Dissertation (PhD)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: A number of themes run through this dissertation, the first of which is the importance of money in facilitating decentralised decision making by lowering transaction costs and by contributing to the definition and maintenance of property rights. A second (and more melancholy) theme is that government control of money has often been poor, and systematically so since the War. This leads to a third theme, the combined force of economic theory and central bank practice of the last quarter of a century or so has led to clearer limits to the discretionary power of government in the management of money. These limits are increasingly expressed as contingent rules containing explicit targets for monetary policy, for example an inflation target. The objective of this thesis is to evaluate inflation targeting both normatively and positively as a framework for monetary policy. A set of criteria from the New Institutional Economics literature is used to evaluate the extent to which inflation targeting captures the lessons from the three themes mentioned above, in both normative and positive dimensions. The practical importance of the thesis is in the application of this institutional evaluation to the inflation the targeting regime of recent vintage in South Africa, which leads to a number of policy recommendations. Part I consists of three chapters of which the first two are mainly abstract and concerned with the theory of the New Institutional Economics. The third chapter has a historical character and considers the history of and recent trends in monetary policy. These trends are consistent with adopting an inflation target as a framework for monetary policy. The second part of the thesis starts with a theoretical consideration of monetary policy rules in chapter 4, and is followed by a discussion of one such rule, inflation targeting, in chapter 5. This discussion starts with the theory of inflation targeting, but proceeds to details of actual inflation targeting central banks, with special reference the South African Reserve Bank (SARB). The history of anti-cyclical monetary in South Africa is also considered empirically to determine whether inflation targeting would represent an important new direction on this issue. Chapter 6 follows with a literature review of the empirical record of the first decade of inflation targeting internationally. The seventh chapter is the core of the thesis and provides the institutional evaluation of inflation targeting. This evaluation is applied to the present inflation targeting regime in South Africa, and leads to recommended policy reforms. These policy reforms are mapped on a two-dimensional chart that indicates their priority and the expected cost of the associated institutional reform. Additionally a new econometric methodology is used in chapter 7 to gauge the contribution of monetary policy to the more stable economy of recent years. In part 3 the focus of the thesis turns to certain political economy considerations that arise from the independence of the central banks (as is typical for inflation targeting central banks). Chapter 8 considers the issue of central bank independence and is followed by an application of constitutional economics to inflation targeting in chapter 9. Whereas the bulk of the dissertation is concerned with the positive evaluation of inflation targeting, chapter 9 attempts a normative evaluation using the Pareto-Wicksell criterion. Both the positive and normative assessments in this thesis support the case for inflation targeting as a framework for monetary policy, / AFRIKAANSE OPSOMMING: Die doel van hierdie proefskrif is 'n institusionele evaluering van inflasieteikening as raamwerk vir monetêre beleid. Vir hierdie doel is 'n stel kriteria saamgestel uit die literatuur van die Nuwe Institusionele Ekonomie met die oog op 'n positiewe en 'n normatiewe evaluering van inflasieteikening as 'n raamwerk vir monetêre beleid. Die praktiese waarde van die tesis lê in die stel institusionele hervormings wat voorgestel word om die stelsel van inflasieteikening in Suid- Afrika meer doeltreffend en normatief meer gewens te maak. Etlike temas loop deur die proefskrif, maar veral drie verdien vermelding in die opsomming, naamlik: eerstens, die belangrikheid van die monetêre stelsel om gedesentraliseerde besluitneming te vergemaklik en as bydraende faktor in die vestiging van eiendomsreg. Tweedens, hoewel moderne owerhede tipies 'n monopolie op die plaaslike geldeenheid bestuur, het die monetêre bestuur in die moderne tydgewrig (veral sdert WOII) veel te wense oorgelaat. Hierdie wanbestuur was boonop telkens sistematies. Derdens, beide teoretiese ontwikkelings en die praktyk van sentrale bankwese het die afgelope kwarteeu aanleiding gegee tot 'n terugrol van die regering se rol in monetêre beleid en die toenemende gebruik van sistematiese beleidsreëls as raamwerk vir monetêre beleid. Die eerste deel van die proefskrif beskou die teorie van die Nuwe Institusionele Ekonomie in hoofstukke 1 en 2. Die derde hoofstuk is histories van aard en beskou die geskiedenis van moderne monetêre beleid en die tendense wat daaruit afgelei kan word. Afdeling twee fokus meer nougeset op inflasieteikens en begin met die teorie van beleidsreëls in hoofstuk 4. Die vyfde hoofstuk volg met 'n interpretasie van inflasieteikens as een van die sogenaamde terugvoerreëls vir monetêre beleid wat sedert die laat sewentigerjare ontwikkel is en sedertdien gewild geword het. 'n Toenemende aantal ontwikkelde- en ontwikkelende-lande het gedurende die afgelope dekade (en langer) inflasieteikens as raamwerk vir monetêre beleid aangeneem. Hoofstuk ses evalueer die empiriese rekord van hierdie kort geskiedenis. Die sewende hoofstuk is die kern van die tesis en bevat die institusionele evaluering van die inflasieteikens aan die hand van die kriteria saamgestel in hoofstuk 1, met spesifieke toepassing op Suid-Afrika. 'n Nuwe ekonometriese tegniek word ook in hoofstuk 7 gebruik om die bydrae van monetêre beleid tot die meer stabiele ekonome van onlangse tydgewrig te kwantifiseer. Die netelige institusionele kwessie van onafhanklik sentrale banke word rue 111 hoofstuk 7 bespreek rue, maar staan oor tot deel drie van die proefskrif waar die politieke-ekonomie van inflasietekens bespreek word. Hoofstuk 8 handel dan oor onafhanklike sentrale banke, met toepassing op die SARB, terwyl hoofstuk 9 'n toepassing is van die konstiutionele ekonomie op inflasieteikening. Hoofstukke 8 en 9 bied derhalwe verdere positiewe evaluering van die instrument-onafhanklike SARB onder inflasieteikens, asook 'n normatiewe evaluering van inflasieteikens aan die hand van die Pareto-Wicks ell kriteria wat uit hoofstuk 2 spruit. Beide die normatiewe en positiewe evaluerings ondersteun die saak ten gunste van inflasieteikens as raamwerk vir monetêre beleid.

M.Com. (Economics) / Inflation is the continuous, meaningful increase in the price level of an economic system. A distinction can be drawn between demand-pull factors (where demand exceeds the supply) and cost-push factors (prices are pushed higher by an increase in wages or input prices) as causes of inflation. Cost-push inflation is the result of the exercising of bargaining power by certain groups, e.g. trade unions. Prices can escalate as a result of competition between trade unions and firms for higher wages or competition between trade unions for a bigger portion of the national income. The aim of trade unions is to maintain the standard of living of their members, whose only source of income is the sale of their labour. Trade unions have a number of mechanisms, e.g. strikes and the withdrawal of co-operation, by means of which they can force an employer to meet their demands. Trade unions usually bargain collectively with employers regarding their wage demands. There are great differences of opinion among economists whether trade unions are the cause of inflation or whether they only contribute to inflation. Trade unions grouped themselves in organisations to look after the concerns of their members while employers have also grouped themselves in organisations. The government also plays an important role in the labour market, especially because' of the payment of unemployment benefits. Trade unions can contribute to inflation because wage increases are declared nationally, trade unions refuse to· accept any cuts in wages, contracts between employers and employees make provision for increases in salaries and also include a stipulation regarding cost of living adjustments. Trade unions can increase wage demands by being more militant, the spillover effect and wage imitation. The first white trade unions were established in the second half of the previous century and black trade unions in the early 1900' s. The numbers of especially the black trade unions increased considerably during the seventies and eighties, to such a degree that black trade unions have almost 3 million members and consist of 23,9 percent of the total economically active population. As a result of their great numbers, strikes have also shown an escalating tendency (there were 908 strikes per year during the period 1987 to 1992). The annual average inflation rate in South Africa reached double figures in 1974 and has not moved back to single figures since. If wage demands since 1985 are compared to this, the wage demands from 1987 to 1991 were higher each year than the inflation rate. Trade unions definitely have an influence on wages as the increase in minimum wages of unskilled labourers were mostly higher than. that of skilled workers. The increase in productivity has however, not kept up to date with the increase in wage rates.

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Masters of Management in the field of Public Policy / This study investigates oversight and accountability in the City of Johannesburg. The study explores the City of Johannesburg’s new governance model as implemented after the 2006 local government elections. The study is premised on establishing an understanding of the issues that the City of Johannesburg is grappling with since rolling out its oversight and accountability model as adopted by its Council in 2006. The Constitution of South Africa (1996) vests both the executive and legislative authority in the Municipal Council. This is in contrast to other spheres of government, namely National and Provincial, whereby there are specific chapters on what the Executive, the Parliament and Provincial Legislatures powers are. The study begins by discussing the cases of separation of powers in local government in the United Kingdom and the City of Johannesburg governance model and the rationale behind implementing such a model. The study then makes an analysis of the legislative framework in South Africa that gives expression to oversight and accountability in government broadly. The study discusses its research methodology and the rationale for such a methodology in investigating issues that the City of Johannesburg is faced with in implementing its oversight and accountability model. In this case study the researcher explores the functionality of the model. In doing so, the researcher then proposes ways of ensuring that the oversight and accountability could be more effective and whether there are any legislative impediments, and then propose to national law makers what needs to be done as informed by the research conducted

Thesis (MBA.)-- University of Limpopo, 2007 / The Department of Health and Social Development in Limpopo endeavors to efficiently and effectively manage revenue collection. The study analyzed the revenue collection for the Capricorn district hospitals from 2001 to 2006 by identifying problems and possible solutions related to revenue collection. A quantitative analysis of data has been obtained from in- depth structured interviews and revenue records. An analytic retrospective study design was used. All revenue records from 2001/2002 to 2006/2007, financial managers, revenue clerks, and clients /patients who came to request credit from each hospital constituted the population of the study. The findings were that in 2001/2002 none of the hospitals were able to attain the revenue targets. In 2005/2006 revenue targets were increased by almost double the amount however all hospitals were able to attain the revenue targets as prescribed. It implies that the hospitals were able to collect more revenue than in the previous financial year. It has been noted that the appointment of CEOs has brought a tremendous change in revenue collection. It has been identified that revenue is the life blood for a country or institution. The institutions need commitment of all stakeholders to collect revenue.

M. Tech. Business Administration / A review of the relevant literature shows that the quality of municipal services that are routinely provided to residents of the City of Tshwane Metropolitan Municipality depends on the capacity of the City of Tshwane to utilize modern financial management and accounting procedures for performance monitoring and evaluation exercises. Fiscal discipline, good governance and service delivery depend on the degree to which prudent financial, auditing and accounting procedures are implemented by finance employees working for the City of Tshwane Metropolitan Municipality. The study aims to explain the relationship between the quality of service delivery and the proper utilization of financial management and accounting at municipal level in the City of Tshwane.

The study investigated the underlying factors which induce the School Governing Bodies (SGBs) and School Management Teams (SMTs) to boundary cross into each other’s finance functional domain despite the fact that their responsibilities are demarcated in the South African Schools Act No. 84 of 1996. The study also intended to examine financial conscientiousness as a critical strategy, which was aimed at achieving the following: restricting the boundary spanning management among School Governing Bodies and School Management Teams, giving direction and strengthening the relationship between the two structures in section 21 high schools. Pragmatism was used as a paradigm for this study as it has been hailed as one of the best paradigms for justifying the use of mixed methods research. The researcher located the study within mixed methods research and employed the convergent parallel design characterised by collecting concurrently both qualitative and quantitative data. The study used a nonprobability sampling strategy – a purposive sampling technique. The study focused on 147 participants. The sample consisted of the following participant sub-groups: (a) 138 questionnaires participants (46 school principals, 46 SGB chairpersons and 46 school finance officers) sampled from 46 high schools, and (b) 9 face-to-face interviews participants (3 school principals, 3 SGB chairpersons) and purposively sampled from 3 different section 21 high schools located in rural, semi-urban and urban areas of the Butterworth District, and 3 Departmental Officials (The District Director, An Education Development Officer, and District National Norms and Standards for School funding coordinator) sampled from the Butterworth Education District. The study was guided by the following research question: What ideas of consciousness raising strategies could help alleviate the crossing over of boundaries between SGBs and SMTs on financial matters of the section 21 high schools? The financial conscientiousness conceptual framework for this study hinged on the conscious raising concept of Paulo Freire supported by philosophical ideas of theorists of school-based management concept, school-based participative partnership concept, school-based participative management concept and teamwork concept. These theories are expected to encourage the inclusive participation when finances are handled in section 21 high schools. The study used a survey questionnaire to collect quantitative dataset and interviews for the qualitative dataset to find answers to the research question and also to enhance the reliability and validity of the research findings. The quantitative data were presented in tables with frequencies and percentages as well as pie charts. Themes and Natural Meaning Units (NMUs) were used to analyse the qualitative data. The overall findings backed by the extant literature and research data indicated that there was lack of trust among SGBs and SMTs. Owing to this mistrust the day to day activities of the school were compromised. There were power struggles between SGBs and SMTs in schools for the control of school finances. There were corrupt practices by both SGBs and SMTs in the management of school finances. The findings also revealed lack of capacity building by the department of education. Furthermore, the SGBs parent component was characterised by high illiteracy level – a systemic weakness worsened by the manipulation perpetrated by both school governing bodies and school management teams during school finance management processes. Resulting from the data analysis, the study recommended the utilisation and application of Sifuba’s School Finance Management Awareness Model (SSFMA) as a new model that could be adopted and adapted by the Department of Education for the school finance management. This will create educational sound atmosphere and realities at school level – a model that is capable of inducing the participative and inclusive behaviour of the SGBs and SMTs when they perform their financial responsibilities

Because the nature of municipalities differs from that of commercial institutions, norms and standards for the determination of creditworthiness are also different. Although various documented models and studies addressing credit rating related issues in the commercial sector are available, no objective model for determining the creditworthiness of municipalities has been published in South Africa. This model has been developed specifically for the determination of the creditworthiness of municipalities and is based on objective standards. All the indicators applied in the model are calculated objectively. The net product of the model is therefore a numerical figure indicating creditworthiness at a specific time. The model shows the numerical composition of the figure, and specific indicators or norms of interest can be studied in greater detail. The model has the following unique features: • It calculates a numerical value, representing the creditworthiness of a municipality. • The determination of the creditworthiness figure is objective. • Trends are calculated and form part of the calculation of the creditworthiness figure. • The model is parameter-driven - by merely changing the values in the parameter file, all the calculations are changed accordingly. • The creditworthiness figure from the model does not claim to be an absolutely accurate representation of the creditworthiness of a municipality, but claims to be accurate enough (80/20 principle) to form a basis for reliable and effective management decisions. This model is the first in South Africa. to offer a means of determining the creditworthiness of municipalities objectively. It is a simple model which is based on the elements representing creditworthiness. / Accounting / D. Comm. (Accounting)

This study was conducted at Engcobo Local Municipality in the Eastern Cape Province to assess the role of municipal structures and systems in the implementation of small town revitalisation strategy. From onset, it highlights that numerous attempts to implement small town revitalisation have failed because of lack of institutional capacity. In addressing this problem, the study outlined the following objectives. To assess role played by municipal structures and systems on implementation of small town revitalisation. To identify institutional challenges experienced during implementation of small town revitalisation strategy. To propose alternative institutional measures that can lead to effective implementation of small town revitalisation. In achieving the study’s objectives; literature from both developed and developing countries was reviewed and it was learnt that institutional capacity is important for efficient implementation of the strategy. Systems theory was also reviewed so as to provide conceptual basis that underpins this study. Data was collected through primary methods and secondary sources. Research participants were chosen by random sampling from councillors, managers, business and traditional leaders. Research findings revealed that there were institutional problems which hinder implementation of the strategy such as lack of competent human resources, insufficient budget and shortages of machinery. Through analysis of findings, the research proposed that small town revitalisation strategy should be reformulated and role of municipal structures be clearly defined. Both councillors and officials should be capacitated. The study further recommended that local people and stakeholders should be involved in the conception and implementation of small town revitalisation strategy. Areas for further research were proposed at the end.

M.A. / The principle aim of the present study was to uncover the similarities and differences between the National Plan for Family Life (NPFL) and six state-funded programmes of social welfare organisations. A checklist was compiled from the NPFL on the basis of an explorative-descriptive research design with the following categories: "principles", "aim", "objectives", "the identified needs of families", "target groups" and "actions". The content of the said six state-funded programmes of social-welfare organisations were then analysed by means of the said checklist in order to uncover any possible similarities and differences. The latter checklist was also utilised as the framework for the dissemination of the findings and recommendations arrived at and made on account of the study. Of these thirty-five findings, the following deserve to be mentioned: • In the category entitled "principles", no correlation could be drawn, as not one of the programmes documented principles as their basis. • In the category entitled "aim", the concept "marriage and family life" only featured in two programmes, whilst no programme provided for the concept "optimum quality marriage and family life". • The strengthening of marriage and family life featured in the category entitled "objectives" especially as far as significance attribution, interpersonal relations and resilience to overcome adversity were concerned. Similarities in respect of the concept "strengthening" were only uncovered in one programme, whilst three programmes included facets of marriage and family life such as interpersonal relations. The NPFL takes cognisance of the effect and affect of inhuman and inhibitory circumstances in families' physical environment. Only one programme bore partial resemblance to this, thanks to a formulated objective aimed at the improvement of children's physical environment. The privileges, rights, responsibilities and joys associated with parenthood and family life are highlighted in the NPFL, whilst children's rights are only referred to in one programme and the honouring of these responsibilities is referred to in another. No programme, however, make any mention of the joys of parenthood and family life. Preparation for the various life phases in order to prevent dysfunctioning is emphasised in the NPFL, whilst none of the other programmes barring one allow for the word "preparation" in their objectives. The facilitation of therapeutic and supporting services, aimed at the handling of dysfunctions in family life, is emphasised in the NPFL; an aspect which all six programmes share. • The following sub-categories feature in the category entitled 9dentified needs" of the checklist: "marital relations", "family relations", "parent/child relations", "individual factors", "needs relating to the interface between family and community" and "value orientations". With the exception of the interface between family and community, as well as value orientations, a similarity was uncovered between all these sub-categories. • Strong similarities were found between the categories entitled "target groups" and "actions", as contained in the checklist of the NPFL and the six programmes.

There is a considerable amount of literature arguing that economics and business journalism is growing. This subfield of journalism is important as economics issues impact on everyday lives of the people. Media have an important role to inform people about the economy and give them a voice to take part in public debates. The down side though is that economics journalism is criticised for not serving the public well in this aspect. Evidence suggests that economics journalism lost its critical character and that there is closer in economics debates. Using content analysis, this study examines coverage of inflation as reported by South African print media. Three major findings emerged: 1) Evidence shows that there are a variety of cases of inflation. 2) There are also similarities among newspapers on what they view as causing inflation. 3) However, media do not draw sources from all sectors of society. The elite, who are educated people and government officials, are over-accessed while the ordinary citizens - although also affected by inflation – are marginalized. Company and government sources top source lists in the media. It is argued that sources play an important role in shaping the news content. They do so by identifying problems and prescribing potential solutions. They set parameters and define terms of reference. However, media also play a mediating role. They do so by selecting sources and structuring sources in stories. They may chose to quote or report what their sources say and even comment on it. This study concludes that in South Africa ordinary citizens have no voices in economics debates. Media used bureaucratic sources only and that is a consonant agenda on inflation coverage amongst newspapers. The heavy reliance on bureaucratic sources and the exclusion of some sectors of society in sources lists raises questions about impartiality of these sources on issues relating to their organisations and institutions. These are not viable sources that could provide information that could expose abuse of power.