This paper investigates the extent to which the 2008 - 2009 financial crisis impacted economic growth and employment in developing countries, with Zambia as the entity of focus. It further examines the industrial policy strategies employed by the country before, during and after the crisis and whether they have been effective in shielding the country from exogenous shocks and creating sustainable employment opportunities. This provides a unique perspective by evaluating policy responses to external shocks while monitoring the key economic variables highlighted. It draws from conceptual ideas and previous research around the evolution of financial crises and industrial policy, evaluating the manner in which the effects of the former, originating from financial markets in developed economies, trickle down to developing nations with no solid roots in international financial markets. Furthermore, it assesses the application of the latter concept and its ability to preserve and support sustainable economic development. The paper presents an exploratory case study analysis of Zambia which has been negatively affected by the financial crisis to a large extent due to number of vulnerabilities that leave the country exposed. The findings suggest that industrial policy in itself cannot fully insulate developing countries from the dynamic and unpredictable external environment. However, there are a number of policy considerations that can be made, highlighted as concluding recommendations, to support the growth of the economy and mitigate against the impact of inevitable external shocks. It is important to note that each developing country case is unique to itself but generalised findings can still be comparable to other countries that share some fundamental demographic similarities.

This aim of this research is to explore two methods for procuring security services in South Africa. This research is a comparative case study between two correctional centers, which are the Mangaung Correctional Centre and the Kimberly Correctional Centre. The Mangaung Correctional Centre has been procured through Public-Private Partnership, where government procures services through a private party and the Kimberly Correctional Centre has been procured through the traditional public sector finance method. The main objectives of the study is to compare and contrast the costs of incarceration in these correctional centres; to evaluate the quality of security services provided in these two correctional centres as well as to examine the most economic, efficient and effective method of procuring security services. The research findings indicated that the incarceration costs for Mangaung Correctional Centre were far more than the costs for Kimberly Correctional Centre, which poses a threat of affordability for the Department of Correctional Services. The research study also found in terms of the quality of security services provided in Mangaung Correctional Centre, there have been no escapes or riots reported in the centre for a very long time, on the other hand, the research has found that there has been a compromise in the quality of security services provided in Kimberly Correctional Centre because the centre has experienced violent riots in the recent years and there has been security threats due to the loss of the master key. It emerged from the research findings that there is generally a lack of monitoring and evaluation especially when it comes to the issue of incarceration costs in Mangaung Correctional Centre because the costs have increased by more than 100 per cent since inception, this is far more than increase in average inflation for the period reviewed. The research concluded by providing recommendations for consideration of procuring security services in future. Some of the key recommendations made in this research are that before government enters into any major contract, unless the feasibility study confirms the affordability of the project, then the government should not pursue the project further. The research further recommended that the government negotiators represented in the negotiation processes and awarding contracts should be capacitated, more especially in the area of finance and law to ensure that they understand the complexities and technicalities involved during the processes.

Many empirical studies hypothesise that foreign direct investment (FDI) has a positive impact on economic growth. As a result, FDI has been targeted by many countries in their attempts to increase their standards of economic growth. South Africa (like many developing economies) is not a stranger to this phenomenon. However, there is a dearth of literature analysing the relationship between FDI and economic growth at a sector level in South Africa. This thesis analyses the causal relationship between FDI and economic growth in South Africa at a sector level comprising primary, secondary and tertiary industries. This study applied a more robust and asymptotically reliable Toda-Yamamoto-Dolado-Lutkephol (1995) methodology in analysing the causal relationship thus addressing the potential biases and asymptotic unreliability relating the traditional Granger causality technique. The report shows that FDI Granger-causes growth in primary, secondary, tertiary sectors and at an aggregate level. In addition, growth was found to Granger-cause FDI at tertiary and aggregate level. On the other hand growth does not Granger-cause FDI at primary and secondary sector level. The only bi-directional relationship that could be observed was at the tertiary and aggregate sector level, whereas at primary and secondary sector level, the relationship was found to be unidirectional.

Includes bibliographical references (leaves 87-99) / That "there will be houses, comfort and security for all" was one of the rallying cries of the South African progressive movement under apartheid. When, in 1994, the African National Congress (ANC) toppled the, apartheid National Party in the country's first 'free and fair' elections, the promise of 'housing for all' again formed an important part of the vision of a 'new' South Africa. Yet in Cape Town, thirteen years later, the promises of housing for all conflicts strongly with the reality of an increasing housing backlog in the city. Apart from the obvious growth of informal and overcrowded dwellings around the city, one of the consequences has been that a narrative has emerged among residents born in the city, known as 'borners', that places responsibility for the continuation of their homelessness on people who are born outside of the city. Known as 'migrants', it is against such people that 'borners' have begun to articulate their entitlement to housing in Cape Town. This thesis is an attempt to examine such claims and the divisions which such claims imply. Using a case study of a township called Langa, the thesis attempts to understand how and why such claims are being made. Doing so requires an exploration of South Africa's past and present. By examining the past, the thesis argues, the categories 'homers' and 'migrants' can be seen as products of the attempt by South Africa's past segregationist regimes to mediate between the need for labour by capital and the racist desire to achieve a 'white' South Africa. In the post-1994 era however, the claims about division are not only encouraged by the discursive legacy of the past, but also by contemporary factors which have encouraged 'borners' to define themselves as different and in opposition to 'migrants'. Factors commonly cited by 'borners' include the facts that housing delivery is slowed by the increased demand for houses that results from large-scale immigration and that housing delivery is biased in favour of 'migrants'. Ultimately however, such conceptions about who is responsible for either producing, or usurping the tiny offerings forthcoming in Langa, misjudge political-economic reasons for the lack of housing. Working-class people waiting for houses pit themselves against others who are also without adequate housing, and the more direct causes of their housing woes, the present housing development strategy and the current direction of the macro-economy, essentially remain unchallenged.

Includes abstract. / Includes bibliographical references. / In recent years, mobile phones have become increasingly enmeshed in the daily routines of communities across the globe. This exponential swell of mobile teledensity in developing nations, especially in rural areas, gives evidence to mobile phones as being a contributing factor towards social and economic changes in local livelihoods driven by agriculture. In this study, any economic upgrading is organised under the concept of overall social upgrading. This dissertation investigates such evidence by exploring the social effects from the use of mobile phones through two agricultural extension projects in Uganda.

Includes abstract. / Includes bibliographical references. / This project was concerned at looking at philanthropy with regards to poverty alleviation and development. This was achieved by looking at the literature around philanthropy and fieldwork. The literature helped in providing an understanding of philanthropy and the politics around it. Most of the literature that was used was internationally based and this did not look at South Africa. This was a problem because the South African situation is different to what is happening internationally. But the literature with the South African context in mind helped in providing a context specific understanding. I used post-development theory to understand philanthropy within development. The reason for choosing post?development was because it best explained how philanthropists go about doing development. The project used the case study methodological approach in order to get a deep insight into the how philanthropists operate in South Africa. This approach helped to understand who the philanthropists were. This was important in trying to establish how philanthropy works within the South African context.

Despite all the efforts and initiatives put in place by governments and development finance institutions to improve financial inclusion, two billion people in the world remain unbanked. The majority of the unbanked population is in the developing countries and mostly in the Sub-Saharan region. This is of huge concern to many governments and their international development partners because it hinders inclusive economic growth. It is argued that consumers can only use products and /or services if they have enough knowledge about these. According to the 2014 World Bank Global Findex database, only 33% of the adults worldwide are financially literate and this average even goes down to 13% in developing countries. It is, therefore, imperative to improve financial literacy of the consumers to increase meaningful participation in the financial sector especially in developing countries. As such it is necessary to understand the relationship between financial literacy and financial inclusion within the Sub–Saharan region. Most of the previous researches in the area of study have been conducted in developed countries and most of them have focused on either the relationship between financial literacy and the demographic factors, or the relationship between financial inclusion and demographic factors. Very few studies have investigated the direct link between financial literacy aspects and financial inclusion indicators. This study accordingly investigates the link between financial literacy and financial inclusion. The study also investigates how socio-demographic and economic characteristics affect financial literacy levels of individuals. Due to the availability of reliable data in South Africa the study uses evidence from South Africa using data collected by the Human Sciences Research Council (HSRC). The main results of the study indicate that use /ownership of financial products is positively and significantly related to financial literacy. The results also indicate that geographical location, age and education attainment have an influence on an individual being financially literate and financially included, but there is no evidence to suggest that living standard measure has an impact on either financial literacy or financial inclusion. The implications of the results of this study are important because they highlight the focus areas for policy makers to achieve optimal results in financial literacy and financial inclusion. In addition, the study adds to the body of knowledge an analysis of a direct link between financial literacy and financial inclusion in an emerging market using widely accepted indicators and a more diverse and nationally representative sample. The study concludes that increasing financial literacy levels would increase the uptake of financial products/services. Based on the results of the study, this research presents conclusions, policy recommendations and recommendations for further research studies that are necessary to improve aspects of financial literacy and financial inclusion.

This dissertation concerns itself with the problem of constructing multi asset class portfolios. The investment process is aimed at solving two problems. The first problem is estimating the future returns of individual securities, which is an exercise fraught with uncertainty as the future is fundamentally unpredictable. This uncertainty means that the investor must allocate his portfolio to a number of assets instead of just one, in case his predicted future returns do not materialize. This leads the investor to the second problem of how best to construct the portfolio. It is this part of the investment process which is the subject of this dissertation which examines whether it is best to construct multi-asset class portfolios using a top-down or bottom-up approach. In the top-down approach one begins by creating independent single asset class portfolios which are then combined to create a multi-asset class portfolio. The bottom-up approach constructs the portfolio by considering all the securities available to the investor (irrespective of asset class) at the same time. The Mean-Variance and Black- Litterman models are reviewed in detail. Portfolios are then created using these portfolio construction methods in order to compare the two approaches. In constructing these portfolios, the commonly encountered problem of missing data in financial return series is also examined. The main result is that the top-down and bottom-up approaches create similar efficient frontiers, though the bottom-up approach results in an extended frontier which allows investors to obtain efficient portfolios with either a higher expected return or a lower volatility.

Since the 2008 financial crisis, global attention has been drawn to co-operatives, owing to their resilience and ability to flourish during tough economic conditions. The potential of co-operatives as a catalyst for sustainable development is of particular interest to a country like Botswana, where the economy is heavily reliant on a single commodity trade and there is potential for greater participation of the citizens in economic and social development of the country. The growing participation of co-operatives, particularly savings and credit co-operatives (SACCOs), has proved to be a channel for increasing access to finance for the traditionally unbanked, a reduction in poverty levels, and continued socioeconomic development across the African continent. In Botswana, however, only 26% of co-operatives are profitable, while 30% operate at a loss or break even. This necessitates an empirical investigation into the performance (profitability and sustainability) of SACCOs in Botswana. Literature presents various views regarding the determinants of profitability of SACCOs; these include the selection of a skilled management committee, the clear articulation of and compliance with a credit policy, the presence of a savings culture in the area of operation, sound corporate governance, credit default rates, membership numbers and members' level of financial literacy. This study ascertains the key determinants of the profitability and sustainability of SACCOs in Botswana and the extent to which these factors influence the SACCOs' operational self-sufficiency (OSS). The population included 39 SACCOs from eight regions across the country. The independent variables chosen were return on assets, deposit mobilisation, current ratio, capital structure, and membership size. Panel data analysis for financial data collected over 10 years (2005 to 2015) for all registered SACCOs was used. The study revealed that return on assets and capital structure were significantly and positively related to OSS, which was generally consistent with literature. Size and liquidity were found to be statistically insignificant determinants of OSS. A finding unique to this study, and contrary to literature, was the negative relationship observed between deposit mobilisation and OSS. Informed by the findings of the study, the main recommendations are that members of SACCOs as well as regulators should ensure that management provides a clear investment strategy that shows consideration for revenue diversification. The Ministry of Investment, Trade and Industry should also channel resources into implementing supporting policies and legislature for SACCOs, such as the Co-operative Transformation Strategy, to enable these entities to thrive.

The growing use of project bonds in funding infrastructure globally deserves attention. Although primarily dominated by the developed markets, emerging markets such as Latin America and Asia have also been successful in using project bonds to finance their infrastructure projects. The project bond market in South Africa remains insignificant, with only a few episodic issuances in the last decade. Given the size of the country's capital markets, institutional investor base and experience with project finance transactions; one would expect the country to have a sizeable project bond market. This paper aims to investigate whether or not South Africa has the capacity to use project bonds to fund its infrastructure development. As government finances take strain, and as bank funding becomes unavailable due to Basel III, South Africa will need to look to the capital markets for the funding of its ambitious infrastructure plan. This paper finds that South Africa should begin to use project bonds and capital markets to fund its infrastructure development. However, more needs to be done on the regulatory and legal side to ensure that the country continues to attract foreign investment for infrastructure development.