No abstract available. / Thesis (LL. M.)-University of Natal, Durban, 2000.

This study considers the nature of savings behaviour amongst low income earners residing in the township areas of Kouga Municipal District. It reflects on the popularity and persistence of informal savings and credit associations, also known as stokvels, in these communities in the face of an increase in the availability of formal savings products. This study argues that despite financial deepening taking place within the South African economy, the popularity and widespread usage of stokvels can largely be attributed to the lack of appropraite formal products available for low income earners. This study does not conclude that the usage of informal savings products results in increased savings behaviours amongst this group, but it does conclude that they provide a suitable mechanism in which savings can take place.

Thesis submitted in partial fulfilment of the requirements for the degree of Masters in Arts in (Political Studies) University of the Witwatersrand February, 2015 / The ANC ascended to government against the backdrop of a rapidly changing global political economic order after the end of the Cold War. This effectively marked the collapse of communism as a global political force and the concomitant dominance of neoliberalism. In 1996, the African National Congress government adopted the Growth Employment and Redistribution strategy (GEAR) as its new economic blue print, through which it would pursue its transformation agenda. In so doing, the ANC circumvented economic policy consultation processes with its political alliance partners and declared GEAR ‘non-negotiable’. This research argues that the shift to GEAR was essentially an economic policy alignment with the dominant post -Cold War neoliberal discourse and practice. It was fashioned deliberately by key ANC policy makers who had bought into the neoliberal assumption that development would occur after economic growth had been attained. The GEAR strategy privileged market led reforms which subordinated the transformation agenda to orthodox macroeconomic considerations. The pro-market bias which began with the adoption of the GEAR strategy has continued to shape South Africa’s post-apartheid economic policy environment to a significant extent.

A research report submitted to the Faculty of Commerce, Law and Management of the University of the Witwatersrand, Johannesburg in part fulfillment of the requirements for the degree of Master in Management in Public and Development Management, 2018 / The regional economic integration is a positive process at work in the world economy, as it acts as an effective vehicle for trade and economic and financial globalization, thereby fostering growth. Regional economic integration is also a reflection of the diversity of economies and their histories, and it is notable that the process follows markedly different patterns across the world. Africa like all other continents, has developed a rational response to the difficulties faced by a continent with many small national markets, challenges of geopolitics and landlocked countries to address these shortcomings. African governments have over the years developed strategies, and from that concluded a very large number of regional integration arrangements, to drive this idea. The Development Finance Institutions (DFI’s) play, a positive and significant role in fostering economic growth and with the impact being stronger in low to medium income countries than in higher income countries. Financial investment has a huge role in the economic growth and in turn economic development. In their nature, DFI’s have an additional role, that of, bridging the gap that arise, as a result of commercial banks not able to finance infrastructural needs (soft and hard), creativity and innovations, that will lead to meaningful regional economic integration. However, it is not clear whether the regional DFI’s are having any specified, significant role in the regional economic integration agenda, hence this research. The aim of this research is to investigate the effectiveness roles of the DBSA, in the regional economic integration, in the Southern African Development Community (SADC). This study approach, focuses on three (3) main questions which are aimed at determining the effectiveness of the DBSA’s roles in the regional economic integration. The secondary questions are a supporting instrument to the initial question and the questions are meant to find out about factors hindering the effectiveness of the supporting roles of DBSA in the SADC’s regional economic integration. In endeavoring to determine the structural challenges faced by the DBSA, in the SADC region, the investigations explored the interventions and or measures that would improve the bank’s supporting roles, especially because of its developmental importance in the region. To carry out this exploratory study, the investigation followed a qualitative research approach, as a framework and structured face to face interviews and document analysis were also used. Almost all respondents sighted that the major roles of the DBSA in the regional economic integration in SADC to often be associated with resource mobilization and financing of regional infrastructures in SADC, identification of areas for cooperation to facilitate the economic development of SADC and influencing policy development through research and information exchange and sharing. Most of the interviewees, emphasized that the DBSA, has done extremely well in providing both technical and financial support to the SADC in their endeavor to facilitate for the regional economic integration. Simultaneously, most interviewees agreed again, that the, hindrances and or limiting factors to the effectiveness of the supporting roles of DBSA in the SADC’s regional economic integration, have been the inhibiting inherent heterogeneity of SADC countries, inability of the SADC to hold member states accountable and responsible, lack of political will to implement the integration, legal factors, and significant reliance on grants and foreign funding. The results shows that DBSA has been found to be very technically able to deal with support in the regional economic integration. This result suggest that the SADC leadership should consider revising the roles, and the funding model of the DFI’s for the benefit of the regional economic integration agenda. / XL2019

Thesis (MBA)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: The improvement of economic growth and development is a strategic priority for the South African government. It is important in all developing economies, but more so in South Africa due to the abnormally high levels of poverty, unemployment and income inequality. Substantive failure in addressing these circumstances may lead to social unrest in a democracy that is still in many respects in its infancy. AsgiSA is an initiative that was launched in 2006 as a further development on the first two developmental strategies followed post 1994, namely the Reconstruction and Development Programme and the Growth, Employment and Redistribution strategy. This research study sets out to examine the background to AsgiSA, its binding constraints and challenges facing the initiative. In doing so, the report draws comparisons with two other successful developing economies, namely Chile and Malaysia. These countries were chosen because of the social, economic and political similarities they share with South Africa. The report examines the concept of binding constraints as espoused by AsgiSA and focuses specifically on the volatility and level of the rand, the skills constraint and the regulatory environment. The research shows that there is no compelling evidence that a particular level of the rand should be targeted. The volatility of the rand is however a constraint to economic growth as represented by export growth. The shortage of suitable skills in the labour force is found to be a significant constraint to economic growth and development. The origin of this skills constraint is found in a combination of the economic and political history. South Africa's economic and political development path did not promote a diversified and skilled labour force which is well placed to capitalise on the opportunities of global trade. The lack of educational advances after 1994 has not improved this dilemma, and in recent years immigration has exacerbated the problem. Together with the skills constraint, the current regulatory environment acts as a significant constraint to economic growth. The regulatory burden is increasing and it was found that the burden is disproportionately carried by medium and small enterprises. A comparison with the successes of Chile and Malaysia shows that government has a very important role in facilitating economic growth in developing countries. Market oriented policies aimed at regulatory reforn, liberalisation and integration with the world economy lead to superior economic growth and development. The ability to change and even abandon strategies which prove to be unsuccessful and laden with ideology is required. AsgiSA is found to be a sound approach to economic growth and development in South Africa. With the exception of the level of the rand, the constraints identified all have significant negative influences on the economy. The document has however not been followed up with enough concrete and practical plans to give effect to its objectives. To ensure AsgiSA reaches its objectives it will be necessary for the government to act with political will and administrative competence in implementing the reforms that address the binding constraints. It is doubtful if the current government possesses the will and competence to give effect to the measures that will make a success of Asgisa. / AFRIKAANSE OPSOMMING: Die bevordering van ekonomiese groei en ontwikkeling is 'n strategiese prioriteit van die Suid-Afrikaanse regering. Belangrik vir alle ontwikkelende ekonomiee, is dit veral die geval in Suid-Afrika weens die hoe vlakke van werkloosheid, amnoede en inkomste ongelykhede. Wesenlike mislukking om hierdie probleme aan te spreek kan lei tot sosiale onrus in 'n demokrasie wat in vele opsigte in sy kinderskoene staan. AsgiSA is geloods in 2006 en is 'n uitbreiding van die eerste twee ekonomiese strategiee wat gevolg is na 1994, naamlik die Heropbou-en Ontwikkelingsprogram en die Groei-, Indiensneming- en Herverdelingstrategie. Hierdie studie het ten doel 'n ondersoek na die agtergrond van AsgiSA, die geidentifiseerde beperkings en die uitdagings van die inisiatief. Die studie tref vergelykings met twee suksesvolle ontwikkelende ekonomiee, naamlik Chile en Maleisie. Hierdie lande is gekies weens sosiale, ekonomiese en politieke ooreenkomste met Suid-Afrika. Die studie ondersoek die beginsel van bindende beperkings soos verval in AsgiSA en fokus op die vlak en wisselvalligheid van die rand, die gebrek aan vaardighede en die regulatoriese omgewing. Daar word bevind dat daar geen sterk bewyse is dat die vlak van die rand 'n langtermyn beperking op ekonomiese groei het nie. Die wisselvalligheid van die rand dien egter as 'n beperking op ekonorniese groei soos veral verteenwoordig deur groei in uitvoere. Die tekort aan geskikte vaardighede in die arbeidsmark is 'n wesenlike beperking tot ekonomiese groei en ontwikkeling. Die ontstaan van hierdie beperking is te wyte aan die ekonomiese en politieke ontwikkelingsgeskiedenis van Suid-Afrika. Hierdie ontwikkelingsgeskiedenis het nie gelei tot 'n gediversifiseerde en vaardige arbeidsmark wat die geleenthede van internasionale handel kan benut nie. Die gebrek aan vordering in die kwaliteit van opvoedkunde na 1994 en die huidige tendens van geskoolde immigrasie vererger die probleem. Tesame met die vaardigheidstekort dien die huidige regulatoriese raamwerk as 'n wesenlike beperking op ekonomiese groei. Die regulatoriese raamwerk dien as 'n las wat veral op klein en medium besighede ernstige beperkings plaas. 'n Vergelyking met die sukses van Chile en Maleisie toon dat regerings in ontwikkelende ekonomiee 'n belangrike rol speel in ekonomiese ontwikkeling. Markgerigte beleid gemik op regulatoriese hervorming, liberalisering en integrasie met die wereldekonomie lei tot hoer ekonomiese groei en ontwikkeling. Daar is ook getoon dat die vermoe om ideologiese beleid wat nie suksesvol is nie aan te pas of te laat vaar noodsaaklik vir sukses is. Die gevolgtrekking word gemaak dat AsgiSA 'n goeie vertrekpunt tot ekonomiese groei en ontwikkeling is. Met die uitsondering van die vlak van die rand het die geidentifiseerde beperkings 'n wesenlike negatiewe invloed op die ekonomie. AsgiSA word egter nie opgevolg met voldoende praktiese en konkrete planne om die doelwitte te behaal nie. Om te verseker dat die AsgiSA doelwitte behaal word is dit nodig dat die regering met politieke en administratiewe bedrewenheid hervormings deurvoer wat die beperkings aanspreek. Dit is te betwyfel of die huidige regering oor die politieke wil en bevoegdheid beskik om die nodige maatreels aan te gaan wat AsgiSA se sukses sal verseker.

Thesis (MBA)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: The aim of this study is to calculate and analyse GDP multipliers for the South African economy from input-output tables for seven data sets for the 1980-2010 period. The paper commences with a discussion of the nature, limitations, uses and underlying assumptions of input-output tables, followed by a presentation of the basic input-output model. The theory and methodology of the calculation of output multipliers is discussed. The basic open and closed model methods used in this study are developed and distinguished. All the steps of the basic calculation of the multipliers are explained within the context of the two mathematical models used. The four sets of multipliers generated by the model, namely simple GDP multipliers, simple type II GDP multipliers, total GDP multipliers, and total type II GDP multipliers are discussed and analysed for all seven data sets. The most significant trend identified is the steady decline in the value of the total GDP multiplier over the three decades reviewed. This is primarily attributed to the increasing openness of the South African economy following the end of the apartheid era. The composition of the total GDP multipliers, in terms of the relative and absolute proportions of the direct, indirect and induced impacts are presented and analysed. The decline in the value of the total GDP multiplier was primarily due to a reduction in the relative and absolute contribution of the induced effect over the period reviewed. This trend reflects the structural changes in the South African economy, the hallmark of which is the decline in the secondary industries, whose declining profitability was due to increased competitive discipline. This trend was compounded by overvalued and volatile real exchange rates, and resulted in low levels of investment and employment creation in this sector. An examination of the intra-sector multipliers for the same period also showed a marked and consistent declining trend in the multiplier effect over the period under review. This was especially pertinent in the case of the secondary industries, for which a very similar pattern emerged across industries, with the time paths of the mean multiplier effect showing a very similar movement for almost all manufacturing industries. It is suggested that policy makers should consider the significance and desirability of these structural changes. A combination of monetary and fiscal policy measures could do much to revitalise South Africa’s ailing manufacturing sector. The turnaround thereof could aid government’s objectives of employment creation and economic growth. / AFRIKAANSE OPSOMMING: Die doel van hierdie studie is om, op grond van inset-uitset tabelle, BBP vermenigvuldigers vir die Suid Afrikaanse ekonomie te bereken en te ontleed, vir die 1980-2010 periode. Die skripsie begin met ‘n bespreking van die aard, beperkings, gebruike en onderliggende aannames van inset-uitset tabelle, gevolg deur ‘n voorlegging van die basiese inset-uitset model. Die teorie en metodologie van die berekening van uitset vermenigvuldigers word bespreek. Die basiese oop en geslote model metodes wat in die studie gebruik word, word ontwikkel and onderskei. Al die stappe in die basiese berekening van die vermenigvuldigers word verduidelik binne die konteks van die wiskundige modelle wat hier gebruik word. Die vier stelle vermenigvuldigers wat deur die model gegenereer word, naamlik die eenvoudige BBP vermenigvuldigers, die eenvoudige tipe II BBP vermenigvuldigers, die totale BBP vermenigvuldigers en die totale tipe II BBP vermenigvuldigers, word bespreek en ontleed vir al sewe data stelle. Die volgehoue dalende tendens van die totale BBP vermenigvuldiger, is die betekenisvolste tendens wat hier waargeneem is. Dit word primêr toegeskryf aan die toenemende “oopheid” van die Suid-Afrikaanse ekonome na die einde van die apartheid era. Die samestelling van die totale BBP vermenigvuldigers, in terme van die relatiewe en absolute proporsies, van die direkte, indirekte en afgeleide impak word gewys en ontleed. Die daling in die waarde van die totale BBP vermenigvuldiger, kan grootliks toegeskryf word aan ‘n afname in die relatiewe en absolute bydrae van die afgeleide effek oor die relevante periode. Hierdie tendens wys op die strukturele veranderinge binne die Suid-Afrikaanse ekonomie, wat gekenmerk is deur die kwynende bydrae van die sekondêre industrieë, veral weens hul dalende winsgewendheid wat toegeskryf kan word aan ‘n toename in internasionale kompetisie. Hierdie tendens word versterk deur ‘n oorgewaardeerde en onstabiele reële wisselkoers wat aanleiding gee tot laer vlakke van belegging en werkskepping in hierdie sektor. ‘n Ontleding van die intra-industrie vermenigvuldigers wys verder op ‘n volgehoue en dalende tendens in die vermenigvuldiger effek oor die hele termyn. Dit is weereens veral pertinent in die geval van die sekondêre industrieë, waar ‘n baie soortgelyke patroon te voorskyn kom vir byna die hele sektor. Dit word voorgestel dat beleidmakers die belangrikheid en wenslikheid van hierdie strukturele veranderinge in oënskou sal neem. ‘n Kombinasie van monetêre en fiskale beleidsmaatreëls kan baie doen om die kwynende plaaslike vervaardigingsbedryf te ondersteun, en ‘n meer lewensvatbare bedryf kan die owerheid help om sy doelwitte van groei en werkskepping te bereik.

Thesis (MDF)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: The traction of Foreign Direct Investment (FDI) has been viewed as a viable strategy for growing the economy and for solving such challenges as unemployment, the acquire skills and technology transfer. Many developing economies have implemented a number of macro-economic policies with the aim of boosting their economies. South Africa has, similarly, implemented a range of policies – including incentives aimed at attracting FDI. This study analyses the inward trends of FDI for South Africa and the key determinants of FDI. The study uses as variables annual key economic indicators such as gross domestic product (GDP), government size (GOVSIZ), export/import trade, the exchange rate, inflation and the interest rate, for the period 1970 to 2013. The study reviews global FDI trends and their geographic distribution as well as FDI trends in Africa and in key sectors, including FDI trends and FDI policy in South Africa. The literature review analyses the fundamental theories of international trade and foreign investment. A number of empirical researches indicate that factors such as skilled labour, infrastructure, financial development, political stability, market size, natural resources and better economic management (comparatively speaking) are key determinants for FDI. Following the theoretical review, the formulation of an empirical model to estimate the empirical determinants of South African FDI is discussed. The use of Johansen cointegration and the vector error correction model (VECM) framework is described. The discussion of cointegration analysis includes the use of impulse response and decomposition analysis to establish the long- and short-run determinants of FDI in South Africa. The results from the trend analysis showed that South Africa is still performing poorly in terms of receiving FDI when compared to other developing countries in regions such as Latin America and South Asia. The information and communications technology (ICT) and financial services sector are currently the major recipient of FDI, followed by manufacturing and mining. The USA, followed by the UK, are the primary sources of FDI in South Africa. The empirical results showed that FDI, GDP, GOVSIZ, trade, inflation, exchange and return on credit were long-run determinants. The VECM results revealed that GDP, GOVSIZ, trade openness and return on credit tend to have a positive impact on FDI, whereas the exchange rate and inflation have a negative impact on it.

M.Comm. / International studies have indicated that a high ratio of investment relative to Gross Domestic Product (GOP) is one of the most important preconditions for achieving sustainable high economic growth. For the South African economy to achieve a high employment and economic growth rate, it requires two further important factors, namely a sustained increase in productivity and an expansion of production capacity. Poor levels of investment performance, coupled with a lack of skilled labour, are the main reasons for restricted expansion in the country's growth potential and declining job opportunities. Keynes, (1936:30) argued that employment cannot increase without investment increasing, and strongly declared that the level of investment determines the level of employment. In his analysis, Keynes (1936:30) concluded that investment is a driving force for economic growth. Investment expenditure can be divided into four categories: - infrastructural investment in the public sector;- infrastructural investment in residential construction; - business fixed investment; and - the net change in the business inventories. This study examines Gross Domestic Fixed Investment and focuses mainly on private fixed investment as a driving force for economic growth for many years, GOP growth has been declining; unemployment has increased...

Dissertation in fulfilment of the degree of Master of Arts in International relations by coursework and research report at the University of the Witwatersrand 2015 / The 21 century has seen the dramatic increase in African-Chinese engagement, with a significant increase in both political and economic interaction. The changing international political and economic reality has seen China become the biggest economy in the world, in terms of purchasing power parity, and substantially increase its footprint in Africa. The increased developing relationship of African-Chinese interactions has brought fourth both criticisms and conversations of opportunity. Both arguments focusing on understanding the nature of the relationship and exploring whether the interactions can be seen as being exploitative or a partnership in growth. A look at the importance of this relationship cannot be complete without first analysing Africa’s historical and current relationship with its Western counterparts. Secondly the research paper looks at Africa’s place in the current international political economy and why the new prospering African-Chinese relationship presents opportunities. This is essentially what the paper seeks to understand and discuss, looking primarily at the role the Chinese policy of non-interference can play with regards to African states development path and understanding its role in the context of Africa position in the global political economy. Key words: Sino-Africa, Policy of Non-interference, Exploitation, Eurocentricism, neo-liberalism

A thesis submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, Johannesburg, in fulfilment of the requirements for the Degree of Doctor of Philosophy in Economics / This thesis focuses on sectoral growth composition, foreign debt and social welfare in selected African economies. Data for the study were obtained from International Financial Statistics (IFS), the World Bank (WB), United Nations Conference on Trade and Development (UNCTAD), United Nations Development Programme (UNDP) annual reports, and the Penn World Table (PWT). The thesis has 5 chapters. Chapter 1 is the general introduction. Chapters 2, 3, and 4 are stand-alone related papers on social welfare, external debt, and real exchange rate. Chapter 5 is the conclusion of the study. Chapter 1 presents the background to the study, the motivating problems, the research objectives and questions, the significance of the study, the literature gaps, and contributions. The chapter ends with an outline on the organization of the study. Chapter 2 examines the impact of the composition of growth on poverty and inequality in 36 African countries. Specifically, the study demonstrates how changes in the composition of growth can affect the welfare of the segments of the population that are socially and economically deprived. While previous studies have presented different results for different continents, much of the findings show that in Africa, the primary sector is the most effective sector that improves the levels of poverty and inequality. This study re-examines this claim based on the belief that previous findings suffer from measurement bias in the estimation of parameters. This study employed a measurement approach that corrected for the observed differences. The generalized method of moments (GMM) estimation technique was adopted, and the findings were robust, showing that rather than the much-touted primary sector, the secondary and tertiary sectors are actually the main drivers of welfare improvement in the African continent. It is therefore recommended that for a sustained welfare improvement strategy, policy-making institutions in Africa should as a matter of urgency adopt appropriate industrial policy targets on the secondary and tertiary sectors with specific focus on the construction, manufacturing, mining, wholesale, retail, and hotel sectors. vii Chapter 3 investigates the impact of growth composition on external debt (ED) in selected African countries. Precisely, the study examines how each of the three productive sectors (agriculture, industry, and services) impacts on the level of ED in Africa. While many development studies have relied on aggregate output growth to investigate debt-growth dynamics, received literature shows that studies which examine the impact of growth on ED are scarce. Relying on two frameworks – “perfect capital mobility” of the Neoclassicals, and the “Dualism” theory, this study investigates the composition of the growth-debt relationship in Africa. The study applies the dynamic generalized method of moments (GMM) estimation technique to conduct its analysis. The results show that the composition of growth has significant effect on the levels of ED a country can maintain. Although, the results were lagged at different periods, the outcome suggests that the industrial (construction and manufacturing) and services sectors (wholesale, retail, and hotels ‒ WRH) are the leading sectors that drive the growth-ED relationship. The result shows more robustness when a country’s institutional quality, real interest rate, and current account balance were controlled for. Chapter 4 examines the effectiveness of real exchange rate (RER) as a policy tool for industrial diversification. Economic experts have emphasized the need for industrial diversification, especially for developing countries. However, in spite of the numerous socio-economic gains associated with industrial diversification, little effort has been made in Africa to identify and develop the sectors that achieve higher output growth for the region. The effective management of real exchange rate (RER) has provided economies with the needed tool for achieving these growth objectives. Recent empirical literature finds that undervalued RERs help countries to achieve faster economic growth, while overvaluation of the RER slows economic growth. Furthermore, recent growth studies have shown that different sectors respond differently to changes in RER. This study shows that even though many of the previous works have drawn up policy recommendations from these researches, the findings may be driven by inappropriate estimation assumptions, which inevitably results in biased findings. When these assumptions are re-specified, the empirical findings for a sample of 36 countries suggest that in Africa, sectors such as agriculture, construction, mining and utility lead to appreciation of the RER, while the manufacturing, transport and communications, “WRH” sectors, and “other” lead to depreciation of RER among countries. Although the coefficients for manufacturing, and transport and communications are not significant, this is probably due to the levels of development of the sectors within the African continent. Improving the level of development in these sectors therefore through appropriate economic policy framework will certainly impact on the strength of the coefficients of the three sectors, thereby leading to industrial revolution. Chapter 5 concludes the study with a summary of the key findings from Chapters 2, 3, and 4 with highlights of the policy implications of the findings. The highlights include: (1) the need for policy frameworks that discourage continual channelling of resources into sectors other than the industrial and services sectors. (2) A policy thrust in favour of improving domestic sources of revenue through targeting specific subsectors of the industrial and services sectors with appropriate policy instruments. This will provide the needed resources that will reduce the high debt stock per aggregate national income of African countries. (3) A policy thrust that reverses the undermining of development in the manufacturing, and transport and communications sectors. The reversal will stimulate exports and aggregate economic growth through the policy of undervaluation of the RER. Concluding the chapter, the study suggests areas for further research. / MT2017