The future of Africa, the modernisation of Africa that has a place in the 21st century is linked ... more The future of Africa, the modernisation of Africa that has a place in the 21st century is linked up with its decolonisation and detribalisation. Tribal atavism would be giving up any hope for Africa. And of all the sins that Africa can commit, the sin of despair would be the most ...
Conventional notions of what central banks are, and of what they should do, face a number of chal... more Conventional notions of what central banks are, and of what they should do, face a number of challenges at the beginning of the 21st century. These challenges emanate from a variety of different impulses. The processes of globalization and technological innovation are ...
... to state capitalism between the wars (19141945), so too did South Africa, which adopted ... ... more ... to state capitalism between the wars (19141945), so too did South Africa, which adopted ... crushedafter the Sharpeville massacre.10 But from 1973 onwards, the South African economy ... economy which stimulated so much international migration in the period before the first ...
Stability in the region and, as a result, development and democracy, will only be achieved when a... more Stability in the region and, as a result, development and democracy, will only be achieved when a regional hegemon is prepared to underwrite these objectives. So long as that does not happen, South Africa's economic goals will remain compromised. For, as President Thabo Mbeki has often stated, the fate of a democratic South Africa is inextricably bound up with what happens in the rest of the continent.
Since the millennium, some observers have seen evidence of economic recovery in parts of Africa. ... more Since the millennium, some observers have seen evidence of economic recovery in parts of Africa. This was fuelled partly by a rise in world prices for the continent's minerals exports (see Freund below), partly by hot international money in the last years of the credit boom, partly by various endogenous developments. Thus in 2008 Angola had the highest annual growth rate in the world at 23 per cent, as a result of high oil prices, infrastructure reconstruction after three decades of civil war and the renewal of local enterprise. Some ...
The view is often held that central banks have little or no connection to the society within whic... more The view is often held that central banks have little or no connection to the society within which they exist, although their policy decisions impact directly on people, institutions and society. While this view has gained much attention in the media and in some academic circles, this article uses evidence from South Africa to show the fallacy of the view that 'money is created out of nothing' and that central banks are owned by and secretly controlled for the benefit of particular interest groups. Instead, it draws on insights in post-Keynesianism to demonstrate that the ownership of the South African Reserve Bank rests in the hands of private shareholders, but in an open and transparent manner, and that the Reserve Bank succeeds in ensuring that the system is supervised and sufficiently regulated in the public interest.
As an emerging-market economy, the South African experience with inflation from the perspective o... more As an emerging-market economy, the South African experience with inflation from the perspective of the central bank over an extended period provides an interesting insight into monetary policy successes and failures for similar economies. A reflection on the South ...
Abstract This paper compares international and domestic inflation expectations and inflation cred... more Abstract This paper compares international and domestic inflation expectations and inflation credibility, and hypothesises about a possible link or disconnect between inflation expectations and inflation credibility among South Africans. No similar tests have ...
South African Journal of Economic and Management Sciences, Sep 28, 2011
As inflation credibility in South Africa records low readings when measured in terms of inflation... more As inflation credibility in South Africa records low readings when measured in terms of inflation credibility barometers, this note aims at assessing whether actual price movements provide any grounds for low inflation credibility. It compares the price movements of similar items with ...
Http Dx Doi Org 10 1080 10289852 1998 10520145, Jun 19, 2012
This paper reviews Christel Lane's Industry and Society in Europe, a comparative study of ind... more This paper reviews Christel Lane's Industry and Society in Europe, a comparative study of industrial change in Britain, Germany and France. Three areas covered by the book are discussed in a South African context: flexible specialisation theory; industrial relations; and the relationship between finance and industry. The paper assesses the relevance, and limitations, of Lane's primarily institutional approach, and argues
South African Journal of Economic and Management Sciences, 2011
ABSTRACT This study empirically examines the macroeconomic determinants of technological progress... more ABSTRACT This study empirically examines the macroeconomic determinants of technological progress (total factor productivity) in Nigeria that is consistent with the endogenous growth theory. The estimations are carried out with time-series data from 1970 to 2006 using the Johansen estimation techniques. The study is distinct from most of the existing literature since it made an attempt in generating a time-varying technological progress. It employs the Kalman filter technique to determine the evolution of the Solow residual estimated from a Cobb-Douglas production function. The results conform to the existing literature that macroeconomic instability, the level of financial development, and the level of human development are highly significant determinants of technological progress in Nigeria.
Le texte que nous publions ci-dessous est une version éditée d'un texte originellement beauc... more Le texte que nous publions ci-dessous est une version éditée d'un texte originellement beaucoup plus long. Le working paper initial portait en fait sur trois thèmes: le rapport des universitaires et chercheurs radicaux avec les pouvoirs en place; une comparaison entre ...
The future of Africa, the modernisation of Africa that has a place in the 21st century is linked ... more The future of Africa, the modernisation of Africa that has a place in the 21st century is linked up with its decolonisation and detribalisation. Tribal atavism would be giving up any hope for Africa. And of all the sins that Africa can commit, the sin of despair would be the most ...
Conventional notions of what central banks are, and of what they should do, face a number of chal... more Conventional notions of what central banks are, and of what they should do, face a number of challenges at the beginning of the 21st century. These challenges emanate from a variety of different impulses. The processes of globalization and technological innovation are ...
... to state capitalism between the wars (19141945), so too did South Africa, which adopted ... ... more ... to state capitalism between the wars (19141945), so too did South Africa, which adopted ... crushedafter the Sharpeville massacre.10 But from 1973 onwards, the South African economy ... economy which stimulated so much international migration in the period before the first ...
Stability in the region and, as a result, development and democracy, will only be achieved when a... more Stability in the region and, as a result, development and democracy, will only be achieved when a regional hegemon is prepared to underwrite these objectives. So long as that does not happen, South Africa's economic goals will remain compromised. For, as President Thabo Mbeki has often stated, the fate of a democratic South Africa is inextricably bound up with what happens in the rest of the continent.
Since the millennium, some observers have seen evidence of economic recovery in parts of Africa. ... more Since the millennium, some observers have seen evidence of economic recovery in parts of Africa. This was fuelled partly by a rise in world prices for the continent's minerals exports (see Freund below), partly by hot international money in the last years of the credit boom, partly by various endogenous developments. Thus in 2008 Angola had the highest annual growth rate in the world at 23 per cent, as a result of high oil prices, infrastructure reconstruction after three decades of civil war and the renewal of local enterprise. Some ...
The view is often held that central banks have little or no connection to the society within whic... more The view is often held that central banks have little or no connection to the society within which they exist, although their policy decisions impact directly on people, institutions and society. While this view has gained much attention in the media and in some academic circles, this article uses evidence from South Africa to show the fallacy of the view that 'money is created out of nothing' and that central banks are owned by and secretly controlled for the benefit of particular interest groups. Instead, it draws on insights in post-Keynesianism to demonstrate that the ownership of the South African Reserve Bank rests in the hands of private shareholders, but in an open and transparent manner, and that the Reserve Bank succeeds in ensuring that the system is supervised and sufficiently regulated in the public interest.
As an emerging-market economy, the South African experience with inflation from the perspective o... more As an emerging-market economy, the South African experience with inflation from the perspective of the central bank over an extended period provides an interesting insight into monetary policy successes and failures for similar economies. A reflection on the South ...
Abstract This paper compares international and domestic inflation expectations and inflation cred... more Abstract This paper compares international and domestic inflation expectations and inflation credibility, and hypothesises about a possible link or disconnect between inflation expectations and inflation credibility among South Africans. No similar tests have ...
South African Journal of Economic and Management Sciences, Sep 28, 2011
As inflation credibility in South Africa records low readings when measured in terms of inflation... more As inflation credibility in South Africa records low readings when measured in terms of inflation credibility barometers, this note aims at assessing whether actual price movements provide any grounds for low inflation credibility. It compares the price movements of similar items with ...
Http Dx Doi Org 10 1080 10289852 1998 10520145, Jun 19, 2012
This paper reviews Christel Lane's Industry and Society in Europe, a comparative study of ind... more This paper reviews Christel Lane's Industry and Society in Europe, a comparative study of industrial change in Britain, Germany and France. Three areas covered by the book are discussed in a South African context: flexible specialisation theory; industrial relations; and the relationship between finance and industry. The paper assesses the relevance, and limitations, of Lane's primarily institutional approach, and argues
South African Journal of Economic and Management Sciences, 2011
ABSTRACT This study empirically examines the macroeconomic determinants of technological progress... more ABSTRACT This study empirically examines the macroeconomic determinants of technological progress (total factor productivity) in Nigeria that is consistent with the endogenous growth theory. The estimations are carried out with time-series data from 1970 to 2006 using the Johansen estimation techniques. The study is distinct from most of the existing literature since it made an attempt in generating a time-varying technological progress. It employs the Kalman filter technique to determine the evolution of the Solow residual estimated from a Cobb-Douglas production function. The results conform to the existing literature that macroeconomic instability, the level of financial development, and the level of human development are highly significant determinants of technological progress in Nigeria.
Le texte que nous publions ci-dessous est une version éditée d'un texte originellement beauc... more Le texte que nous publions ci-dessous est une version éditée d'un texte originellement beaucoup plus long. Le working paper initial portait en fait sur trois thèmes: le rapport des universitaires et chercheurs radicaux avec les pouvoirs en place; une comparaison entre ...
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