Financial liberalisation, through increasing investment as well as the average productivity of capital, should stimulate economic growth, or so the theory goes. Bank lending unfortunately suffers adverse selection and moral hazard effects, to which the establishment and expansion of stock markets has been offered as a remedy. However, research from developing country stock markets have shown that in many cases these markets did not complement the effects of credit market liberalisation but in rather important aspects subverted them. Countries that implemented credit market liberalisation and raised real interest rates only increased the price of debt capital rather than all capital. This caused a share price boom in many of them. When the price of equity capital fell it seriously undermined and indeed allowed large private corporations to skip altogether the main channel of high interest rates through which the theoretical McKinnon-Shaw effects were to operate. This study asks the research question of what effect the expansion of the South African stock exchange has had for its economic development. It makes use of a general empirical model to explain the relationship between financial development and real output. The model comprises indicators for growth, banking system development, stock market volatility; and, stock market development through a conglomerate index that accounts for market size, liquidity and integration with world capital markets. Quarterly data from 1989 to 2001 is analysed based on the null hypothesis that, as far as financial architecture is concerned, the development of the JSE Securities Exchange has stimulated the country's economic growth. This study found a negative and statistically significant relation between stock market development and economic growth. It suggests that while the JSE Securities Exchange is a relatively large stock market it is the presence of thin trading that prevents the proposed benefits of market development from accruing to the economy. Thus the hypothesis is rejected. However, since the only stable cointegrating vector is between growth and banking sector development, it recommends that by expanding their universal banking functions, the present banking structure, though oligopolistic, may be better suited to act as a catalyst for growth. / Business Management / D. Comm.

Financial liberalisation, through increasing investment as well as the average productivity of capital, should stimulate economic growth, or so the theory goes. Bank lending unfortunately suffers adverse selection and moral hazard effects, to which the establishment and expansion of stock markets has been offered as a remedy. However, research from developing country stock markets have shown that in many cases these markets did not complement the effects of credit market liberalisation but in rather important aspects subverted them. Countries that implemented credit market liberalisation and raised real interest rates only increased the price of debt capital rather than all capital. This caused a share price boom in many of them. When the price of equity capital fell it seriously undermined and indeed allowed large private corporations to skip altogether the main channel of high interest rates through which the theoretical McKinnon-Shaw effects were to operate. This study asks the research question of what effect the expansion of the South African stock exchange has had for its economic development. It makes use of a general empirical model to explain the relationship between financial development and real output. The model comprises indicators for growth, banking system development, stock market volatility; and, stock market development through a conglomerate index that accounts for market size, liquidity and integration with world capital markets. Quarterly data from 1989 to 2001 is analysed based on the null hypothesis that, as far as financial architecture is concerned, the development of the JSE Securities Exchange has stimulated the country's economic growth. This study found a negative and statistically significant relation between stock market development and economic growth. It suggests that while the JSE Securities Exchange is a relatively large stock market it is the presence of thin trading that prevents the proposed benefits of market development from accruing to the economy. Thus the hypothesis is rejected. However, since the only stable cointegrating vector is between growth and banking sector development, it recommends that by expanding their universal banking functions, the present banking structure, though oligopolistic, may be better suited to act as a catalyst for growth. / Business Management / D. Comm.

History / M.A. (History)

Tourism is one of the largest industries in the world. Since the 1980s the role of tourism as a means of achieving the objectives of economic development has received prominence within the sustainable development paradigm. This dissertation examines the role of international tourism in achieving the objectives of economic development in terms of its impact on key social and economic variables, such as the balance of payments, inflation, employment and the social fabric of host communities. It also examines the constraints facing international tourism, such as the effect of perceptions on tourism flows and the powerful position of multinationals in influencing the tourist decision-making process. The success of the international tourism industry in selected countries is assessed and the relative position of the South African tourist offering is highlighted in an attempt to draw lessons for the future development of the industry in South Africa. / Economics / M. A. (Economics)

For many sets of reasons, including the unequal power relationship between them and most underdeveloped states, and probably more in Africa than anywhere else in the world, non-state actors (NSAs) like states are involved in the violation of human rights. With the phenomenon of globalization, their role has become even more pronounced with some of the traditional functions of the state being performed by them, with implications for human rights, especially socioeconomic rights. Unfortunately, state-centred traditional international law has proved to be ill-equipped to hold NSAs directly accountable and liable for their violations of human rights. NSAs are only expected to adhere to non-binding voluntary standards, such as codes of conduct. Yet, if properly interpreted and enforced, the African Charter for Human and People’s Rights (ACHPR) can be relied upon to hold them accountable. Against this backdrop, the study interrogates the existing universal and regional human rights laws and systems with the view to identifying any rules, principles, case law or literature that can help hold NSAs directly accountable for human rights violations. For better advocacy and protection of human rights on the African continent, it makes a case for a paradigm shift away from a state centred to a holistic approach that would include NSAs and ensure that they are also bound to protect human rights and become accountable for their violations. / Private Law / LL.M.

Local authorities in South Africa need to compile and implement local economic development plans. These plans are not only required by law as a component of integrated development plans, but also emanate from the pressing needs of many communities for development, job creation, and greater welfare and prosperity. A review of the historical and theoretical background reveals changing approaches and different theories to defend the actions taken. A critique of typical strategies and processes reveals that no one strategy or process can be universally applied, but that these should be adapted to the community's unique circumstances. Shortcomings and appropriate applications are indicated. The management plan presents a process to enable local authorities in partnership with the community to compile a plan for locally generated and directed development. This plan can, but need not, be a component of an integrated development plan and is thus compatible with integrated development planning and the formulation of local development objectives. The plan draws on a number of planning methodologies including urban planning, city marketing, strategic planning and neuro-linguistic programming approaches. Techniques from these and community development methodologies are included to guide the community through the process of creating a vision, analysis, goal setting, plan and strategy formulation, implementation and review. This management plan is designed as a generic process that can be applied to a variety of circumstances. The flexible nature of the process permits innovation and adaptations to local needs and other fields of planning. It also provides scope for further research on theories, methodologies and techniques. / Geography / D.Phil. (Geography)

The need to carry out an analysis of gender issues in development stems from a concern about the persistent inequalities surrounding African rural women. Women assume social and economic roles inside and outside the household but their contribution does not receive due recognition. Having being excluded from crucial decision making processes, their productive roles have been secondary to their reproductive responsibilities. The purpose of this study was to highlight the negative impact imposed by gender oppression on women's economic and social progress. This necessitated an in-depth review of literature that included journals, books, newspaper articles and general publications. The review reflected that women have undisputedly faced social, cultural, economic, political and educational barriers and that simple rhetoric has not done much to alleviate women's subordinate position and dependency on men. Finally a suggested plan- of action followed to provide an axis around which gender issues in development should revolve. / Development Studies / M. Admin. (Development Administration)

This study provides evidence of the relationship between bank-granted credit and business cycles in South Africa. The study is conducted in three phases, namely qualitative research (Phase I), quantitative research (Phase II) and econometric analysis (Phase III). A sequential (connected data) mixed methodology (Phase I and II) is used to collect and analyze primary data from market participants. The qualitative research (Phase I) involves structured interviews with influential or well informed people on the subject matter. Phase I of the study is used to understand the key determinants of bank credit in South Africa and to appreciate how each of the credit aggregates behaves during alternate business cycles. Qualitative survey results suggest key determinants of commercial bank credit in South Africa as economic growth, collateral value, bank competition, money supply, deposit liabilities, capital requirements, bank lending rates and inflation. The qualitative results are used to formulate questions of the structured survey questionnaire (Quantitative research- Phase II). The ANOVA and Pearman’s product correlation analysis techniques are used to assess relationship between variables. The quantitative results show that there is direct and positive relationship between bank lending behavior and credit aggregates namely economic growth, collateral value, bank competition and money supply. On the other hand, the results show that there is a negative relationship between credit growth and bank capital and lending rates. Overall, the quantitative findings show that bank lending in South Africa is procyclical. The survey results indicate that the case for demand-following hypothesis is stronger than supply-leading hypothesis in South Africa. The econometric methodology is used to augment results of the survey study. Phase III of the study re-examines econometric relationship between bank lending and business cycles. The study employs cointegration and vector error correction model (VECM) techniques in order to test for existence of long-run relationship between the selected variables. Granger causality test technique is applied to the variables of interest to test for direction of causation between variables. The study uses quarterly data for the period of 1980:Q1 to 2013:Q4. Business cycles are determined and measured by Gross Domestic Product at market prices while bank-granted credit is proxied by credit extension to the private sector. The econometric test results show that there is a significant long-run relationship between economic growth and bank credit extension. The Granger causality test provides evidence of unidirectional causal relationship with direction from economic growth to credit extension for South Africa. The study results indicate that the case for demand-following hypothesis is stronger than supply-leading hypothesis in South Africa. Economic growth spurs credit market development in South Africa. Overall, the results show that there is a stable long-run relationship between macroeconomic business cycles and real credit growth in South Africa. The results show that economic growth significantly causes and stimulates bank credit. The study, therefore, recommends that South Africa needs to give policy priority to promotion and development of the real sector of the economy to propel and accelerate credit extension. Economic growth is considered as the significant policy variable to stimulate credit extension. The findings therefore hold important implications for both theory and policy. / Business Management / D.B.L.

Text in Afrikaans / Suid-Afrika het sy diplomatieke bande met Taiwan verbreek en hegte diplomatieke bande met Sjina in 1998 aangeknoop. Hierdie hegte verhouding wat tussen Suid-Afrika en Sjina ontwikkel het, word dikwels deur politici, die media en vakbonde veroordeel as nadelig vir Suid-Afrika. Ten einde hierdie veroordelings te staaf, of te weerlê, is ‘n analise van die politieke, ekonomiese en militêre verhouding tussen Suid-Afrika en Sjina onderneem. Aangesien Suid-Afrika voor 1998 verhoudinge met Taiwan gehandhaaf het, kon die verhouding wat tans tussen Suid-Afrika en Sjina bestaan, vergelyk word met die vorige verhouding met Taiwan. Die verhandeling kon gevolglik tot ’n gevolgtrekking kom rakende die verhouding. / In 1998 South Africa broke off diplomatic ties with Taiwan when it established full relations with China. Since then, South Africa’s ties with China have been frequently criticised by politicians, the media and trade unions as disadvantageous to South Africa. To refute or confirm this perception, an analysis of the political, economic and military ties between South Africa and China has been undertaken. South Africa’s relations with Taiwan prior to 1998 are the basis for the comparison of South Africa’s relations with China. As a result, this dissertation is able to reach a conclusion regarding these ties. / Political Sciences / M.A. (International Politics)

Thesis (MA (Political Science. International Studies))--Stellenbosch University, 2008. / The effects of ‘accelerated globalisation’ can not be denied when observing modern innovations shaping human life. Its development and consequent revolutionary impact is unlike any other in modern history. The last half of the twentieth century witnessed changes in exponential terms, such as informational and technological innovations that constantly redefine the way people function. This study focuses on the effect of globalisation on trade unions, paying particular attention to the formation of liberal economic conditions, the rise of global capital flows, and the diversification of workers, working conditions and employment patterns. Globalisation has led to the formation of new social, economic, and political conditions which have made it increasingly difficult for trade unions to function in traditional ways. At the heart of this lies the fundamental opposition of capital to labour, and increasingly so under conditions of global competition. Trade unions, are organisations that represent worker interests through solidarity and strength in numbers, traditionally at the national level but increasingly they are being challenged on a global level. Thus, due to various internal and external factors, the situation many unions find themselves in is one of survival instead of growth and influence. The case study of Cosatu was chosen due to the benefit of analysing the organisation’s past success as well as present situation. Although it has not been unaffected by the problems facing unions worldwide, it has managed to achieve some notable successes in the process. The practice of social movement unionism has been highly effective in mobilising under-represented groups, and is found to still be effective in South Africa, although at a diminished scale. It is imperative for all unions to restructure the way they function so as to incorporate previously marginalised groups, to utilise technology and globalisation to their advantage, and to educate potential new entrants to the labour market.