The thesis examines the comprehensive relationship between all aspects of financial liberalisation and economic growth in three countries from the Economic Community of West African States (ECOWAS). Employing ARDL bounds test approach and real GDP per capita as growth indicator; the thesis finds support in favour of the McKinnon-Shaw hypothesis but also finds that the increases in the subsequent savings and investments have not been transmitted into economic growth in two of the studied countries. Moreover, the thesis also finds that stock market developments have negligible or negative impact on economic growth in two of the selected countries. The thesis concludes that in most cases, it is not financial liberalisation polices that affect economic growth in the selected ECOWAS countries, but rather increase in the productivity of labour, increase in the credit to the private sector, increase in foreign direct investments, increase in the capital stock and increase in government expenditure contrary to expectations. Interestingly, the thesis also finds that export has only negative effect on economic growth in all the selected ECOWAS countries. The thesis therefore, recommends that long-term export diversification programmes be implemented in the ECOWAS regions whilst further investigation is carried on the issue. / Economics / D. Litt et Phil. (Economics)

Thesis (MA)--University of Stellenbosch, 2004. / ENGLISH ABSTRACT: One of the most notable features of the relations between the European Union and SADC is the current reconfiguration of their trading architecture as encapsulated in the Cotonou Agreement. Such a process of change can be shown to have inevitably been the result of policy shifts, which are salient characteristics of a global political economy, whose ontology is embedded theoretically in neo-liberalism. Nevertheless, any process of change in the structure of global trading relations has the logical outcome of systemically imposing either challenges or opportunities, and in some cases both, on the participants of that structure. This study represents a scholarly attempt at creating a lucid and descriptive embodiment of the challenges and opportunities involved for SADC in the negotiation and implementation of a Regional Economic Partnership Agreement (REPA) with the European Union. These challenges and opportunities, obligatory within a REPA framework are theoretically pronounced in as far as they shape the political economy of regional integration in SADe. The process of negotiating such a multifaceted agreement with a sophisticated partner, calls for institutional and negotiating capacity. Undoubtedly, such capacity is beyond the membership of SADe. The point is also emphasized that the process of trade liberalization, ingrained in a REPA will create a complex and difficult interface with the current SADC initiatives underway to deepen regional integration. Tellingly, these would contradict the cautious developmental and bottom up approach taken by SADC in its drive for regional integration. Conversely, this study concedes that a REPA with the EU holds a number of novel opportunities for SADC because such a process would provide scope for the fundamental restructuring of the SADC economies. The competitive pressures through decreased levels of protection within a REPA can create an upward convergence of low performing industries in the region. These, amongst others are important aspects if the political economy of SADC is to move into a virtuous cycle of deeper integration and ultimate insertion in the global economy. / AFRIKAANSE OPSOMMING: Een van die mees opvallende kenmerke van verhoudinge tussen die Europese Unie (EU) en Suider-Afrikaanse Ontwikkelingsgemeenskap (SAOG) is die huidige rekonjigurasie van handelsbetrekkinge, soos vervat in die Cotonou Ooreenkoms. Hierdie proses is die onafwendbare gevolg van beleidsveranderinge in die internasionale politieke ekonomie, met 'n. ontologie wat teoreties in neo-liberalisme gewortel is. Sodanige veranderinge in die struktuur van internasionale handelsverhoudinge. bied uitdagings sowel as geleenthede, en soms beide, aan deelnemers van sodanige struktuur. Hierdie studie is 'n akademiese poging om 'n helder en deskriptiewe blik te werp op die uitdagings en geleenthede vir die SAOG met betrekking tot die onderhandeling en implimentering van die Regionale Ekonomiese Venootskapsooreenkoms (REVO) met die EU Hierdie uitdagings en geleenthede, wat verpligtend is binne die REVO struktuur, is teoreties belangrik in soverre as wat dit die politeke ekonomie van regionale integrasie in SADC beinvloed. Die onderhandelingsproses van so 'n komplekse dokument met gesofistikeerde vennote vereis intitusionele en onderhandelingskapasiteit. Hierdie kapasiteit is nie in SAOG te vinde nie. Die punt word ook benadruk dat die proses van handelsliberalisering, wat deel uitmaak van REVO, botsend kan wees met SAOG inisiatiewe om regionale integrasie te versterk. In essensie sal dit die huiwerige ontwikkelings en 'onder na ba' benadering, wat die SAOG tans volg, weerspreek. Aan die ander kant, gee die studie toe dat 'n REVO met die EU 'n hele aantal voordele inhou, aangesien so 'n proses momentum kan voorsien vir verreikende herstrukturering van SAOG ekonomieë. Die kompeterende druk a.g. v. 'n afname in beskermingsvlakke onder die REVO, kan lei tot 'n opwaartse neiging onder tradisionele swakpresterende nywerhede in die streek. Hierdie is onder andere belangrike aspekte wat SADC in gedagte moet hou, ten einde deel te word van die deugsame kringloop van dieper integrasie, en uiteindelike deelwording van die internasionale ekonomie.

Decentralized renewable energy procurement has gained traction in recent years for its potential to alleviate rural energy poverty and environmental degradation in developing countries. Hence, this study investigates if deploying renewable energy can mitigate rural energy poverty in developing countries as often claimed. Because any energy regime cannot be initiated or sustained without the conviction of local political leaders, the study also evaluates the extent to which government investments in the development of renewable energy technologies and the energy sector, affect the environmental quality (i.e. greenhouse gas emissions) of developing countries. Energetic theory and environmental inequality constitute the key conceptual premises guiding this study. Ordinary least squares regression is utilized to analyze the relationship between key variables. The results reveal that as of 2010, use of renewable energy can indeed support rural electrification. Higher GNI per capita and use of conventional fuels are also positively related to rural electrification, all else equal. As for environmental degradation in 2005 and 2008, R&D investments actually tend to increase GHG emissions; procuring energy from either renewable or non-renewable sources is however, found to be environmentally detrimental, net of all other variables. Finally, some evidence is found for the role of aid funds and multilateral debt in abating GHG emissions.

The Nicaraguan Literacy Crusade of 1980, carried out in the aftermath,of a long and destructive revolution, was able, in five months time, to decrease the nation's illiteracy rate from 50 percent to 13 percent. The newly fonned Nicaraguan government, recognizing the political nature of education, viewed its Literacy Crusade as a major step· in the development of a "new", post-revolutionary Nicaragua. As a means of comparison, two other literacy campaigns are also examined: the Cuban campaign of 1961, and the UNESCO-sponsored Experimental World Literacy Programme, in place from 1965-1973. The Cuban campaign served as a precursor to the Nicaraguan effort. It, too, occurred after a revolution, with education also,viewed as a key to the consolidation of a new 2 government. Likewise, the effort in Cuba depended upon an intense and massive effort by the public, to participate as students, teachers, or both. In less than one year, the illiteracy rate in Cuba decreased from 26 percent to 4 percent, with 700,000 Cubans achieving minimal literacy. In addition, the campaign was simply the first step in a series of educational changes. Follow-up campaigns, as well as increased emphasis on formal schooling, has continued in Cuba. The UNESCO effort proved to be much less successful. The EWLP was to include intensive and selective literacy projects in eleven designated nations. The literacy projects were based upon work-oriented definitions of literacy, and were, for the most part, planned and administered by international experts. The lack of involvement by national leaders or educators proved to be a great hinderance, especially since many of the nations were interested in mass literacy programs, not selective literacy projects. At the conclusion of the EWLP, thirty-two million dollars had been spent, but only 120,000 adults had been classified as new literates. UNESCO's own assessment of the EWLP pointed to a number of problems in organization, personnel, methods and materials that contributed to this lack of success. The Nicaraguan Literacy Crusade was able to take the best parts of both of these previous efforts, and achieve some remarkable successes. The mass involvement of the people, and the commitment of time and resources at the national level made the Nicaraguan effort a national priority. While experts from other nations and international agencies participated in the Crusade, it was a decidedly Nicaraguan effort. Unlike the EWLP, the idea of literacy in both Nicaraguan and Cuba was tied to an overall change in the structures and attitudes of society; literacy was to be integrated into the people's lives, not to just be a way to improve job skills. For Nicaragua, the Literacy Crusade decreased the illiteracy rate, created 400,000 new literates, and led to follow-up efforts meant to further develop the educational and social process. From the comparison of these literacy efforts, three factors stand out as keys to successful increases in literacy in developing nations. Education must first be seen as part of an overall development strategy, created by and for a particular nation. A literacy campaign must also involve a majority of citizens in some way, especially those with no previous access to education. Finally, to enact these goals of overall development and mass participation, a literacy campaign must have support from all levels of government, who must be willing to sacrifice other goals in order to achieve long-term change.

This paper examines the impact of the recent global financial crisis on economic growth in developing economies and South Africa in particular. It explores whether the events experienced by developing countries conform to what would be anticipated from economic theory. This is done by firstly comparing country growth forecasts for 2012 captured in 2008 at the beginning of the crisis to actual 2012 GDP growth data. Secondly, panel data analysis is used to investigate three important transmission channels, namely those of Trade, Capital Flows and Exchange Rates for 25 developing economies. The results suggest that economic forecasters in 2008 on average overestimated GDP growth for 2012 by -21.6 percent (excluding Venezuela). The only important transmission channel identified using Trend analysis to explain this negative impact on growth was capital flows. However when using Panel regression analysis all three channels were found to explain the economic impact of the crisis on GDP growth for developing countries, conforming to economic theory. It was discovered that, contrary to what was initially expected, portfolio inflows actually increased for most developing countries during the crisis. This possibly can be explained by the impact of quantitative easing in the USA. South Africa was found to have been negatively impacted by the global financial crisis, but to a lesser extent when compared to most other developing countries. The findings are important for global investors looking for new investment opportunities. The extent to which individual economies are “decoupled” from developed economies’ performance provides possible opportunities for diversifying risk through a geographic spread of investor portfolios.

SARAs have been established to achieve dual objectives of improving efficiency and controlling corruption in tax administrations. Key question for this research include: why some SARAs have failed to effectively control opportunities for corruption and what should be done about it? To explore these questions, this thesis has set out an Anti-Corruption SARA Framework. The novel contribution of this thesis lies in developing the new lens (analytical framework) which causes us to see the topic of SARAs against corruption quite differently (due to differentiating between motivations and opportunities for corruption). In order to analyze the validity of the framework, a two-staged analysis of SARAs, labelled as the macro and micro analysis, was conducted for SARAs and Federal Board of Revenue (FBR) in Pakistan. In the macro level of analysis (through secondary literature analysis), it was found that SARAs made partial progress to control corruption by focusing more on controlling motivations for corruption (through personnel autonomy) and lesser focus on controlling opportunities for corruption (through effective accountability). In the micro analysis (through semi-structured interviews and secondary literature), it was found that FBR remained ineffective in controlling both motivations and opportunities for corruption despite focusing more on controlling motivations for corruption (through personnel autonomy) and lesser focus on controlling opportunities for corruption (through effective accountability). In both macro and micro analyses, continued interference from Ministries of Finance (MoF) was found to undermine not only effective accountability for SARAs and FBR, but also undermining control of opportunities for corruption. Findings of both macro and macro level of analysis resulted in three main recommendations. These findings pointed towards a recommendation of reforming SARAs into an organizational form which is far more disaggregated from the parent ministry, such that SARAs have no accountability link with MoFs in the presence of other effective oversight bodies. It is recommended that SARA countries should develop this understanding about importance of balancing both autonomy and accountability mechanisms to be fully effective against corruption for controlling both motivations and opportunities for corruption. Thirdly, research findings point towards a case of converting FBR into a SARA in the form of Pakistan Revenue Authority, such that it is free from any direct oversight by the MoF, and in contrast should be subjected to effective oversight by other oversight bodies, such as already existing Cabinet Committee for Federal Revenue.

This research looks at social policy making in Venezuela and Brazil with the objective of alleviating poverty, with special focus on meeting Millennium Development Goals (MDGs) that were set in 2000. Considering the leftist democratic governments that have been established in Latin America since Hugo Chávez was elected president in 1998, and later with Luiz Inacio Lula da Silva in 2002, the research seeks to understand and illustrate what nuances exist in strategy, ideas and implementation of social policy that would positively affect the underprivileged for a more equal and just society. The two countries have deep historical and structural inequalities from slavery, colonialism, imbalanced distribution of resources and like most developing nations of the Global South, have had to endure structural adjustments that have entrenched poverty levels further. Arguments in the past have been made for economic prosperity and economic growth as good indicators for development, however, the research takes a comparative analysis on how Venezuela (through Barrio Adentro and multiple state driven Missions) and Brazil (state supported Bolsa Familia and Universal Health System), have targeted health and education as the primary sectors not just to transform society but also because it is through these sectors that the most effective and efficient manner to measure human development which has thus far been neglected. The research also examines the leadership of the countries which speaks to the differing approaches adopted, style, rhetoric and political realities; and how they have been received not just domestically, but also internationally. The outcomes of the research illustrate a good link between literacy, education and health and a healthy level of state intervention that requires reciprocal social participation for programmes to succeed. Brazil and Venezuela have shown notable creativity and effectiveness in this regard.

This dissertation examines the effects of trade liberalization policies (represented by membership in the General Agreement on Tariffs and Trade/World Trade Organization on selected Least Developed Countries' (LDCs) human development (represented by the Human Development Index). In this dissertation, General Agreement on Tariffs and Trade (GATT) and World Trade Organization (WTO) policies are theorized to have two distinct types of effects: their direct effect and their indirect effect. Two questions are focused on: first, what is the effect (total, direct and indirect) of WTO policies on human development for selected LDCs? Second, what is the effect (total, direct and indirect) of WTO policies on human development for selected developing/developed countries (i.e. non-LDCs) holding economic development constant? Using the dependency theory of development as a theoretical basis, this dissertation examines the assumptions of modernization-theory-based policies as expressed in trade liberalization policies (i.e. the implementation of comparative advantage and now market fundamentalism) with world-system analysis techniques. To examine these questions, four panel regression models are constructed to measure the total, direct and indirect effects of WTO policies during the near-term (1998-2003) and during a longer historical term (1975-2000). The data for the analyses are taken from seven different sources of international data. The analyses seemingly demonstrate that there are quantifiable negative effects of GATT/WTO membership (trade liberalization policies) on human development in selected LDCs. The current implementation of trade liberalization policies does not benefit the well-being of all concerned as promoted by the WTO.

This thesis is an inquiry regarding the interconnections between water scarcity, geopolitics, resource management, and the strategies for developing effective ways to resolve conflict and encourage sustainable water resource use in developing countries. The ecological services of trans-boundary rivers are explored in conjunction with the potential impacts to freshwater availability due to economic modernization, water resource development, and decision making regimes that determine how water is allocated among competing users. Anthropogenic stressors that induce water scarcity and the geopolitical mechanisms of conflict are studied. A discourse on the creation and functional extent of global and localized water ethics is investigated, emphasizing the importance of perceptual dispositions of water users in understanding the value of trans-boundary river basins.

Given ongoing advocacy for the institutionalisation of derivatives trading in sub- Saharan Africa (SSA) as a convenient way for enhancing regional countries’ growth prospects, this study examines the impact of derivatives trading on the economy of South Africa, with reference to output growth and growth volatility, in order to illustrate the likely developmental impact that derivatives markets could ensue for SSA countries. The literature of the study essentially explores the possible ways of derivatives markets’ influence on economic growth, alongside the infrastructural requirements for ensuring well-functioning derivatives markets. While accounting for implied capital market development, the GMM estimation could not evidence a significant relationship between the existing derivatives exchange and real GDP growth using South Africa’s data. Similarly, a causal relationship from SAFEX’s trading volumes to GDP growth could not be inferred. However, the study shows evidence of the reducing effect of derivatives trading on growth volatility. / Business Management / M. Com. ( Business Management)