Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: Ever since the 1960's independence move, the African continent has been faced with dire economic and social realities, which were compounded by weak political leadership and state institutions. Although various socio-economic development initiatives, such as the 1980 Lagos Plan of Action and the eventual signing of the Abuja Treaty in 1991 purposed to support Africa's integration into the global economy through export orientated production and regional economic integration, there still existed an incoherency in the strategic response from the continent's political leaders towards regional and continental economic development strategies. While the foundation for establishing an African Economic Community has been laid through the Abuja Treaty within the framework of the Organisation for African Unity, regional economic and trade integration have been fragmented, with many dual and overlapping membership of regional economic communities. Integration endeavours have also often been impeded by national and sub-regional armed conflicts, and thus did not result in the desired levels of economic growth and expected increases in trade. The exigency to address Africa's severe poverty and unemployment, while at the same time placing the continent on a path of sustainable economic growth and development, made it clear that Africa had to take ownership and responsibility for its own development, while at the same time facilitating the continent's integration into the global political, economic, trade, and financial systems. Since Africa lacks sufficient development resources, African leaders realised the importance for support from the international community through more effective debt relief strategies in facilitating targeted domestic resource mobilisation, increased levels of development aid and trade access to developed nations' markets. In 2001 Africa produced its own integrated development initiative that was embodied in the New Partnership for Africa's Development, also known as NEPAD, premised on African leadership, ownership and partnership. Through NEPAD African leaders express a commitment to accountable and transparent political, financial, fiscal and monetary management in the absence of national and regional conflict, while calling on the international community and African and international private sectors to partnership with African governments in their development endeavours. At the same time, NEPAD identified critical sectoral priorities as preconditions for development that would facilitate greater flows of foreign direct investments. As operational sphere, NEPAD relies on prominent regional economic communities to address Africa's economic disadvantages and market fragmentation through development of trade linkages, harmonisation of regulatory frameworks and further regional trade liberalisation. The emphasis is on fostering a favourable African investment environment since it is acknowledged by African leaders that a prosperous private sector and business community are to be the engines of economic growth and development. The success of NEPAD as the socio-economic development plan of the newly formed African Union relies on the strength of only three supportive pillars namely: the sustained political visionary commitment from Africa's leaders, greater investments to the continent and trade access for Africa's products, and active participation from representative sectors of the private sector. Since NEPAD is a highly ambitious initiative, it is imperative that sub-regional strategies take precedence in ensuring NEPAD's long-term success. / AFRIKAANSE OPSOMMING: Sedert die onafhanklikheidsbeweging van die 1960's staar die Afrika-kontinent knellende ekonomiese en sosiale realiteite in die gesig. Realiteite wat deur swak politieke leierskap en staatsinstellings vererger is. Alhoewel verskeie sosio-ekonomiese ontwikkelingsinisiatiewe, soos die 1980 Lagos Plan van Aksie en die uiteindelike ondertekening van die Abuja-verdrag in 1991, beoog het om Afrika se integrasie in die wêreldekonomie te steun deur uitvoer-georiënteerde produksie en ekonomiese integrasie op streeksvlak, was die kontinent se politieke leiers se reaksie op regionale en kontinentale ekonomiese ontwikkelingstrategië inkoherent. Die fondasie vir die tot stand koming van 'n Afrika Ekonomiese Gemeenskap is deur die Abujaverdrag gelê binne die raamwerk van die Organisasie vir Afrika-eenheid, maar op streeksvlak was ekonomiese en handelsintegrasie gefragmenteerd - met 'n hoë voorkoms van dubbele en oorvleuelende lidmaatskap by regionale ekonomiese gemeenskappe. Pogings tot integrasie is ook dikwels deur gewapende konflikte, nasionaal en subregionaal, belemmer. Voorts het die gewenste vlakke van ekonomiese groei en verwagte toename in handel nie gerealiseer nie. Die dringendheid om Afrika se uiterste armoede en werkloosheid aan te spreek, en terselfdertyd die kontinent op 'n pad van volhoubare ekonomiese groei en ontwikkeling te plaas, het dit duidelik gemaak dat Afrika self verantwoordelikheid sal moet neem vir sy ontwikkeling, en daarteenoor die kontinent se integrasie in globale politieke, ekonomiese, handel-, en finansiële sisteme moet fasiliteer. Aangesien Afrika nie oor voldoende ontwikkelingsbronne beskik nie, het Afrika-leiers die belangrikheid besef van die internasionale gemeenskap se steun, d.m.v. meer effektiewe skuldlenigingstrategieë in die fasilitering van gefokuste plaaslike hulpbronmobilisasie, verhoogde vlakke van ontwikkelingshulp en handelstoegang tot markte van ontwikkelde nasies. In 2001 lewer Afrika sy eie geïntegreerde ontwikkelingsinisiatief wat vergestalt word in die Nuwe Vennootskap vir Afrika se Ontwikkeling (New Partnership for Africa's Development), ook bekend as Nepad, met Afrika-leierskap, -eienaarskap en -vennootskap as basis. Afrika-leiers betuig deur Nepad 'n verbintenis tot verantwoordbare en deursigtige politieke, finansiële, fiskale en monetêre bestuur in die afwesigheid van nasionale en streekskonflik, terwyl hulle die internasionale gemeenskap en internasionale en Afrika-privaatsektore nader vir vennootskap met Afrika-regerings in hulle ontwikkelingspogings. Nepad identifiseer terselfdertyd kritieke sektorale prioriteite as voorwaardes vir ontwikkeling, wat groter vloei van direkte buitelandse belegging sal vergemaklik. As operasionele sfeer, maak Nepad staat op prominente regionale ekonomiese gemeenskappe om Afrika se ekonomiese agterstande en markfragmentasie aan te spreek deur die uitbou van handelskakelings, harmonisering van regulatoriese raamwerke en verdere regionale handelsliberalisering. Die klem is daarop om 'n gunstige investeringsomgewing in Afrika te bevorder, aangesien Afrika-leiers erken dat 'n florerende privaatsektor en besigheidsgemeenskap die dryfkrag vir ekonomiese groei en ontwikkeling is. Nepad se sukses as die sosio-ekonomiese ontwikkelingsplan vir die nuut-gevormde Afrika-unie berus op die krag van slegs drie ondersteunende pilare, naamlik: die volgehoue politieke verbintenis tot die visie deur Afrika-leiers, groter beleggings in die kontinent en handelstoegang vir Afrika se produkte, en aktiewe deelname van verteenwoordigende sektore uit die privaatsektor. Met 'n hoogs ambisieuse inisiatief soos Nepad, is dit gebiedend noodsaaklik dat subregionale strategieë voorkeur geniet ten einde Nepad se langtermyn sukses te verseker.

Thesis (MBA)--Stellenbosch University, 2009. / ENGLISH ABSTRACT: Companies are confronted with a global market that is becoming increasingly saturated. With free trade agreements allowing more competition into the traditionally lucrative Western markets and economic recessions impacting the spend-ability of these markets, there is mounting pressure to consider other market opportunities. Statistics reveal that the traditional bottom of the economic pyramid actually contains a potentially very profitable market, with a purchasing power parity of $12.5 trillion. To address this market, prospective companies will have to rethink conventional business strategies, moulded to the specific target market requirements. The gradual shift in focus to the bottom of the economic pyramid, also serves to emphasise the need of sustainable development of impoverished communities. By raising communities out of poverty, they are liberated to partake in trade, respond to opportunities and experience growth in self esteem. Whilst aid organisations play an important role in establishing this freedom, rethinking business processes could result in more sustainable impact on communities. This feeds into the concept of creating a sustainability vision, where the corporate vision should readdress not only the product but also the markets they seIVe. It should direct the company toward the solution of social and environmental problems and meet the unmet needs at the bottom of the economic pyramid. In the context of Africa's geographical, political or social milieu, it is evident that the continent offers unique challenges for engaging in trade. There are various attempts to address these, but Africa is still deemed one of the most difficult environments in which to establish operations. Africa also offers unique opportunities though, for those companies willing to rethink the conventional. Two companies saw the opportunity in malaria, a disease associated with impoverished communities. Africa has the perfect breeding ground for the P. fa/ciparum strain of malaria, which is incidentally also the most lethal. The strain has developed resistance against current medication, which makes it extremely difficult to cure and control. It is estimated that malaria costs African governments up to $12 billion per year and results annually in a penalty of 1.3% less economic growth per person than could be expected in the absence of malaria. The two companies, on different ends of the supply chain, have been reviewed in the light of the defined sustainability vision principles and the context of their strategic operations. Though not without critique, and admittedly still in the early phases of some of their processes, they have demonstrated that the concept of a sustainability vision in the African context is viable and that it is feasible to create wealth whilst serving the poor. / AFRIKAANSE OPSOMMING: Maatskappye word voortdurend gekonfronteer met markte wat neig om versadig te word as gevolg van vryhandelsooreenkomste wat kompetisie stimuleer en ekonomiese resessies wat vrye kontantvloei - en gevolglik koopgewoontes - be·invloed. Daar is dus groeiende druk om voorheen ongekarteerde markte te ondersoek. Kontra verwagting toon nuwe statistieke dat die tradisionele basis van die ekonomiese piramide 'n potensieel baie winsgewende mark inhou, met koopkrag van $12,5 triljoen. Om hierdie mark te betree, word van maatskappye verlang om konvensionele besigheidstrategiee in heroorweging te neem en dit te vorm na gelang van die spesifieke konteks van hul teikenmark. Die stelselmatige skuif in fokus na die basis van die ekonomiese piramide het die noodwendige gevolg om die belang van ontwikkeling in agtergeblewe gemeenskappe te benadruk. Deur gemeenskappe te verlos uit die juk van armoede, word self-waarde gestimuleer en hulle die geleenlheid gegun om deel te neem aan aktiewe handel, wat ekonomiese groei tot gevolg he!. Welwillendheids-organisasies speel 'n belangrike rol in die opsig, maar besighede het die potensiaal om 'n meer blywende ekonomiese impak te maak. In die lig hiervan, word die konsep van 'n volhoubare visie benadruk, waar dit gestel word dat 'n maatskappy se visie beide die produk en die teikenmark in herwoorweging moet neem. Dit moet die organisasie lei om sosiale- en omgewingsprobleme aan te spreek en voorheen onvoorsiene behoeftes op die basis van die ekonomiese piramide te bevredig. Teen die agtergrond van Afrika se geografiese, politieke en sosiale milieu, is dit duidelik dat die kontinent unieke uitdagings bied vir voornemende handel. Verskeie pogings word aangewend om dit die hoof te bied, maar Afrika word steeds gesien as een van die moeilikste kontekste om besigheid in te doen. Afrika offer wel ook unieke geleenthede vir maatskappye wat bereid is om hul konvensionele banderings in herwoorweging te neem. Twee maatskappye het die geleentheid raakgesien in malaria, 'n siekte wat normaalweg met agtergeblewe gemeenskappe geassosieer word. Afrika bied die perfekte teelaarde vir die P.falciparum variant van malaria, wat toevallig ook die mees dodelike variant is. Die malaria variant het weerstand opgebou teen tradisionele voorskrif-medikasie. met die gevolg dat dit besonder moeilik is om te voorkom en te beheer. Gesaghebbende bronne skat dat malaria Afrika-regerings tot $12 miljard per jaar kan kos, en jaarliks lei tot 1,3% minder ekonomiese groei as wat verwag sou word in die afwesigheid daarvan. Twee maatskappye is geevalueer in die lig van die ge'identifiseerde volhoubare visie beginsels en die konteks van hul operasionele bedrywighede. Hoewel hulle benadering nie sonder kritiek is nie, en sommige strategiee nog die toets van tyd moet deurstaan, stel hulle goeie voorbeelde van die potensiaal om rykdom te skep, terwyl die gemeenskap in nood ook gedien word. Dit benadruk die potensiaal vir 'n volhoubare visie, ook in die Afrika konteks.

Thesis (PhD)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: In the first essay of this thesis, a medium scale DSGE model is developed and estimated for the South African economy. When used for forecasting, the model is found to outperform private sector economists when forecasting CPI inflation, GDP growth and the policy rate over certain horizons. In the second essay, the benchmark DSGE model is extended to include the yield on South African 10-year government bonds. The model is then used to decompose the 10-year yield spread into (1) the structural shocks that contributed to its evolution during the inflation targeting regime of the South African Reserve Bank, as well as (2) an expected yield and a term premium. In addition, it is found that changes in the South African term premium may predict future real economic activity. Finally, the need for DSGE models to take account of financial frictions became apparent during the recent global financial crisis. As a result, the final essay incorporates a stylised banking sector into the benchmark DSGE model described above. The optimal response of the South African Reserve Bank to financial shocks is then analysed within the context of this structural model.

Thesis (MComm (Economics))--University of Stellenbosch, 2007. / A new political dispensation in 1994 heralded a period of optimism for many ordinary South Africans, who hoped for freedom and an escape from poverty. Since this transition, however, South Africa has registered steady increases in unemployment, which was already high and widespread at that stage. The new policy environment introduced a mix of legislation which changed the way in which South African society was to be structured: separate development was abandoned, the pillars of Apartheid dismantled, and equitable access to education and jobs was enacted. At the same time, the Reconstruction and Development Programme (RDP), as well as the Growth Employment and Redistribution (GEAR) document addressed, amongst other issues, socioeconomic and labour market disparities. Economic growth was to bolster employment generation. Rising unemployment is, in light of these diverse changes, a source of considerable concern to labour market participants and policymakers alike: the benefits of better understanding the dynamic forces at play are potentially large. Given the many and farreaching changes referred to above, it is a complex task to disentangle specific reasons for the outcomes realised in the labour market, and more so the manner in which these have interacted to arrive at the status quo...

Dissertation (PhD)--University of Stellenbosch, 2007. / ENGLISH ABSTRACT: This thesis is a collection of eight essays on links between stock market development and economic growth in selected African countries. In the first essay an overall index of stock market development shows that South Africa, Mauritius, Zimbabwe, Morocco and the BRVM in Cote d’Ivoire have the most developed stock markets in terms of market size, liquidity and transactions cost indicators. However, Nigeria and Egypt also emerge when institutional development is considered. Ghana, Malawi and Namibia have the least developed stock markets. Results from the second essay on stock markets and growth show a positive relationship between stock market development and economic growth. This positive influence is significant for countries classified as upper-middleincome economies. On the basis of market capitalization groupings, stock market developments play a significant role in growth only for moderately capitalized markets. Form the third essay exchange rate depreciation in the long-run leads to increases in stock market returns in Tunisia. Exchange rate movement leads to stock market returns in Egypt, while stock market returns lead to exchange rate movement in Kenya and Mauritius. Shocks induced by either stock market returns or exchange rate changes are more protracted in Ghana, Kenya, Mauritius and Nigeria than in South Africa and Egypt. Cointegration analysis in the fourth essay reveals a negative relationship between inflation and stock market prices for three out of seven countries: Egypt, Mauritius and South Africa. Short-run models for these countries show a negative response of stock returns to instantaneous change in inflation. In Ghana, Kenya, Nigeria and Tunisia, where cointegration is absent, there is unidirectional causality from inflation to stock returns for Ghana, bidirectional causality between inflation and stock returns for Kenya, and no significant results for Nigeria and Tunisia. Results from the fifth essay show that investment in the selected countries grows significantly with an increase in stock market returns. Even without the inclusion of South Africa in the panel, stock market returns in the other relatively less developed African economies impact positively on investment growth. Cointegration tests from the sixth essay indicate a long-run relationship between interest rate and stock prices for Kenya and South Africa. In the short-run there is unidirectional causality from stock returns to interest rate in Kenya and bidirectional causality in South Africa. Responses to shocks have long-lasting effects in Egypt, Ghana, Nigeria and Tunisia and are short-lived in Mauritius. The seventh essay shows that countries with more developed stock markets (Cote d’Ivoire, South Africa, Mauritius, Tunisia and Morocco), have the most developed financial intermediation system. There is evidence from correlation analysis of complementarity between stock market development and bank developments in the selected countries. Finally from the eighth essay two long-run stable cointegration relations are found, one hinging on a larger market (South Africa) and the other on a smaller market (Ghana). The short-run error correction framework shows significant feedback and causal effects both ways from smaller to larger markets. / AFRIKAANSE OPSOMMING: Hierdie tesis bestaan uit 'n versameling van agt essays oor verwantskappe tussen aandelemarkontwikkling en ekonomiese groei in geselekteerde Afrika-lande. In die eerste essay toon 'n algehele indeks van aandelemarkontwikkeling aan dat Suid-Afrika, Mauritius, Zimbabwe, Marokko en die BRVM in die Ivoorkus die mees ontwikkelde aandelemarkte het wat grootte, likiditeit en transaksiekoste-aanwysers betref. Nigerië en Egipte kom egter ook te voorskyn wanneer institusionele ontwikkeling in ag geneem word. Ghana, Malawi en Namibië se aandelemarkte is die minste ontwikkel. Die resultate van die tweede essay oor aandelemarkte en groei toon 'n positiewe verwantskap tussen aandelemarkontwikkeling en ekonomiese groei. Hierdie positiewe invloed is beduidend vir lande wat as hoër-middelinkomste ekonomieë geklassifiseer word. Aandelemarkontwikkelings speel op grond van markkapitalisasiegroeperinge net in matig gekapitaliseerde markte 'n beduidende rol in groei. In die derde essay word aangetoon dat wisselkoersdepresiasie op lang termyn tot 'n toename in aandelemarkopbrengste in Tunisië gelei het. Wisselkoersbeweging lei tot aandelemarkopbrengste in Egipte terwyl aandelemarkopbrengste tot wisselkoersbeweging in Kenia en Mauritius lei. Skokke wat deur aandelemarkopbrengste of wisselkoersveranderings veroorsaak word, is meer langdurig in Ghana, Kenia, Mauritius en Nigerië as in Suid-Afrika en Egipte. In die vierde essay bring koïntegrasie 'n negatiewe verwantskap tussen inflasie en aandelemarkpryse aan die lig vir drie van die sewe lande: Egipte, Mauritius en Suid-Afrika. Korttermynmodelle vir hierdie lande dui op 'n negatiewe respons van aandelemarkte op 'n oombliklike verandering in inflasie. In Ghana, Kenia, Nigerië en Tunisië, waar koïntegrasie afwesig is, is daar 'n eenrigting oorsaaklikheid van inflasie na aandele-opbrengste vir Ghana, 'n tweerigting oorsaaklikheid tussen inflasie en aandele-opbrengste vir Kenia, en geen beduidende resultate vir Nigerië en Tunisië nie. Die resultate in die vyfde essay toon aan dat belegging in die geselekteerde lande beduidend groei met 'n toename in aandelemarkopbrengste. Selfs sonder om Suid-Afrika by die paneel in te sluit, het aandelemarkopbrengste in ander betreklik minder ontwikkelde Afrika-ekonomieë 'n positiewe uitwerking op ekonomiese groei gehad. Die koïntegrasietoetse van die sesde essay dui op 'n langtermynverwantskap tussen rentekoerse en aandelepryse in Kenia en Suid-Afrika. Daar is op kort termyn 'n eenrigting oorsaaklikheid van aandele-opbrengste na rentekoerse in Kenia, en tweerigting oorsaaklikheid in Suid-Afrika. Response op skokke het 'n langdurige uitwerking in Egipte, Ghana, Nigerië en Tunisië, maar is van korte duur in Mauritius. Die sewende essay toon aan dat lande met meer ontwikkelde aandelemarkte (Ivoorkus, Suid-Afrika, Mauritius, Tunisië en Marokko) die mees ontwikkelde finansiële bemiddelingstelsel het. Korrelasieontleding in die geselekteerde lande toon bewyse van van komplementariteit tussen aandelemarkontwikkeling en bankontwikkeling. Laastens is daar in die agste essay twee langtermyn stabiele koïntegrasieverhoudings gevind – een wat van 'n groter mark (Suid-Afrika) afhang en een wat van 'n kleiner mark (Ghana) afhang. Die korttermyn-foutkorreksieraamwerk toon beduidende terugvoer en kousale uitwerkings in albei rigtings van kleiner tot groter markte. / pdv2012

The market value of Black Economic Empowerment (BEE) companies listed on the JSE Securities Exchange (JSE) has fallen to only 2% of the overall market capitalisation of the JSE. Many BEE companies have disappeared from the exchange and there have been many failures.<br /> <br /> In the context of the report of the BEE Commission (BEE Com), it is essential to understand why these failures have occurred and it is essential to research methods of structure, capitalisation and listings to ensure that ownership of the economy is fairly distributed in future as per the recommendations of the BEE Comm. The motivation for this research project is based on the fact that as a member of the Historically Disadvantaged Group in this country, and after having qualified in the Faculty of Law with a commercial background, I would like to attempt to make a meaningful contribution to the transformation that should take place to facilitate equality of ownership of the economy.<br /> <br /> The proposed research is critically important as the recommendations of the Commission have to be implemented as a matter of urgency, given the current slow growth rate of the economy and given the fact that as many more new enterprises could be listed on the JSE, it would provide further access to jobs, thereby positively impacting on the unemployment situation thereby contributing to poverty relief.

Since Ricardo's nineteenth-century suggestion that the mean's of financing government spending is irrelevant, theoretical debate concerning the burden of government debt has been vigorous / Thesis (M.Econ.)-University of KwaZulu-Natal, Pietermaritzburg, 2006.

Ph.D. (Economics) / Street waste pickers are a visible group of people trying to survive under poor socio-economic conditions. They participate in the informal economy as self-employed entrepreneurs. Despite the income-earning opportunity generated by the waste that is freely available, their social and economic conditions remain poor. This study is the first national study to investigate the social and economic conditions of the street waste pickers in South Africa. The national study covers thirteen major cities in South Africa and uses a mixed method research design. A literature review on informal waste picking activities and the participation of the poor in these activities provide a basis from which the socio-economic conditions of the street waste pickers could be analysed. A theoretical overview of poverty theories, the unemployment problem, and the characteristics of the informal economy and informal recycling activities help to contextualise the street waste pickers in terms of the link that exists between poverty, unemployment, and street waste picking activities as a marginal form of informal self-employment. With this as background, qualitative and quantitative data on the socio-economic conditions of the street waste pickers was collected from the street waste pickers themselves and from the buy-back centres with whom they interact on an almost daily basis.

M.A. / The main purpose and objective of this study was to evaluate and determine the impact of regionalisation in Southern Africa on South Africa's developmental goals. With regionalisation coming to the fore as a contemporary reality of the international political economy and with the importance placed on the Reconstruction and Development Plan by the South African Government, the opportinity presented itself where the dynamic impact of regionalisation could be determined and evaluated in a meaningful and relevant manner. The major research concerning regionalisation in Southern Africa focuses on either the economic viability of integration in the Southern African region, or the form of integration which should be pursued. No single study has tried to determine the possible total impact of the process of regionalisation on a specific country. This study breaches this intellectual and academic impasse by doing a multi-leveled analysis of the impact of regionalisation on South Africa's developmental goals. The motivation for this is to lead to more specific research concerning all aspects involved for all countries concerned. The emphasis falls on the holistic nature of this topic - where spesific focus is placed on the complexity and diversity of the roleplayers involved as well as the determinants which influence them. The specific methodology used was to incorporate varied forms of data-gathering, ranging from interviews with major roleplayers to literature studies. The important fact to emphasize is that regionalisation itself must be seen as a complex structure, evolving to the needs and circumstances of the countries involved. This study shows emphatically that the orthodox theory of regionalisation can not be used in the context of developing countries. This theory is based on the experiences of the European industrialised countries. Their methods of analysis is inappropriate in developing countries. It is showed that project- and functional co-operation would suit the requirements and needs of the Southern African region far better in delivering the benefits accrued through regionalisation. Using this as premiss and focussing on the develomental goals of South Africa - the probable impact of regionalisation was determined and evaluated. The Reconstruction and Development Plan and the White Paper on the Reconstruction and Development Plan was used to identify South Africa's developmental goals. Intense research was done to estimate and determine the probable impact of regionalisation, as well as the policy issues it entails, on these goals. An effort was made to integrate each aspect and sector with other sectors and to highlight the complex nature of these interrelated issues. Only broad discussion and recommendations could be drawn. But these are sufficient to lead to futher studies on each specific aspect as well as giving a broad perspective on how South Africa's development goals will be influenced by the process of regionalisation. From this study the conclusion can be drawn that there will be costs involved for South Africa's participation in regional integration. But the benefits derived from project co-operation could make it worthwhile for South Africa to implement positive policy decisions towards further regionalisation. It is important to notice the intense complexity of each sector and the influence a change in one sector will have on all others. Careful consideration should be given before any action is taken. This serves as justification for the study on the grounds that more studies of this nature is necessary for regionalisation to expand in the region, and for Southern Africa to develop as a region. The other member-countries should conduct studies of a similar nature - and through this the most appropriate policy decisions could be taken to improve the well-being of all the people in this region.

M.Com. (Economics) / Please refer to full text to view abstract