This study aims to determine the main drivers of financial market development, with a specific interest in the relationship between the stock and bank credit markets, as proxies of financial market development, and the role of institutional quality, in ten African countries for the period of 2009 to 2017. A number of econometric techniques such as the General Methods of Moments (GMM) model for dynamic panel data, autoregressive distribution lag (ARDL) bound testing approach to cointegration, vector error correction model (VECM), and granger causality tests were applied in the study. We further developed a composite index for both financial market development and institutional quality using Principal Components Analysis (PCA). The results demonstrate that institutional quality, as well as infrastructure development, economic growth, and inflation are the main determinants of financial market development in our sample of ten African countries. Findings from the ARDL bound testing approach confirm the existence of a long-run association between institutional quality and financial market development. Although financial market development has no effect on economic growth, institutional quality was found to have a positive and highly significant effect on economic growth. Furthermore, employing the Granger causality test, we found uni-directional granger causality between financial market development and institutional quality, implying that financial market development is a significant causal factor for institutional quality. In consideration of these findings, policy formulation by governments should be designed towards enhancing financial and institutional quality development, and this can be possibly achieved by effective enforcement of law to encourage compliance, while simultaneously eliminating corruption and other institutional hindrances to development / Lolu cwaningo luhlose ukuveza izinhlaka ezingabaphembeleli abasemqoka ekuthuthukisweni kwezimakethe zezimali, kugxilwe kakhulu kubudlelwano obuphakathi kwesitoko kanye nezimakethe zamabhangi ahlinzekana ngezikweletu, njengabancedisi abathuthukisa izimakethe zezimali, kanye nendima emayelana nezinga leziko, emazweni ase-Afrika ayishumi esikhathini esiphakathi kuka 2009 ukufikela ku 2017. Inani lezindlela zokulinganisa izinga lomnotho ezinjenge-General Methods of Moments (GMM) model yedatha yephaneli eguquguqukayo, i-autoregressive distribution lag (ARDL) bound testing approach to cointegration, i-vector error correction model (VECM), Kanye negranger causality tests zisetshenzisiwe kucwaningo. Siqhubekele phambili nokwakha inkomba ehlangene yazo zombili izinhlaka; ukuthuthukiswa kwezimakethe zezimali Kanye nezinga leziko ngokusebenzisa uhlelo lwe-Principal Components Analysis (PCA). Imiphumela ikhombisile ukuthi izinga leziko, Kanye nokuthuthukiswa kwengqalasizinda, ukuhluma komnotho, Kanye nezinga lamandla email yizinkomba ezisemqoka zokuthuthukiswa kwezimakethe zezimali kusampuli yethu elula yamazwe ase-Afrika ayishumi. Ulwazi olutholakele ku-ARDL bound testing approach luqinisekisa ubukhona kobudlelwano besikhathi eside obuphakathi kwezinga leziko kanye nokuthuthukiswa kwezimakethe zezimali. Yize ukuthuthukiswa kwemakethe yezimali kungenawo umthelela kwezokuhluma komnotho, izinga leziko lona liye latholakala ukuthi linomthelela omuhle nosemqoka kakhulu ekukhuleni komnotho. Ngaphezu kwalokho, uma sisebenzisa uhlelo lweGranger causality test, sifumene i-uni-directional granger causality phakathi kwemakethe yezimali Kanye nezinga leziko, lokhu kuchaza ukuthi ukuthuthukiswa kwezimakethe zezimali kuyimbangela esemqoka yezinga leziko. Uma kubhekwa lolu lwazi olutholakele, imigomo eyakhwa uhulumeni kufanele yakhiwe ngenhloso yokuqinisa ukuthuthukiswa kwezinga lezimali Kanye nezinga leziko, kanti lokhu kungafinyelelwa ngokuqinisa kahle umthetho ukukhuthaza ukulandelwa komthetho, kanti ngakolunye uhlangothi kuncishiswe izinga lenkohlakalo Kanye nezinye izihibhe eziphazamiso ukuthuthukiswa kweziko. / Maikaelelo a thutopatlisiso ke go swetsa ka ditsamaisi tse dikgolo tsa tlhabololo ya mebaraka ya ditšhelete, ka kgatlhego e rileng mo kamanong magareng ga mebaraka ya setoko le ya sekoloto sa dibanka, jaaka kemedi ya tlhabololo ya mebaraka ya ditšhelete, le seabe sa boleng jwa ditheo, mo dinageng di le lesome tsa Aforika mo pakeng ya 2009 go ya go 2017. Go dirisitswe dithekeniki di le mmalwa tsa ikonometiriki di tshwana le sekao sa General Methods of Moments (GMM) sa data ya phanele e anameng, molebo wa tekeletso e kopanyang ya autoregressive distribution lag (ARDL), sekao sa vector error correction (VECM) le diteko tsa sesusumetsi tsa Granger. Gape re tlhamile tshupane ya dikarolo ya tlhabololo ya mmaraka wa ditšhelete le boleng jwa ditheo re dirisa Tokololo ya Dikarolo tse Dikgolo (Principal Components Analysis (PCA)). Dipholo di bontsha gore boleng jwa ditheo, gammogo le tlhabololo ya mafaratlhatlha, kgolo ya ikonomi le infoleišene ke diswetsi tsa tlhabololo ya mebaraka ya ditšhelete mo sampoleng ya rona ya dinaga di le lesome tsa Aforika. Diphitlhelelo go tswa mo molebong wa teko e kopanyang ya ARDL di tlhomamisa go nna teng ga kamano ya paka e telele magareng ga boleng jwa ditheo le tlhabololo ya mebaraka ya ditšhelete. Le fa tlhabololo ya mebaraka ya ditšhelete e sa ame kgolo ya ikonomi ka gope, boleng jwa ditheo bo fitlhetswe bo na le ditlamorago tse di siameng e bile di le botlhokwa mo kgolong ya ikonomi. Mo godimo ga moo, ka go dirisa teko ya Granger ya sesusumetsi, re fitlhetse go na le sesusumetsi sa ntlha e le nngwe sa Granger magareng ga lhabololo ya mebaraka ya ditšhelete le boleng jwa ditheo, mo go rayang gore tlhabololo ya mebaraka ya ditšhelete ke ntlha e e botlhokwa ya sesusumetsi sa boleng jwa ditheo. Fa go lebelelwa diphitlhelelo tseno, go dirwa ga dipholisi ke dipuso go tshwanetse ga dirwa gore go tokafatse tlhabololo ya boleng jwa ditšhelete le ditheo, mme seno se ka fitlhelelwa ka tiragatso e e bokgoni ya molao go rotloetsa kobamelo mme go ntse go fedisiwa bobodu le dikgoreletsi tse dingwe tsa tlhabololo mo ditheong. / Business Management / M. Com. (Business Management (Finance))

Summaries in English, Afrikaans and Zulu / Various studies on international capital flows have established the deterministic role of local financial markets on the attractiveness of countries to inflow of foreign direct investment. The current study investigated the impact of FDI inflows on the financial sector development of countries in the Middle East and North Africa region for the period 2003 to 2016. Various panel data analysis methods were employed. These approaches included fixed effects, random effects, pooled OLS, FMOLS and the dynamic GMM. In addition, pre-estimation tests, diagnostic tests which included panel unit root and co-integration tests and robustness tests were conducted. Using both financial development proxies, broad money as a ratio of GDP (model 1) and domestic credit to the private sector (model 2), the study found that the lag in financial development had a significant positive effect on financial development. In model 1 under fixed effects, random effects and pooled OLS, FDI had a significant negative effect on financial development. In contrast, model 2 showed a significant positive relationship running from FDI to financial development under the pooled OLS method. The interaction between FDI and economic growth was found to have a significant negative influence on financial development in models 1 and 2 under the pooled OLS method. This finding indicates that economic growth had a deleterious effect on the impact of FDI on financial development in the MENA region. In the light of these results, policy makers in the MENA region countries should be urged to avoid undue reliance on FDI in their efforts to develop their financial sectors. Furthermore, the MENA region nations are urged to avoid implementing economic growth enhancement policies as a way of trying to improve financial development, directly or indirectly, as the effort has been shown to achieve the opposite effect. / Verskeie studies wêreldwyd oor die vloei van internasionale kapitaal is dit eens dat aantreklike plaaslike finansiële markte direkte buitelandse beleggings (DBB) na lande laat stroom. Hierdie studie het die uitwerking van DBB in die tydperk 2003 tot 2016 op die finansiële sektore van lande in die Midde Oosterse en Noord-Afrikaanse (MONA) streek ondersoek. Verskeie paneeldataontledingsmetodes is gevolg, waaronder vaste en ewekansige effekte, saamgevoegde, gewone kleinstekwadratemetode (GKK), volgewysigde kleinstekwadratemetode (VGKK) en die dinamiese, veralgemeende metode van momente (VMM). Afgesien hiervan is voorberamings- en diagnostiese toetse, waaronder paneeleenheidswortel-, koïntegrasie- en robuustheidstoetse, toegepas. Op grond van sowel volmagte vir finansiële ontwikkeling, breë geld – as ʼn verhouding van die BBP (model 1) – as binnelandse krediet aan die privaat sektor (model 2), is bevind dat die vertraging in finansiële ontwikkeling ʼn opmerklik positiewe effek op finansiële ontwikkeling uitgeoefen het. In model 1, onder vaste effekte, ewekansige effekte en saamgevoegde GKK, het DBB ʼn opmerklik negatiewe effek op finansiële ontwikkeling gehad. Model 2, daarenteen, het onder die saamgevoegde GKK-metode op ʼn opmerklik positiewe verband tussen DBB en finansiële ontwikkeling gedui. Daar is in model 1 en 2 onder die saamgevoegde GKK bevind dat die wisselwerking tussen DBB en ekonomiese groei ʼn opmerklik negatiewe effek op finansiële ontwikkeling gehad het. Hierdie bevinding is ʼn aanduiding daarvan ekonomiese groei ʼn nadelige effek op die uitwerking van DBB op finansiële ontwikkeling in die MENA-streek gehad het. In die lig hiervan moet die beleidsmakers van lande in die MONA-streek teen oormatige steun op DBB om hulle finansiële sektore te laat ontwikkel, gemaan word. Hierbenewens moet lande in die MONAstreek teen beleide vir ekonomiese groei as ʼn manier om finansiële ontwikkeling regstreeks of onregstreeks aan te wakker, gewaarsku word omdat dit die teenoorgestelde uitwerking sal hê. / Izifundo zocwaningo ezahlukahlukene ekuthunyelweni kwezimali sezisungule indima yezimpawu ezikhombisayo zokuthunyelwa kwezimali ezimakethe zasemakhaya mayelana nekhono lamazwe lokuheha ukutshalwa kwezimali okuqondile. Ucwaningo lwamanje luye lwaphenya umthintela wokungena kwezimali ngohlelo lokutshalwa kwezimali ngaphandle, phecelezi FDI mayelana nokuthuthukiswa komkhakha wezezimali emazweni asesiyingini esiseMpumalanga eMaphakathi (Middle East) kanye kanye nase-Afrika eseNyakatho (North Africa (MENA), ukusukela onyakeni ka 2003 ukufika ku 2016. Izindlela ezahlukahlukene zokuhlaziya ipanel data analysis ziye zasetshenziswa. Lezi zindlela ziye zaxuba imiphumela enqunyelwe isikhathi, imiphumela enganqunyelwanga isikhathi, uhlelo lwe pooled OLS, lwe FMOLS kanye nohlelo oluguquguqukayo lwe GMM. Ngaphezu kwalokho, izinhlelo zokuhlolwa phecelezi, pre-estimation tests kanye ne diagnostic tests, lokhu okuyizinhlelo ezixuba amayunidi ephaneli panel unit root kanye nohlelo lwe cointegration tests kanye nohlelo lwe robustness tests, nazo ziye zaxutshwa phakathi. Ngokusebenzisa zombili izinhlelo zokuthuthukiswa kwezinhlelo zezimal, imali ebanzi – njengesilinganiso semodeli 1 yeGDP – kanye nesikweletu sasekhaya esinikezwa imikhakha yamabhizinisi angasese asekhaya (imodeli 2), ucwaningo luthole ukuthi ukubambezeleka kwesikhathi sokuthuthukiswa kwezinhlelo zezimali kuye kwaba nomthelela omuhle kakhulu ekuthuthukisweni kwezimali. Kumodeli 1, ngaphansi kohlelo lwemiphumela enqunyelwe isikhathi, kwemiphumela enganqunyelwanga iskhathi kanye nasohlelweni lwe pooled OLS, uhlelo lwe FDI luye lwaba nomthelela omubi kakhulu kwezokuthuthukiswa kwezimali. Okuphikisana nalokho, imodeli 2 iye yakhombisa ubudlelwano obuhle kakhulu, ukuqala ohlelweni lokutshalwa kwezimali emazweni angaphandle (FDI) ukufika ohlelweni lwezokuthuthukiswa kwezinhlelo zezimali, ngaphansi kohlelo lwe pooled OLS. Ukuhlangana phakathi kohlelo lwe FDI kanye nokuhluma komnotho kutholakele ukuthi luye lwaba nomthelela omubi kakhulu ekuthuthukisweni kwezinhlelo zezimali, kumamodeli 1 nemodeli 2, ngaphansi kohlelo lwe pooled OLS. Lolu lwazi olutholakele lukhombisa ukuthi ukuhluma komnotho kuye kwaba nomthelela oyingozi kakhulu ohlelweni lwe FDI mayelana nokuthuthukiswa kwezimali esiyingini seMENA. Uma kubhekwa le miphumela, abenzi bemigomo emazweni asesiyingini seMENA kufanele bacelwe ukuba bagweme ukwencika ngendlela engenasidingo ohlelweni lwe FDI kwimizamo yabo yokuthuthukisa imikhakha yezimali. Ngaphezu kwalokho, amazwe asesiyingini saseMENA ayacelwa ukuba agweme ukusetshenziswa kwemigomo eqinisa ukuthuthukiswa komnotho njengendlela yokuzama ukuthuthukisa izinhlelo zezimali, ngendlela eqondile nangendlela engaqondile, njengoba umzamo sewukhonjiswe ukuze kuphunyelelwe imiphumela engaqondiwe. / Business Management / M. Com. (Business Management : Finance)

Abstract is in English, Zulu and Afrikaans / South Africa is facing a challenge regarding the shortage of South African (SA) engineers. The National Certificate (Vocational) (NC(V)) was introduced by Department of Education (DoE) in 2007 to address this challenge. However, there has been a cry and dissatisfaction from the government, industry, community and other stakeholders that NC(V) engineering curriculum is not addressing the shortage of engineers. SA has one engineer per 2 600 people compared to international norms, where one engineer serves 40 people. It has been ten years since the introduction of NC(V) curriculum, SA should not be in this state of importing engineers if the NC(V) engineering is achieving the goals of National Development Plan 2030. Since lecturers are the implementers of the NC(V) engineering curriculum, it was necessary to investigate their experiences in search for improvement of the curriculum and to find out the challenges facing lecturers which are hindering the success of this curriculum. Lecturers, Senior Lecturers and a Head of Department (HoD) as the primary implementers of the engineering curriculum were involved in the study as participants. There were 15 participants for this study who are lecturing in one selected college but at two different campuses which is why the qualitative research approach was employed, making use of a multiple case study. They took part in semi-structured individual interviews and shared their experiences with the researcher. Their experiences revealed that lecturers are experiencing challenges with the implementation of NC(V) engineering curriculum. Their main challenge was the minimum requirement, which is a Grade 9 pass. Their concern was that no matter what they try, a learner who has not mastered Mathematics up to Grade 12 will struggle with engineering subjects. Emanating from this challenge, low attendance rate, low pass rate, low throughput rate and high drop-out rate is experienced by participants every year. One of the aims of the Transformative Learning Theory (used as one of the theories in the theoretical framework) is to allow lecturers to identify challenges and design improvement plans on their own. This study has indicated that Technical Vocational Education and Training (TVET) colleges have challenges that are hindering teaching and learning. It was evident that some lecturers believe that government officials should resolve such challenges. However, on engaging with different lecturers they realised that they have the capacity to address classroom-based challenges. If this can be the case in every college, teaching and learning will improve because that will mean lecturers are focusing on teaching and learning and taking ownership of their subjects and students. The governance challenges, such as reviewing the NC(V) curriculum yearly, provide subject specific training to upskill lecturers and implementing Work Integrated Learning (WIL) in the professional development of lecturers were recommended to be addressed by the Department of Higher Education and Training (DHET). / INingizimu Afrika ibhekene nenselelo mayelana nokusweleka konjiniyela. Uhlelo lwemfundo iNational Certificate (Vocational) (NC(V)) lwethulwa wuMnyango wezeMfundo ngonyaka ka 2007 ukuze uxazulule le nkinga. Yize-kunjalo kuye kwaba khona ukungagculiseki ngasohlangothini lukahulumeni, lwezimboni, lomphakathi kanye nakwezinye izinhlaka ezidlala indima yenkinga yokuntuleka konjiniyela. INingizimu Afrika (SA) inonjiniyela oyedwa kubantu abayi 2 600 uma iqhathaniswa nezinga lomhlaba lokuthi unjiniyela oyedwa kufanele ibhekane nabantu abayi 40. Sekudlule iminyaka eyishumi selokhu kwethulwa lezi zinhlelo, ngakho-ke, iSA akufanele izithole isesimeni sokudinga onjiniyela abavela ngaphandle uma ngabe izinhlelo ezikhona ziyanceda ekufinyeleleni izimpokophelo zoHlelo lwezokuThuthukisa iZwe National Development Plan 2030. Njengoba abafundisi bangabaqhubi bezinhlelo zobunjiniyela, phecelezi NC(V), nokho sasikhona isidingo sokuphenya lokho abahlangabezana nakho ukuze kuthuthukiswe izinhlelo futhi kuvunjululwe izinselele ezibhekene nabafundisi, okuyizinselele ezikhinyabeza impumelelo yalezi zinhlelo. Abafundisi, abafundisi abaphezulu kanye neziNhloko zoMnyango Head of Department (HoD) njengabaqhubi bokuqala bezinhlelo bebebambe iqhaza kulolu cwaningo. Abadlalindima abayi 15 bebefundisa kwikholeji ekhethiwe, kodwa emagatsheni amabili ehlukene, lokho okwenza isizathu kusetshenziswe uhlelo locwaningo oluzinze kwizingxoxo, ngokusebenzisa izinhlobonhlobo zocwaningo lotho. Kwenziwe izinhlolovo ezimbaxambili zocwaningo kanti abadlalindima bavezele umcwaningi ulwazi lwabo. Baye baveza ukuthi behlangabezene nezingqinamba uma besebenzisa izinhlelo zobunjiniyela NC(V). Inselele enkulu abahlangabezene nayo kuye kwaba yisidingo sokuphumelela uGreyidi 9. Inkinga enkulu yabo ukuthi bethi bezama ngamandla kulokho abakwenzayo, umfundi owehluleke esifundweni seMethamethiki ukufikela kuGreyidi 12 uzohlangabezana nobunzima ukuze aphumelele ezifundweni zobunjiniyela. Okubhebhethekiswa yile nselele, yizinga eliphansi labafundi abahambela lesi sifundo, izinga eliphansi labafundi abaphumelelayo kanye nezinga eliphezulu labafundi abayeka ukufunda njalo nje ngonyaka. Enye yezinhloso zethiyori yemfundo eguqulayo (used as one of the theories in the theoretical framework) ukuvumela abafundisi ukuba bakwazi ukubona izinselele futhi badizayine izinhlelo zokuzithuthukisa ngokwabo. Lolu cwaningo luye lwaveza ukuthi amakholeji. Phecelezi Vocational Education and Training (TVET) colleges ahlangabezene nezinselele eziphazamisa uhlelo lokufunda nokufundisa. Kuye kwacaca ukuthi abanye abafundisi babekholelwa ekutheni abasebenzi bakahulumeni kufanele baxazulule izinselele ezinjengazo lezi. Yize-kunjalo, ngemuva kokuxoxisana nabafundisi abahlukahlukene, baye bazwisisa ukuthi banamandla okuqeda izinselele ezisemagunjini okufunda. Uma ngabe lokhu kuyenzeka ngempela kuwo wonke amakholeji, ngakho-ke uhlelo lokufunda nokufundisa luzothuthuka ngoba lokho kuzochaza ukuthi abafundisi bagxile ohlelweni lokufunda nokufundisa kanti ngokunjalo baba yibo abalawula izifundo kanye nabafundi babo. Izinselele zokuphatha, ezinjengokubuyekezwa kohlelo lwemfundo, phecelezi NC(V) njalo nje ngonyaka, lunikeza ukuqeqeshwa okuthile okuthuthukisa abafundisi. Ukulandela uhlelo lwemfundo oluhlangene nomsebenzi olumayelana nokuthuthukiswa ngokomsebenzi wabafundisi kuyinto enconywe ukuba ilungiswe uMnyango weMfundo ePhakeme kanye nokuQeqeshwa (Department of Higher Education and Training). / ʼn Tekort aan ambagslui staar Suid-Afrika in die gesig. Om hierdie rede het die Departement van Onderwys in 2007 die Nasionale Sertifikaat (Beroepsgerig) (NS(B)) ingestel. Tot die ontevredenheid van die regering, die bedryf, die gemeenskap en ander belanghebbendes vul hierdie kurrikulum nie die tekort aan nie. In Suid-Afrika is daar een ambagspersoon vir elke 2 600 mense teenoor die internasionale norm van een ambagspersoon per 40 mense. Hierdie kurrikulum is meer as tien jaar gelede ingestel en SA moet tans ambagslui invoer. Die oogmerke van die Nasionale Ontwikkelingsplan 2030 word dus nie verwesenlik nie. Aangesien dosente die NS(B) kurrikulum vir werktuigkundiges implementeer, moes hulle belewenisse ondersoek en hulle probleme bepaal word om die kurrikulum te verbeter. Dosente, senior dosente en departementshoofde, as die implementeerders van hierdie kurrikulum, het aan die studie deelgeneem. Die 15 deelnemers is verbonde aan een kollege wat twee kampusse het. Daarom is ʼn kwalitatiewe navorsingsbenadering gevolg en ʼn veelvuldige gevallestudie gebruik. ʼn Halfgestruktureerde onderhoud is met elke deelnemer gevoer. Uit die onderhoude blyk dat dosente moeite met die implementering van die NS(B) kurrikulum ondervind. Die grootste struikelblok is die minimumvereiste van Graad 9. Al doen hulle ook wat, ʼn leerder wat nie Graad 12-wiskunde geslaag het nie, sal tegniese vakke nie kan bemeester nie. Afgesien hiervan is die bywonings- en slaagsyfer sowel as die omset jaar na jaar laag en die uitsaksyfer hoog. Die transformatiewe leerteorie is deel van die teoretiese raamwerk. Die oogmerk hiervan is dat dosente self probleme aantoon en met verbeteringsplanne kom. In hierdie studie is bevind dat kolleges vir tegniese beroepsgerigte onderwys en opleiding (TBOO) met probleme te kampe het wat onderrig en leer belemmer. Sommige dosente is van mening dat staatsamptenare hierdie probleme moet oplos. Ná gesprekke het talle dosente egter besef dat hulle oor die vermoë beskik om self hulle klaskamerprobleme op te los. As dit van alle kolleges waar is, sal onderrig en leer verbeter omdat dosente hulle op onderrig en leer sal toespits en vir hulle vakke en studente verantwoordelik sal wees. Vakopleiding word gegee om aan bestuursprobleme, soos die jaarlikse hersiening van die NS(B)-leerplan, die hoof te bied. Daar word aanbeveel dat die Departement van Hoër Onderwys en Opleiding toesien dat werkgeïntegreerde leer deel uitmaak van dosente se professionele ontwikkeling. / Curriculum and Instructional Studies / M. Ed. (Curriculum Studies)