How ready is the East African community for monetary union? New evidence from an interest rate pass-through analysis
- Bholla, Zohaib S, Aziakpono, Meshach J, Snowball, Jeanette D
- Authors: Bholla, Zohaib S , Aziakpono, Meshach J , Snowball, Jeanette D
- Date: 2011
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/469720 , vital:77288 , https://hdl.handle.net/10520/EJC21519
- Description: The five member countries of the East African Community (EAC), namely, Burundi, Kenya, Rwanda, Tanzania and Uganda have set the target of achieving a monetary union by 2012. The question that arises is: to what extent are they prepared for a monetary integration? Against this backdrop, this paper evaluates the current level of convergence amongst these East African countries by analysing whether the pass-through of monetary policy in the five countries has become similar over time. We use cointegration, error correction, and asymmetric error correction modelling frameworks and interest rate data over a ten year sample period, from 1999 to 2008, in the analysis. The results suggest that the degree of convergence amongst the countries remains low and that there are significant rigidities in the banking markets over time. While the pass-through of monetary policy has improved with respect to the banking loan markets, it has not done so in the deposit market. Overall the evidence suggests that implementing an EAC-wide monetary union will require more work to be done to stimulate the development of their financial systems and to harmonise their financial and monetary policies.
- Full Text:
- Date Issued: 2011
- Authors: Bholla, Zohaib S , Aziakpono, Meshach J , Snowball, Jeanette D
- Date: 2011
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/469720 , vital:77288 , https://hdl.handle.net/10520/EJC21519
- Description: The five member countries of the East African Community (EAC), namely, Burundi, Kenya, Rwanda, Tanzania and Uganda have set the target of achieving a monetary union by 2012. The question that arises is: to what extent are they prepared for a monetary integration? Against this backdrop, this paper evaluates the current level of convergence amongst these East African countries by analysing whether the pass-through of monetary policy in the five countries has become similar over time. We use cointegration, error correction, and asymmetric error correction modelling frameworks and interest rate data over a ten year sample period, from 1999 to 2008, in the analysis. The results suggest that the degree of convergence amongst the countries remains low and that there are significant rigidities in the banking markets over time. While the pass-through of monetary policy has improved with respect to the banking loan markets, it has not done so in the deposit market. Overall the evidence suggests that implementing an EAC-wide monetary union will require more work to be done to stimulate the development of their financial systems and to harmonise their financial and monetary policies.
- Full Text:
- Date Issued: 2011
Subjective well-being in Africa
- Botha, Ferdi, Snowball, Jeanette D
- Authors: Botha, Ferdi , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: article , text
- Identifier: http://hdl.handle.net/10962/61084 , vital:27946
- Description: Research on quality of life and subjective well-being (SWB) has witnessed a remarkable growth over the past four decades or so. Since Easterlin’s (1974) seminal contribution on the relationship between happiness and income, thousands of studies have followed that examine the intricacies of subjective well-being (for reviews, see Frey and Stutzer, 2002; Dolan et al., 2008; MacKerron, 2012). These studies have uncovered some very important aspects of individual well-being and have pointed to the fact that money or income is not always (as is often assumed) the most important determinant of SWB.
- Full Text:
- Date Issued: 2015
- Authors: Botha, Ferdi , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: article , text
- Identifier: http://hdl.handle.net/10962/61084 , vital:27946
- Description: Research on quality of life and subjective well-being (SWB) has witnessed a remarkable growth over the past four decades or so. Since Easterlin’s (1974) seminal contribution on the relationship between happiness and income, thousands of studies have followed that examine the intricacies of subjective well-being (for reviews, see Frey and Stutzer, 2002; Dolan et al., 2008; MacKerron, 2012). These studies have uncovered some very important aspects of individual well-being and have pointed to the fact that money or income is not always (as is often assumed) the most important determinant of SWB.
- Full Text:
- Date Issued: 2015
Art investment as a portfolio diversification strategy in South Africa
- Botha, Ferdi, Scott, Brett, Snowball, Jeanette D
- Authors: Botha, Ferdi , Scott, Brett , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67422 , vital:29086
- Description: publisher version , Art has been suggested as a good way to diversify investment portfolios during times of financial uncertainty. The argument is that art exhibits different risk and return characteristics to conventional investments in other asset classes. The new Citadel Art Price index offered the opportunity to test this theory in the South African context. The Citadel index uses the hedonic regression method with observations drawn from the top 100, 50 and 20 artists by sales volume, giving approximately 29 503 total auction observations. The Index consists of quarterly data from the period 2000Q1 to 2013Q3. A VAR of the art price index, Johannesburg Stock Exchange all-share index, house price index, and South African government bond index were used. Flowing from the VAR results, additional analyses included variance decomposition, impulse response, and, to determine volatility, variance and standard deviation measures for each index. Results show that, when there are increased returns on the stock market in the previous period and wealth increases, there is a change in the Citadel Art Price Index in the same direction. This finding is consistent with Goetzmann et al. (2009), who reported that there is a strong relationship between art and equity markets and that art price changes are driven by capital gains and losses. No significant difference was found between the house price index and the art price index, and neither between the art and government bond price indices. Overall, the South African art market does not offer the opportunity to diversify portfolios dominated by either property, bonds, or shares.
- Full Text:
- Date Issued: 2015
- Authors: Botha, Ferdi , Scott, Brett , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67422 , vital:29086
- Description: publisher version , Art has been suggested as a good way to diversify investment portfolios during times of financial uncertainty. The argument is that art exhibits different risk and return characteristics to conventional investments in other asset classes. The new Citadel Art Price index offered the opportunity to test this theory in the South African context. The Citadel index uses the hedonic regression method with observations drawn from the top 100, 50 and 20 artists by sales volume, giving approximately 29 503 total auction observations. The Index consists of quarterly data from the period 2000Q1 to 2013Q3. A VAR of the art price index, Johannesburg Stock Exchange all-share index, house price index, and South African government bond index were used. Flowing from the VAR results, additional analyses included variance decomposition, impulse response, and, to determine volatility, variance and standard deviation measures for each index. Results show that, when there are increased returns on the stock market in the previous period and wealth increases, there is a change in the Citadel Art Price Index in the same direction. This finding is consistent with Goetzmann et al. (2009), who reported that there is a strong relationship between art and equity markets and that art price changes are driven by capital gains and losses. No significant difference was found between the house price index and the art price index, and neither between the art and government bond price indices. Overall, the South African art market does not offer the opportunity to diversify portfolios dominated by either property, bonds, or shares.
- Full Text:
- Date Issued: 2015
Determinants of student satisfaction with campus residence life at a South African university
- Botha, Ferdi, Snowball, Jeanette D, De Klerk, Vivian A, Radloff, Sarah E
- Authors: Botha, Ferdi , Snowball, Jeanette D , De Klerk, Vivian A , Radloff, Sarah E
- Date: 2015
- Language: English
- Type: text , book
- Identifier: http://hdl.handle.net/10962/69277 , vital:29475 , https://doi.org/10.1007/978-3-319-15904-1_2
- Description: Factors outside the classroom can contribute to academic success as well as the achievement of important outcomes such as the appreciation of human diversity. Striving towards equality of residence life satisfaction is thus important for academic outcomes and for the development of well-functioning citizens. This study is based on the 2011 Quality of Residence Life (QoRL) Survey, conducted at a South African university, comprising roughly 2,000 respondents. The study investigates the association between satisfaction with QoRL and (i) residence milieu and characteristics, (ii) direct and indirect discrimination, (iii) perceptions of drug and alcohol issues in residence, (iv) safety, and (v) individual student characteristics. One main finding is that there are no significant differences in satisfaction with QoRL across racial and gender groups; suggesting significant progress in university transformation and equity goals. The general atmosphere and characteristics of residences are also important predictors of QoRL satisfaction.
- Full Text: false
- Date Issued: 2015
- Authors: Botha, Ferdi , Snowball, Jeanette D , De Klerk, Vivian A , Radloff, Sarah E
- Date: 2015
- Language: English
- Type: text , book
- Identifier: http://hdl.handle.net/10962/69277 , vital:29475 , https://doi.org/10.1007/978-3-319-15904-1_2
- Description: Factors outside the classroom can contribute to academic success as well as the achievement of important outcomes such as the appreciation of human diversity. Striving towards equality of residence life satisfaction is thus important for academic outcomes and for the development of well-functioning citizens. This study is based on the 2011 Quality of Residence Life (QoRL) Survey, conducted at a South African university, comprising roughly 2,000 respondents. The study investigates the association between satisfaction with QoRL and (i) residence milieu and characteristics, (ii) direct and indirect discrimination, (iii) perceptions of drug and alcohol issues in residence, (iv) safety, and (v) individual student characteristics. One main finding is that there are no significant differences in satisfaction with QoRL across racial and gender groups; suggesting significant progress in university transformation and equity goals. The general atmosphere and characteristics of residences are also important predictors of QoRL satisfaction.
- Full Text: false
- Date Issued: 2015
Determinants of student satisfaction with campus residence life at a South African University
- Botha, Ferdi, Snowball, Jeanette D, De Klerk, Vivian A, Radloff, Sarah E
- Authors: Botha, Ferdi , Snowball, Jeanette D , De Klerk, Vivian A , Radloff, Sarah E
- Date: 2013
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68543 , vital:29281 , https://econrsa.org/publications/working-papers/determinants-student-satisfaction-campus-residence-life-south-african
- Description: Publisher version , Although there are a number of studies on the determinants of general quality of life among university students, these occur mainly in developed countries and do not focus specifically on campus-based residence life. It has long been accepted that factors outside the classroom (“the other curriculum”) can contribute to academic success, as well as the achievement of other important outcomes such as the appreciation of human diversity. Striving towards equality of residence life satisfaction across different racial and gender groups, for example, is thus important for academic outcomes and for the development of well-functioning citizens. This study is based on the 2011 Quality of Residence Life (QoRL) Survey, conducted at a South African university, comprising roughly 2 000 respondents. Based on descriptive analyses and ordered probit regressions, the study investigates the association between satisfaction with QoRL and (i) residence milieu and characteristics, (ii) direct and indirect discrimination, (iii) perceptions of drug and alcohol issues in residence, (iv) safety, and (v) individual student characteristics. One of the main findings is that there are no significant differences in satisfaction with QoRL across racial and gender groups; a finding that suggests significant progress in university transformation and equity goals. The general atmosphere and characteristics of residences are also important predictors of QoRL satisfaction. , Economic Research Southern Africa (ERSA) is a research programme funded by the National Treasury of South Africa.
- Full Text:
- Date Issued: 2013
- Authors: Botha, Ferdi , Snowball, Jeanette D , De Klerk, Vivian A , Radloff, Sarah E
- Date: 2013
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68543 , vital:29281 , https://econrsa.org/publications/working-papers/determinants-student-satisfaction-campus-residence-life-south-african
- Description: Publisher version , Although there are a number of studies on the determinants of general quality of life among university students, these occur mainly in developed countries and do not focus specifically on campus-based residence life. It has long been accepted that factors outside the classroom (“the other curriculum”) can contribute to academic success, as well as the achievement of other important outcomes such as the appreciation of human diversity. Striving towards equality of residence life satisfaction across different racial and gender groups, for example, is thus important for academic outcomes and for the development of well-functioning citizens. This study is based on the 2011 Quality of Residence Life (QoRL) Survey, conducted at a South African university, comprising roughly 2 000 respondents. Based on descriptive analyses and ordered probit regressions, the study investigates the association between satisfaction with QoRL and (i) residence milieu and characteristics, (ii) direct and indirect discrimination, (iii) perceptions of drug and alcohol issues in residence, (iv) safety, and (v) individual student characteristics. One of the main findings is that there are no significant differences in satisfaction with QoRL across racial and gender groups; a finding that suggests significant progress in university transformation and equity goals. The general atmosphere and characteristics of residences are also important predictors of QoRL satisfaction. , Economic Research Southern Africa (ERSA) is a research programme funded by the National Treasury of South Africa.
- Full Text:
- Date Issued: 2013
Art investment in South Africa: portfolio diversification and art market efficiency
- Botha, Ferdi, Snowball, Jeanette D, Scott, Brett
- Authors: Botha, Ferdi , Snowball, Jeanette D , Scott, Brett
- Date: 2016
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/64794 , vital:28601 , http://www.dx.doi.org/10.17159/2222-3436/2016/v19n3a4
- Description: Art has been suggested as a good way to diversify investment portfolios during times of financial uncertainty. The argument is that art exhibits different risk and return characteristics to conventional investments in other asset classes. The new Citadel art price index offered the opportunity to test this theory in the South African context. Moreover, this paper tests whether art prices are efficient. The Citadel index uses the hedonic regression method with observations drawn from the top 100, 50 and 20 artists by sales volume, giving approximately 29 503 total auction observations. The Index consists of quarterly data from the period 2000Q1 to 2013Q3. A vector autoregression of the art price index, Johannesburg stock exchange all-share index, house price index, and South African government bond index were used. Results show that, when there are increased returns on the stock market in a preceding period and wealth increases, there is a change in the Citadel art price index in the same direction. No significant difference was found between the house price index and the art price index, or between the art and government bond price indices. The art market is also found to be inefficient, thereby exacerbating the risk of investing in art. Overall, the South African art market does not offer the opportunity to diversify portfolios dominated by either property, bonds, or shares.
- Full Text:
- Date Issued: 2016
- Authors: Botha, Ferdi , Snowball, Jeanette D , Scott, Brett
- Date: 2016
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/64794 , vital:28601 , http://www.dx.doi.org/10.17159/2222-3436/2016/v19n3a4
- Description: Art has been suggested as a good way to diversify investment portfolios during times of financial uncertainty. The argument is that art exhibits different risk and return characteristics to conventional investments in other asset classes. The new Citadel art price index offered the opportunity to test this theory in the South African context. Moreover, this paper tests whether art prices are efficient. The Citadel index uses the hedonic regression method with observations drawn from the top 100, 50 and 20 artists by sales volume, giving approximately 29 503 total auction observations. The Index consists of quarterly data from the period 2000Q1 to 2013Q3. A vector autoregression of the art price index, Johannesburg stock exchange all-share index, house price index, and South African government bond index were used. Results show that, when there are increased returns on the stock market in a preceding period and wealth increases, there is a change in the Citadel art price index in the same direction. No significant difference was found between the house price index and the art price index, or between the art and government bond price indices. The art market is also found to be inefficient, thereby exacerbating the risk of investing in art. Overall, the South African art market does not offer the opportunity to diversify portfolios dominated by either property, bonds, or shares.
- Full Text:
- Date Issued: 2016
Economic evaluation of wetland restoration: a systematic review of the literature
- Browne, Michelle, Fraser, Gavin C G, Snowball, Jeanette D
- Authors: Browne, Michelle , Fraser, Gavin C G , Snowball, Jeanette D
- Date: 2018
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/471292 , vital:77438 , https://doi.org/10.1111/rec.12889
- Description: Evaluating the outcomes of wetland restoration projects is critical to improve practice and justify further investment in wetland restoration. We conducted a systematic literature review to evaluate the current state of knowledge on the economic valuation of the outcomes of wetland restoration. We assessed the economic methods applied, the attributes valued, and the timing of the evaluation in relation to the age of restoration along with publication trends. Research on the topic is increasing, but studies from Africa and South America are lacking. A diverse cross‐disciplinary interest is notable, yet collaborations between disciplines are less frequent. Of particular concern is that only a third of the studies were undertaken postrestoration, and even fewer for restorations older than 10 years. Gaps in the knowledge base mean that our present understanding of the value achieved through wetland restoration is tentative. The need for postrestoration site‐specific valuation efforts remains large both to justify further investment and to improve confidence in predictive and value transfer approaches as practical tools to inform decision‐making.
- Full Text:
- Date Issued: 2018
- Authors: Browne, Michelle , Fraser, Gavin C G , Snowball, Jeanette D
- Date: 2018
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/471292 , vital:77438 , https://doi.org/10.1111/rec.12889
- Description: Evaluating the outcomes of wetland restoration projects is critical to improve practice and justify further investment in wetland restoration. We conducted a systematic literature review to evaluate the current state of knowledge on the economic valuation of the outcomes of wetland restoration. We assessed the economic methods applied, the attributes valued, and the timing of the evaluation in relation to the age of restoration along with publication trends. Research on the topic is increasing, but studies from Africa and South America are lacking. A diverse cross‐disciplinary interest is notable, yet collaborations between disciplines are less frequent. Of particular concern is that only a third of the studies were undertaken postrestoration, and even fewer for restorations older than 10 years. Gaps in the knowledge base mean that our present understanding of the value achieved through wetland restoration is tentative. The need for postrestoration site‐specific valuation efforts remains large both to justify further investment and to improve confidence in predictive and value transfer approaches as practical tools to inform decision‐making.
- Full Text:
- Date Issued: 2018
South Africa’s trade in cultural goods and services with a focus on cultural trade with BRICS partners
- Cattaneo, Nicolette S, Snowball, Jeanette D
- Authors: Cattaneo, Nicolette S , Snowball, Jeanette D
- Date: 2020
- Subjects: To be catalogued
- Language: English
- Type: text , book chapter
- Identifier: http://hdl.handle.net/10962/470339 , vital:77350 , ISBN , https://doi.org/10.1080/10220461.2015.1069208
- Description: This article examines the potential role the BRICS Contingent Reserve Arrangement (CRA) could play in stabilising countries experiencing a high degree of economic volatility. The CRA is a US$100 billion pooled reserve fund that has its origins in the fifth BRICS Summit hosted in Durban. The CRA was set up to help emerging nations deal with liquidity shortages and to strengthen financial systems during crisis. The article examines the debate on the effect of capital market liberalisation and collates some relevant macroeconomic data on the BRICS economies in order to explore the case for a contingent reserve facility. It is found that emerging economies that rapidly liberalised their capital accounts experienced increased economic volatility, creating an uncertain macroeconomic environment and hampering the ability of policymakers to conduct appropriate stabilisation policy. The article takes the position that the CRA could play an important role in providing liquidity to distressed emerging economies. However it concludes that the CRA facility does not signal a significant break from the Bretton Woods institutions on the part of the BRICS countries.
- Full Text:
- Date Issued: 2020
- Authors: Cattaneo, Nicolette S , Snowball, Jeanette D
- Date: 2020
- Subjects: To be catalogued
- Language: English
- Type: text , book chapter
- Identifier: http://hdl.handle.net/10962/470339 , vital:77350 , ISBN , https://doi.org/10.1080/10220461.2015.1069208
- Description: This article examines the potential role the BRICS Contingent Reserve Arrangement (CRA) could play in stabilising countries experiencing a high degree of economic volatility. The CRA is a US$100 billion pooled reserve fund that has its origins in the fifth BRICS Summit hosted in Durban. The CRA was set up to help emerging nations deal with liquidity shortages and to strengthen financial systems during crisis. The article examines the debate on the effect of capital market liberalisation and collates some relevant macroeconomic data on the BRICS economies in order to explore the case for a contingent reserve facility. It is found that emerging economies that rapidly liberalised their capital accounts experienced increased economic volatility, creating an uncertain macroeconomic environment and hampering the ability of policymakers to conduct appropriate stabilisation policy. The article takes the position that the CRA could play an important role in providing liquidity to distressed emerging economies. However it concludes that the CRA facility does not signal a significant break from the Bretton Woods institutions on the part of the BRICS countries.
- Full Text:
- Date Issued: 2020
Transformation, job creation and subsidies to creative industries: the case of South Africa’s film and television sector
- Collins, Alan, Snowball, Jeanette D
- Authors: Collins, Alan , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67433 , vital:29087 , https://doi.org/10.1080/10286632.2013.874418
- Description: Pre-print , Many governments have tried to stimulate economic growth via policy on the creative industries. South Africa is no different but additionally has an overarching aim of achieving social and labour market ‘transformation’ to move away from the legacy of the apartheid era. The effectiveness of incentives provided to the film and television sector in South Africa are considered in terms of their stated objectives of job creation, skills and knowledge transfer and the attraction of foreign direct investment. Informed by empirical analysis of incentive scheme data and supplemented by elite interviews with key informants, some specific policy revisions are proposed.
- Full Text:
- Date Issued: 2015
- Authors: Collins, Alan , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67433 , vital:29087 , https://doi.org/10.1080/10286632.2013.874418
- Description: Pre-print , Many governments have tried to stimulate economic growth via policy on the creative industries. South Africa is no different but additionally has an overarching aim of achieving social and labour market ‘transformation’ to move away from the legacy of the apartheid era. The effectiveness of incentives provided to the film and television sector in South Africa are considered in terms of their stated objectives of job creation, skills and knowledge transfer and the attraction of foreign direct investment. Informed by empirical analysis of incentive scheme data and supplemented by elite interviews with key informants, some specific policy revisions are proposed.
- Full Text:
- Date Issued: 2015
The effectiveness and impacts of subsidies to film industries
- Collins, Alan, Snowball, Jeanette D
- Authors: Collins, Alan , Snowball, Jeanette D
- Date: 2016
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68511 , vital:29273 , https://www.southafricanculturalobservatory.org.za/
- Description: Publisher version , Conference paper presented at the South African Cultural Observatory, First National Conference: Counting Culture, The Cultural and Creative Industries in National and International Context, 16-17 May 2016, The Boardwalk International Convention Centre, Nelson Mandela Bay.
- Full Text:
- Date Issued: 2016
- Authors: Collins, Alan , Snowball, Jeanette D
- Date: 2016
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68511 , vital:29273 , https://www.southafricanculturalobservatory.org.za/
- Description: Publisher version , Conference paper presented at the South African Cultural Observatory, First National Conference: Counting Culture, The Cultural and Creative Industries in National and International Context, 16-17 May 2016, The Boardwalk International Convention Centre, Nelson Mandela Bay.
- Full Text:
- Date Issued: 2016
Film production incentives, employment transformation and domestic expenditure in South Africa: visualizing subsidy effectiveness
- Collins, Alan, Ishizaka, Alessio, Snowball, Jeanette D
- Authors: Collins, Alan , Ishizaka, Alessio , Snowball, Jeanette D
- Date: 2016
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67456 , vital:29094 , https://doi.org/10.1080/10286632.2016.1255206
- Description: Publisher version , In 2004 the South African Department of Trade and Industry (DTI) introduced a Film and Television Production Rebate Programme. In order to qualify for the rebate, certain criteria have to be met including success in job creation and skills development within the industry, alongside a particular focus on the percentage of ‘historically disadvantaged individuals’ employed. This study sets out the issues associated with evaluating success in meeting these various criteria and is, to the best of our knowledge, the first study to apply multi-criteria visualization techniques to inform the evaluation of public subsidy effectiveness. The ‘PROMETHEE’ method is applied and apart from presenting project performance in a visually intuitive manner, the approach helps to clarify patterns of relative success, show where policy objectives are competing, and to identify project exemplars for more efficiently guiding future public support in the sector.
- Full Text: false
- Date Issued: 2016
- Authors: Collins, Alan , Ishizaka, Alessio , Snowball, Jeanette D
- Date: 2016
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67456 , vital:29094 , https://doi.org/10.1080/10286632.2016.1255206
- Description: Publisher version , In 2004 the South African Department of Trade and Industry (DTI) introduced a Film and Television Production Rebate Programme. In order to qualify for the rebate, certain criteria have to be met including success in job creation and skills development within the industry, alongside a particular focus on the percentage of ‘historically disadvantaged individuals’ employed. This study sets out the issues associated with evaluating success in meeting these various criteria and is, to the best of our knowledge, the first study to apply multi-criteria visualization techniques to inform the evaluation of public subsidy effectiveness. The ‘PROMETHEE’ method is applied and apart from presenting project performance in a visually intuitive manner, the approach helps to clarify patterns of relative success, show where policy objectives are competing, and to identify project exemplars for more efficiently guiding future public support in the sector.
- Full Text: false
- Date Issued: 2016
Issues and concerns in developing regulated markets for endangered species products: the case of rhinoceros horns
- Collins, Alan, Fraser, Gavin C G, Snowball, Jeanette D
- Authors: Collins, Alan , Fraser, Gavin C G , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/124877 , vital:35706 , https://doi.org/10.1093/cje/bev076
- Description: A proposal for addressing rhinoceros poaching is to legalise the trade in rhino horn and adopt a regulated market approach, overturning the current trade ban. This orthodox economic prescription aims to reduce incentives to poach endangered wildlife by driving down the market price of their products via auctioned stockpile releases. Biologists are clear, however, that securing a stockpile for some species needs biological success in captive breeding programmes (CBPs), which varies markedly across species and habitats. Rhinoceros herds in a CBP would need spatially extensive terrain and costly permanent security measures; this only appears feasible for the less aggressive ‘white’ rhino. We argue that the market price would actually need to be sustained at a high level to cover protection costs over the longer reproduction cycles in CBPs and that, without extensive monitoring and the correct institutional structures being in place, legalising trade may encourage, rather than prevent, poaching. Supplementary policy measures that differentiate among consumer groups would also likely prove necessary.
- Full Text:
- Date Issued: 2015
- Authors: Collins, Alan , Fraser, Gavin C G , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/124877 , vital:35706 , https://doi.org/10.1093/cje/bev076
- Description: A proposal for addressing rhinoceros poaching is to legalise the trade in rhino horn and adopt a regulated market approach, overturning the current trade ban. This orthodox economic prescription aims to reduce incentives to poach endangered wildlife by driving down the market price of their products via auctioned stockpile releases. Biologists are clear, however, that securing a stockpile for some species needs biological success in captive breeding programmes (CBPs), which varies markedly across species and habitats. Rhinoceros herds in a CBP would need spatially extensive terrain and costly permanent security measures; this only appears feasible for the less aggressive ‘white’ rhino. We argue that the market price would actually need to be sustained at a high level to cover protection costs over the longer reproduction cycles in CBPs and that, without extensive monitoring and the correct institutional structures being in place, legalising trade may encourage, rather than prevent, poaching. Supplementary policy measures that differentiate among consumer groups would also likely prove necessary.
- Full Text:
- Date Issued: 2015
Could a regulated market approach for rhinoceros horns work in South Africa? Some practical issues and concerns
- Collins, Alan, Fraser, Gavin C G, Snowball, Jeanette D
- Authors: Collins, Alan , Fraser, Gavin C G , Snowball, Jeanette D
- Date: 2013
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68600 , vital:29292 , http://www.essa2013.org.za/fullpaper/essa2013_2708.pdf
- Description: Publisher version , One of the proposals for fighting rhinoceros poaching is to legalise the trade in rhino horn and adopt a regulated market approach (RMA), which would require a vote at the 2016 CITES meeting in order to overturn the ban on the trade in rhino horn. The legal trade in rhino horn would enable the auctioning of stockpiles of horn and encourage captive breeding programmes. The aim of increasing the supply of horn is to reduce incentives to poach by driving down the price. This paper uses a conceptual/theoretical approach to consider the practical implications of the adoption of an RMA, drawing on demand, supply and production theory. The intention is explicitly to set out some practical concerns and issues that seem to have been underplayed or neglected in most published economic discourse on the subject. To secure a stockpile for some species needs biological success in captive breeding programs (CBPs) but this varies across species and habitats. Rhinoceros herds in a CBP would need relatively spatially extensive terrain and costly permanent security measures, and only appear feasible for the less aggressive “white” rhino. Thus, market price would actually need to be sustained at a high level to cover the start-up and security costs of such a programme that are unlikely to fall significantly. This is a double-edged sword in that the persistent high price of rhino horn provides an incentive for continued poaching activities. Supplementary policy measures that differentiate among consumer groups may also prove necessary.
- Full Text:
- Date Issued: 2013
- Authors: Collins, Alan , Fraser, Gavin C G , Snowball, Jeanette D
- Date: 2013
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68600 , vital:29292 , http://www.essa2013.org.za/fullpaper/essa2013_2708.pdf
- Description: Publisher version , One of the proposals for fighting rhinoceros poaching is to legalise the trade in rhino horn and adopt a regulated market approach (RMA), which would require a vote at the 2016 CITES meeting in order to overturn the ban on the trade in rhino horn. The legal trade in rhino horn would enable the auctioning of stockpiles of horn and encourage captive breeding programmes. The aim of increasing the supply of horn is to reduce incentives to poach by driving down the price. This paper uses a conceptual/theoretical approach to consider the practical implications of the adoption of an RMA, drawing on demand, supply and production theory. The intention is explicitly to set out some practical concerns and issues that seem to have been underplayed or neglected in most published economic discourse on the subject. To secure a stockpile for some species needs biological success in captive breeding programs (CBPs) but this varies across species and habitats. Rhinoceros herds in a CBP would need relatively spatially extensive terrain and costly permanent security measures, and only appear feasible for the less aggressive “white” rhino. Thus, market price would actually need to be sustained at a high level to cover the start-up and security costs of such a programme that are unlikely to fall significantly. This is a double-edged sword in that the persistent high price of rhino horn provides an incentive for continued poaching activities. Supplementary policy measures that differentiate among consumer groups may also prove necessary.
- Full Text:
- Date Issued: 2013
Rhino poaching: supply and demand uncertain
- Collins, Alan, Fraser, Gavin C G, Snowball, Jeanette D
- Authors: Collins, Alan , Fraser, Gavin C G , Snowball, Jeanette D
- Date: 2013
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/70476 , vital:29665 , https://doi.org/10.1126/science.340.6137.1167-a
- Description: IN THEIR POLICY FORUM “LEGAL TRADE OF AFRICA’S RHINO HORNS” (1 MARCH, P. 1038), D. Biggs et al. point out that the trade ban on rhino horn has not been successful in reducing rhino poaching, which reached a record high of 668 in 2012. They argue that trade bans support illegal organizations, whereas a regulated legal market could reduce poaching effort and provide much-needed income for conservation. In making their case, Biggs et al. overlook a few important points.
- Full Text:
- Date Issued: 2013
- Authors: Collins, Alan , Fraser, Gavin C G , Snowball, Jeanette D
- Date: 2013
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/70476 , vital:29665 , https://doi.org/10.1126/science.340.6137.1167-a
- Description: IN THEIR POLICY FORUM “LEGAL TRADE OF AFRICA’S RHINO HORNS” (1 MARCH, P. 1038), D. Biggs et al. point out that the trade ban on rhino horn has not been successful in reducing rhino poaching, which reached a record high of 668 in 2012. They argue that trade bans support illegal organizations, whereas a regulated legal market could reduce poaching effort and provide much-needed income for conservation. In making their case, Biggs et al. overlook a few important points.
- Full Text:
- Date Issued: 2013
Willingness to pay for marine-based tourism in the Ponta do Ouro Partial Marine Reserve, Mozambique
- Daly, Clare A K, Fraser, Gavin C G, Snowball, Jeanette D
- Authors: Daly, Clare A K , Fraser, Gavin C G , Snowball, Jeanette D
- Date: 2015
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/473119 , vital:77608 , https://doi.org/10.2989/1814232X.2015.1012556
- Description: Marine and coastal ecosystems face widespread degradation largely because market failure hides the economic value of the goods and services they provide. Marine protected areas (MPAs) can serve as structures that ensure the continued functioning of marine and coastal ecosystem goods and services. Yet, to be effective and sustainable, MPAs must be able to prove their economic worth and generate revenue. User-fee systems are used commonly to partially finance multi-use MPAs. This study applies contingent valuation as a method of economic valuation within an MPA in southern Mozambique. Using a payment card and questionnaire from November 2012 to April 2013, this study determined the willingness to pay (WTP) of three user groups for access to the Ponta do Ouro Partial Marine Reserve. The study also investigated the potential for the reserve to increase revenues for conservation through the implementation of a user fee for marine-based activities. Probit and ordinary least squares (OLS) regressions were used to determine the effects of various independent variables on WTP. The OLS model found income, African residency and environmental awareness to be significant factors that influenced visitors' WTP for access to the reserve. The mean WTP was R 43.75 (South African rands) per person per day. Using data supplied by the reserve management, conservative estimated annual revenues based on the implementation of this fee amount ranged between R 1.46 million and R 3.3 million.
- Full Text:
- Date Issued: 2015
- Authors: Daly, Clare A K , Fraser, Gavin C G , Snowball, Jeanette D
- Date: 2015
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/473119 , vital:77608 , https://doi.org/10.2989/1814232X.2015.1012556
- Description: Marine and coastal ecosystems face widespread degradation largely because market failure hides the economic value of the goods and services they provide. Marine protected areas (MPAs) can serve as structures that ensure the continued functioning of marine and coastal ecosystem goods and services. Yet, to be effective and sustainable, MPAs must be able to prove their economic worth and generate revenue. User-fee systems are used commonly to partially finance multi-use MPAs. This study applies contingent valuation as a method of economic valuation within an MPA in southern Mozambique. Using a payment card and questionnaire from November 2012 to April 2013, this study determined the willingness to pay (WTP) of three user groups for access to the Ponta do Ouro Partial Marine Reserve. The study also investigated the potential for the reserve to increase revenues for conservation through the implementation of a user fee for marine-based activities. Probit and ordinary least squares (OLS) regressions were used to determine the effects of various independent variables on WTP. The OLS model found income, African residency and environmental awareness to be significant factors that influenced visitors' WTP for access to the reserve. The mean WTP was R 43.75 (South African rands) per person per day. Using data supplied by the reserve management, conservative estimated annual revenues based on the implementation of this fee amount ranged between R 1.46 million and R 3.3 million.
- Full Text:
- Date Issued: 2015
The economics of greening the Grahamstown National Arts Festival in South Africa
- Dobson, Blaise, Snowball, Jeanette D
- Authors: Dobson, Blaise , Snowball, Jeanette D
- Date: 2012
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/71445 , vital:29851 , https://hdl.handle.net/10520/EJC132010
- Description: The article analyses the broad history underpinning the notion of sustainable development and its context within the events industry in South Africa. It explores the willingness of festival-goers to pay for a hypothetical recycling programme to reduce the negative externalities of the Festival. Results show that festival-goers were, on average, willing to pay an additional R2.30 per "green" ticket to fund the proposed programme. A statistical regression was used to explore the determinants of willing-to-pay. If applied to all tickets, the total willing-to-pay amount far exceeded the actual cost of the recycling programme.
- Full Text: false
- Date Issued: 2012
- Authors: Dobson, Blaise , Snowball, Jeanette D
- Date: 2012
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/71445 , vital:29851 , https://hdl.handle.net/10520/EJC132010
- Description: The article analyses the broad history underpinning the notion of sustainable development and its context within the events industry in South Africa. It explores the willingness of festival-goers to pay for a hypothetical recycling programme to reduce the negative externalities of the Festival. Results show that festival-goers were, on average, willing to pay an additional R2.30 per "green" ticket to fund the proposed programme. A statistical regression was used to explore the determinants of willing-to-pay. If applied to all tickets, the total willing-to-pay amount far exceeded the actual cost of the recycling programme.
- Full Text: false
- Date Issued: 2012
Government failure and state incapacity: the South African public sector in the 1990s
- Dollery, Brian, Snowball, Jeanette D
- Authors: Dollery, Brian , Snowball, Jeanette D
- Date: 2010
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/71343 , vital:29835 , https://doi.org/10.1080/10113430309511164
- Description: In their editorial introduction to the 1994 Special Issue of the South African Journal of Economic History devoted to a sectoral analysis of the South African economy during the 1980s, Stuart Jones and Jon Inggs described this period as a "lost decade", with per capita incomes even lower in 1990 than they had been in 1980. Moreover, "no other Western country experienced a comparable decline in the 1980s and South Africa herself had never experienced anything like it since the formation of Union in 1910". Thus, from the perspective of economic growth, the decade of the 1990s could not have had a less auspicious beginning.
- Full Text: false
- Date Issued: 2010
- Authors: Dollery, Brian , Snowball, Jeanette D
- Date: 2010
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/71343 , vital:29835 , https://doi.org/10.1080/10113430309511164
- Description: In their editorial introduction to the 1994 Special Issue of the South African Journal of Economic History devoted to a sectoral analysis of the South African economy during the 1980s, Stuart Jones and Jon Inggs described this period as a "lost decade", with per capita incomes even lower in 1990 than they had been in 1980. Moreover, "no other Western country experienced a comparable decline in the 1980s and South Africa herself had never experienced anything like it since the formation of Union in 1910". Thus, from the perspective of economic growth, the decade of the 1990s could not have had a less auspicious beginning.
- Full Text: false
- Date Issued: 2010
Perceptions of the natural environment from a rural African perspective: a case of Cylondropuntia fulgida var. fulgida in Gwanda district, Zimbabwe
- Dube, Nqobizitha, Snowball, Jeanette D, Fraser, Gavin C G
- Authors: Dube, Nqobizitha , Snowball, Jeanette D , Fraser, Gavin C G
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68578 , vital:29289 , http://2015.essa.org.za/fullpaper/essa_2994.pdf
- Description: Publisher version , Community environmental perceptions are instrumental in environmental management programmes given that perspectives govern human-environment relations. Despite numerous studies on environmental perceptions, little is known about how the rural poor particularly in Africa conceptualize, live with, and respond to pressing environmental issues facing them. As such, this paper uses the case of an invasive alien plant (IAP) (Cylindropuntia fulgida var. fulgida (Cff)) in a rural community (Gwanda district, Zimbabwe) to unveil the conceptualisation of the natural environment from a rural African perspective. This paper discloses the environmental worldview of the community and explains the formulation of the attitudes by the local households towards species in the environment. The study uses two horizontal dimensions of environmental attitudes formulation (New Environmental Paradigm (NEP) Scale and Kellet’s (1996) classification of environmental values). Data was collected using a questionnaire survey, group discussions and key informant interviews. A sample of 156 individuals comprised the study respondents. Results showed the residents of rural Gwanda district to hold both a conservation and utilisation conviction (syncretic view) towards the environment. However, utilisation outweighs conservation. Furthermore, older residents are more inclined to conservation in comparison to the youth. The study also divulged that the origin of a species in the natural environment was insignificant to the host community. However, the livelihood effects that species had (regardless of origins) were the major determinants of attitudes developed towards it.
- Full Text:
- Date Issued: 2015
- Authors: Dube, Nqobizitha , Snowball, Jeanette D , Fraser, Gavin C G
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68578 , vital:29289 , http://2015.essa.org.za/fullpaper/essa_2994.pdf
- Description: Publisher version , Community environmental perceptions are instrumental in environmental management programmes given that perspectives govern human-environment relations. Despite numerous studies on environmental perceptions, little is known about how the rural poor particularly in Africa conceptualize, live with, and respond to pressing environmental issues facing them. As such, this paper uses the case of an invasive alien plant (IAP) (Cylindropuntia fulgida var. fulgida (Cff)) in a rural community (Gwanda district, Zimbabwe) to unveil the conceptualisation of the natural environment from a rural African perspective. This paper discloses the environmental worldview of the community and explains the formulation of the attitudes by the local households towards species in the environment. The study uses two horizontal dimensions of environmental attitudes formulation (New Environmental Paradigm (NEP) Scale and Kellet’s (1996) classification of environmental values). Data was collected using a questionnaire survey, group discussions and key informant interviews. A sample of 156 individuals comprised the study respondents. Results showed the residents of rural Gwanda district to hold both a conservation and utilisation conviction (syncretic view) towards the environment. However, utilisation outweighs conservation. Furthermore, older residents are more inclined to conservation in comparison to the youth. The study also divulged that the origin of a species in the natural environment was insignificant to the host community. However, the livelihood effects that species had (regardless of origins) were the major determinants of attitudes developed towards it.
- Full Text:
- Date Issued: 2015
The determinants of happiness among race groups in South Africa
- Ebrahim, Amina, Botha, Ferdi, Snowball, Jeanette D
- Authors: Ebrahim, Amina , Botha, Ferdi , Snowball, Jeanette D
- Date: 2011
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68589 , vital:29291 , http://www.essa2011.org.za/fullpaper/essa2011_2182.pdf
- Description: Publisher version , Economic indicators, like GDP per capita, are commonly used as indicators of welfare. However, they have a very limited and narrow scope, excluding many potentially important welfare determinants, such as health, relative income and religion - not surprising since they were not originally designed to fill this role. There is thus growing acceptance, and use of, subjective measure of wellbeing, (called ‘happiness’ measures) both worldwide and in South Africa. Happiness economics does not propose to replace income based measure of wellbeing, but rather attempts to compliment them with broader measures, which can be important in making policy decisions that optimise societal welfare. This paper tests for differences in subjective wellbeing between race groups in South Africa, and investigates the determinants of self-rated life satisfaction (happiness) for each group. Using the 2008 National Income Dynamics Study (NIDS) data, descriptive methods (ANOVA) and an ordered probit model are applied. Results indicate that reported happiness differs substantially among race groups, with black South Africans being the least happy group despite changes since the advent of democracy in 1994. Higher levels of educational attainment increase satisfaction for the whole sample, and women are generally less happy than men (particularly black women). As found in many other studies, unemployed people have lower levels of life satisfaction than the employed, even when controlling for income and relative income. The determinants of happiness are also different for each race group: While white South Africans attached greater importance to physical health; employment status and absolute income matter greatly for black people. For coloured people and black people, positional status (as measured by relative income) is an important determinant of happiness, with religious involvement significantly contributing to the happiness of Indian people.
- Full Text:
- Date Issued: 2011
- Authors: Ebrahim, Amina , Botha, Ferdi , Snowball, Jeanette D
- Date: 2011
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68589 , vital:29291 , http://www.essa2011.org.za/fullpaper/essa2011_2182.pdf
- Description: Publisher version , Economic indicators, like GDP per capita, are commonly used as indicators of welfare. However, they have a very limited and narrow scope, excluding many potentially important welfare determinants, such as health, relative income and religion - not surprising since they were not originally designed to fill this role. There is thus growing acceptance, and use of, subjective measure of wellbeing, (called ‘happiness’ measures) both worldwide and in South Africa. Happiness economics does not propose to replace income based measure of wellbeing, but rather attempts to compliment them with broader measures, which can be important in making policy decisions that optimise societal welfare. This paper tests for differences in subjective wellbeing between race groups in South Africa, and investigates the determinants of self-rated life satisfaction (happiness) for each group. Using the 2008 National Income Dynamics Study (NIDS) data, descriptive methods (ANOVA) and an ordered probit model are applied. Results indicate that reported happiness differs substantially among race groups, with black South Africans being the least happy group despite changes since the advent of democracy in 1994. Higher levels of educational attainment increase satisfaction for the whole sample, and women are generally less happy than men (particularly black women). As found in many other studies, unemployed people have lower levels of life satisfaction than the employed, even when controlling for income and relative income. The determinants of happiness are also different for each race group: While white South Africans attached greater importance to physical health; employment status and absolute income matter greatly for black people. For coloured people and black people, positional status (as measured by relative income) is an important determinant of happiness, with religious involvement significantly contributing to the happiness of Indian people.
- Full Text:
- Date Issued: 2011
Determinants of life satisfaction among race groups in South Africa
- Ebrahim, Amina, Botha, Ferdi, Snowball, Jeanette D
- Authors: Ebrahim, Amina , Botha, Ferdi , Snowball, Jeanette D
- Date: 2013
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/69311 , vital:29497 , https://doi.org/10.1080/0376835x.2013.797227
- Description: Economic indicators, like gross domestic product per capita, are commonly used as indicators of welfare. However, they have a very limited and narrow scope, excluding many potentially important welfare determinants, such as health, relative income and religion – not surprising since they were not designed to fill this role. As a result, there is growing acceptance, and use of, subjective measures of well-being (called ‘happiness’ or ‘life satisfaction’, often used interchangeably) both worldwide and in South Africa. Happiness economics does not propose to replace income-based measures of well-being, but rather attempts to complement them with broader measures, which can be important in making policy decisions that optimise societal welfare. This paper tests for differences in subjective well-being between race groups in South Africa, and investigates the determinants of self-rated life satisfaction for each group. Using the 2008 National Income Dynamics Study data, descriptive methods (analysis of variance) and an ordered probit model are applied. Results indicate that reported life satisfaction differs substantially among race groups, with black South Africans being the least satisfied group despite changes since the advent of democracy in 1994. Higher levels of educational attainment increased satisfaction for the whole sample, and women (particularly black women) are generally less satisfied than men. As found in many other studies, unemployed people have lower levels of life satisfaction than the employed, even when controlling for income and relative income. The determinants of life satisfaction are also different for each race group: white South Africans attach greater importance to physical health, whereas employment status and absolute income matter greatly for black people. For coloured people and black people, positional status (as measured by relative income) is an important determinant of well-being, with religious involvement contributing significantly to the well-being of Indian people.
- Full Text: false
- Date Issued: 2013
- Authors: Ebrahim, Amina , Botha, Ferdi , Snowball, Jeanette D
- Date: 2013
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/69311 , vital:29497 , https://doi.org/10.1080/0376835x.2013.797227
- Description: Economic indicators, like gross domestic product per capita, are commonly used as indicators of welfare. However, they have a very limited and narrow scope, excluding many potentially important welfare determinants, such as health, relative income and religion – not surprising since they were not designed to fill this role. As a result, there is growing acceptance, and use of, subjective measures of well-being (called ‘happiness’ or ‘life satisfaction’, often used interchangeably) both worldwide and in South Africa. Happiness economics does not propose to replace income-based measures of well-being, but rather attempts to complement them with broader measures, which can be important in making policy decisions that optimise societal welfare. This paper tests for differences in subjective well-being between race groups in South Africa, and investigates the determinants of self-rated life satisfaction for each group. Using the 2008 National Income Dynamics Study data, descriptive methods (analysis of variance) and an ordered probit model are applied. Results indicate that reported life satisfaction differs substantially among race groups, with black South Africans being the least satisfied group despite changes since the advent of democracy in 1994. Higher levels of educational attainment increased satisfaction for the whole sample, and women (particularly black women) are generally less satisfied than men. As found in many other studies, unemployed people have lower levels of life satisfaction than the employed, even when controlling for income and relative income. The determinants of life satisfaction are also different for each race group: white South Africans attach greater importance to physical health, whereas employment status and absolute income matter greatly for black people. For coloured people and black people, positional status (as measured by relative income) is an important determinant of well-being, with religious involvement contributing significantly to the well-being of Indian people.
- Full Text: false
- Date Issued: 2013