This dissertation examines the impact of export and import components on economic growth in 18 Sub-Saharan African countries over the period of 1995-2015. This study uses a neoclassic economic growth model containing GDP, export components, import components, export concentration index, capital and labour force as variables of analysis. The results of fixed effects estimations show that both exports and imports contribute significantly to economic growth. On a specific level, growth in raw material exports, and not manufactured exports, is significantly associated with GDP growth while growth in manufactured imports, and not raw material imports, is significantly associated with GDP growth. The export concentration index is found to have no significant relationship with GDP growth. In addition, the results find that capital formation has a more significant influence on economic growth than labour does.

The approach to development finance and sound financial policies are crucial aspects that impact on the success of any development finance institution (DFI). The success of a DFI is measured on the basis of its ability to operate with as little financial dependency on external sources or none at all. Other key factors are the ability to carry out its mandate and objectives, as well as to meet expectations of the community it is supposed to serve. International best practices in rural finance are known to ensure sustainability of organisations. Institutions that have proved to be successful have become reference points in terms of best practice. The legacy of such institutions and the examples they have set can be useful in developing frameworks for restructuring DFIs. Through reference to literature on the justification for restructuring a DFI, it can be determined and confirmed whether it is indeed necessary for any institution to undergo restructuring. The restructuring framework and the international best practices can be used to perform a gap analysis for the purpose of identifying the shortfalls in the restructuring of an institution. Given the context within which an institution operates, that is, the environment, socio-economic aspects and the historical background, a gap analysis can be performed as a way of benchmarking the targeted institution with best practice institutions. In the event that the synthesis of the gap analysis reveals that the current restructuring processes within an institution need tightening, completely new strategies need to put in place. Recommendations can be based on the strategies of best practice institutions and the policies of the new approach to development finance, as well as Kotter’s (1995) guidelines on transformation, as quoted by Coetzee (2002). This study will contribute to the restructuring and transformation of DFIs by proposing strategies that the Mpumalanga Agricultural Development Corporation (MADC) can use to achieve its objective of becoming a self-sufficient institution. Where restructuring has already begun in the MADC, this study attempts to identify those areas with gaps and recommend strategies that can be put in place. In its endeavour to asses the gaps in MADC’s approach to development finance, it was found that the MADC had weak strategies with regards to products and services offered, capitalization, governance, measurement and reporting as well as human resources. In order to close the gaps identified, recommendations to make up for the specific gaps were made based on what proved to work for best practise institutions. By accepting the findings of this study and implementing the proposals outlined here, it is envisaged that the MADC will be able to review the strategies that were established and implemented after embarking on a restructuring process. / Dissertation (M Inst Agrar (Agricultural Economics))--University of Pretoria, 2007. / Agricultural Economics, Extension and Rural Development / M.Inst.Agrar / unrestricted

The South African steel industry plays a vital role in the economy of the country. It is seen to be a major source of employment for the South African people, and key to sustainable economic development for the country. In recent years however, the South African steel industry has been faced with a number of challenges resulting in the closure of some steel companies and consequently the loss of many jobs. It is posited that small and medium enterprises (SMME’s) can minimise these negative effects, balance out the job losses and keep the industry sustainable. However, the barriers to entry in the steel industry, and especially access to finance capital, require policy interventions to assist entrepreneurs to enter into the industry. This paper explores the barriers to entry for new entrants in the industry, with particular focus on capital expenditure as the main barrier to entry and seeks to understand what policy interventions would be beneficial in promoting new entrants into the steel industry value chain. Qualitative research was undertaken to gather data from senior personnel within various steel companies. A convenience sample of eleven participants were selected to participate in semistructured interviews. Transcripts of the interviews were used to conduct an analysis of findings. The research found that there is scope for new players in the steel industry value chain but that it is a highly competitive industry with many players currently. New entrants would need to focus on innovation or a niche area of specialisation, in order to compete effectively. In addition, having additional players would benefit the industry and contribute positively to economic development for the country. The largest challenge for new entrants is access is capital as financial institutions are risk adverse towards to the steel industry. However, there are various means by which small players can minimise the necessary capital outlay for a startup business. Policy interventions can also go a long way in encouraging additional entrants to the industry and further developing the economy.

All organisations exist for a purpose and survival is the most common to all organisations. Changes to the internal and external environment often require the organisation to realign its activities to suit the changes. Ignoring the changes normally threatens the purpose of existence of the organisation. One of the triggers for change in the direction is the recognition of the performance gap. All changes require management to take strategic decisions and there are risks which such decisions entail. This project is about Ithala Development Finance Corporation's strategic direction where reassessment .was triggered mainly by the increased need to be financially self-sustainable in addition to meeting its development mandate. This naturally demanded that Ithala venture into new areas of operation including inter alia new products, new markets, new geographic areas and, more importantly, new internal competencies. All change involves risks and uncertainties as it challenges the status quo, established mindsets and cultures. These are just some of the challenges facing Ithala in devising its new strategic direction. Evaluation criteria are intended to assess whether a particular sequence of actions will result in the desired positions or postures. Evaluation enables the organisation to make objective judgements about the probable outcomes of the proposed actions before implementation. It is the last chance for the organisation to take alternative recommendations seriously and make amends. The purpose is to prevent surprises. / Thesis (M.B.A.)-University of KwaZulu-Natal, Durban, 2004.

Thesis (M. Econ.)--University of Hong Kong, 1997. / Includes bibliographical references (leaf 85-88).

Thesis (M.Econ.)--University of Hong Kong, 1997. / Includes bibliographical references (leaf 85-88). Also available in print.

The period of high inflation during the late 1970s and early 1980s forced lenders to reconsider their methods of financing commercial real estate projects. During this period, lenders began experimenting with various new forms of mortgage documentation designed to support innovative financing techniques. Many of the innovative techniques developed included a participation feature whereby the lender, in addition to earning a fixed rate of interest, also participated in either the income from a project or the increased value in its equity, or both. As a result of instituting these techniques, both lenders and developers expanded their view of what a commercial mortgage entails. It is unlikely that lenders will return to viewing their role as that of simple renters of money. Since the law of mortgages in Canada has not been sufficiently flexible to adequately accommodate these innovative techniques, there is a need for reform of the law of commercial mortgages. In this paper, the writer will review the current commercial lending practices and discuss the advantages and disadvantages of the most commonly used forms of participation financing. The conclusion will set out a proposal for the reform of the law of commercial mortgages. Central to its recommendations will be the concept that the commercial mortgage should be regarded as a contract for a debt and not as a conveyance of an interest in property. This concept will allow the commercial lender and borrower the contractual freedom to enter into the bargain that best reflects their financing intentions without being hampered by the historical incidents of a common law mortgage. / Law, Peter A. Allard School of / Graduate

Using publicly available data from three South African Development Finance Institutions (DFI's), this study examines the risk appetite of Business Partners (BP), the National Empowerment Fund (NEF) and the Small Enterprise Finance Agency (SEFA). This study analyses data between 2011 and 2015 to determine the DFI's risk appetite and to identify key determinants of risk appetite with regard to funding SMEs, specifically startups. The study's findings reveal that South African DFI's have a high to extremely high-risk appetite level and that state-owned DFI's, NEF and SEFA have a higher risk appetite for funding SMEs specifically startup related loan products than private DFI BP. The study's findings also illustrates that South African DFI's risk appetites have a weaker negative relationship with shorter-term financial products than longer-term financial products indicating a higher risk appetite for funding shorter-term financial products.

Due to climate change, fisher households who depend on fishing for their livelihood are faced with a number of challenges that include low productivity. There is now an acknowledgement internationally that fishers cannot depend on hunting fish when all other food producing sectors have adapted. How economic and feasible is it for fishers to consider aquaculture in the face of climate change? This dissertation investigates the economic viability of aquaculture as a climate change adaptation option in rural fisher communities of Zimbabwe. The southern lowveld district of Mwenezi was used as a case study in the economic evaluation of pond culture and cage culture as a climate change adaptation strategy from a baseline position. Data was obtained from secondary sources which include the private sector involved in aquaculture, civil society organisations and the fishers practising aquaculture in both Mwenezi and another district, Kariba. The cost benefit analysis method of economic evaluation was used to assess the economic viability of pond and cage culture forms of aquaculture. The net present value, internal rate of return and benefit cost ratio were used as the decision criteria. Two scenarios were considered depending on the type of funding for the initial investment - scenario one was built on donor funding support while scenario two relied on a bank loan with interest for financing. A sensitivity analysis was also performed to determine the extent to which different factors affect the economic viability of both pond and cage culture. Both pond and cage culture were found to be economically viable as climate change adaptation options in fisher communities of Zimbabwe. Cage culture was found to have a higher net present value under both scenarios when compared to pond culture. However, under scenario two, pond culture was found to have a higher internal rate of return and benefit cost ratio. The inconsistencies were due to the variations in the scale of upfront investments between pond and cage culture where the latter requires a higher initial investment. Key factors that affect the viability of aquaculture as an adaptation strategy in Zimbabwe include the market price of fish, the cost of fish feeds and the price of fingerlings. While these factors are primarily economic, there are other factors which may affect the viability such as the increasing frequency of natural disasters.

The 2007/08 global financial crisis, including pre- and post-crisis reform, led economies to reexamine the concept of capital controls. Theoretical and empirical literature has been divided regarding their effectiveness. This research paper assesses the impact of capital controls on exchange rate stability in South Africa (particularly exchange restrictions used to insulate economies from excessive currency volatility) using time-series analysis and employs event study methodology (Kothari & Warner, 2006; MacKinlay, 1997) to measure the impact of the capital control actions. More specifically, this research paper evaluates the impact of capital controls on (a) exchange rate returns, (b) volatility and (c) liquidity in South Africa for the period commencing 1 January 1999 to 31 December 2014 including the period during the 2007/08 financial crisis. The research paper applies methodology from empirical research on capital controls and currency stability (Pandey, Pasricha, Patnaik, & Shah, 2015), volatility using standard deviation and the GARCH (1,1) model (Abdalla, 2012; Bollerslev, 1986; Farrell, 2001) and liquidity (Karnaukh, Ranaldo, & Söderlind, 2015). In addition, it attempts to determine the effect on exchange rate movements directly attributable to capital controls i.e., the local factors, by removing the dollar risk factor that constitute a significant portion of exchange rate time series as noted by Verdelhan (2015), which serves as the base model for the event study. The research paper finds that overall the key capital controls selected do not have a significant impact on the ZAR/USD exchange rate with limited evidence of an effect on returns, volatility and liquidity.