La contraction de la liquidité et la paralysie des marchés interbancaires durant la crise de 2007 ont conduit à la dégradation des bilans des banques. En même temps les prêts bancaires et la production ont souffert de la baisse de demande. Le quasi-effondrement de Bear Steams et la faillite de Lehman Brothers peuvent être tous les deux caractérisés comme des chocs de liquidité qui ont eu un impact plus important sur les entreprises non financières étant financièrement fragiles. Entre 2008 et 2009 le Trésor américain a injecté des liquidités dans les institutions financières dans le cadre du Capital Purchase Program (CPP). Les résultats montrent que le CPP a favorisé les grandes banques dont la faillite potentie~e pouvait accroitre la ftagilité d'ensemble du secteur. Une telle répartition des fonds du CPP a été efficace du point de vue du contribuable car la probabilité de non-remboursement des fonds de sauvetage a été réduite au minimum. Cependant, les banques de petite taille qui avaient été effectivement exposées au marché hypothécaire et aux prêts non productifs se sont wes refuser l'aide financière. Enfin, l'efficacité du CPP a été analysée dans le chapitre 4 en termes de restauration d'offre de prêts bancaires. L'augmentation du niveau de capitalisation est associée à des taux de croissance de prêts plus élevés. Pendant la crise les banques-bénéfciaires du CPP ont montré les taux de croissance de prêts plus élevés que les banques qui n'ont pas bénéficié du CPP. En plus les banques-bénéficiaires du CPP qui ont rachetés leurs actions auprès du Trésor américain ont octroyé plus de prêts que les banques-bénéficiaires qui n'ont pas remboursé les fonds du CPP. / The drying-up of liquidity and freezing of the interbank markets during the crisis of 2007 1ed to the debasement of banks' balance sheets. At the same time, both bank lending and business production suffered from the drop in consumer demand. The near-collapse of Bear Stearns and failure of Lehman Brothers are both characterized as liquidity shocks that had a greater impact on financially fragile non-financial firms. In the second half of 2008, after a series of bankruptcies of large financial institutions, the U.S. Treasury poured capital infusions into domestic financial institutions under the Capital Purchase Program (CPP), thus helping to avert a complete collapse of the U.S. banking sector. Government regulators had to distinguish between those banks deserving of being bailed out and those that should be allowed to fail. The results of this study show that the CPP favored larger financial institutions whose potential failure represented higher degrees of systemic risk. This allocation of CPP funds was cost-effective from the point of view of taxpayers, as such banks reimbursed the government for their CPP bailouts sooner than expected. In contrast, smaller banks that were heavily into mortgage-backed securities, mortgages, and non¬performing loans were less likely to be bailed out. Finally, the effectiveness of the CPP is analyzed in chapter 4 in terms of restoring banks' loan provisions. Banks that have a higher level of capitalization tend to lend more both during the crisis and in normal rimes. Moreover, bailed-out banks that repurchased their shares from the V.S. Treasury provided more loans during the crisis than those banks that did not.

M.Comm. / The Taxi Recapitalisation Programme (TRP) was first announced by the Government in 1999. It was originally recommended by the National Taxi Task Team (NTTT) as a strategy to transform and regulate the South African Combi-Taxi Industry (SACTI) into a “new” taxi industry. Its aims were to improve the quality of combi-taxi transport in South Africa by taking a number of steps, including institutionalising the industry, changing the licencing system, regulating the industry and replacing old vehicles with new ones. Since that time, however the TRP has been plagued by controversy and its implementation has fallen behind schedule. The study‟s key research aim has been to investigate and assess perceptions of taxi associations (taxi owners) with regard to the TRP. The study took place in Temba, near Hammanskraal, approximately 55 kilometres north of Pretoria. Temba is taken as a “microcosm” of SACTI in that it can be regarded as typical of many other areas in the country. A background is provided to the regulatory legislation of the public transport system of the apartheid Government and the general historical and economic development of the SACTI prior to 1994. It deals with the periods from 1930-1976, 1977-1985 and 1986-1993, and then explores the legislative and policy framework of the public transport system of the post-1994 democratic government up to 2008. It introduces the NTTT and its recommendations before analysing the economic effects likely to be felt by taxi associations following implementation of the TRP. The study then presents the results of a brief demographic profile of a sample of taxi owners and operators in the Temba area and identifies a number of factors that influence their attitudes towards the industry in general and their perceptions of the TRP in particular. It assesses the progress made with the implementation of the TRP since its inception and identifies critical issues that have delayed the project. Having been scheduled to span the five years from 2001 to 2005, the date of completion of the TRP was later extended to 2007. By 2010 the project was still only partially complete. Due to repeated delays, the project appeared to be running aground and was perceived by many as a fruitless and wasteful exercise. Indeed, these delays have undermined the goals of transport regulation which, inter alia, were intended to promote the welfare of the public (safety, security, satisfaction, health and protection of property) and to improve the quality of public transport generally. By linking the demographic profile of the taxi owners with the various perceptions, the study has been able to draw conclusions and make findings intended to contribute towards the successful implementation of the TRP and thereby assist SACTI to play a more effective role in the overall transport situation in South Africa. The study concludes that taxi associations in Temba have perceived the TRP to be a good proposal but difficult to implement. It therefore makes a number of recommendations that will hopefully assist in the transformational process of changing SACTI “old” taxi industry into a “new” taxi industry, and so enhance the economic strength of taxi owners and operators, as well as improve the welfare of the users of taxi transport services, not only in Temba but throughout the country.

The minibus taxi industry serves approximately 68% of the South Africans using public transport. It is credited with supporting black South African communities by providing a more accessible alternative to the public transportation. It has also been a primary activity for black entrepreneurship since the early 1970s up to the present. It also provides a strong example of enterprise serving as a platform for creating employment and for fighting poverty. However, its growth and prosperity is hindered by a number of challenges, some of which emanated from the past apartheid laws that restricted black economic policies. Some are related to the industry, such as continuing problems of persistent violence, at times resulting in death and safety concerns. In an effort to address these challenges, the National Department of Transport published a Taxi Recapitalisation Strategy (TRS). The TRS is not only about the replacement of old vehicles with new and safe vehicles, but presents the government with an opportunity to transform, empower and regulate the industry. The key pillars of the TRS are the scrapping of old taxi vehicles, the introduction of new and safe vehicles, effective regulations, empowerment of the taxi industry and law enforcement. This study measures the impact of the TRS on poverty levels and expenditure patterns of the taxi-mode commuters of the Vaal, situated south of Gauteng. It focuses mainly on the few townships identified; where the taxis are the most frequently used mode of transport. It has been shown that regulation of the taxi industry through the implementation of the TRS would lead to a rise in taxi fares and other consequences for the owners and users (passengers). Subsequently, this would result in increased levels of poverty and a change in expenditure patterns of most of the Vaal households. Although the levels of poverty have decreased in the townships of the Vaal as compared to 2003, the severity of poverty still remains in some households. Using the Household Subsistence Level (HSL) as the household's respective poverty line, 45.4% of the households have an income that is less than 50% of their HSL amount, indicating severe poverty. The headcount index was determined at 0.59 in 2006, indicating that 59% of households live below their poverty lines. The poverty gap index was determined at 0.45, reflecting that households lack on average 45% of income to attain a level equal to their poverty line. The impact of increases in taxi fares would then directly have a negative effect on the average standard of living of the Vaal households. To measure the impact of the TRS on expenditure patterns, affordability levels of the households of the Vaal were considered. The three scenarios used (taxi fares increase by 10%, 15%, and 20%) showed that the average monthly transport costs would rise by 9.9%, 10.3% and 10.6% respectively, following the implementation of the TRS. If user-targeted subsidies could be offered that would result in the taxi fare reduction, it could have an impact on expenditure patterns and poverty levels of the Vaal households. Applying the impact assessment model to households living below their poverty lines in the Vaal, increased government subsidy would supplement the existing incomes of these households. For instance, if a subsidy of 20% on taxi fares is offered, that is to make the taxi fare lower than the current fare, the poverty gap would decrease from 0.45 to 0.31 and the headcount index would be reduced from 0.59 to 0.48. This would reflect that households lacking income to attain a level equal to their poverty line is reduced by 14%.This suggests that the recapitalisation of the taxi fleet which is supported by a taxi fare subsidy is critical to ensure the provision of safe, affordable and efficient minibus taxis. In the case of even higher government subsidies, reduction in the cost of transport through government subsidies may supplement the existing income of households to such an extent that the headcount indexes for the population decreases even more. The study therefore concludes that poverty alleviation and improved standards of living among the Vaal households can only be achieved if appropriate subsidies which may lead to the reduction in the taxi fares can be provided. / Thesis (Ph.D. (Economics))--North-West University, Vaal Triangle Campus, 2008.

The minibus taxi industry serves approximately 68% of the South Africans using public transport. It is credited with supporting black South African communities by providing a more accessible alternative to the public transportation. It has also been a primary activity for black entrepreneurship since the early 1970s up to the present. It also provides a strong example of enterprise serving as a platform for creating employment and for fighting poverty. However, its growth and prosperity is hindered by a number of challenges, some of which emanated from the past apartheid laws that restricted black economic policies. Some are related to the industry, such as continuing problems of persistent violence, at times resulting in death and safety concerns. In an effort to address these challenges, the National Department of Transport published a Taxi Recapitalisation Strategy (TRS). The TRS is not only about the replacement of old vehicles with new and safe vehicles, but presents the government with an opportunity to transform, empower and regulate the industry. The key pillars of the TRS are the scrapping of old taxi vehicles, the introduction of new and safe vehicles, effective regulations, empowerment of the taxi industry and law enforcement. This study measures the impact of the TRS on poverty levels and expenditure patterns of the taxi-mode commuters of the Vaal, situated south of Gauteng. It focuses mainly on the few townships identified; where the taxis are the most frequently used mode of transport. It has been shown that regulation of the taxi industry through the implementation of the TRS would lead to a rise in taxi fares and other consequences for the owners and users (passengers). Subsequently, this would result in increased levels of poverty and a change in expenditure patterns of most of the Vaal households. Although the levels of poverty have decreased in the townships of the Vaal as compared to 2003, the severity of poverty still remains in some households. Using the Household Subsistence Level (HSL) as the household's respective poverty line, 45.4% of the households have an income that is less than 50% of their HSL amount, indicating severe poverty. The headcount index was determined at 0.59 in 2006, indicating that 59% of households live below their poverty lines. The poverty gap index was determined at 0.45, reflecting that households lack on average 45% of income to attain a level equal to their poverty line. The impact of increases in taxi fares would then directly have a negative effect on the average standard of living of the Vaal households. To measure the impact of the TRS on expenditure patterns, affordability levels of the households of the Vaal were considered. The three scenarios used (taxi fares increase by 10%, 15%, and 20%) showed that the average monthly transport costs would rise by 9.9%, 10.3% and 10.6% respectively, following the implementation of the TRS. If user-targeted subsidies could be offered that would result in the taxi fare reduction, it could have an impact on expenditure patterns and poverty levels of the Vaal households. Applying the impact assessment model to households living below their poverty lines in the Vaal, increased government subsidy would supplement the existing incomes of these households. For instance, if a subsidy of 20% on taxi fares is offered, that is to make the taxi fare lower than the current fare, the poverty gap would decrease from 0.45 to 0.31 and the headcount index would be reduced from 0.59 to 0.48. This would reflect that households lacking income to attain a level equal to their poverty line is reduced by 14%.This suggests that the recapitalisation of the taxi fleet which is supported by a taxi fare subsidy is critical to ensure the provision of safe, affordable and efficient minibus taxis. In the case of even higher government subsidies, reduction in the cost of transport through government subsidies may supplement the existing income of households to such an extent that the headcount indexes for the population decreases even more. The study therefore concludes that poverty alleviation and improved standards of living among the Vaal households can only be achieved if appropriate subsidies which may lead to the reduction in the taxi fares can be provided. / Thesis (Ph.D. (Economics))--North-West University, Vaal Triangle Campus, 2008.

Thesis (M. Dev.) -- University of Limpopo, 2016 / In South Africa, the Land Reform Programme is a priority programme aimed to address land ownership through land redistribution and restitution programmes. The aim of this study was to assess the effectiveness of the mentorship programme in land reform programme. The study adopted a qualitative approach in which one mentor, three executive committee members, 20 protégé's (new farmers) and a manager from the Department of Rural Development and Land Reform were interviewed. The findings show that there are essential qualities and characteristics that a mentor and Protégé should possess to ensure a successful mentorship programme. The qualities linked to a mentor include a good commended, traceable track record; he/she must be people’s person (that is, he/she must be able to get along with people); a motivator to other people; he/she must be able to make people productive and take firm decisions; and must be a knowledgeable, respectful and trustworthy person. The ‘ideal’ protégé should be honest, committed, respectful and hard working. The characteristics of a mentee include honesty, passionate with farming and reliability. All these qualities must be undergirded by a good mentorship relationship between a mentor and mentee, a condition which is crucial for success. The study also found out that a lack of respect from either the mentor or mentee, a lack of willingness to cooperate, a lack of commitment have the potential to lead to negative impact on the mentorship programme and affects farm production. Due to the fact that the mentorship programme applies a participatory approach, beneficiaries are at liberty to select their own mentor. They also have the opportunity to make input when a land use plan and a business plan are developed. Key words: Mentorship; beneficiary, land reform; agriculture; business plan; sustainability and recapitalisation.

Thesis (MPA.) -- University of Limpopo, 2012 / The implementation of the Taxi Recapitalisation Programme was articulated by the South African government since 1999, with its estimated time implementation to start in 2005. As at the time of completion of this study the Taxi Recapitalisation Programme was still not absolutely completed. While 2010 was earmarked to be a year to remove all unroadworthy vehicles on the South African public roads, and that has not been completely achieved, especially in the rural areas where roads are not well tarred and constructed. This study investigated the impact that the implementation of the TRP has on taxi queue marshals, taxi rank- street vendors, taxi drivers and taxi-owners as well as their perceptions of the government’s Recapitalisation programme. Both qualitative and quantitative methods were used to collect data from the Greater Mankweng Taxi Association in Limpopo Province, Capricorn district and the Limpopo Department of Roads and Transport. The findings of the study, however differs in terms of the participants categories, but the general perception from the respondents is that the Taxi Recapitalisation Programme is not bringing substantial benefit to those it intends to benefit such as taxi operators, taxi drivers and the government revenue system. The street vendors who are indirect beneficiaries also do not see the impact of the Taxi Recapitalisation Programme on their business.

Cette thèse est composée de 3 essais. Le 1er essai traite de la problématique du risque de pertes extrêmes dans le secteur bancaire dans un contexte du problème d'agence entre les actionnaires et les top managers des banques. Pour pouvoir inciter les banques à ne pas prendre le risque de pertes extrêmes, il est proposé d'appliquer la régulation des fonds propres sous forme d'une politique de recapitalisations obligatoires, dont les paramètres sont choisis pour inciter les actionnaires à rémunérer leurs managers de la manière à les détourner des stratégies au risque de pertes extrêmes.Le 2ème essai développe le design de la supervision bancaire qui vise à éliminer le problème d'aléa moral au sein d'une banque, tout en assurant un coût minimum de supervisions. Les banques, dont la situation financière commence à se dégrader, doivent être soumises à des audits aléatoires. Les banques, dont la valeur de l'actif s'est dégradée considérablement, doivent être mises sous tutelle pour un redressement financier. Les auditeurs externes peuvent être impliqués dans le processus de supervision, mais ne doivent pas complètement remplacer les régulateurs. Le 3ème essai étudie comment la capacité d'emprunt de l'entreprise non-financière affecte sa politique d'investissement en présence des coûts d'émission de la dette. Il est montré que les entreprises, dont la capacité d'emprunt est moyenne, ont intérêt à réaliser un investissement plus important par rapport aux entreprises dont la capacité d'emprunt est relativement faible/forte. Cela est entièrement dû à l'effet des coûts fixes d'émission de la dette, qui émerge dans le contexte dynamique d'investissement. / This dissertation consists of 3 self-contained theoretical essays.Essay 1 brings into focus the problem of "manufacturing" tail risk in the banking sector. This work shows that, in order to prevent banks from engaging in tail risk, bank capital regulation should account for the internal agency problem between bank shareholders and bank top managers. It is proposed to design bank capital requirements in the form of incentive-based recapitalization mechanism which would induce bank shareholders to shape executive compensation in such a way as to prevent top managers from engaging in tail-risk.Essay 2 deals with the problem of moral hazard in bank asset management. It proposes the concept of incentive-based bank supervision aimed at preventing moral hazard at a minimum cost to the regulator. It is shown that the intensity of supervision efforts should be gradually adjusted to the bank's financial health: banks in the mild form of distress should be subject to random audits, whereas deeply distressed banks should be placed under temporary regulatory control. To prevent double moral hazard, external auditors involved in supervision should be offered the optimal incentive contract.Essay 3 examines the impact of credit rationing (debt capacity) on corporate investment in the setting with costly debt financing. It is shown that, when credit constraints are binding, the firms with intermediate levels of debt capacity will establish larger investment projects than the firms with relatively low or high debt capacity. This non-monotonicity of investment on debt capacity arises due to the effect of the lump-sum debt issuance costs in the dynamic context of investment.

Text in English / An improved roads and public transport system also referred to in this research as road-transport, is strategic to economic growth in countries worldwide. This is why the improvements relating thereto have been prioritised by governments in developing economies such as South Africa. The problem that therefore informed the research in this study is that ever since the improvements on road-transport in South Africa, the implications thereof on the role of the Tshwane Metropolitan Police Department (TMPD) have not been studied, to understand the associated dynamics. The dynamics relate to how the road-transport improvements have swayed the role of law enforcement in the City of Tshwane. To unpack the dynamics, the study posed the question: What are the implications of the road-transport improvements on the role of the TMPD? In an attempt to answer this question, the study premised itself on exploring one primary aim, which is: to explore the implications of the road-transport improvements, on the role of the TMPD. To operationalise this aim, the study used three research objectives, which are: to describe the road-transport improvements In South Africa; to explain the role of the Tshwane Metropolitan Police Department; as well as to identify factors that hinders the effectiveness of the TMPD. The research used a qualitative approach wherein primary data was collected using interviews. The research showed that road-transport improvements in South Africa can be summarised into two categories. These are traffic improvements and improvements in public transport. The research also found that the role of the TMPD include traffic policing, by-law enforcement, crime prevention, crime Investigation and crowd management. Although the role of the TMPD is regulated properly, the study shows that this law enforcement agency was constrained by a number of challenges. The challenges include: lack of clarity in their crime prevention mandate; limited investigative powers; balancing their enforcement and crime prevention mandates; poor training in crowd management; staff shortages; resource problems; and administrative challenges. To deal with the problems thus requires strong management and leadership within the institution. / Police Practice / M. Tech. (Policing)