The financial crisis that struck financial markets in 2008 was devastating for the global economy. The impact continues to be felt in the market - most recently in sovereign defaults. 1 There are many questions as to the origin of the crisis and how the same events may be prevented in the future. This dissertation explores two financial instruments: securitisation and credit default swaps (CDSs) and attempts to establish the role they played in the financial crisis. To fully understand the events that unfolded before and during the crisis, a sound theoretical understanding of these instruments is required. This understanding is important to discern the future of stable financial markets and to gain insight into some of the potential risks faced by financial markets. The South African perspective regarding securitisation, CDSs and the global financial crisis is an important field of study. The impact of the crisis on South Africa will be explored in this dissertation, as well as, the effect of the crisis on South Africa's securitisation market (which has proved healthy and robust over the first part of the new millennium despite the global slowdown of these instruments) and the CDS market. A key goal of this work is to establish whether or not CDSs have been used in South Africa to hedge the credit risk component of bonds linked to asset–backed securities (ABSs). This will provide an indication of the maturity of the South African credit risk transfer (CRT) market and how South Africa compares to more developed financial markets regarding complexity, regulation, sophistication and market sentiment. Through the exploration and understanding of these concepts, the efficacy of emerging economies to adapt to globalisation, and how welcome financial innovation has proved to be in emerging markets will be addressed. / Thesis (M.Com. (Risk management))--North-West University, Potchefstroom Campus, 2012.

The financial crisis that struck financial markets in 2008 was devastating for the global economy. The impact continues to be felt in the market - most recently in sovereign defaults. 1 There are many questions as to the origin of the crisis and how the same events may be prevented in the future. This dissertation explores two financial instruments: securitisation and credit default swaps (CDSs) and attempts to establish the role they played in the financial crisis. To fully understand the events that unfolded before and during the crisis, a sound theoretical understanding of these instruments is required. This understanding is important to discern the future of stable financial markets and to gain insight into some of the potential risks faced by financial markets. The South African perspective regarding securitisation, CDSs and the global financial crisis is an important field of study. The impact of the crisis on South Africa will be explored in this dissertation, as well as, the effect of the crisis on South Africa's securitisation market (which has proved healthy and robust over the first part of the new millennium despite the global slowdown of these instruments) and the CDS market. A key goal of this work is to establish whether or not CDSs have been used in South Africa to hedge the credit risk component of bonds linked to asset–backed securities (ABSs). This will provide an indication of the maturity of the South African credit risk transfer (CRT) market and how South Africa compares to more developed financial markets regarding complexity, regulation, sophistication and market sentiment. Through the exploration and understanding of these concepts, the efficacy of emerging economies to adapt to globalisation, and how welcome financial innovation has proved to be in emerging markets will be addressed. / Thesis (M.Com. (Risk management))--North-West University, Potchefstroom Campus, 2012.

This study examines human capital constraints in the South African economy, and the austerity these constraints have on firms in the country. The first part of the study identifies the main human capital constraints facing South Africa, and explains how these constraints influence an economy. An inadequately educated workforce along with restrictive labour regulations makes out the central components of these constraints. The second part explores all the relevant constraints individually, and determines the cause of their existence. The final part of this study consists of a firm level analysis that describes human capital constraints experienced by firms in South Africa. Regression analysis examines the determinants of increased output per worker in manufacturing firms. These determinants also indicate the cause of growth in output per worker. Human capital aspects such as education, labour regulation, compensation and competition are all shown to have a considerable influence on output per worker. Principal Component Analysis (PCA) on the explanatory variables achieved similar results. For this analysis, latent variables that incorporated education, training, region and Sector Education Training Authority (SETA) support and effectiveness explained the highest percentage of the total variance. However, this study found no evidence to suggest that human capital development initiatives like training programmes and SETA support have a positive relationship with increased levels of productivity. / Thesis (M.Com. (Economics))--North-West University, Potchefstroom Campus, 2011.

This study examines human capital constraints in the South African economy, and the austerity these constraints have on firms in the country. The first part of the study identifies the main human capital constraints facing South Africa, and explains how these constraints influence an economy. An inadequately educated workforce along with restrictive labour regulations makes out the central components of these constraints. The second part explores all the relevant constraints individually, and determines the cause of their existence. The final part of this study consists of a firm level analysis that describes human capital constraints experienced by firms in South Africa. Regression analysis examines the determinants of increased output per worker in manufacturing firms. These determinants also indicate the cause of growth in output per worker. Human capital aspects such as education, labour regulation, compensation and competition are all shown to have a considerable influence on output per worker. Principal Component Analysis (PCA) on the explanatory variables achieved similar results. For this analysis, latent variables that incorporated education, training, region and Sector Education Training Authority (SETA) support and effectiveness explained the highest percentage of the total variance. However, this study found no evidence to suggest that human capital development initiatives like training programmes and SETA support have a positive relationship with increased levels of productivity. / Thesis (M.Com. (Economics))--North-West University, Potchefstroom Campus, 2011.