A loss reserve is the estimated liability for unpaid claims on all losses that occurred prior to the balance sheet date. The loss reserve is the most significant liability on the balance sheet of a general insurance company, often driving its overall financial performance. The loss reserve is calculated to determine the claims liability for published accounts, internal accounts, statutory accounts, business plans and budgets. It is also required for purposes of pricing and in case of a merger or acquisition. The purpose of the loss reserve can affect the methodology used as well as the extent of over-reserving or under-reserving. Additionally, under-reserving and over-reserving can be driven by the intent to smooth the inome of the general insurer, to mask financial weakness or to defer taxes. This study examines the loss reserve errors in the South African general insurance industry. The study estimates the loss reserve errors using annual firm level data on 79 general insurance companies from 2007 to 2014. The study then proceeds to examine the hypothesised effect of firm level characteristics on the estimated loss reserve errors within a panel data framework. The panel data regression models are estimated using the ordinary least squares technique, the random effects technique and the fixed effects technique. The findings suggest that South African general insurance industry is characterised by over-reserving. Specifcally, approximately two-thirds of the sample reported incidence of over-reserving. The results of the panel data regression analysis indicate that tax shield, financial weakness and premium growth are the significant drivers of reserve errors in the market. Tax shield was found to have a positive relationship with loss reserve errors, whereas financial weakness and growth were found to have an inverse relationship with loss reserve errors. Business line diversification and reinsurance were not found to be significant variables in the model. The management of South African general insurers and regulation of the industry should be directed towards ensuring that general insurers do not manipulate reserves to defer taxes, fund growth through more competitive premiums, or manipulate the perceived financial strength. Additionally, this study identified issues relating to the quality of loss reserve information supplied to the regulator. There is scope for improving the quality and consistency of the loss reserve data supplied to the regulator by the general insurers.

The research aimed to study whether the Beijing Consensus, a Chinese development model is an alternative development model for Africa. The study used Zimbabwe's plan to collateralise its natural resources mainly minerals under the Angola Model strategy as a test case. Zimbabwe's economic revival is currently ransomed by an unsustainable debt that has blocked external financial aid from its traditional donors and the western world. This is against the background that since the 1989, economist John Williamson's economic and policy recommendations known as the Washington Consensus became generally accepted as the most effective model by which developing countries could spur growth. This model based around ten policy recommendations embracing ideals of free-market capitalism that include open trade policies, privatisation and deregulation provided a prescription for development in the less developed countries. However, its implementation had mixed results such as multiple currency crisis, stagnation and recession during the financial turmoil of the 1990s and the most recent and more severe 2007 financial crises that led to the collapse of several nations' economic systems. This further eroded the confidence in the Western neoliberal economic model leaving the world calling for an alternative development model. By the turn of the century, a new strategy driven by China that has been defined by Joshua Cooper Ramo as the Beijing Consensus surfaced as a challenge to the Washington Consensus. This model is described as pragmatic, recognises the need for flexibility in solving multifarious problems. The model sounding warning bells for a post-Washington Consensus is inherently focused on innovation and emphasise equitable development driven by the central government has quickly gained appeal within the developing world challenging the Washington Consensus' antiquated policies. This exploratory research case study using primarily available literature on the subject sought to determine whether the Beijing Consensus is an alternative development model for Africa. To help synthesise the subject, Zimbabwe was used as a case study through primarily the "Angola model"- a Chinese strategy for resource-rich countries that are unable to guarantee loan repayments. Apart from the "Angola model", the study looked at the overall impact of the Chinese investments in Zimbabwe and Africa in general. The findings of the study has revealed while the Angola Model may have worked for Angola and other oil producing nations, it however will not benefit Zimbabwe as it is not geared in solving the current debt crisis. The results also show that while the Beijing Consensus may not actually be a consensus, it is currently an alternative for African nations as it presents an array of choices. It however does not seem to replace the Washington Consensus as a widely accepted consensus model for development but it has the right ingredients from a starting point to develop into an alternative model.

Infrastructure development is vital and plays a big role in economic development of any state as high and sustainable economic growth requires modern and reliable infrastructure. However, due to risks related to time, quality, cost and scope, infrastructure investments do not always result in benefits that fuel economic development. The study identified two problem areas: (a) the current airport infrastructure is not sufficient to support aviation expansion as well as other modes of transport as per the NDP4; and (b) the airport was faced with a downgrade in its firefighting category during July 2014 following the DCA site audit findings. This study was conducted to establish whether funds that were invested for the upgrade and renovation of the HKIA facilities in the 2013/2014 year resulted in improvements that fuel economic and social development in Namibia; and to explore whether participants in the study perceive the investment as money well spent. The study uses a mix of qualitative and quantitative methodologies in order to allow the cohort of insight into the subject matter. Themes and propositions materialised from the data that back the following conclusions: (1) it is the participants' perception that the project enhanced the airport infrastructure and complemented other core elements which could be met to grow economic and social development further; (2) there is a close correlation between passengers/aircrafts movements and the investment made to the airport; (3) the upgrades to the airport resulted in its ability to demonstrate firefighting capabilities and its compliance to the ICAO firefighting requirements; (4) the project lacked involvement by the Namibian government who is the sole shareholder of the NAC and a financier of the HKIA project; (5) there is no aviation policy in the country to guide the aviation sector in its activities; and (6) the investment levels at the HKIA are considered too low as the current terminal building area is unable to complement the growing demand at HKIA. Most importantly, HKIA is a gateway for tourists and investors into Namibia, and requires excessive strategic planning and transformation in terms of its infrastructure, in order to carry out this function efficiently and in a sustainable manner. Therefore, there is a need for a funding mechanism that is sustainable to further develop the HKIA and consequently the economy.

Good financial and expenditure management remains a central issue of every governmental agenda as it relates to how available government resources are utilised. Financial management has undergone many reforms as the public administration discipline changed its approach. The classical approach to public administration gave rise to bureaucracies who in turn were bloated and largely inefficient. The new approach to public administration, NPM sought to promote good financial management through adoption of private sector practices by the public sector. The NPM approach gained momentum in the 1980s and 1990s. Both developed and developing countries adopted the approach as a solution to existing inefficiencies and to reduce the size of government. SA also adopted the approach in 1995 resulting in the promulgation of the PFMA in 1999. The NPM approach devolved decision making by making management accountable for financial mismanagement and expenditure of resources under their control. As a developing country, SA faces limited resources which have to be allocated to escalating and increasing needs. The Medium Term Expenditure Framework highlights the twelve key priorities of government. Health and Education are top of the lists. These two priorities are allocated the lion's share of the budget each and every year. Therefore, it is crucial to analyse how this allocated budget is utilised by the two Departments. The research analysed expenditure management for the Department of Health and Education of Eastern Cape between 2007/8 to 2011/12 and compliance with the PFMA that regulates financial and expenditure management by national and provincial departments. This was done through analysis of unauthorised expenditure; irregular expenditure and fruitless and wasteful expenditure and its implications for service delivery. Challenges that prohibit the two departments from improving financial management and expenditure management are also analysed.

The affordable housing crisis in South Africa has created a need for better quality and efficient housing alternatives. The aim of this research is to identify how housing microfinance contributes towards improved living conditions and welfare of low-income households through a case study analysis. Data was collected from employees and beneficiaries of Ikhayalami's loan finance programme using observations, pictures and semi structured individual interviews. Data was analysed for content with the aim of interpreting emerging trends and concepts. The findings reveal a significant positive effect via an increase in community status and housing conditions. If afforded sufficient infrastructure and support – housing microfinance has the potential to grow in scale and move developmental objectives forward.

The topic of taxation and its impact on economic growth remains a widely debated one. This study contributes to literature by assessing the impact of the tax burden on GDP growth on the BRICS countries for the period 2000-2012 by using panel data estimation techniques. The three panel data estimation techniques examined in this study are: the fixed effects model, random effects model and the pooled regression model. In evaluating the tax effect on GDP growth, the paper reviews both theoretical and empirical literature. In line with literature that seems to prefer the fixed effect modelling technique, the tests in this study show that the appropriate model for the empirical data is the fixed effects model. The tax burden is defined as the tax revenue-to-GDP ratio. The explanatory variables explored against GDP growth in the study are: the tax burden, government expenditure, government debt, fixed investment, labour, education and population. Findings of the study show that there is a positive tax effect on GDP growth for the BRICS countries for the period explored.

There is a paradigm shift from traditionally relying on big businesses for stimulating economic growth and job creation to small businesses in both developed and developing economies. Developing countries in the last 3 decades have accelerated their support for small businesses in a bid to alleviate dire poverty levels they are faced with. Theoretically small businesses are believed to be more labour intensive compared to larger businesses and thus the shift. (Thorsten Beck, Asli Demirguc-Kunt, and Ross Levine, 2003: 2; Beck et al. 2003: 1). Empirically there are ample success stories emanating from China, Pakistan, Brazil just to mention a few, showing a fairly similar trajectory of increased economic participation by small businesses resulting in their significant contribution to GDP and employment creation. However, South Africa has not necessarily followed a similar trajectory to its BRICS counterparts and thus this paper looked at small businesses and job creation in South Africa. It narrowed down to impediments that have stood on the way of small businesses' ability to create jobs. The study was exploratory, descriptive and quantitative in nature. The results to this study are in alignment with previous studies on the subject matter and this study singled out access to finance, HIV Aids, operational costs and government taxes and regulations as statistically significant in explaining variation in the proportion of small businesses that create jobs. This study ultimately recommended that over and above dealing with the above listed impediments directly, government should especially focus on consumer vulnerability and financial conditions on a macro-economic level as these have a direct impact on small businesses.

E-filing of personal income tax returns is regarded as one of the South African Revenue Service (SARS)'s success stories based on its growth since its inception in 2006. Given the importance of tax revenue as a major source of revenue to government, this study explores the effects of personal income tax e-filling on tax compliance and tax revenues. The study was carried out with three objectives, namely; determining the relationship between personal e-filing growth and some demographic, socio-economic and geographic factors in South Africa; determining the relationship between personal income tax e-filing and personal income tax revenue; and determining the relationship between personal income tax e-filing and tax compliance. Descriptive statistics and the pooled ordinary least square were employed to analyse the data having found the absence of unit root at levels in the data. The study covered 6-year period prior to e-filing (2000-2005) and 10-year period of e-filing implementation from 2006 to 2015, with data collected from publicly available SARS database on registered taxpayers and revenues collected nationally and across South Africa's nine provinces and metropolitan areas. The results indicate that e-filing had a positive contribution to increase personal income tax revenue collection as well as tax compliance over the study period. The study concludes that the introduction of e-filling provided an opportunity for improved collection and compliance across the provinces of South Africa. We therefore recommend, among others, that investigations and investments in tax technology & e-filing in non-metropolitan areas be considered, and further research be done in identified areas of interest in South Africa and rest of the African continent.

The majority of empirical studies that investigate the relationship of corruption and FDI tend to find that there is a strong relationship between corruption and FDI, although the findings are mixed in this regard; some have found the opposite while others have resulted in inconclusive results. This paper uses an institutional approach to corruption and seeks to advance the concept of "corruption distance" as it relates to FDI in context of Africa, it therefore investigated the manner in which the perceived level of corruption in the African continent affects the level of FDI counties in Africa are able to attract. The paper analyses corruption and FDI where the home countries are developing economies in Africa in order to obtain a greater insight regarding relationships in African investment using a panel data set of 45 African countries from 2003 to 2013. The research findings support the view that corruption distance has a negative effect on FDI in Africa. Given the levels of corruption in Africa, even expectations that more corrupt countries would be more likely to invest in less corrupt countries where confirmed. Our evidence confirms that the flow of FDI in Africa is mostly influenced by countries who on average are less corrupt that African countries. The paper finds that that there is a negative relationship between corruption and FDI where the home country is less corrupt than the host African country and concludes that the potential for FDI towards Africa to be great if the institutional quality underpinning the investment climate in African countries where to improve.

To serve the underserved markets successfully companies have to re-evaluate their strategies and approach towards the poor; this is also true for financial institutions and governments seeking to address financial exclusion or looking to fully bank the under banked in their economies. This study examines the regulatory enablers put in place by the South African government; the organisational enablers in form of financial institutions; and the products or services these institutions offer the under banked or unbanked in the society. In examining the products and services offered four factors were taken into consideration i.e. availability, acceptability, affordability and target market awareness of the product. The study was carried out using a deductive qualitative approach; the hypothesis was 'some of the macro and micro enablers required when seeking to serve the underserved are missing in South Africa'. From our analysis; there are very specific positive steps being taken to enhance the macro environment. Hopefully as these undertakings are established the micro-environment will improve. Such improvements are expected to include; increase in strong, reliable national players serving the underserved; increase in providers of good and safe services for the underserved and enhanced awareness among consumers on the products available for them.