectively. Increased mining production therefore takes place in periods of appreciating exchange rates, and similarly in the post-apartheid era. On the other hand, negative relationships were found for both trade openness and inflation control variables. The impulse response and variance decomposition analyses showed that total mining production explains the largest amount of shocks within itself. Overall, the study reveals that the mining sector might not have benefited much from the development in the South African financial system.
- Full Text:
- Date Issued: 2011
An investigation of ICT project management techniques for sustainable ICT projects in rural development
- Authors: Pade, Caroline Ileje
- Date: 2007
- Subjects: Educational technology -- South Africa , Information technology -- Study and teaching -- South Africa , Project management -- South Africa , Rural development projects -- South Africa , Rural development projects -- South Africa -- Case studies , Rhodes University Mathematics Education Project , Dwesa ICT Project
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1140 , http://hdl.handle.net/10962/d1002769 , Educational technology -- South Africa , Information technology -- Study and teaching -- South Africa , Project management -- South Africa , Rural development projects -- South Africa , Rural development projects -- South Africa -- Case studies , Rhodes University Mathematics Education Project , Dwesa ICT Project
- Description: Poverty alleviation by means of rural development has become a priority among developing countries. In turn, rural development may be significantly enhanced and supported by Information and Communication Technologies (ICTs), the use of which is highlighted by the emerging importance of information and knowledge as key strategic resources for social and economic development. An analysis of rural case studies where ICTs have been introduced, suggests that there are a number of barriers and constraints that are faced when taking advantage of these technologies. These include access to infrastructure, limited formal education, insufficient training and capacity building, financial and political constraints, and social and cultural challenges. These challenges threaten the success and sustainability of rural ICT projects. Sustainability is key to the effectiveness of a rural ICT project; therefore it is important to understand the concept and categories associated with ICT project sustainability in rural areas. The categories of sustainability which include social and cultural, institutional, economic, political, and technological, reveal critical success factors that need to be considered in the implementation and management of rural ICT projects. The project management discipline acknowledges the importance of understanding the project’s environment, particularly environmental factors associated with rural communities. The complexity of the environment therefore implies the need for a project to be undertaken in phases comprising the project life cycle. Project management practice for rural ICT project sustainability can therefore be examined, adapting the traditional project life cycle to a rural ICT project. A Rural ICT Project Life Cycle (RICT-PLC) that is sensitive to the critical success factors of sustainability is therefore proposed. In order to further investigate the phases of the life cycle of a rural ICT project, two case study investigations are explored: the Dwesa ICT community project, and the Rhodes University Mathematics Education Project (RUMEP) (MathsNet). A multiple case study analysis confirms the practices associated with the RICT-PLC model, and identifies additional characteristics, phases and practices associated with rural ICT projects. Finally, an enhanced RICT-PLC model is developed, that sets sustainability guidelines for ICT project management in rural areas and identifies the people, environments, technologies, systems, and requirements for ICTs to support rural development activities.
- Full Text:
- Date Issued: 2007
- Authors: Pade, Caroline Ileje
- Date: 2007
- Subjects: Educational technology -- South Africa , Information technology -- Study and teaching -- South Africa , Project management -- South Africa , Rural development projects -- South Africa , Rural development projects -- South Africa -- Case studies , Rhodes University Mathematics Education Project , Dwesa ICT Project
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1140 , http://hdl.handle.net/10962/d1002769 , Educational technology -- South Africa , Information technology -- Study and teaching -- South Africa , Project management -- South Africa , Rural development projects -- South Africa , Rural development projects -- South Africa -- Case studies , Rhodes University Mathematics Education Project , Dwesa ICT Project
- Description: Poverty alleviation by means of rural development has become a priority among developing countries. In turn, rural development may be significantly enhanced and supported by Information and Communication Technologies (ICTs), the use of which is highlighted by the emerging importance of information and knowledge as key strategic resources for social and economic development. An analysis of rural case studies where ICTs have been introduced, suggests that there are a number of barriers and constraints that are faced when taking advantage of these technologies. These include access to infrastructure, limited formal education, insufficient training and capacity building, financial and political constraints, and social and cultural challenges. These challenges threaten the success and sustainability of rural ICT projects. Sustainability is key to the effectiveness of a rural ICT project; therefore it is important to understand the concept and categories associated with ICT project sustainability in rural areas. The categories of sustainability which include social and cultural, institutional, economic, political, and technological, reveal critical success factors that need to be considered in the implementation and management of rural ICT projects. The project management discipline acknowledges the importance of understanding the project’s environment, particularly environmental factors associated with rural communities. The complexity of the environment therefore implies the need for a project to be undertaken in phases comprising the project life cycle. Project management practice for rural ICT project sustainability can therefore be examined, adapting the traditional project life cycle to a rural ICT project. A Rural ICT Project Life Cycle (RICT-PLC) that is sensitive to the critical success factors of sustainability is therefore proposed. In order to further investigate the phases of the life cycle of a rural ICT project, two case study investigations are explored: the Dwesa ICT community project, and the Rhodes University Mathematics Education Project (RUMEP) (MathsNet). A multiple case study analysis confirms the practices associated with the RICT-PLC model, and identifies additional characteristics, phases and practices associated with rural ICT projects. Finally, an enhanced RICT-PLC model is developed, that sets sustainability guidelines for ICT project management in rural areas and identifies the people, environments, technologies, systems, and requirements for ICTs to support rural development activities.
- Full Text:
- Date Issued: 2007
The valuation of amounts for the purpose of inclusion in gross income
- Authors: Spearman, Tarryn Leigh
- Date: 2012
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:887 , http://hdl.handle.net/10962/d1001641
- Description: The present research investigates the valuation of amounts for the purpose of inclusion in gross income. Because the gross income definition in section 1 of the Income Tax Act includes "amounts in cash or otherwise", valuations are often required in order to establish a value in money terms for amounts received or accrued in a form otherwise than in cash. The basis on which these valuations are made can vary and the courts have frequently been called upon to decide on the correct method of valuation. There has been an ongoing debate in the courts as to whether a strict objective approach or a more flexible subjective approach should be adopted when valuing an amount in a form other than cash, which was finally settled in the decision by the Supreme Court of Appeal in CIR v Brummeria Renaissance (Pty) Ltd, which held that an objective approach must be followed. The present research will demonstrate how the strict rule of interpretation tends to result in purely objective valuations as it requires that the ordinary grammatical meaning of words be applied and does not allow the court to consider the purpose of the legislation or introduce any subjectivity based on the circumstances of each individual taxpayer and the facts of each particular case, which a purposive interpretation approach does. The purposive approach to interpretation is therefore more closely aligned with the subjective approach to valuation. Both the objective and subjective approaches to valuation have advantages and disadvantages, which are addressed in the research. The need for certainty in taxation was articulated as early as 1776 by Adam Smith in his Wealth of Nations. The objective approach appears to create a level of consistency as all income received by a taxpayer is effectively taxed as if received by a third party in an arm’s length transaction. The approach has led to unfair decisions at odds with economic reality and generally accepted accounting principles, which could be challenged on the basis of a lack of equity and fairness as required by the Constitution of the Republic of South Africa. The research demonstrates that an objective method of valuation is neither fully objective nor appropriate in certain circumstances, while a subjective approach may be more appropriate as it ensures that each taxpayer’s individual rights are protected. Although the subjective approach successfully addresses the issue of fairness, it threatens to introduce an unacceptable level of inconsistency and is, in reality, not always administratively feasible. The present research concludes that a trade-off between fairness and consistency is often necessary.
- Full Text:
- Date Issued: 2012
- Authors: Spearman, Tarryn Leigh
- Date: 2012
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:887 , http://hdl.handle.net/10962/d1001641
- Description: The present research investigates the valuation of amounts for the purpose of inclusion in gross income. Because the gross income definition in section 1 of the Income Tax Act includes "amounts in cash or otherwise", valuations are often required in order to establish a value in money terms for amounts received or accrued in a form otherwise than in cash. The basis on which these valuations are made can vary and the courts have frequently been called upon to decide on the correct method of valuation. There has been an ongoing debate in the courts as to whether a strict objective approach or a more flexible subjective approach should be adopted when valuing an amount in a form other than cash, which was finally settled in the decision by the Supreme Court of Appeal in CIR v Brummeria Renaissance (Pty) Ltd, which held that an objective approach must be followed. The present research will demonstrate how the strict rule of interpretation tends to result in purely objective valuations as it requires that the ordinary grammatical meaning of words be applied and does not allow the court to consider the purpose of the legislation or introduce any subjectivity based on the circumstances of each individual taxpayer and the facts of each particular case, which a purposive interpretation approach does. The purposive approach to interpretation is therefore more closely aligned with the subjective approach to valuation. Both the objective and subjective approaches to valuation have advantages and disadvantages, which are addressed in the research. The need for certainty in taxation was articulated as early as 1776 by Adam Smith in his Wealth of Nations. The objective approach appears to create a level of consistency as all income received by a taxpayer is effectively taxed as if received by a third party in an arm’s length transaction. The approach has led to unfair decisions at odds with economic reality and generally accepted accounting principles, which could be challenged on the basis of a lack of equity and fairness as required by the Constitution of the Republic of South Africa. The research demonstrates that an objective method of valuation is neither fully objective nor appropriate in certain circumstances, while a subjective approach may be more appropriate as it ensures that each taxpayer’s individual rights are protected. Although the subjective approach successfully addresses the issue of fairness, it threatens to introduce an unacceptable level of inconsistency and is, in reality, not always administratively feasible. The present research concludes that a trade-off between fairness and consistency is often necessary.
- Full Text:
- Date Issued: 2012
The economics of institutions, institutional governance and efficiency: the case of water distribution in Lower Sundays River Valley
- Authors: Madigele, Patricia Kefilwe
- Date: 2015
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/54777 , vital:26611
- Description: The institutional dynamics, policies and legislation that were prevalent during the apartheid era have left imprints that are difficult to ignore as they still dictate the interaction between different elements in the water sector to date. During the apartheid era, the formulation of policies was informed by racial segregation, resulting in a socio-economic pattern that dictated the distribution and access of resources for the people of different races in the country. Post-apartheid, the National Water Act has established the basis for management of water resources on a catchment basis (for equity, efficiency and sustainability), and the Water Services Act aims to ensure everybody has access to basic water supply and sanitation services. Regardless of the improvements in water supply to the rural sector made by the South African government, many of the current patterns of water use are still characterised by inequality, inefficiency, and inadequacy. The poor remain marginalised, and emerging farmers and poor rural communities have limited access to water resources while water continues to be used inefficiently by some farmers in the agricultural sector with few incentives to improve its water use efficiency. Despite the existence of the thriving citrus industry in the area, around 60% of people in the Sundays River Valley Municipality (SRVM) live below the poverty datum line. The inequality between the municipal populace and the commercial citrus industry is noticeable and the inequitable water redistribution is prevalent in the Lower Sundays River Valley (LSRV). The problem of disrupted water supply is prevalent in the catchment. However, there is also currently no physical shortage of water in the catchment. Therefore, the currently experienced problems with water supply in the LSRV are consequence of a lack of effective institutions and infrastructure, not of physical water scarcity. It is argued in this paper that there is a notable lack of understanding about the design of institutions for water management in developing countries. The vast majority of research on water management and access is premised on neoclassical economics ideas related to water markets and pricing among others. The neoclassical economics approach, however, does not adequately define the role of institutions in shaping the direction of water access and supply. This study uses new institutional economics (NIE) arguments to define the institutional arrangements and dynamics defining the water sector in South Africa, using the Lower Sunday River Water Users Association (LSR-WUA) as the case study. It aims at analysing the institutional governance and performance of the using equity, efficiency and effectiveness as key indicators. The various research methods employed in this study include; interpretive and post-positivist paradigms, quantitative and qualitative research, the case study research method and in-depth key informant interviews. It is concluded that that the current and future decisions made by the LSR-WUA are not entirely independent of those made in the past under Sundays River Irrigation Board (SRIB). The thesis argues that such factors as old effective networks, vested interests of commercial farmers, sunk costs towards the building of canals, among other factors, may have influenced the dependence of the LSR-WUA on the SRIB’s set path. It is further concluded that the absence of contractual agreement between the LRS-WUA which acts as the bulk water supplier, and the SRVM which acts as both the water services authority (WSA) and the water service provider (WSP) creates an institutional arrangement deficiency. Such an institutional arrangement vacuum can lead to a failure of the water institutions in the catchment to provide water resources effectively. The study further argues that because the post-apartheid National Water Policy of South Africa is largely influenced by neoclassical economics foundations, the desired results in the water sector, such as equitable distribution of water resources, have not yet been fulfilled completely.
- Full Text:
- Date Issued: 2015
- Authors: Madigele, Patricia Kefilwe
- Date: 2015
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/54777 , vital:26611
- Description: The institutional dynamics, policies and legislation that were prevalent during the apartheid era have left imprints that are difficult to ignore as they still dictate the interaction between different elements in the water sector to date. During the apartheid era, the formulation of policies was informed by racial segregation, resulting in a socio-economic pattern that dictated the distribution and access of resources for the people of different races in the country. Post-apartheid, the National Water Act has established the basis for management of water resources on a catchment basis (for equity, efficiency and sustainability), and the Water Services Act aims to ensure everybody has access to basic water supply and sanitation services. Regardless of the improvements in water supply to the rural sector made by the South African government, many of the current patterns of water use are still characterised by inequality, inefficiency, and inadequacy. The poor remain marginalised, and emerging farmers and poor rural communities have limited access to water resources while water continues to be used inefficiently by some farmers in the agricultural sector with few incentives to improve its water use efficiency. Despite the existence of the thriving citrus industry in the area, around 60% of people in the Sundays River Valley Municipality (SRVM) live below the poverty datum line. The inequality between the municipal populace and the commercial citrus industry is noticeable and the inequitable water redistribution is prevalent in the Lower Sundays River Valley (LSRV). The problem of disrupted water supply is prevalent in the catchment. However, there is also currently no physical shortage of water in the catchment. Therefore, the currently experienced problems with water supply in the LSRV are consequence of a lack of effective institutions and infrastructure, not of physical water scarcity. It is argued in this paper that there is a notable lack of understanding about the design of institutions for water management in developing countries. The vast majority of research on water management and access is premised on neoclassical economics ideas related to water markets and pricing among others. The neoclassical economics approach, however, does not adequately define the role of institutions in shaping the direction of water access and supply. This study uses new institutional economics (NIE) arguments to define the institutional arrangements and dynamics defining the water sector in South Africa, using the Lower Sunday River Water Users Association (LSR-WUA) as the case study. It aims at analysing the institutional governance and performance of the using equity, efficiency and effectiveness as key indicators. The various research methods employed in this study include; interpretive and post-positivist paradigms, quantitative and qualitative research, the case study research method and in-depth key informant interviews. It is concluded that that the current and future decisions made by the LSR-WUA are not entirely independent of those made in the past under Sundays River Irrigation Board (SRIB). The thesis argues that such factors as old effective networks, vested interests of commercial farmers, sunk costs towards the building of canals, among other factors, may have influenced the dependence of the LSR-WUA on the SRIB’s set path. It is further concluded that the absence of contractual agreement between the LRS-WUA which acts as the bulk water supplier, and the SRVM which acts as both the water services authority (WSA) and the water service provider (WSP) creates an institutional arrangement deficiency. Such an institutional arrangement vacuum can lead to a failure of the water institutions in the catchment to provide water resources effectively. The study further argues that because the post-apartheid National Water Policy of South Africa is largely influenced by neoclassical economics foundations, the desired results in the water sector, such as equitable distribution of water resources, have not yet been fulfilled completely.
- Full Text:
- Date Issued: 2015
Measuring the elasticity of electricity demand in South Africa: implications for future demand and supply
- Authors: Kosiorek, Sebastian
- Date: 2018
- Subjects: Electric power consumption -- South Africa , Electric power distribution -- South Africa , Electric power production -- South Africa , Electric power failures -- South Africa , Electric utilities -- Law and legislation -- South Africa , Autoregression (Statistics) , Renewable energy sources -- South Africa , Energy policy -- South Africa , Integrated Resource Plan
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/62472 , vital:28196
- Description: A key economic issue for government is the ability to effectively match electricity supply to electricity demand, because of the substantial economic losses in the case of where there is too little supply, or the waste of scarce resources where there is too much supply. In the case of South Africa, this issue, the importance of which was highlighted by the power shortages and associated “rolling blackouts” experience in 2008, has led to the creation of the Integrated Resource Plan (IRP) as a means to decide how energy policy will be developed. Recently, however, the IRP 2010 and its subsequent 2013 and 2016 (draft) updates have been criticised as being too optimistic in regards to their projections of economic growth and electricity demand, making the recommendations in these documents to be flawed. Using monthly data from January 1990 to May 2017, together with Autoregressive Distributed Lag (ARDL) bounds testing for cointegration, this paper measures changes in the elasticity of electricity demand as a result of the massive price hikes over the past decade. Thereafter, the implications of changed electricity as well as possibly lower Gross Domestic Product (GDP) growth in the future for forecasts of possible future demand for electricity are examined. From these revised forecasts, it is possible to make appropriate recommendations in regards to electricity supply policy for South Africa including what possible energy mix is needed as well as the requirements for creating new supply to meet possible future demand. It is concluded that future electricity demand is likely to be much lower than forecast in the IRP 2010 and IRP 2013 documents. The degree of uncertainty in electricity demand growth suggests that large-scale increases in supply capacity taking years to construct, such as coal or nuclear, should be avoided. Small, incremental increases in supply that are able to come on stream swiftly, such as gas, solar and wind power, are likely to be more appropriate for meeting South Africa’s future needs.
- Full Text:
- Date Issued: 2018
- Authors: Kosiorek, Sebastian
- Date: 2018
- Subjects: Electric power consumption -- South Africa , Electric power distribution -- South Africa , Electric power production -- South Africa , Electric power failures -- South Africa , Electric utilities -- Law and legislation -- South Africa , Autoregression (Statistics) , Renewable energy sources -- South Africa , Energy policy -- South Africa , Integrated Resource Plan
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/62472 , vital:28196
- Description: A key economic issue for government is the ability to effectively match electricity supply to electricity demand, because of the substantial economic losses in the case of where there is too little supply, or the waste of scarce resources where there is too much supply. In the case of South Africa, this issue, the importance of which was highlighted by the power shortages and associated “rolling blackouts” experience in 2008, has led to the creation of the Integrated Resource Plan (IRP) as a means to decide how energy policy will be developed. Recently, however, the IRP 2010 and its subsequent 2013 and 2016 (draft) updates have been criticised as being too optimistic in regards to their projections of economic growth and electricity demand, making the recommendations in these documents to be flawed. Using monthly data from January 1990 to May 2017, together with Autoregressive Distributed Lag (ARDL) bounds testing for cointegration, this paper measures changes in the elasticity of electricity demand as a result of the massive price hikes over the past decade. Thereafter, the implications of changed electricity as well as possibly lower Gross Domestic Product (GDP) growth in the future for forecasts of possible future demand for electricity are examined. From these revised forecasts, it is possible to make appropriate recommendations in regards to electricity supply policy for South Africa including what possible energy mix is needed as well as the requirements for creating new supply to meet possible future demand. It is concluded that future electricity demand is likely to be much lower than forecast in the IRP 2010 and IRP 2013 documents. The degree of uncertainty in electricity demand growth suggests that large-scale increases in supply capacity taking years to construct, such as coal or nuclear, should be avoided. Small, incremental increases in supply that are able to come on stream swiftly, such as gas, solar and wind power, are likely to be more appropriate for meeting South Africa’s future needs.
- Full Text:
- Date Issued: 2018
The current role of modern portfolio theory in asset management practice in South Africa
- Authors: Garaba, Masimba
- Date: 2005
- Subjects: Portfolio management -- South Africa , Investments -- South Africa , Bank investments -- Mathematical models , Capital assets pricing model , Asset -- Liability management , Money market -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:965 , http://hdl.handle.net/10962/d1002699 , Portfolio management -- South Africa , Investments -- South Africa , Bank investments -- Mathematical models , Capital assets pricing model , Asset -- Liability management , Money market -- South Africa
- Description: This research examines the role that modern portfolio theory (MPT) plays in current South Africa asset management practice in comparison to other portfolio management techniques and security evaluation methods. The purpose of asset management is to pool complementary financial market expertise, in order to generate returns in excess of the market return on the investments of the owners of financial resources that are entrusted to the firm, since the owners of financial resources might not be able to make superior investment decisions on their own. The research presents and discusses the literature pertaining to modern portfolio theory, traditional portfolio theory (fundamental and technical analyses), and behavioural finance theory. The implication of the efficient market hypothesis in relation to all the portfolio management theories is also presented and discussed. In line with a positivist paradigm, the survey research methodology, which combines both qualitative and quantitative aspects, was adopted. The instrument used for data collection was a questionnaire, which was found to be reliable and valid for this research. The questionnaire encompassed the Lickert scale to measure the data. The results of the analysis were interpreted using descriptive statistics. The results of this research suggest that modern portfolio theory does not play a significant role in the management of portfolios and security evaluation in South Africa. South African asset managers regard fundamental analysis as the most significant method of security evaluation in the management of portfolios. Technical analysis and econometric models are regarded as playing a moderate role and complement fundamental analysis whilst behavioural finance models play the least role. This research recommends an integrated portfolio management strategy that incorporates MPT, traditional portfolio theory and behavioural finance models to enhance investor value and protection.
- Full Text:
- Date Issued: 2005
- Authors: Garaba, Masimba
- Date: 2005
- Subjects: Portfolio management -- South Africa , Investments -- South Africa , Bank investments -- Mathematical models , Capital assets pricing model , Asset -- Liability management , Money market -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:965 , http://hdl.handle.net/10962/d1002699 , Portfolio management -- South Africa , Investments -- South Africa , Bank investments -- Mathematical models , Capital assets pricing model , Asset -- Liability management , Money market -- South Africa
- Description: This research examines the role that modern portfolio theory (MPT) plays in current South Africa asset management practice in comparison to other portfolio management techniques and security evaluation methods. The purpose of asset management is to pool complementary financial market expertise, in order to generate returns in excess of the market return on the investments of the owners of financial resources that are entrusted to the firm, since the owners of financial resources might not be able to make superior investment decisions on their own. The research presents and discusses the literature pertaining to modern portfolio theory, traditional portfolio theory (fundamental and technical analyses), and behavioural finance theory. The implication of the efficient market hypothesis in relation to all the portfolio management theories is also presented and discussed. In line with a positivist paradigm, the survey research methodology, which combines both qualitative and quantitative aspects, was adopted. The instrument used for data collection was a questionnaire, which was found to be reliable and valid for this research. The questionnaire encompassed the Lickert scale to measure the data. The results of the analysis were interpreted using descriptive statistics. The results of this research suggest that modern portfolio theory does not play a significant role in the management of portfolios and security evaluation in South Africa. South African asset managers regard fundamental analysis as the most significant method of security evaluation in the management of portfolios. Technical analysis and econometric models are regarded as playing a moderate role and complement fundamental analysis whilst behavioural finance models play the least role. This research recommends an integrated portfolio management strategy that incorporates MPT, traditional portfolio theory and behavioural finance models to enhance investor value and protection.
- Full Text:
- Date Issued: 2005
Is inflation targeting a viable option for a developing country?: the case of Malawi
- Hompashe, Dumisani MacDonald
- Authors: Hompashe, Dumisani MacDonald
- Date: 2009
- Subjects: Inflation (Finance) -- Malawi -- Case studies , Banks and banking, Central -- Malawi , Monetary policy -- Malawi , Finance -- Developing countries , Debts, External -- Developing countries
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:943 , http://hdl.handle.net/10962/d1002676 , Inflation (Finance) -- Malawi -- Case studies , Banks and banking, Central -- Malawi , Monetary policy -- Malawi , Finance -- Developing countries , Debts, External -- Developing countries
- Description: The distinctive features of inflation targeting include the publishing of the formal (official) target band or point target for the rate of inflation at one or more time horizons and the explicit confirmation that low and steady inflation is the long-run objective of monetary policy. There are four main preconditions of inflation targeting: 1) an independent central bank that is free from fiscal and political pressures; 2) a central bank that has both the ability to forecast inflation and the capability to model inflation data; 3) the presence of fully deregulated prices and an economy that is affected by changes of commodity prices, as well as exchange rates; and 4) the presence of sound banking system and well developed capital markets. In most developing countries, the use of seigniorage revenues as a source of financing government debts, the lack of commitment by monetary authorities to low inflation as a primary goal, the absence of the central bank’s functional independence, and of powerful models to make domestic inflation forecasts, prevent the satisfaction of these preconditions. This dissertation investigates the extent to which Malawi meets the preconditions for inflation targeting by comparing the situation in that country to other developing countries, which have already adopted the framework. Malawi is committed to the central bank’s functional independence as well as the pursuit of prudent fiscal policy measures for the attainment of low inflation. Despite the failure to meet all the preconditions, this study recommends that Malawi should adopt an inflation targeting framework due to the strength of commitment of the monetary authorities in satisfying these preconditions.
- Full Text:
- Date Issued: 2009
- Authors: Hompashe, Dumisani MacDonald
- Date: 2009
- Subjects: Inflation (Finance) -- Malawi -- Case studies , Banks and banking, Central -- Malawi , Monetary policy -- Malawi , Finance -- Developing countries , Debts, External -- Developing countries
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:943 , http://hdl.handle.net/10962/d1002676 , Inflation (Finance) -- Malawi -- Case studies , Banks and banking, Central -- Malawi , Monetary policy -- Malawi , Finance -- Developing countries , Debts, External -- Developing countries
- Description: The distinctive features of inflation targeting include the publishing of the formal (official) target band or point target for the rate of inflation at one or more time horizons and the explicit confirmation that low and steady inflation is the long-run objective of monetary policy. There are four main preconditions of inflation targeting: 1) an independent central bank that is free from fiscal and political pressures; 2) a central bank that has both the ability to forecast inflation and the capability to model inflation data; 3) the presence of fully deregulated prices and an economy that is affected by changes of commodity prices, as well as exchange rates; and 4) the presence of sound banking system and well developed capital markets. In most developing countries, the use of seigniorage revenues as a source of financing government debts, the lack of commitment by monetary authorities to low inflation as a primary goal, the absence of the central bank’s functional independence, and of powerful models to make domestic inflation forecasts, prevent the satisfaction of these preconditions. This dissertation investigates the extent to which Malawi meets the preconditions for inflation targeting by comparing the situation in that country to other developing countries, which have already adopted the framework. Malawi is committed to the central bank’s functional independence as well as the pursuit of prudent fiscal policy measures for the attainment of low inflation. Despite the failure to meet all the preconditions, this study recommends that Malawi should adopt an inflation targeting framework due to the strength of commitment of the monetary authorities in satisfying these preconditions.
- Full Text:
- Date Issued: 2009
The impact of the cultural and creative industries on the economic growth and development of small cities and towns - guidelines for creating a regional cultural policy
- Authors: Ndhlovu, Raymond
- Date: 2018
- Subjects: Cultural industries -- South Africa , Cultural industries -- Economic aspects -- South Africa , Cultural policy , South Africa -- Economic conditions , Economic development -- South Africa -- Eastern Cape , South Africa. Department of Arts and Culture , Standard Bank National Arts Festival
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/61524 , vital:28032
- Description: The arts and cultural sector has come under even more financial strain than it previously was, as it has to compete with other sectors of the economy for the very limited public funding that is available. It is in this context that the economic impact, and the role, of the arts and cultural sector towards advancing economic growth and development, needs be examined. This thesis investigates the potential for the positive impact of the cultural and creative industries (CCIs) on growth and development of small cities and towns. Furthermore, it also provides guidelines for the development of regional cultural policy in small cities and towns. The CCIs have also been touted as a catalyst for economic growth and economic development, hence the global rise in their interest. For example, the CCIs have been used to redevelop and revive urban areas that have been rundown. CCIs, however, tend to develop in clusters, and additionally, they cluster around large cities. However, the lack of reliance of some CCIs on long supply chains or high-technology inputs may make them suitable candidates for investment in small cities and towns. Additionally, the link that small cities and towns have with rural and isolated areas makes them potential engines for driving growth, development, as well as employment creation for these areas, given their decline as a result of the transition from the traditional agricultural economy, to the knowledge economy. As CCIs have the propensity to drive government’s macroeconomic objectives such as efficiency, equity, economic growth and job creation, it is necessary to develop cultural policy that regards this. The tendency of CCIs to cluster and develop around large cities inevitably means that very little research into cultural policy directed towards regions without large cities and towns has been done. By the same token, very little research has also been conducted on how to craft cultural policy for such areas. In order then, for cultural policy for regions without large cities and towns to be developed, it is necessary to investigate, and provide, guidelines on, how to develop cultural policy for such regions. As a case study, the Sarah Baartman District Municipality (SBDM) in the Eastern Cape was chosen. The SBDM has no large cities and towns, but the District Municipality has identified the CCIs as a potential growth sector, and is in the process of developing a regional cultural policy. The area also includes Grahamstown, which not only hosts the National Arts Festival, which is the largest arts event of its type in Africa, but is also piloting the “Creative City” project in South Africa. An audit and mapping study was conducted on the CCIs in the SBDM; this was based on a national mapping study commissioned by the Department of Arts and Culture. Further internet searches, as well as consultations with the provincial and regional Department of Arts of Culture, coupled with snowball sampling, also aided in the identification of CCIs, and consequently, the “creative hotspots” within the SBDM. Two random samples of stakeholders were chosen; the CCI owners and practitioners, as well as key stakeholders such as government officials, and interviews conducted with both groups, in order to get a first-hand perspective on the operations, activities, challenges, and opportunities that are faced by the CCIs. The study found that there were at least 441 CCIs in the SBDM, with two local municipalities (Dr. Beyers Naude and Makana) hosting the largest share of these (145 and 113 CCIs in each local municipality respectively), which indicates some support for the ‘clustering’ theory. It was also found that the local municipalities that had the largest number of CCIs also experienced better socio-economic welfare. Furthermore, based on the UNESCO Framework for Cultural Statistics (FCS) domains, the Visual Arts and Crafts; Information, Books and Press; and, Cultural Heritage domains were the largest domains represented in the SBDM. It was concluded that cultural policy that is developed, ought to take advantage of, and build on, these existing clusters, as well as the domains that are most prevalent in the region. To demonstrate the impact of cultural festivals on growth and development, a socio-economic impact study was undertaken at the 2016 National Arts Festival (NAF) in Grahamstown. Face to interviews, as well as self-completion questionnaires were used, with respondents at different venues, attending a variety of shows, and across a range of demographics, being interviewed, in order to get a representative sample of Festival attendees. It was found that the economic impact of the 2016 NAF on the city of Grahamstown was R94.4 million. Over and above the economic value of the NAF, it was also found that there were nonmarket benefits (social and intrinsic values) of the NAF, that included audience development, education of the arts and culture, social cohesion, and community development. The inability to directly track and measure social and intrinsic values proved to be a challenge. The study concluded that in order for successful cultural policy to be developed in regions without large cities and towns, it is first necessary to carry out a study to identify what resources are present, and where they are. Locating resources enables cluster identification - as clusters encourage comparative and competitive advantage, it is worthwhile to invest in areas where there are clusters. Therefore, in the allocation of scarce public funds, cultural policy needs to guide investment in to areas where established clusters indicate existing comparative advantage. In terms of equity and transformation, it is also necessary to evaluate labour markets and ownership patterns when developing cultural policy. Beyond the analysis of physical and human resources, the study also found that a crucial step towards developing successful cultural policy is identification of opportunities and challenges faced by the practitioners themselves; the policy ought to capitalise on the opportunities, whilst attempting to correct the challenges faced. Also of importance is aligning the proposed policy and its objectives with regional, provincial and national aims and objectives. Finally, it is important to include a monitoring and evaluation tool that will evaluate the performance of the policy against its stated aims and objectives.
- Full Text:
- Date Issued: 2018
- Authors: Ndhlovu, Raymond
- Date: 2018
- Subjects: Cultural industries -- South Africa , Cultural industries -- Economic aspects -- South Africa , Cultural policy , South Africa -- Economic conditions , Economic development -- South Africa -- Eastern Cape , South Africa. Department of Arts and Culture , Standard Bank National Arts Festival
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/61524 , vital:28032
- Description: The arts and cultural sector has come under even more financial strain than it previously was, as it has to compete with other sectors of the economy for the very limited public funding that is available. It is in this context that the economic impact, and the role, of the arts and cultural sector towards advancing economic growth and development, needs be examined. This thesis investigates the potential for the positive impact of the cultural and creative industries (CCIs) on growth and development of small cities and towns. Furthermore, it also provides guidelines for the development of regional cultural policy in small cities and towns. The CCIs have also been touted as a catalyst for economic growth and economic development, hence the global rise in their interest. For example, the CCIs have been used to redevelop and revive urban areas that have been rundown. CCIs, however, tend to develop in clusters, and additionally, they cluster around large cities. However, the lack of reliance of some CCIs on long supply chains or high-technology inputs may make them suitable candidates for investment in small cities and towns. Additionally, the link that small cities and towns have with rural and isolated areas makes them potential engines for driving growth, development, as well as employment creation for these areas, given their decline as a result of the transition from the traditional agricultural economy, to the knowledge economy. As CCIs have the propensity to drive government’s macroeconomic objectives such as efficiency, equity, economic growth and job creation, it is necessary to develop cultural policy that regards this. The tendency of CCIs to cluster and develop around large cities inevitably means that very little research into cultural policy directed towards regions without large cities and towns has been done. By the same token, very little research has also been conducted on how to craft cultural policy for such areas. In order then, for cultural policy for regions without large cities and towns to be developed, it is necessary to investigate, and provide, guidelines on, how to develop cultural policy for such regions. As a case study, the Sarah Baartman District Municipality (SBDM) in the Eastern Cape was chosen. The SBDM has no large cities and towns, but the District Municipality has identified the CCIs as a potential growth sector, and is in the process of developing a regional cultural policy. The area also includes Grahamstown, which not only hosts the National Arts Festival, which is the largest arts event of its type in Africa, but is also piloting the “Creative City” project in South Africa. An audit and mapping study was conducted on the CCIs in the SBDM; this was based on a national mapping study commissioned by the Department of Arts and Culture. Further internet searches, as well as consultations with the provincial and regional Department of Arts of Culture, coupled with snowball sampling, also aided in the identification of CCIs, and consequently, the “creative hotspots” within the SBDM. Two random samples of stakeholders were chosen; the CCI owners and practitioners, as well as key stakeholders such as government officials, and interviews conducted with both groups, in order to get a first-hand perspective on the operations, activities, challenges, and opportunities that are faced by the CCIs. The study found that there were at least 441 CCIs in the SBDM, with two local municipalities (Dr. Beyers Naude and Makana) hosting the largest share of these (145 and 113 CCIs in each local municipality respectively), which indicates some support for the ‘clustering’ theory. It was also found that the local municipalities that had the largest number of CCIs also experienced better socio-economic welfare. Furthermore, based on the UNESCO Framework for Cultural Statistics (FCS) domains, the Visual Arts and Crafts; Information, Books and Press; and, Cultural Heritage domains were the largest domains represented in the SBDM. It was concluded that cultural policy that is developed, ought to take advantage of, and build on, these existing clusters, as well as the domains that are most prevalent in the region. To demonstrate the impact of cultural festivals on growth and development, a socio-economic impact study was undertaken at the 2016 National Arts Festival (NAF) in Grahamstown. Face to interviews, as well as self-completion questionnaires were used, with respondents at different venues, attending a variety of shows, and across a range of demographics, being interviewed, in order to get a representative sample of Festival attendees. It was found that the economic impact of the 2016 NAF on the city of Grahamstown was R94.4 million. Over and above the economic value of the NAF, it was also found that there were nonmarket benefits (social and intrinsic values) of the NAF, that included audience development, education of the arts and culture, social cohesion, and community development. The inability to directly track and measure social and intrinsic values proved to be a challenge. The study concluded that in order for successful cultural policy to be developed in regions without large cities and towns, it is first necessary to carry out a study to identify what resources are present, and where they are. Locating resources enables cluster identification - as clusters encourage comparative and competitive advantage, it is worthwhile to invest in areas where there are clusters. Therefore, in the allocation of scarce public funds, cultural policy needs to guide investment in to areas where established clusters indicate existing comparative advantage. In terms of equity and transformation, it is also necessary to evaluate labour markets and ownership patterns when developing cultural policy. Beyond the analysis of physical and human resources, the study also found that a crucial step towards developing successful cultural policy is identification of opportunities and challenges faced by the practitioners themselves; the policy ought to capitalise on the opportunities, whilst attempting to correct the challenges faced. Also of importance is aligning the proposed policy and its objectives with regional, provincial and national aims and objectives. Finally, it is important to include a monitoring and evaluation tool that will evaluate the performance of the policy against its stated aims and objectives.
- Full Text:
- Date Issued: 2018
An investigation of the corporate planning concept in a South African motor manufacturing undertaking
- Authors: Coman, Keith Rawson
- Date: 1980
- Subjects: Business planning -- South Africa , Motor vehicle industry -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1081 , http://hdl.handle.net/10962/d1010583 , Business planning -- South Africa , Motor vehicle industry -- South Africa
- Description: The intention of this dissertation is to attempt to project the theoretical concept of Corporate (or Long-Range) Planning into the reality of one of South Africa's major motor vehicle manufacturing company's task environment. It is a sad fact that there are no universally - applicable practical planning "laws" (as are present within the discipline of, say, Physics) amidst the ever-changing hurly-burly world of modern commerce and industry. Accordingly, there are very real distinctions between distilled Corporate Planning theory, as it is propounded in the many available books and articles, and Corporate Planning practice as actually implemented. This is true largely by virtue of the fact that in the same way as persons differ in their physical and mental make-up, so too do individual companies; even to the extent of acquiring a distinct corporate "personality" of their own. Terms of reference, p. 1.
- Full Text:
- Date Issued: 1980
- Authors: Coman, Keith Rawson
- Date: 1980
- Subjects: Business planning -- South Africa , Motor vehicle industry -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1081 , http://hdl.handle.net/10962/d1010583 , Business planning -- South Africa , Motor vehicle industry -- South Africa
- Description: The intention of this dissertation is to attempt to project the theoretical concept of Corporate (or Long-Range) Planning into the reality of one of South Africa's major motor vehicle manufacturing company's task environment. It is a sad fact that there are no universally - applicable practical planning "laws" (as are present within the discipline of, say, Physics) amidst the ever-changing hurly-burly world of modern commerce and industry. Accordingly, there are very real distinctions between distilled Corporate Planning theory, as it is propounded in the many available books and articles, and Corporate Planning practice as actually implemented. This is true largely by virtue of the fact that in the same way as persons differ in their physical and mental make-up, so too do individual companies; even to the extent of acquiring a distinct corporate "personality" of their own. Terms of reference, p. 1.
- Full Text:
- Date Issued: 1980
Clustering as a strategy for manufacturing performance in the Eastern Cape Automotive industry
- Makuwaza, Gwynneth Chandakaita
- Authors: Makuwaza, Gwynneth Chandakaita
- Date: 2001
- Subjects: Automobile industry and trade , Automobile industry and trade -- South Africa -- Eastern Cape , Automobile industry and trade -- South Africa -- Eastern Cape -- Performance
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:937 , http://hdl.handle.net/10962/d1002670 , Automobile industry and trade , Automobile industry and trade -- South Africa -- Eastern Cape , Automobile industry and trade -- South Africa -- Eastern Cape -- Performance
- Description: South Africa's current industrial policy focuses on the economy at two levels: a sectoral and spatial level. The former relates to the manner in which industrial policy is concentrating on particular sectors i.e. industrial clusters. This shift in industrial policy from targeting individual industries to an emphasis on industrial clusters, has complemented the change in focus to export promotion under trade policy. Furthermore, there has been increasing recognition of the need to improve industry performance and competitiveness in order to successfully implement export growth. Industry clusters are considered as having the potential to increase manufacturing performance and can provide the basis for sustainable competitive advantage for nations. Consequently the concept of industry clusters was introduced in South Africa in 1997. Because industry clusters are relatively new in South Africa, most of the cluster initiatives in various sectors of the economy are in their early stages of development. Nevertheless, some are already showing signs of potential success in increasing competitiveness in particular sectors. This thesis uses Porter's "diamond" framework apprdach to investigate whether clustering has improved the manufacturing performance of the motor industry in the Eastern Cape. International experience from both developed and developing countries will illustrate the potential of clustering as a powerful strategy in increasing manufacturing performance and consequently competitiveness. Ultimately this should lead to long-term economic development, especially if government adopts clusterbased economic development policies. Information from a survey conducted on both the motor vehicle assemblers and component suppliers is used in this study. The findings reveal that it is mainly the motor vehicle assemblers who have experienced some improvements in manufacturing performance. The components sector on the other hand has not experienced any such improvements. This thesis concludes with the recommendation that it is important to develop cluster policy as a broader and dynamic view of competition. The main emphasis under such policy would be a move from targeting particular industries and providing subsidies towards focusing attention to all clusters in the economy. To effectively apply such a policy requires the repositioning of national, local and provincial government in order to become more involved in regional development issues. Moreover, the various levels of government need to incorporate cluster policy into their competitive strategies.
- Full Text:
- Date Issued: 2001
- Authors: Makuwaza, Gwynneth Chandakaita
- Date: 2001
- Subjects: Automobile industry and trade , Automobile industry and trade -- South Africa -- Eastern Cape , Automobile industry and trade -- South Africa -- Eastern Cape -- Performance
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:937 , http://hdl.handle.net/10962/d1002670 , Automobile industry and trade , Automobile industry and trade -- South Africa -- Eastern Cape , Automobile industry and trade -- South Africa -- Eastern Cape -- Performance
- Description: South Africa's current industrial policy focuses on the economy at two levels: a sectoral and spatial level. The former relates to the manner in which industrial policy is concentrating on particular sectors i.e. industrial clusters. This shift in industrial policy from targeting individual industries to an emphasis on industrial clusters, has complemented the change in focus to export promotion under trade policy. Furthermore, there has been increasing recognition of the need to improve industry performance and competitiveness in order to successfully implement export growth. Industry clusters are considered as having the potential to increase manufacturing performance and can provide the basis for sustainable competitive advantage for nations. Consequently the concept of industry clusters was introduced in South Africa in 1997. Because industry clusters are relatively new in South Africa, most of the cluster initiatives in various sectors of the economy are in their early stages of development. Nevertheless, some are already showing signs of potential success in increasing competitiveness in particular sectors. This thesis uses Porter's "diamond" framework apprdach to investigate whether clustering has improved the manufacturing performance of the motor industry in the Eastern Cape. International experience from both developed and developing countries will illustrate the potential of clustering as a powerful strategy in increasing manufacturing performance and consequently competitiveness. Ultimately this should lead to long-term economic development, especially if government adopts clusterbased economic development policies. Information from a survey conducted on both the motor vehicle assemblers and component suppliers is used in this study. The findings reveal that it is mainly the motor vehicle assemblers who have experienced some improvements in manufacturing performance. The components sector on the other hand has not experienced any such improvements. This thesis concludes with the recommendation that it is important to develop cluster policy as a broader and dynamic view of competition. The main emphasis under such policy would be a move from targeting particular industries and providing subsidies towards focusing attention to all clusters in the economy. To effectively apply such a policy requires the repositioning of national, local and provincial government in order to become more involved in regional development issues. Moreover, the various levels of government need to incorporate cluster policy into their competitive strategies.
- Full Text:
- Date Issued: 2001
Credit extension in South Africa: an analysis of the impact of interest rates and income levels on the level of household debt
- Widdop, James Stuart Hailstones
- Authors: Widdop, James Stuart Hailstones
- Date: 2017
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/4988 , vital:20750
- Description: The recent growth in the unsecured lending market and the bankruptcy of African Bank Investments Limited have brought to light concerns regarding credit extension and the level of household indebtedness in South Africa. This study seeks to investigate the relevant aspects of credit extension in both the secured and unsecured lending markets by firstly analysing contemporary literature and then conducting a more formal empirical analysis. A VAR model is estimated to examine the effects household disposable income and interest rates have on the level of household debt in South Africa for the period 1995Q1-2015Q3. The empirical results indicate that there is no significant deterministic relationship between household disposable income and household debt. However, the results show that such a relationship does exist between interest rate and household debt. Finally, impulse response functions obtained from the VAR estimation are examined which indicate that both shocks too household disposable income and interest rates effect the level of household debt, but that this effect returns to equilibrium within six periods.
- Full Text:
- Date Issued: 2017
- Authors: Widdop, James Stuart Hailstones
- Date: 2017
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/4988 , vital:20750
- Description: The recent growth in the unsecured lending market and the bankruptcy of African Bank Investments Limited have brought to light concerns regarding credit extension and the level of household indebtedness in South Africa. This study seeks to investigate the relevant aspects of credit extension in both the secured and unsecured lending markets by firstly analysing contemporary literature and then conducting a more formal empirical analysis. A VAR model is estimated to examine the effects household disposable income and interest rates have on the level of household debt in South Africa for the period 1995Q1-2015Q3. The empirical results indicate that there is no significant deterministic relationship between household disposable income and household debt. However, the results show that such a relationship does exist between interest rate and household debt. Finally, impulse response functions obtained from the VAR estimation are examined which indicate that both shocks too household disposable income and interest rates effect the level of household debt, but that this effect returns to equilibrium within six periods.
- Full Text:
- Date Issued: 2017
The presumption of gult created by Section 235(2) of the Tax Administration Act: a constitutional and comparative perspective
- Authors: Faifi, Farai
- Date: 2014
- Subjects: Guilt (Law) -- South Africa , Presumption of innocence -- South Africa , Income tax -- Law and legislation -- South Africa , Human rights -- Taxation -- South Africa , Taxpayer compliance -- Moral and ethical aspects -- South Africa , Taxation -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:907 , http://hdl.handle.net/10962/d1012979
- Description: This research examined the legal nature of the presumption of guilt created by section 235(2) of the South African Tax Admiration Act and considered whether or not its practical application violates the taxpayer’s fundamental right contained in section 35(3) of the Constitution, which gives every accused taxpayer the right to a fair trial, including the right to be presumed innocent. The research also provided clarity on the constitutionality of this presumption because it has been widely criticised for unjustifiably violating the taxpayer's constitutional right to a fair trial. The conclusion reached is that the presumption created by section 235(2) of the Tax Administration Act constitutes an evidentiary burden rather than a reverse onus. It does not create the possibility of conviction, unlike a reverse onus where conviction is possible, despite the existence of a reasonable doubt. Therefore, it does not violate the accused taxpayer’s the right to a fair trial and the right to be presumed innocent and hence it is constitutional. Accordingly, the chances that the accused taxpayer will succeed in challenging the constitutionality of section 235(2) of the Act are slim.
- Full Text:
- Date Issued: 2014
- Authors: Faifi, Farai
- Date: 2014
- Subjects: Guilt (Law) -- South Africa , Presumption of innocence -- South Africa , Income tax -- Law and legislation -- South Africa , Human rights -- Taxation -- South Africa , Taxpayer compliance -- Moral and ethical aspects -- South Africa , Taxation -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:907 , http://hdl.handle.net/10962/d1012979
- Description: This research examined the legal nature of the presumption of guilt created by section 235(2) of the South African Tax Admiration Act and considered whether or not its practical application violates the taxpayer’s fundamental right contained in section 35(3) of the Constitution, which gives every accused taxpayer the right to a fair trial, including the right to be presumed innocent. The research also provided clarity on the constitutionality of this presumption because it has been widely criticised for unjustifiably violating the taxpayer's constitutional right to a fair trial. The conclusion reached is that the presumption created by section 235(2) of the Tax Administration Act constitutes an evidentiary burden rather than a reverse onus. It does not create the possibility of conviction, unlike a reverse onus where conviction is possible, despite the existence of a reasonable doubt. Therefore, it does not violate the accused taxpayer’s the right to a fair trial and the right to be presumed innocent and hence it is constitutional. Accordingly, the chances that the accused taxpayer will succeed in challenging the constitutionality of section 235(2) of the Act are slim.
- Full Text:
- Date Issued: 2014