Investigating the impact of capital account liberalization on economic growth: A case study of South Africa
- Khumalo, Sibanisezwe A. (https://orcid.org/0000-0002-4330-9249)
- Authors: Khumalo, Sibanisezwe A. (https://orcid.org/0000-0002-4330-9249)
- Date: 2011
- Subjects: Capital Movements--South Africa , Investment, Foreign--South Africa South Africa , Free Trade--South Africa
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/25800 , vital:64486
- Description: The increased interest in capital flows has made it imperative to understand how they impact a particular economy. The Global drive for an interlinked world economy has increased the need for monetary authorities and Governments to able to effectively deal with any negative spins off from capital flows and also be able to take advantage of positive effects capital flows may have on an economy. The study seeks to understand how the change to lift restrictions on capital flows into the South African economy may have impacted on economic growth. The study analyses the relationship that existed between capital flows, that is to say foreign direct investment (FDI) and portfolio investment (P_I) and economic growth under the period of capital controls (1975 Q1 to 1994Q1). Then study will then analyse the same relationship but this time under the liberalised period (1994 Q2 to 2010 Q2) and compare how the long run relationship has changed after capital account liberalisation. The study uses an endogenous model to determine the relationship. The study unlike most will focus on a single economy, which is South Africa and not use panel data like most previous studies. The study found that in the short run capital account liberalising aided economic growth as both FDI and P_I became significant, with positive coefficients and also found that there is long run relationship between economic growth and capital flows. In the long run FDI is significant while P_I is not. After liberalisation FDI adjusted faster in the long run than before liberalisation on its impact on economic output. Also of note was that the study found that under capital controls the conditional variance was constant but after liberalisation the relationship between capital flows and economic growth became more sensitive to negative news and the conditional variance was not constant thus indication of increased volatility. To maximise from opening up of capital accounts the economy should maintain sound macroeconomic policies. This will help shield the economy from the external shocks and this maintain economic growth. , Thesis (MA) -- Faculty of Management and Commerce, 2011
- Full Text:
- Date Issued: 2011
- Authors: Khumalo, Sibanisezwe A. (https://orcid.org/0000-0002-4330-9249)
- Date: 2011
- Subjects: Capital Movements--South Africa , Investment, Foreign--South Africa South Africa , Free Trade--South Africa
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/25800 , vital:64486
- Description: The increased interest in capital flows has made it imperative to understand how they impact a particular economy. The Global drive for an interlinked world economy has increased the need for monetary authorities and Governments to able to effectively deal with any negative spins off from capital flows and also be able to take advantage of positive effects capital flows may have on an economy. The study seeks to understand how the change to lift restrictions on capital flows into the South African economy may have impacted on economic growth. The study analyses the relationship that existed between capital flows, that is to say foreign direct investment (FDI) and portfolio investment (P_I) and economic growth under the period of capital controls (1975 Q1 to 1994Q1). Then study will then analyse the same relationship but this time under the liberalised period (1994 Q2 to 2010 Q2) and compare how the long run relationship has changed after capital account liberalisation. The study uses an endogenous model to determine the relationship. The study unlike most will focus on a single economy, which is South Africa and not use panel data like most previous studies. The study found that in the short run capital account liberalising aided economic growth as both FDI and P_I became significant, with positive coefficients and also found that there is long run relationship between economic growth and capital flows. In the long run FDI is significant while P_I is not. After liberalisation FDI adjusted faster in the long run than before liberalisation on its impact on economic output. Also of note was that the study found that under capital controls the conditional variance was constant but after liberalisation the relationship between capital flows and economic growth became more sensitive to negative news and the conditional variance was not constant thus indication of increased volatility. To maximise from opening up of capital accounts the economy should maintain sound macroeconomic policies. This will help shield the economy from the external shocks and this maintain economic growth. , Thesis (MA) -- Faculty of Management and Commerce, 2011
- Full Text:
- Date Issued: 2011
Organizational commitment, age and gender effects on organizational citizenship behaviour of university employees
- Authors: Khayundi, Daniel Asiachi
- Date: 2011
- Subjects: Organizational behavior -- South Africa , Organizational effectiveness -- South Africa
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/25755 , vital:64476
- Description: Organizational citizenship behaviour is one of the important factors that enhance organizational effectiveness. The main purpose of this study was to explore the impact of Organizational commitment on Organizational Citizenship Behaviour (OCB). In this study, age and gender effects on OCB of tertiary institution employees were also examined. The data was collected from 68 academic and administration staff from the University of Fort Hare, Alice campus through questionnaires. The results show that 68 respondents are of the view that organizational commitment impacts positively in enhancing the organizational citizenship behaviour of the employees. The findings also reveal that age and gender play no role in the practice of employees OCB. Management can increase the levels of OCB in their employees by recognizing employees who engage themselves in such behaviour. Implications that can help management in the University of Fort Hare, Alice campus in augmenting the OCB of employees is also discussed. , Thesis (MCom) -- Faculty of Management and Commerce, 2011
- Full Text:
- Date Issued: 2011
- Authors: Khayundi, Daniel Asiachi
- Date: 2011
- Subjects: Organizational behavior -- South Africa , Organizational effectiveness -- South Africa
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/25755 , vital:64476
- Description: Organizational citizenship behaviour is one of the important factors that enhance organizational effectiveness. The main purpose of this study was to explore the impact of Organizational commitment on Organizational Citizenship Behaviour (OCB). In this study, age and gender effects on OCB of tertiary institution employees were also examined. The data was collected from 68 academic and administration staff from the University of Fort Hare, Alice campus through questionnaires. The results show that 68 respondents are of the view that organizational commitment impacts positively in enhancing the organizational citizenship behaviour of the employees. The findings also reveal that age and gender play no role in the practice of employees OCB. Management can increase the levels of OCB in their employees by recognizing employees who engage themselves in such behaviour. Implications that can help management in the University of Fort Hare, Alice campus in augmenting the OCB of employees is also discussed. , Thesis (MCom) -- Faculty of Management and Commerce, 2011
- Full Text:
- Date Issued: 2011
Work-family conflict, stress and some demographic and occupational variables among female factory workers in East London, South Africa
- Authors: Dywili, Mtutuzeli
- Date: 2011
- Subjects: Work and family -- South Africa , Job stress -- South Africa , Women employees -- South Africa
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/24128 , vital:62382
- Description: The study examines work-family conflict, stress, and some demographic and occupational variables among female factory workers in East London, South Africa. The participants were female factory workers in East London, South Africa. The independent variables for the study were, demographic and occupational variables, while stress is the dependent variable. Work-family conflict is dependent on demographic and occupational variables, while on the other hand is independent to stress. The demographic variables concerned are age, marital status, number of children and age of the last born child. The occupational variable on the other hand is occupational level, i.e. managerial versus non-managerial. The measuring instruments were a self-designed questionnaire to measure the demographic and occupational variables, a questionnaire developed by Stephens and Sommer (1996) to measure work-family conflict (cronbach’s alpha = 0,90) and the Effort – Reward Imbalance (ERI) questionnaire (Pikhart, Bobak, Siegrist, Pajak, Rywick, Kyshegyi, Gostaus, Skodova& Marmot, 1996) to measure stress at workplace. Cronbach’s alpha for the whole questionnaire reaches the value of 0,89. , Thesis (MCom) -- Faculty of Management and Commerce, 2011
- Full Text:
- Date Issued: 2011
- Authors: Dywili, Mtutuzeli
- Date: 2011
- Subjects: Work and family -- South Africa , Job stress -- South Africa , Women employees -- South Africa
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/24128 , vital:62382
- Description: The study examines work-family conflict, stress, and some demographic and occupational variables among female factory workers in East London, South Africa. The participants were female factory workers in East London, South Africa. The independent variables for the study were, demographic and occupational variables, while stress is the dependent variable. Work-family conflict is dependent on demographic and occupational variables, while on the other hand is independent to stress. The demographic variables concerned are age, marital status, number of children and age of the last born child. The occupational variable on the other hand is occupational level, i.e. managerial versus non-managerial. The measuring instruments were a self-designed questionnaire to measure the demographic and occupational variables, a questionnaire developed by Stephens and Sommer (1996) to measure work-family conflict (cronbach’s alpha = 0,90) and the Effort – Reward Imbalance (ERI) questionnaire (Pikhart, Bobak, Siegrist, Pajak, Rywick, Kyshegyi, Gostaus, Skodova& Marmot, 1996) to measure stress at workplace. Cronbach’s alpha for the whole questionnaire reaches the value of 0,89. , Thesis (MCom) -- Faculty of Management and Commerce, 2011
- Full Text:
- Date Issued: 2011
The economic impact of HIV and AIDS in South Africa
- Makhetha, Palesa (https://orcid.org/0000-0001-8730-4450)
- Authors: Makhetha, Palesa (https://orcid.org/0000-0001-8730-4450)
- Date: 2011
- Subjects: AIDS (Disease) , Economic Aspects , HIV Infections South Africa
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/26130 , vital:64918
- Description: The SADC region has felt the impact of HIV/AIDS more than any other region in sub-Saharan Africa and the world. South Africa is the home of the largest number of people living with HIV/AIDS in the world. Historically, South Africa is one the countries that had a very disorderly past and this history is relevant to the explosive spread of HIV/AIDS in the region. The first cases of HIV were diagnosed in 1982 and that is when the first death from this disease was recorded. In 2004 over 5 million people out of a total 46 million South Africans were HIV positive, giving a total prevalence rate of 11 percent. HIV/AIDS has affected societies in many ways. Individuals, households and enterprises have all been affected by the pandemic. For individuals, incomes are lost as a result of HIV/AIDS. When individuals fall sick due to the disease, they loose their jobs and incomes. In most cases, these individuals are breadwinners in their households. The available money is then spent on medical services at the expense of other household investments. For example, the loss of a breadwinner inevitably affects rural households investments on farm inputs such as fertiliser, seeds etc. The result is low agricultural output and thus poverty. Dependent members of the households suffer immensely from the loss of income. Those at school are likely to drop out. When children drop out of school, they are more likely to be unemployed or underemployed. This makes them more vulnerable to being poor and other vices, such as crime or even HIV/AIDS. Poverty is another social and health issue that has a two-way relationship with HIV/Aids. Poverty increases individuals’ vulnerability to HIV/AIDS especially for females. Through its impact on productivity and loss of life of the economically productive members of the society, the disease condemns many to poverty. Households affected by the disease, are poorer than non-affected households. , Thesis (MA) -- Faculty of Management and Commerce, 2011
- Full Text:
- Date Issued: 2011
- Authors: Makhetha, Palesa (https://orcid.org/0000-0001-8730-4450)
- Date: 2011
- Subjects: AIDS (Disease) , Economic Aspects , HIV Infections South Africa
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/26130 , vital:64918
- Description: The SADC region has felt the impact of HIV/AIDS more than any other region in sub-Saharan Africa and the world. South Africa is the home of the largest number of people living with HIV/AIDS in the world. Historically, South Africa is one the countries that had a very disorderly past and this history is relevant to the explosive spread of HIV/AIDS in the region. The first cases of HIV were diagnosed in 1982 and that is when the first death from this disease was recorded. In 2004 over 5 million people out of a total 46 million South Africans were HIV positive, giving a total prevalence rate of 11 percent. HIV/AIDS has affected societies in many ways. Individuals, households and enterprises have all been affected by the pandemic. For individuals, incomes are lost as a result of HIV/AIDS. When individuals fall sick due to the disease, they loose their jobs and incomes. In most cases, these individuals are breadwinners in their households. The available money is then spent on medical services at the expense of other household investments. For example, the loss of a breadwinner inevitably affects rural households investments on farm inputs such as fertiliser, seeds etc. The result is low agricultural output and thus poverty. Dependent members of the households suffer immensely from the loss of income. Those at school are likely to drop out. When children drop out of school, they are more likely to be unemployed or underemployed. This makes them more vulnerable to being poor and other vices, such as crime or even HIV/AIDS. Poverty is another social and health issue that has a two-way relationship with HIV/Aids. Poverty increases individuals’ vulnerability to HIV/AIDS especially for females. Through its impact on productivity and loss of life of the economically productive members of the society, the disease condemns many to poverty. Households affected by the disease, are poorer than non-affected households. , Thesis (MA) -- Faculty of Management and Commerce, 2011
- Full Text:
- Date Issued: 2011
Assessing challenges in public appointments and recruitment processes in Chris Hani District Municipality: a case study of human resource department in Lukhanji Local Municipality
- Authors: Gijana, Andile Patrick
- Date: 2011
- Subjects: Civil service Human capital -- South Africa -- Eastern Cape South Africa -- Officials and employees -- Selection and appointment
- Language: English
- Type: Thesis , Masters , Degree
- Identifier: http://hdl.handle.net/10353/5752 , vital:29379
- Description: The aim of this study was to assess challenges in Public Appointments and Recruitment Processes in Chris Hani District Municipality: A case study of Human Resource Department in Lukhanji Local Municipality (2008-2010) of the Eastern Cape Province. There has never been a detailed research study conducted in the Chris Hani Human Resource Department, regarding the subject in question. The Constitution of the Republic of South Africa in Section 195(i) directs that Public Administration must be broadly representative of the South African people, with employment and personnel management practices based on ability, objectivity, fairness and the need to redress the imbalances of the past to achieve broad representation. The literature review explored extensively the models used in implementing recruitment and appointment processes globally. From those tested models elsewhere, it was evident that South Africa has a great Constitution and good policies regarding Local Government Human Resource Department recruitment and appointment processes not withstanding some challenges cited in the study. This assessment of challenges in the public appointments and recruitment processes in Chris Hani District Municipality assisted in the establishment of the real facts about effective and fair recruitment and appointment processes in the Local Government Human Resource Management Department to deserving communities. It became clear from the study that providing efficient and fair recruitment and appointments processes to the Local Government Human Resource Department in South Africa requires a broader advocacy agenda encompassing the development of Human Resource systems and the generation of numerous skills and expertise to deliver services to the poor people of our country.
- Full Text:
- Date Issued: 2011
- Authors: Gijana, Andile Patrick
- Date: 2011
- Subjects: Civil service Human capital -- South Africa -- Eastern Cape South Africa -- Officials and employees -- Selection and appointment
- Language: English
- Type: Thesis , Masters , Degree
- Identifier: http://hdl.handle.net/10353/5752 , vital:29379
- Description: The aim of this study was to assess challenges in Public Appointments and Recruitment Processes in Chris Hani District Municipality: A case study of Human Resource Department in Lukhanji Local Municipality (2008-2010) of the Eastern Cape Province. There has never been a detailed research study conducted in the Chris Hani Human Resource Department, regarding the subject in question. The Constitution of the Republic of South Africa in Section 195(i) directs that Public Administration must be broadly representative of the South African people, with employment and personnel management practices based on ability, objectivity, fairness and the need to redress the imbalances of the past to achieve broad representation. The literature review explored extensively the models used in implementing recruitment and appointment processes globally. From those tested models elsewhere, it was evident that South Africa has a great Constitution and good policies regarding Local Government Human Resource Department recruitment and appointment processes not withstanding some challenges cited in the study. This assessment of challenges in the public appointments and recruitment processes in Chris Hani District Municipality assisted in the establishment of the real facts about effective and fair recruitment and appointment processes in the Local Government Human Resource Management Department to deserving communities. It became clear from the study that providing efficient and fair recruitment and appointments processes to the Local Government Human Resource Department in South Africa requires a broader advocacy agenda encompassing the development of Human Resource systems and the generation of numerous skills and expertise to deliver services to the poor people of our country.
- Full Text:
- Date Issued: 2011
Triggers and barriers to youth entrepreneurship in the Eastern Cape South Africa
- Authors: Chindoga, Lynety
- Date: 2011
- Subjects: Youth development -- South Africa , Entrepreneurship -- South Africa -- Eastern Cape , Young adults -- Employment -- South Africa
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/25948 , vital:64636
- Description: To realise the dream of the African Renaissance and a better life for all South Africans, the entrepreneurial energies of all people, including children, should be harnessed to contribute towards economic development, job creation and poverty alleviation. Entrepreneurship creates wealth and results in economic prosperity for a country. However, in South Africa, entrepreneurship still remains a dream yet to be realised. This is supported by the findings of Maas and Herrington (2006), who identified entrepreneurial activity in South Africa to be very weak as evidenced by a low Total Entrepreneurial Activity (TEA) rate. Youths are not engaging in entrepreneurial activity and are making the bulk of the unemployed in South Africa. The primary objective of this study was to investigate the perceived triggers and barriers to youth entrepreneurship in South Africa. Two sets of questionnaires were self- administered to high school students and university students. The respondents which consisted of three hundred and twenty three university students and two hundred and fifty six high school students, were selected using simple random sampling method. Five point Likert scale was used to measure the responses. Descriptive as well as inferential statistics were used to analyse the data. The results indicated that youth entrepreneurial intention is low in South Africa. The results also indicated that students perceived mainly extrinsic rewards, market opportunities as well as intrinsic rewards as the three top triggers towards entrepreneurial intention. Independence/autonomy and capital were also regarded as triggers to entrepreneurial intentions. The barriers to youth entrepreneurship included lack of capital, skill and support as well as lack of market opportunities and risk. The study recommends that in order to encourage youth entrepreneurial intentions, government and all stakeholders should ensure that all the perceived triggers are made available. In addition, the barriers to youth entrepreneurship should be minimised. , Thesis (MCom) -- Faculty of Management and Commerce, 2011
- Full Text:
- Date Issued: 2011
- Authors: Chindoga, Lynety
- Date: 2011
- Subjects: Youth development -- South Africa , Entrepreneurship -- South Africa -- Eastern Cape , Young adults -- Employment -- South Africa
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/25948 , vital:64636
- Description: To realise the dream of the African Renaissance and a better life for all South Africans, the entrepreneurial energies of all people, including children, should be harnessed to contribute towards economic development, job creation and poverty alleviation. Entrepreneurship creates wealth and results in economic prosperity for a country. However, in South Africa, entrepreneurship still remains a dream yet to be realised. This is supported by the findings of Maas and Herrington (2006), who identified entrepreneurial activity in South Africa to be very weak as evidenced by a low Total Entrepreneurial Activity (TEA) rate. Youths are not engaging in entrepreneurial activity and are making the bulk of the unemployed in South Africa. The primary objective of this study was to investigate the perceived triggers and barriers to youth entrepreneurship in South Africa. Two sets of questionnaires were self- administered to high school students and university students. The respondents which consisted of three hundred and twenty three university students and two hundred and fifty six high school students, were selected using simple random sampling method. Five point Likert scale was used to measure the responses. Descriptive as well as inferential statistics were used to analyse the data. The results indicated that youth entrepreneurial intention is low in South Africa. The results also indicated that students perceived mainly extrinsic rewards, market opportunities as well as intrinsic rewards as the three top triggers towards entrepreneurial intention. Independence/autonomy and capital were also regarded as triggers to entrepreneurial intentions. The barriers to youth entrepreneurship included lack of capital, skill and support as well as lack of market opportunities and risk. The study recommends that in order to encourage youth entrepreneurial intentions, government and all stakeholders should ensure that all the perceived triggers are made available. In addition, the barriers to youth entrepreneurship should be minimised. , Thesis (MCom) -- Faculty of Management and Commerce, 2011
- Full Text:
- Date Issued: 2011
An investigation into the demand for money in South Africa during the period (1990-2009)
- Simawu, Moreblessing https://orcid.org/0000-0003-4413-4660
- Authors: Simawu, Moreblessing https://orcid.org/0000-0003-4413-4660
- Date: 2011
- Subjects: Demand for money -- South Africa , Monetary policy -- South Africa
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/24421 , vital:62789
- Description: A stable money demand function plays a vital role in the analysis of macroeconomics, especially in the planning and implementation of monetary policy. With the use of Johansen cointegration and error correction model estimates, this study examines the existence of a stable long-run relationship between real money demand (RM2 and RM3) and its explanatory variables, in South Africa, for the period 1990-2009. The explanatory variables used in this study are selected on the basis of different monetary theories and empirical works, including the Keynesian, Classical and Friedman’s modern quantity theory of money. Based on these theories, the explanatory variables used in this thesis are real income, an interest rate, the inflation rate ,the exchange rate and foreign interest rate. The signs of the coefficients of the variables are as expected from economic theory. The coefficients of real income, the exchange rate and foreign interest rate are positive, while the coefficients of the interest rate and inflation rate are negative. This study augments the cointegration and vector autoregression (VAR) analysis with impulse response and variance decomposition analyses to provide robust long run effects and short run dynamic effects on the real money demand. In addition a foreign interest rate to capture the impact of capital mobility on money demand in South Africa was used. Results from the Johansen test suggest that real money demand (RM2 and RM3) and its all explanatory variables are cointegrated. Hence, there is a long-run equilibrium relationship between the real quantity of money demanded and five broadly defined macroeconomic components namely, real income, an interest rate, the inflation rate, foreign interest rate and the exchange rate in South Africa. Overall, the study finds that the coefficients of the equilibrium error terms are negative, as expected, and significantly different from zero, implying that 0.16 and 0.1 of the discrepancy between money demand and its explanatory variables is eliminated in the following quarter. Application of CUSUM and CUSUMSQ stability test showed that real money demand (M2 and M3) is stable in South Africa. The impulse response analysis provided evidence that the real M3 money, national income, rate of inflation and the foreign interest rate have a significant impact on the real M3 money demand in the short run. However, remaining variables (the real exchange rate and prime overdraft rate), have only a transitory effect on the real M3 money demand. There was further evidence that real exchange rate, the rate of inflation and the foreign interest rate, have a significant impact on the real M2 money demand in the short run. However, remaining variables (the national income and prime overdraft rate), have only a transitory effect on the real M2 money demand. Results from the variance decompositions of the real money demand are basically similar to those from the impulse response analysis and reveal that the fundamentals explain some, but not all, of the variations of the real money demand. The results showed that the national income explains the largest component of the variation in the real M2 money demand followed by the exchange rate and foreign interest rate. Shocks to the other variables continued to explain an insignificant proportion of the variation in the real M2 money demand. The national income also explains the largest component of the variation in the real M3 money demand followed by the foreign interest rate and exchange rate. Shocks to the other variables continued to explain a less significant proportion of the variation in the real M3 money demand.The study finds that both real M2 and M3 are stable which makes monetary targeting a viable policy option for the SARB. , Thesis (MCom) -- Faculty of Management and Commerce, 2011
- Full Text:
- Date Issued: 2011
- Authors: Simawu, Moreblessing https://orcid.org/0000-0003-4413-4660
- Date: 2011
- Subjects: Demand for money -- South Africa , Monetary policy -- South Africa
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/24421 , vital:62789
- Description: A stable money demand function plays a vital role in the analysis of macroeconomics, especially in the planning and implementation of monetary policy. With the use of Johansen cointegration and error correction model estimates, this study examines the existence of a stable long-run relationship between real money demand (RM2 and RM3) and its explanatory variables, in South Africa, for the period 1990-2009. The explanatory variables used in this study are selected on the basis of different monetary theories and empirical works, including the Keynesian, Classical and Friedman’s modern quantity theory of money. Based on these theories, the explanatory variables used in this thesis are real income, an interest rate, the inflation rate ,the exchange rate and foreign interest rate. The signs of the coefficients of the variables are as expected from economic theory. The coefficients of real income, the exchange rate and foreign interest rate are positive, while the coefficients of the interest rate and inflation rate are negative. This study augments the cointegration and vector autoregression (VAR) analysis with impulse response and variance decomposition analyses to provide robust long run effects and short run dynamic effects on the real money demand. In addition a foreign interest rate to capture the impact of capital mobility on money demand in South Africa was used. Results from the Johansen test suggest that real money demand (RM2 and RM3) and its all explanatory variables are cointegrated. Hence, there is a long-run equilibrium relationship between the real quantity of money demanded and five broadly defined macroeconomic components namely, real income, an interest rate, the inflation rate, foreign interest rate and the exchange rate in South Africa. Overall, the study finds that the coefficients of the equilibrium error terms are negative, as expected, and significantly different from zero, implying that 0.16 and 0.1 of the discrepancy between money demand and its explanatory variables is eliminated in the following quarter. Application of CUSUM and CUSUMSQ stability test showed that real money demand (M2 and M3) is stable in South Africa. The impulse response analysis provided evidence that the real M3 money, national income, rate of inflation and the foreign interest rate have a significant impact on the real M3 money demand in the short run. However, remaining variables (the real exchange rate and prime overdraft rate), have only a transitory effect on the real M3 money demand. There was further evidence that real exchange rate, the rate of inflation and the foreign interest rate, have a significant impact on the real M2 money demand in the short run. However, remaining variables (the national income and prime overdraft rate), have only a transitory effect on the real M2 money demand. Results from the variance decompositions of the real money demand are basically similar to those from the impulse response analysis and reveal that the fundamentals explain some, but not all, of the variations of the real money demand. The results showed that the national income explains the largest component of the variation in the real M2 money demand followed by the exchange rate and foreign interest rate. Shocks to the other variables continued to explain an insignificant proportion of the variation in the real M2 money demand. The national income also explains the largest component of the variation in the real M3 money demand followed by the foreign interest rate and exchange rate. Shocks to the other variables continued to explain a less significant proportion of the variation in the real M3 money demand.The study finds that both real M2 and M3 are stable which makes monetary targeting a viable policy option for the SARB. , Thesis (MCom) -- Faculty of Management and Commerce, 2011
- Full Text:
- Date Issued: 2011
Do budget deficits crowd out private investment?: an analysis of the South African Economy
- Authors: Biza, Rumbidzai Aimee
- Date: 2011
- Subjects: Individual investors -- South Africa , Budget deficits -- South Africa
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/24956 , vital:63750
- Description: This dissertation investigates whether budget deficits crowd out or crowd in private investment in South Africa, using quarterly South African data covering the period 1994 to 2009. South Africa has been experiencing unprecedented budget deficits since the 1960s and the study investigates how this has impacted on the country’s private investment demand. An empirical model linking private investment to its theoretical variables is specified and used to assess the quantitative effects of budget deficits on private investment. This study augments the co-integration and vector auto-regression (VAR) analysis with impulse response and variance decomposition analyses to provide robust long run and short run dynamic effects on private investment. The variables have been found to have a long run relationship with private investment. Results suggest that budget deficits significantly crowds out private investment. These results corroborate the theoretical predictions and are also supported by previous studies. , Thesis (MCom) -- Faculty of Management and Commerce, 2011
- Full Text:
- Date Issued: 2011
- Authors: Biza, Rumbidzai Aimee
- Date: 2011
- Subjects: Individual investors -- South Africa , Budget deficits -- South Africa
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10353/24956 , vital:63750
- Description: This dissertation investigates whether budget deficits crowd out or crowd in private investment in South Africa, using quarterly South African data covering the period 1994 to 2009. South Africa has been experiencing unprecedented budget deficits since the 1960s and the study investigates how this has impacted on the country’s private investment demand. An empirical model linking private investment to its theoretical variables is specified and used to assess the quantitative effects of budget deficits on private investment. This study augments the co-integration and vector auto-regression (VAR) analysis with impulse response and variance decomposition analyses to provide robust long run and short run dynamic effects on private investment. The variables have been found to have a long run relationship with private investment. Results suggest that budget deficits significantly crowds out private investment. These results corroborate the theoretical predictions and are also supported by previous studies. , Thesis (MCom) -- Faculty of Management and Commerce, 2011
- Full Text:
- Date Issued: 2011
Operational risk model for MSES :impact on organisational information communication technology
- Authors: Bayaga, Anass
- Date: 2011
- Subjects: Risk management -- Statistical methods Computer networks -- Security measures Risk assessment
- Language: English
- Type: Thesis , Masters , M Comm
- Identifier: http://hdl.handle.net/10353/8332 , vital:32270
- Description: The aim of the study was to investigate the impact of Information Communication Technology Operational Risk Management (ICT ORM) on the performance of a Medium Small Enterprise (MSE). The study was based upon a survey design to collect the primary data from 107 respondents using simple random sampling. The research instrument was administered online. A one stage normative model, associative in nature, was developed based upon reviewing previous research and in line with the research findings. The model elicited five factors based upon the multiple regression analysis of the data: principal causes of ORM failure related to ICT; change management requirements and ICT risk; characteristic(s) of information; challenges posed by ORM solutions and evaluation models affecting ICT adoption within MSEs. Based on the methodologies used in this study including factor analysis and multivariate regression analysis, it is recommended that this model be applied to monitor these changes more closely and to measure the changing strategies and the associated factors such as insufficient or improper user participation in systems development process, identified as potential barriers to the effective adoption and implementation of ICT within an MSE.
- Full Text:
- Date Issued: 2011
- Authors: Bayaga, Anass
- Date: 2011
- Subjects: Risk management -- Statistical methods Computer networks -- Security measures Risk assessment
- Language: English
- Type: Thesis , Masters , M Comm
- Identifier: http://hdl.handle.net/10353/8332 , vital:32270
- Description: The aim of the study was to investigate the impact of Information Communication Technology Operational Risk Management (ICT ORM) on the performance of a Medium Small Enterprise (MSE). The study was based upon a survey design to collect the primary data from 107 respondents using simple random sampling. The research instrument was administered online. A one stage normative model, associative in nature, was developed based upon reviewing previous research and in line with the research findings. The model elicited five factors based upon the multiple regression analysis of the data: principal causes of ORM failure related to ICT; change management requirements and ICT risk; characteristic(s) of information; challenges posed by ORM solutions and evaluation models affecting ICT adoption within MSEs. Based on the methodologies used in this study including factor analysis and multivariate regression analysis, it is recommended that this model be applied to monitor these changes more closely and to measure the changing strategies and the associated factors such as insufficient or improper user participation in systems development process, identified as potential barriers to the effective adoption and implementation of ICT within an MSE.
- Full Text:
- Date Issued: 2011
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