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1
Trouille, Jean-Marc. "EU-Africa Relations, China, and the African Challenge." Elipsa, 2020. http://hdl.handle.net/10454/17824.
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yes<br>The African continent is a sleeping giant which will increasingly be a player to be reckoned with on the global stage. At the same time, its migration potential will be multiplied by Africa’s forthcoming demographic explosion. Consequently, the EU and Africa have a shared interest in working together towards making African development sustainable. African integration will be key towards speeding up this process.
This paper first evaluates the stakes of the African challenge for the European Union. It considers the economic potential that can be unleashed by speeding up integration processes in Africa. Second, it argues that Africa will be ‘the China of the 21st Century’, and that any development, positive or negative, taking place there will have large repercussions in Europe, and that therefore the EU and Africa are communities of destiny in need of a joint approach towards African industrialisation. Finally, it provides a roadmap of important steps that Europe needs to consider in its endeavour to support African development.
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McArthur, Jonh W. ""Essays on African Economic Growth Development"." Thesis, University of Oxford, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.508380.
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Botha, Jacobus Lodewicus. "The New Partnership for Africa's Development : African economic growth and regional cooperation." Thesis, Stellenbosch : Stellenbosch University, 2003. http://hdl.handle.net/10019.1/53661.
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Thesis (MBA)--Stellenbosch University, 2003.<br>ENGLISH ABSTRACT: Ever since the 1960's independence move, the African continent has been faced with dire
economic and social realities, which were compounded by weak political leadership and state
institutions. Although various socio-economic development initiatives, such as the 1980 Lagos
Plan of Action and the eventual signing of the Abuja Treaty in 1991 purposed to support Africa's
integration into the global economy through export orientated production and regional economic
integration, there still existed an incoherency in the strategic response from the continent's
political leaders towards regional and continental economic development strategies.
While the foundation for establishing an African Economic Community has been laid through the
Abuja Treaty within the framework of the Organisation for African Unity, regional economic and
trade integration have been fragmented, with many dual and overlapping membership of regional
economic communities. Integration endeavours have also often been impeded by national and
sub-regional armed conflicts, and thus did not result in the desired levels of economic growth and
expected increases in trade.
The exigency to address Africa's severe poverty and unemployment, while at the same time
placing the continent on a path of sustainable economic growth and development, made it clear
that Africa had to take ownership and responsibility for its own development, while at the same
time facilitating the continent's integration into the global political, economic, trade, and financial
systems. Since Africa lacks sufficient development resources, African leaders realised the
importance for support from the international community through more effective debt relief
strategies in facilitating targeted domestic resource mobilisation, increased levels of development
aid and trade access to developed nations' markets.
In 2001 Africa produced its own integrated development initiative that was embodied in the New
Partnership for Africa's Development, also known as NEPAD, premised on African leadership,
ownership and partnership. Through NEPAD African leaders express a commitment to
accountable and transparent political, financial, fiscal and monetary management in the absence
of national and regional conflict, while calling on the international community and African and
international private sectors to partnership with African governments in their development
endeavours. At the same time, NEPAD identified critical sectoral priorities as preconditions for
development that would facilitate greater flows of foreign direct investments. As operational sphere, NEPAD relies on prominent regional economic communities to address
Africa's economic disadvantages and market fragmentation through development of trade
linkages, harmonisation of regulatory frameworks and further regional trade liberalisation. The
emphasis is on fostering a favourable African investment environment since it is acknowledged
by African leaders that a prosperous private sector and business community are to be the engines
of economic growth and development.
The success of NEPAD as the socio-economic development plan of the newly formed African
Union relies on the strength of only three supportive pillars namely: the sustained political
visionary commitment from Africa's leaders, greater investments to the continent and trade access
for Africa's products, and active participation from representative sectors of the private sector.
Since NEPAD is a highly ambitious initiative, it is imperative that sub-regional strategies take
precedence in ensuring NEPAD's long-term success.<br>AFRIKAANSE OPSOMMING: Sedert die onafhanklikheidsbeweging van die 1960's staar die Afrika-kontinent knellende
ekonomiese en sosiale realiteite in die gesig. Realiteite wat deur swak politieke leierskap en
staatsinstellings vererger is. Alhoewel verskeie sosio-ekonomiese ontwikkelingsinisiatiewe, soos
die 1980 Lagos Plan van Aksie en die uiteindelike ondertekening van die Abuja-verdrag in 1991,
beoog het om Afrika se integrasie in die wêreldekonomie te steun deur uitvoer-georiënteerde
produksie en ekonomiese integrasie op streeksvlak, was die kontinent se politieke leiers se reaksie
op regionale en kontinentale ekonomiese ontwikkelingstrategië inkoherent.
Die fondasie vir die tot stand koming van 'n Afrika Ekonomiese Gemeenskap is deur die Abujaverdrag
gelê binne die raamwerk van die Organisasie vir Afrika-eenheid, maar op streeksvlak was
ekonomiese en handelsintegrasie gefragmenteerd - met 'n hoë voorkoms van dubbele en
oorvleuelende lidmaatskap by regionale ekonomiese gemeenskappe. Pogings tot integrasie is ook
dikwels deur gewapende konflikte, nasionaal en subregionaal, belemmer. Voorts het die
gewenste vlakke van ekonomiese groei en verwagte toename in handel nie gerealiseer nie.
Die dringendheid om Afrika se uiterste armoede en werkloosheid aan te spreek, en terselfdertyd
die kontinent op 'n pad van volhoubare ekonomiese groei en ontwikkeling te plaas, het dit
duidelik gemaak dat Afrika self verantwoordelikheid sal moet neem vir sy ontwikkeling, en
daarteenoor die kontinent se integrasie in globale politieke, ekonomiese, handel-, en finansiële
sisteme moet fasiliteer. Aangesien Afrika nie oor voldoende ontwikkelingsbronne beskik nie, het
Afrika-leiers die belangrikheid besef van die internasionale gemeenskap se steun, d.m.v. meer
effektiewe skuldlenigingstrategieë in die fasilitering van gefokuste plaaslike hulpbronmobilisasie,
verhoogde vlakke van ontwikkelingshulp en handelstoegang tot markte van
ontwikkelde nasies.
In 2001 lewer Afrika sy eie geïntegreerde ontwikkelingsinisiatief wat vergestalt word in die Nuwe
Vennootskap vir Afrika se Ontwikkeling (New Partnership for Africa's Development), ook
bekend as Nepad, met Afrika-leierskap, -eienaarskap en -vennootskap as basis. Afrika-leiers
betuig deur Nepad 'n verbintenis tot verantwoordbare en deursigtige politieke, finansiële, fiskale
en monetêre bestuur in die afwesigheid van nasionale en streekskonflik, terwyl hulle die
internasionale gemeenskap en internasionale en Afrika-privaatsektore nader vir vennootskap met
Afrika-regerings in hulle ontwikkelingspogings. Nepad identifiseer terselfdertyd kritieke sektorale prioriteite as voorwaardes vir ontwikkeling, wat groter vloei van direkte buitelandse
belegging sal vergemaklik.
As operasionele sfeer, maak Nepad staat op prominente regionale ekonomiese gemeenskappe om
Afrika se ekonomiese agterstande en markfragmentasie aan te spreek deur die uitbou van
handelskakelings, harmonisering van regulatoriese raamwerke en verdere regionale
handelsliberalisering. Die klem is daarop om 'n gunstige investeringsomgewing in Afrika te
bevorder, aangesien Afrika-leiers erken dat 'n florerende privaatsektor en besigheidsgemeenskap
die dryfkrag vir ekonomiese groei en ontwikkeling is.
Nepad se sukses as die sosio-ekonomiese ontwikkelingsplan vir die nuut-gevormde Afrika-unie
berus op die krag van slegs drie ondersteunende pilare, naamlik: die volgehoue politieke
verbintenis tot die visie deur Afrika-leiers, groter beleggings in die kontinent en handelstoegang
vir Afrika se produkte, en aktiewe deelname van verteenwoordigende sektore uit die
privaatsektor. Met 'n hoogs ambisieuse inisiatief soos Nepad, is dit gebiedend noodsaaklik dat
subregionale strategieë voorkeur geniet ten einde Nepad se langtermyn sukses te verseker.
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Hobson, Matthew Simon. "The African boom? : evaluating economic growth in the Roman province of Africa Proconsularis." Thesis, University of Leicester, 2012. http://hdl.handle.net/2381/11050.
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This study attempts to evaluate the social implications of economic changes that occurred in Roman North Africa between the fall of Carthage in 146 BC and the arrival of the Vandals in the mid-5th century AD. Several authors have argued that Africa experienced significant economic growth during this period. Some have even argued that this increase in economic activity resulted in the lower orders being substantially better off by late Antiquity than they had been previously. Here, as well as assembling much quantitative information, I examine the qualitative elements which characterised this specific period of expansion in economic activity, manifested most clearly in the increasing exportation of African ceramics to Rome in the late 2nd century AD and the intensification of agricultural production visible in the remains of farms specialising in the production of olive oil and wine. I repudiate the use of certain modern economic concepts such as “GDP”, “per capita income”, and “consumer behaviour”, which I see as reflecting the neoliberalisation of the study of the Roman economy. In their place, I attempt to substitute an approach that examines the changing structure of ancient North African society in its particular historical context. Substantial use is made of archaeological data, as well as literary and epigraphic sources, to try to piece together this structure. A primary conclusion is that, from the point of the Roman conquest onward, high levels of inequality existed between Africa’s various social classes. Whilst the landscape of North Africa changed hugely during the course of the Roman period, privileged elites were able, at all times, to secure a high degree of personal wealth at the expense of an exploited mass of peasants and agricultural labourers. The structural inequalities between classes that existed in the aftermath of the conquest, although qualitatively altered, still existed nearly six centuries later, in spite of considerable economic growth having occurred.
5
Jerven, Morten. "African economic growth reconsidered : measurement and performance in east-central Africa, 1965-1995." Thesis, London School of Economics and Political Science (University of London), 2008. http://etheses.lse.ac.uk/2992/.
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Lack of economic growth has overwhelmingly been the focus of studies of the economic history of post-colonial Africa. Ironically, this has diverted attention from explaining the process of economic growth. Explaining African economic growth as it happened, with attention to episodes of growth and changes in incentive structures, is much more demanding of the African growth evidence. There are serious validity and reliability issues with the Africa data. This stands in contrast with the widespread use of the data as functional evidence for economic analysis. The thesis sheds new light on both methodological and substantive issues through a comparative study of the national accounting methodologies in Botswana, Kenya, Tanzania and Zambia. It is found that baseline estimates and growth estimation methodologies are different across countries, and that these to an extent determine differences in measured growth, and therefore might influence conclusions in the literature. The main sources of growth evidence are compared with the national accounts data. It is shown that these different sources do not cohere. These data quality issues are serious enough to compromise research on post-colonial African economic history unless proper care is taken. The final part of the thesis analyses the growth experiences of these four countries on the basis of the national accounts data. At face value the stylised facts about averaged growth rates match the idealised typologies of African economies based on their policy and institutional frameworks. It is shown, however, that when we examine the changes in economic growth rates during the period, and the sources of those changes, the explanations from the case studies do not cohere with the orthodox narrative. While there are clear differences in the growth performance of the countries, these differences in growth rates were determined by events over which the policy makers and the institutional framework could have only limited influence. The case studies underline the importance of looking beyond the averaged aggregate growth rates, because of, rather than despite, the issues of data quality.
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Lusigi, Angela Musimbi. "Productivity in African agriculture : measuring and explaining growth." Thesis, University of Reading, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.267417.
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Toomey, David Colbert. "South African small business growth through interfirm linkages." Thesis, Rhodes University, 1999. http://hdl.handle.net/10962/d1003046.
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Economic stagnation in sub-Saharan Africa since 1970 is well documented. While the causes are varied, the paradigm of nationalistic state-led economic development has changed. Economic development occurs in a global marketplace. Manufacturing has shifted from developed to less developed countries, an opportunity that was seized in Asia and Latin America. South Africa’s labour, unskilled and costly by world standards, is at a disadvantage as an agile and competitive world market seeks skilled labour at the lowest cost. South Africa’s Gear economic policy suggests that 300 000 new jobs need to be created annually until 2004 in order to reduce unemployment. Small, medium and microenterprise growth is central to meeting this target. Numerous government structures to assist small enterprises have been created. Few, however, assist small business with the demands of the marketplace. Most focus on generic skills training and questionable small business finance. This thesis suggests that interfirm linkages between large and small enterprises is one strategy that can assist the growth of small business, create employment and, increase labour skills. International experience shows that generic training is less effective in promoting small business than linking business training to actual market-demands. Interfirm linkages, most often through subcontracting, is a strategy used successfully in Taiwan, Indonesia, Malaysia and Brazil. Such linkages are usually government supported and provide incentives for both large and small businesses to work together productively. Three South African interfirm linkage case studies are critiqued. Case study findings indicate that interfirm linkages expose emerging businesses to market conditions, and can provide access to process technology training, low cost raw materials, creative finance, and new markets. Small business ‘learns by doing’ and also ‘learns while earning’. The state has a role in the development of a vibrant small, medium and microenterprise sector in South Africa. Current support strategies are largely unrelated to market conditions. Interfirm linkages are an approach that applies market forces in the development of small business. Government policy would be wisely directed to support such business interactions.
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Abrahamson, Mark. "Integration, growth and contagion in African equity markets." Master's thesis, University of Cape Town, 2003. http://hdl.handle.net/11427/9029.
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Bibliography: leaves 118-125.<br>During the 1990s, many African policymakers liberalised their capital accounts and opened equity markets to foreign investment. The motivation behind these liberalisations was to obtain the promised benefits of increased liquidity and market participation. In the same decade, however, African markets witnessed their more mature emerging market counterparts suffering the consequences of crisis and contagion. In light of this, policymakers are now concerned about how best to approach future capital account policy. Should they actively proceed to encourage foreign investment, for instance by listing a country fund? Alternatively, should liberalisations be revoked and foreign investment prohibited? Or is the best option to wait and see? In response to these questions, this thesis presents an investigation into integration, growth and contagion in African equity markets.
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Du, Toit Elsa Elizabeth. "South African road transport requirements for sustainable growth." Doctoral thesis, University of Cape Town, 2000. http://hdl.handle.net/11427/10326.
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Includes bibliographical references.<br>The assumption that ownership of private motor vehicles as a right is questioned. This thesis is based on the hypothesis that in fact in the case of South Africa this will have many detrimental effects if allowed to continue. It is argued that for sustainable growth, other more attractive options exist. Developments in more developed countries are examined in order to prove that similar conclusions have been reached. The problem investigated in this thesis is therefore the non-sustainability of the continued growth of the private car population in South African urban centres. A literature survey was conducted on what other countries did with their transport problems but the same problem as in South Africa has not been encountered anywhere else in the world. South Africa therefore has a unique situation, which needs to be resolved in a unique way. There is increasing awareness elsewhere in the world that the causes of most of the problems experienced in the transport sector are deficiencies in the efficient operation of markets. Environmental costs are neglected or underestimated in transport prices. As a result, the individual transport user receives distorted price signals. Failure to respect economic principles results in waste, characterised in the transport sector by high accident rates, health problems, negative environmental impacts, financial constraints in the public transport sector and an increase in congestion that persist because users perceive them only indirectly.
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Moyo, Clement Zibusiso. "Financial liberalisation and economic growth in SADC countries." Thesis, Nelson Mandela Metropolitan University, 2015. http://hdl.handle.net/10948/5748.
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Attaining high levels of economic growth and development has been one the goals of the Southern African Development Community (SADC). This paper investigates the relationship between financial liberalisation and economic growth in SADC countries. Annual data for the 15 SADC countries for the period 1985-2011 was used to develop a fixed effect model, generalised method of moments (GMM) as well as the fully-modified OLS (FMOLS) cointegration test. The results revealed that there is a positive relationship between financial liberalisation and economic growth in SADC but there is no long-run relationship between the two variables. It is recommended that the SADC adopt measures to increase the level of financial openness in the region in order to increase economic growth but this policy should be supplemented by other growth enhancing policies in order to increase economic growth over the long-term. However, prior to the increase in the level of financial openness, well-defined property rights and a sound regulatory framework should be in place to monitor the financial liberalisation process in order to avoid financial crises.
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Moloto, Phineas Rameshovo. "Growth Trends in the South African Manufactured Export Industry." Diss., University of Pretoria, 2005. http://hdl.handle.net/2263/28425.
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Through empirical research the researcher gained an in-depth knowledge regarding the growth trends in the South African manufactured export industry as well as the factors determining the patterns of growth and champion industries. Finally, recommendations that may be used by relevant authorities and scholars were made. To researchers, a study at disaggregated level into the growth trends of each manufactured export sub-sector should be central to future research.<br>Dissertation (MA (Economics))--University of Pretoria, 2005.<br>Economics<br>unrestricted
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Chinembiri, Evans Wally Kudzai. "An analysis of South Africa exports to the United States under the African Growth Opportunity Act." Master's thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/16485.
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Includes bibliographical references<br>The African Growth and Opportunity Act (AGOA) is a unilateral trade policy concession governing United States - Sub-Saharan Africa (SSA) trade and investment relations. AGOA provides United States market access for 40 SSA countries, including South Africa. This piece of legislation has the fundamental objective of facilitating the global integration of SSA countries into the world economy by extending preferential access to the United States market for exporters from eligible countries. Over the past decade, AGOA has emerged as a topical issue as scholars and policy makers sought to understand its impact on SSA, especially South Africa. This has been awarded more impetus given its pending expiration in 2015. This, naturally, raised questions about the performance of United States preference programs (such as AGOA) as part of a larger ongoing debate on the form that United States preference programs may take in the foreseeable future. With South Africa facing a serious opposition to inclusion in the next shape of AGOA given the number of trade agreements South Africa has signed with countries that are competitors to United States in certain product categories. This study will seek to highlight the importance of the AGOA dispensation to South Africa, and through that analysis make a case for the continued inclusion of South Africa in the future trade dispensations that may develop. This study focuses on two research objectives; firstly, the study seeks to assess the extent to which increased preferential access to the United States market has translated into a real and tangible increase in exports from South Africa to the United States. Secondly, the study seeks to identify the areas where South Africa and the United States have high trade potential, and help make a case for inclusion of these high potential trade products in the next iteration of the AGOA dispensation. In achieving the first research objective, the study carried out a detailed trade statistics analysis with the hope of gaining greater understanding of the extent to which AGOA has influenced trade patterns between the United States and South Africa. South Africa's trade figures show that the United States is an important trade partner. A key conclusion that can be drawn from the analysis is the observation that a fair amount of growth in South Africa's exports to the United States is fundamentally characterized by two key aspects namely; growth in specific commodities and an export base that is becoming gradually concentrated over time. This implies that trade between South Africa and the United States is shifting towards a new focus in line with AGOA incentives and by extension one may conclude that South African firms are utilizing the market opportunities and the networks that enable them to effectively exploit the United States market. In fulfilling the second research objective, the detailed trade potential analysis that is propped up by a robust analysis of trade trends was carried out. The trade potential analysis identified thirteen commodity groups as having high potential for further exports into the United States market, and Pearls, precious stones and metals were identified as having the highest indicative trade potential, although the picture changes as the data is further disaggregated. This suggests that there is enormous potential and a great scope for export of pearls, precious stones and metals to the United States.
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Kungwane, Reabetswe. "Financialisation and economic growth in Africa." Master's thesis, Faculty of Commerce, 2020. http://hdl.handle.net/11427/32724.
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Despite the growing literature on financial development-economic growth nexus, there exists a paucity of empirical studies that explore the impact of financialisation on economic growth while focusing on the competitiveness of the financial sector. This study examines the revealed comparative advantages of 34 developing African countries from the period 2008 to 2017 and goes further to determine the impact of the revealed comparative advantage indices on economic growth. Revealed comparative advantage is used as an alternative proxy to financialisation, while economic growth is measured in terms of GDP per capita. In order to determine the impact, a panel study approach was followed, using a multiple linear regression model. The study produces two findings. Firstly, we find that the majority of African countries do not reveal a comparative advantage in financial services. This finding confirms our expectation. Secondly, we find that there exists a negative and significant relationship between financialisation and economic growth. The findings suggest that as developing countries in Africa gain comparative advantages in financial services, those gains have a detrimental impact on their economic growth. Informed by the findings of this study, which have implications for financial market development in Africa, the main recommendations are firstly that regulators need to play their part in reducing the cost of business for financial services institutions—particularly compliance costs, so as to encourage competition and development in the financial services sector, without compromising their responsibility to protect consumers. Secondly, better insights regarding cross-border trading and its impact on economic growth, profitability and the accumulation of foreign currency reserves need to be gained, in order to come up with more conducive regulatory frameworks that do not result in penalties for local firms, rendering them uncompetitive relative to foreign firms. Additionally, management at financial institutions have the responsibility of ensuring that benefits derived from their cross-border business go beyond shareholder value, but that reinvestment into the real economy takes place either through increased lending or equity investments and should also ensure that sufficient investments are made into the infrastructure required to increase the institution's competitiveness. Finally, Government and regulators needs to pay attention to how cross-border financial transactions are taxed, especially considering the new era of FinTech's, cryptocurrencies, and deepening regional integration, while at the same time ensuring that there is greater depth, bread and liquidity of their local financial markets.
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Pandhi, Dhriti. "The relationship between exports and growth in select African nations." Connect to resource, 2007. http://hdl.handle.net/1811/28585.
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Thesis (Honors)--Ohio State University, 2007.<br>Title from first page of PDF file. Document formatted into pages: contains, 34 p.; also includes graphics. Includes bibliographical references (p. 32-33). Available online via Ohio State University's Knowledge Bank.
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Hammer, M. "Growth, development and life history variation among early African hominids." Thesis, University of Cambridge, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.603622.
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Two paths of investigation are open to researchers interested in the growth, development and life history of early African hominids. One approach relies on the ‘hard evidence’ of the fossil record and seeks to make inferences about how hominids grew and matured based on their fossil teeth and bones. The other approach is based on the ‘soft story’ of statistics and modelling and attempts to apply what is known about the ontogeny of extant primates to extinct hominids. The second approach, statistical modelling, has become increasingly important in efforts to elucidate life history. However, when current methods are scrutinised it emerges that there are a number of problems inherent in the methodology used to date. Recognising this problem, the thesis develops a new statistical method for modelling in palaeoanthropology. It for the first time advances multivariate techniques in the wider context of hominid life history. It also extends the theory of residualisation techniques in multivariate analyses as a way to circumvent some of the observed mathematical problems. The new method is then put to the test in two examples attempting to model molar eruption and longevity in Plio-Pleistocene hominids. It emerges as a result that the bonobo (<i>Pan paniscus) </i>is by and large the best model for the australopithecines, whereas early <i>Homo </i>spp. are intermediate between modern great apes and humans. This is yet more independent confirmation for the very recent evolution of the modern pattern of life history. Given that the modern human pattern is not of ancient origin, the question arises how, when and why history patterns changed over the coarse of 4 million years of hominid evolution from ape-like beginnings to the pattern observed today. This is discussed in the final chapter and various evolutionary-ecological scenarios are constructed to explain why modern humans are members of uniquely unique species: the most socially and intellectually complex, the longest-lived and most widespread primate ever.
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Vermeulen, Marise. "Dividend payout and future earnings growth : a South African study." Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/97169.
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Thesis (MDF)--Stellenbosch University, 2011.<br>In the past it was believed that the payment of dividends would decrease the funds available to finance growth, and would therefore lead to lower future earnings growth. This belief was challenged in recent years with research that tested the relationship between dividend payout and future earnings growth, both on the individual company and aggregate market level in different countries. The results contradicted popular belief, and showed that companies with high payout ratios tend to realise stronger future earnings growth. This study tested the same relationship in South Africa and concluded that even in a developing country, dividend payout will still lead to higher future earnings growth.
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Vermeulen, Marise. "Divided payout and future earnings growth : a South African study." Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/21215.
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Thesis (MDF)--Stellenbosch University, 2011.<br>In the past it was believed that the payment of dividends would decrease the funds available to
finance growth, and would therefore lead to lower future earnings growth. This belief was
challenged in recent years with research that tested the relationship between dividend payout and
future earnings growth, both on the individual company and aggregate market level in different
countries. The results contradicted popular belief, and showed that companies with high payout
ratios tend to realise stronger future earnings growth. This study tested the same relationship in
South Africa and concluded that even in a developing country, dividend payout will still lead to
higher future earnings growth.
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Mabusela, Tebogo. "Debt leverage, company growth and job creation : South African manufacturing." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/64869.
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Unemployment and lack of economic growth have been an issue in South Africa. This
research project studied the impact debt leverage has on a companyÕs ability to grow
revenue and create jobs. Most recent literature focused on debt leverage and the increase
in company investment but not extensively in company revenue growth. Furthermore,
most literature was based on the developed economies. Also, the emphasis of most
recent literature was on metrics that would benefit the investor more than it would benefit
broad-based economic interests. A panel data regression was used to analyse crosssectional
data primarily sourced from ÔMcGregor BFA Research DomainÕ. This analysis
covered 74 publicly-listed South African companies which were from manufacturing,
mining or construction sectors from 1992 to 2017. From this, it was found that debt
leverage does not predict company growth or job creation. However, it was found that
short-term debt leverage does predict company growth for companies whose total assetsÕ
market value is less than total assetsÕ book value. Additionally, it was found that company
size can, under most conditions, predict company growth and job creation.<br>Mini Dissertation (MBA)--University of Pretoria, 2017.<br>za2018<br>Gordon Institute of Business Science (GIBS)<br>MBA<br>Unrestricted
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Mtati, Nokuzola Julia. "The impact of crime on the South African economic growth." Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/d1018644.
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Crime in South Africa has been escalating over the past few years. Crime affects all societies in South Africa. It occurs amongst the rich and the poor, in the suburbs as well as in the townships. Serious and violent crimes are reported in most of the national newspapers almost on daily basis. There is no single satisfactory answer as to the causes of crimes and its impact on the economy of South Africa. The aim of this research report is to assess the impact of crime in the South African economy. In order to formulate a conceptual and theoretical framework of the study, growth theories, namely neoclassical growth theory, Harrod-Domar growth model classical growth theory and endogenous growth theory were presented. Although all these growth theories relate to this study as crime cuts-across all sectors of the economy the endogenous growth theory was chosen as a theoretical framework on which to base this study. Endogenous growth theory deals with domestic absorption. Crime interferes with this absorption as it constitutes a cost to the economy. Firms lose profits whilst the opportunity cost of running prisons using a tax payers’ money continues to grow. This study is based on a quantitative research technique, using a vector error correction model (VECM) on a quarterly time series data over a period 2003 to 2011. The variables used to explain variations in economic growth over this period are crime, real interest rates, real exchange rates, unemployment and poverty. The findings of this study suggest that crime exerts a negative impact on economic growth in a long run in South Africa. However, this relationship is not statistically significant both in a short run and a long run. . However, no evidence of short run adjustments between crime and economic growth were found. There is a long run negative relationship between real interest rates and economic growth. This relationship is also statistically significant in a long run but not in a short run. However, the relationship between real interest rates and economic growth is positive in a short run. This can be explained by the fact that high interest rates attract foreign investments causing a rise in economic growth but in a long run high interest rates dampen domestic investments thereby aggravating the unemployment problem. Rising unemployment is likely to lead to increase levels of crime in South Africa. The results also show that unemployment has a negative relationship with economic growth both in the short run and a long run. However this relationship is not statistically significant in a short run but in a long run. Poverty has a negative relationship with economic growth in a short run but a positive relationship in a long run. However, in both instances the relationship between poverty and economic growth is not statistically significant. Real exchange rate has a positive relationship with economic growth in a long run but a negative relationship in a short run. This relationship is statistically significant in a long run but not in a short run. This means that the benefits of a weak currency in South Africa are realised in a long run. The implications of this study with regard to the variable of interest namely crime, is that crime constitutes a cost to the economy of South Africa. The econometric modelling used in this study suggests a negative relationship between crime and economic growth. This means that the problem of crime in South Africa goes beyond just simple counts on a number of offenses. Based on the findings of this study it is recommended that crime prevention is better than cure. Crime prevention should use a wide range of ideas and abilities found throughout the society. Community planning, neighbourhood action, juvenile advocacy, security planning, education and training are some of the ways in which crime actions can be mitigated in South Africa.
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Ayer, Nirvashnee. "Learning from mentors : perspectives of South African entrepreneurs." Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/23765.
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Low levels of entrepreneurial activity and success have led to calls for mentorship as a support mechanism to increase the success rate of entrepreneurial ventures in the economic landscape of South Africa. This study aimed to explore the perceptions of entrepreneurs regarding mentorship and to ascertain whether the entrepreneurs perceived mentoring to be a valuable support mechanism in growing their business. The impact of gender on the perception formation was analysed as well as the necessary attributes that ensures an effective relationship. A two phased qualitative case study approach was utilised with unstructured mentor interviews and in depth entrepreneur interviews. The research established that mentorship was mutually beneficial to both the mentors and entrepreneurs. The latter experienced immense personal benefits on a business and emotional level whereas the impact on business growth was identified as being an increase in revenue. Women were found to be more positive about mentoring than their male counterparts. Previous entrepreneurial experience, trust and empathy were stipulated as vital factors in the establishment of a successful relationship. Copyright<br>Dissertation (MBA)--University of Pretoria, 2011.<br>Gordon Institute of Business Science (GIBS)<br>unrestricted
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Mwagura, Joseph. "The Impact of the African Growth and Opportunity Act on Sub-Sahara African Value-Added Agricultural Exports." Master's thesis, North Dakota State University, 2019. https://hdl.handle.net/10365/31529.
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This thesis uses new measures of value added trade for agricultural exports which originate from Sub-Sahara African (SSA) countries and go to the United States of America (U.S.A.). First, the impact of the African Growth and Opportunities Act (AGOA) on SSA?s domestic value-added exports is assessed by using a sectoral structural gravity model. The study then evaluates the AGOA?s effect on the extensive margin and intensive margin of US-SSA value added trade using a Helpman, Melitz, and Rubinstein (2008) (HMR) two-step procedure model. The empirical results show that AGOA has had an insignificant impact on SSA?s agricultural domestic value-added exports to the U.S.A. In addition, being an AGOA recipient does not seem to affect a recipient?s decision to export domestic value-added agricultural products and has had an insignificant impact on the volume of agricultural domestic value-added exports to the U.S.A.
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Sanders, Ethan Randall. "The African Association and the growth and movement of political thought in mid-twentieth century East Africa." Thesis, University of Cambridge, 2013. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.607946.
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Benson, Delvon A. "Black Religiosity: An Analysis of the Emergence and Growth of Black Megachurches." University of Toledo / OhioLINK, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=toledo1310143585.
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Mobolaji, Hakeem Ishola. "Essays on financial development and growth in Sub-Saharan African countries." Thesis, University of Leicester, 2008. http://hdl.handle.net/2381/4493.
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This thesis investigates the relationship between financial development and economic growth in Sub Saharan Africa for the period 1970-2005. The first chapter assesses three growth theories using panel data. The study lends empirical credence to the endogenous growth theory, but finds weak evidence for growth-impact of financial development in the region. The study suggests that financial development is important for economic growth in the presence of highly developed human capital and other institutional factors. The first essay finds growth-complementarity feature between financial development and human capital in the region. In the second empirical essay, the thesis investigates the determinants of financial development in the region. In particular, it analyses the impact of spatial externality on financial development in SSA for the period of 1970-2005 in a dynamic panel data framework that uses the Arellano and Bond GMM estimator. The findings of this chapter suggest that the financial system is geographically sensitive, and thus not immune to spatial externality. The findings suggest that spatial effects may include crowding-out of domestic credit market, enhancing competition among banks and promoting efficient resource allocation for overall economic growth. Finally, the third empirical essay investigates the relationship between finance and growth in a panel data framework. It suggests another channel by which this nexus can be analysed. The study uses a panel cointegration test to assess the long run relationship between finance and growth in the presence of spatial externality. The study finds empirical support for the demand-following hypothesis. It also indicates that there is a long run impact of spatial externality on financial development in particular and economic growth in general for the sample countries in the study. This chapter suggests a regional framework for the relationship between finance and growth.
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Khampha, Avhatakali Tshifaro. "Exploring the link between aid and economic growth : an African perspective." Thesis, Stellenbosch : University of Stellenbosch, 2007. http://hdl.handle.net/10019.1/926.
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Thesis (MDF (Development Finance))--University of Stellenbosch, 2007.<br>ENGLISH ABSTRACT: It is a fact that development aid represents the single most important source of external finance for most developing countries. This study sought to answer an important question relating to whether aid has a positive impact on economic growth or not. There is much literature on the subject and the views are quite diverse.
Using the World Development Indicators (WDI) data, a cross-section regression analysis was performed over a period of 16 years and existing literature on the subject was re-examined. Of importance, this study tries to understand what the determinants or triggers of economic growth are, especially in developing economies. The results show that, although no significant relationship could be found between economic growth and development aid, there is strong evidence that there is a significant positive relationship between economic growth and the important triggers of economic growth used in the study, namely exports and investments. These are important components for the growth of any economy. The implicit conclusion is that since these two components are being impacted positively by aid, it follows then that the link between economic growth and aid can be considered to be a positive one.
These findings go against the critics of development aid who maintain that aid that is being pumped into developing economies, especially the African continent, is actually just going into a big black hole and could be used more effectively somewhere else. This study proves that this is not the case and donor countries need to intensify their efforts of providing aid to poor countries because they need it and it is actually making a difference.
AFRIKAANSE OPSOMMING: Dit is ‘n algemeen aanvaarde feit dat ontwikkelingsteun die enkel belangrikste bron van eksterne finansiering is vir die meeste ontwikkelende lande. Hierdie studie poog om antwoorde te vind vir die belangrike vraag of steun ‘n positiewe impak op ekonomiese groei het of nie. Daar is volop literatuur oor die onderwerp beskikbaar en die opvattings is uiters uiteenlopend.
Deur die World Development Indicators data te gebruik, is ‘n deursnit regressie analise gedoen oor ‘n periode van 16 jaar en bestaande literatuur oor die onderwerp is weer ondersoek. Die belangrikste oogmerk van die studie is om te probeer verstaan wat die bepalers of snellers van ekonomiese groei is, veral in ontwikkelende ekonomië. Die uitslae toon dat, alhoewel daar geen beduidende verhouding gevind kon word tussen ekonomiese groei en ontwikkelingsteun nie, daar wel sterk bewyse is vir ‘n beduidende positiewe verhouding tussen ekonomiese groei en die belangrike snellers van ekonomiese groei soos gebruik in die studie, naamlik uitvoere en beleggings. Hierdie is belangrike komponente vir die groei van enige ekonomie. Die implisiete afleiding is dus dat, aangesien hierdie twee komponente positief beïnvloed word deur ontwikkelingsteun, dit volg dat die skakel tussen ekonomiese groei en steun ook as ‘n positiewe een beskou kan word.
Hierdie bevindings is lynreg in teenstelling met die kritici van ontwikkelingsteun wat handhaaf dat steun wat aan ontwikkelende lande, veral in Afrika, gegee word, eintlik net in ‘n groot swart gat verdwyn en meer effektief elders aangewend kan word. Hierdie studie bewys dat dit nie die geval is nie en dat skenker lande eerder hulle pogings om steun aan arm lande te bied moet verskerp omdat hulle dit nodig het en omdat dit regtig ‘n verskil maak.
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Nwosu, Chioma P. "Inflation and economic growth relationship in the West African Monetary Zone." Thesis, University of Bradford, 2018. http://hdl.handle.net/10454/17315.
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Inflation and output growth relationship is of interest to policymakers and researchers. In the West African Monetary Zone, the attainment of low inflation rate is considered as one of the convergence criteria for the successful implementation of monetary union in the zone. Although there has been empirical evidence that the relationship between inflation and output growth in the WAMZ is non-linear, the question yet to be answered is, “at what level is inflation detrimental to economic growth?” This paper extends the link of analysis by investigating the optimal inflation for the WAMZ countries using the quadratic approach to threshold estimation. The findings drawing from economic theory and analysis suggests that inflation rate in the WAMZ is significantly associated with lower growth only after it reaches 12.86 percent. The result further indicates that there are significant differences in the inflation threshold levels in the WAMZ countries. The findings of this research are not surprising given the institutional features and structure of the different countries in the zone. The findings of the research suggest that monetary authorities in the WAMZ countries could accommodate inflation rate up to the threshold level, even when that is higher than what is currently being targeted in the zone, so as not to stifle growth in the area. Also, although the WAMZ countries belong to the same geographical area, which could enhance group formation; there could be other sources of heterogeneity like different political, legal, economic, and national policies that drive individual growth processes in the zone.<br>Central Bank of Nigeria
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Riba, Lerato. "The relationship between tax and economic growth: A South African perspective." Master's thesis, University of Cape Town, 2017. http://hdl.handle.net/11427/25393.
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The purpose of this study is to investigate the impact of taxes in general and across the major three tax types, PIT, CIT and VAT on economic growth in South Africa. South Africa faces critically low growth levels amidst other challenges of high unemployment levels and significant inequalities. Government has a role of intervening in the economy through provision of public goods and services promoting economic development. This is facilitated through the levying of taxes. With the current concerns around tax policy and imminent tax increases in South Africa, it is imperative that a causal relationship between taxes and growth be investigated. The study covers the period 2003 to 2016, employing the ARDL framework to establish a long run relationship between taxes and growth at aggregate tax level, as well as major tax type level, where the model specified is derived from the GDP aggregate income approach. Results obtained indicate a long run equilibrium only at tax type level. This is followed by the Granger causality test that supports a demand-following hypothesis of growth over taxes in aggregate and PIT and CIT in particular, as well as a bi-directional relationship between growth and VAT, considered and indirect tax, consistent with the supply-leading hypothesis of consumption over growth. The results thus suggest that a positive relationship exists between taxes and growth where increases in tax lead to increases in growth in the VAT instance, then in the instance of increases in PIT and CIT, a result of increases in growth. It is recommended the Davis Tax Commission consider an increase in VAT rather than in the other tax types so as to bring about a more impactful, positive increase in economic growth, in alignment to the NDP.
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Amsterdam, Kirsten. "The effect of financial innovation on economic growth in African countries." Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/29082.
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This study investigates the relationship between financial innovation and economic growth in twenty-five countries in Africa. The relationship is estimated in a panel of countries, utilising Fixed and Random Effects Testing, and compared with the results when the same relationship is tested between individual African countries using the Ordinary Least Squares (OLS) method. Three proxies for financial innovation the growth in bank credit to the private sector, the ratio of broad money to narrow money and mobile penetration and data for four financial innovations automated teller machines, mobile money accounts and mobile money agents and mobile transactions are used in the estimations. The results indicate that measures which have a significant effect on growth and non-mobile related proxy measures, are generally negative. The mobile financial innovations generally have a positive effect, particularly in countries with low levels of financial development. This study firstly concludes that mobile linked financial innovation has a positive effect on growth in Africa, therefore policy and regulation should be geared towards encouraging further positive impact. Secondly, this study concludes that the level of financial development in African countries impacts the extent and the manner in which financial innovation impacts growth. It is recommended that the focus on improving financial inclusion, utilising financial innovation, particularly mobile financial innovation should be continued, in order to improve financial depth and efficient allocation of resources and financial intermediation. Further research is also required into the effects of financial innovation specific to individual countries, and the nuances between them, as well as the role of regulation and financial development on financial innovations effect on growth.
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Marandu, Simon Hlomayi. "The Impact of FDI on Economic Growth in Southern African Countries." Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/28415.
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All the countries in southern Africa can be classified as developing, a category which is composed of the world’s poor countries. These countries’ economies are characterized by low Gross Domestic Product (GDP), low levels of employment, and low income levels on the economic front and weak democracies on the political front. However, most of these southern African countries have abundant natural resources which should have given them the means by which to improve their economies. It is generally accepted that the reason why countries in Sub-Saharan Africa (SSA) are in this predicament is because of the lack of capital, skills and technology required to exploit these natural resources and, in some cases, poor political governance and political instability. Multilateral institutions and academia have insisted that for developing countries to accelerate economic growth and social development they should promote foreign direct investment (FDI) in their territories. So in essence the concept of FDI has been proffered as a solution to ignite the much needed economic growth and development (Fischer, 1999). It is envisaged that FDI will provide the missing capital, technology and skills required to exploit the abundant natural resources that countries in southern Africa have. Such activities will then create employment, improve domestic production and in the process increase the level of skills in the developing countries. In general, some literature suggests a positive relationship between FDI and economic development (Kurtishi-Kasrati, 2013). Further, when a country decides to pursue FDI then that country will then be forced by that pursuit to inculcate democratic values and principles and proper governance in its political and administrative systems. The vehicles that bring FDI into the developing countries are varied. The main drivers of FDI are the Multinational Enterprises (MNEs). When investing in countries, the MNE’s objectives are not necessarily aligned with those of the host countries. Most MNEs are inspired by a desire to increase profits, an objective which is usually at odds with the objectives of economic and social development as envisaged by the receiving countries (Bitzenis, 2004). Some studies have shown that FDI can have negative spill-over effects on the domestic economies through repatriation of profits and crowding out of the local industries. Studies have shown that if foreign firms are substantially more advanced technologically than the domestic firms this could result in failure of domestic companies due to loss of market share, generally referred to as ‘market stealing’ (Schoors & van der Tol, 2002). This research seeks to establish whether FDI is having a significant impact on GDP growth in countries in southern Africa. Furthermore, this research will try to look at how other variables enable the economies to absorb and convert the FDI into GDP growth. Some studies have shown that human capital development and financials systems development might facilitate the absorption of FDI in developing economies (Durham, 2004).
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Friedericks, James Bahadur. "Evaluation of African trifolium species for growth and biological nitrogen fixation." Diss., Virginia Polytechnic Institute and State University, 1989. http://hdl.handle.net/10919/54529.
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Throughout the African highlands forage legumes are relied on to add soil N, support increasing livestock populations, and reduce soil erosion. This research addresses a constraint designated by the International Livestock Center for Africa (ILCA) to identify African clover (Trifolium) germplasm and Rhizobium trifolii strain combinations with high productivity potential for the African highlands. A Vertisol and an Eutric Nitosol (Paleudalf), and seed from Trifolium decorum, T. quartinianum, T. rueppellianum, T. steudneri, and T. tembense were obtained from ILCA in Addis Ababa, Ethiopia. A commercial collection and R. trifolii strains isolated from the Ethiopian soils were evaluated for symbiotic effectiveness with these clovers. Effective combinations were evaluated for growth and biological nitrogen fixation (BNF) in a greenhouse on both soils with limited, adequate, and excessive soil moisture. Rhizobia were also evaluated for survival in desiccated soil (12.5 and 17.5 g H₂O g⁻¹ soil) and for competitive nodule forming ability. Effective strains were found among soil isolates but not in the commercial collection. Highest dry matter yields and total BNF accumulation were obtained from T. tembense on all soil and moisture treatments followed by T. decorum and T. quartinianum.
Trifolium rueppellianum and T. steudneri had low yields and BNF capacities. Plants receiving adequate and excessive moisture had higher yields than moisture stressed plants. The highest levels of cumulative BNF were obtained on the nitosol soil with either adequate or limited moisture. The moisture limited vertisol supported the lowest BNF levels. Rhizobial strains survived desiccation only in the vertisol at 17.5 g H₂O g⁻¹ soil. All strains could compete with background rhizobia populations to nodulate host plants. Nodule occupancy rates of 20 to 30% were required for high yields. Trifolium tembense, T. decorum, and T. quartinianum are adapted to soils with adequate or excessive moisture, T. rueppellianum and T. steudneri are suited to moisture limited conditions or short growing seasons. Effective rhizobia inoculants and selected clovers have the potential for increasing forage productivity in highland areas.<br>Ph. D.
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Riddin, Nicholas Alwyn. "Growth and gonad size in cultured South African abalone, Haliotis midae." Thesis, Rhodes University, 2013. http://hdl.handle.net/10962/d1001651.
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According to farm records, cultured Haliotis midae (50-70 g.abalone⁻¹) were growing 10% slower in winter when compared to summer. This reduction in growth rate also coincided with enlarged gonads. Initial trials showed that there were differences in mean monthly growth rates ranging from 1.97 – 5.14 g abalone⁻¹ month⁻¹, and gonad bulk index (GBI) also varied between months (GBI range: 26.88 ± 12.87 to 51.03 ± 34.47). The investment of energy into gonad tissue growth did not compromise whole body growth as the abalone continued to gain weight throughout the reproductive periods, probably due to gonadal growth. Growth of this size class of abalone was not influenced by water temperature or day length, suggesting favourable on-farm culture conditions (regression analyses, p > 0.05). There is no need to implement a seasonal dietary regime. Cultured H. midae were fed artificial diets with different protein sources, including only soya, only fishmeal, a combination of soya and fishmeal, and these were compared to kelp-fed abalone. Kelp-fed abalone grew slower than those fed artificial feeds (p>0.05). Gonad growth was the greatest when soya meal was included in the diet (average GBI: 74.91 ± 23.31), while the average gonad size of abalone fed the fishmealbased diet had gonads which were 38% smaller, and kelp-fed abalone had gonads which were 75% smaller than those of the abalone fed on diets containing soya meal. The increased gonad mass in abalone fed on diets including soya meal could be attributed to phytoestrogenic activity, as a result of the presence of isoflavones found in the soya plant; this remains to be tested. The use of soya in brood stock diet development is advised. The influence of dietary protein to energy ratio (1.41 – 2.46 g MJ⁻¹) on growth and gonad size was tested. Protein and energy levels within the ranges tested (22 and 33% protein; 13.5 and 15.6 MJ kg⁻¹) did not interact to influence growth rates of cultured H. midae. GBI increased from 50.67 ± 4.16 to 83.93 ± 9.35 units as a function of dietary protein to energy ratio (y = 42.02 x⁰·⁸¹; r² = 0.19; regression analysis: F₁¸₃₈ = 8.9; p = 0.005). In addition, protein level influenced gonad size, with gonad growth being greater in abalone fed the high protein diet (factorial ANOVA: F₁¸₃₂ = 7.1, p = 0.012). Canning yields were reduced by 7% when the protein content was increased, while increasing the quantity of dietary energy improved canning yields by ~ 6% (one-way ANOVA: F₁¸₂₈ = 14.4, p= 0.001). The present study provided evidence that although growth rates are varying seasonally, reproductive investment is not hindering weight gain. Gonad growth can be influenced if desired by farms, depending on the level of soya inclusion, as well as the protein to energy ratio in the diet. Monthly variation in growth and gonad size, as well as the influence of diet on gonad growth were highlighted, and the implications for farm application and further research were discussed.
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Alia, Didier Y. "AGRICULTURAL INPUT INTENSIFICATION, PRODUCTIVITY GROWTH, AND THE TRANSFORMATION OF AFRICAN AGRICULTURE." UKnowledge, 2017. http://uknowledge.uky.edu/agecon_etds/59.
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This dissertation studies agricultural input intensification, defined as the increased use of modern inputs such as hybrid seeds, mineral fertilizer, herbicide, and pesticide in African agriculture. It also analyses the potential of this intensification to accelerate productivity growth and tests the effectiveness of two policies, input subsidies and land reforms, in promoting it and consequently in increasing crop yield. In the first essay, we argue that to create the conditions for the emergence of a green revolution in Africa, modern agricultural technologies have to be adopted as a package, not in a piecemeal fashion. This argument is consistent with a conceptual framework that we develop to illustrate the importance of harnessing strategic complementarities among agricultural technologies by adopting them simultaneously rather than sequentially. Based on this framework, we propose a methodology to estimate an index to measure agricultural input intensification in its many dimensions. The index provides a simple and intuitive measure to quantify joint adoption of several inputs and compare it across plots, crops, farmers, and regions. Applying this methodology to maize producers in Burkina Faso and Tanzania, we show that our estimated index is a valid measure of joint input adoption and effectively captures the relative importance of each input as well as the number of different inputs adopted. Using the estimated index, we find that simultaneous adoption of modern inputs in Burkina Faso and Tanzania is limited but not rare. Most importantly, we find that the impact of the adoption of individual modern input on yield is increasing with the level of intensification for others.
In the subsequent two essays, we assess the effectiveness of government’s direct intervention through input subsidies and indirect intervention through land reforms in promoting agricultural input intensification and increasing productivity. Our empirical analyses focus on Burkina Faso, a country that has recently implemented a fertilizer subsidy program and is undertaking profound land reforms to improve land tenure security and land transferability among households. The second essay tests the hypothesis that subsidizing only one input might promote or discourage the use of other inputs. We find that fertilizer subsidy for maize farmers in Burkina Faso crowds in the use of hybrid seeds and crop protection chemicals, but discourages the use of manure. The last essay assesses whether the development of rural land rental markets can facilitate land transferability among farmers and increase input intensification and productivity. The findings suggest that land rental transfers land from less talented or committed farmers to the more able but have minimal impact on input intensification. However, our results show that land renters are more productive and better farm managers. These results suggest that the short-term gains from policies that foster the development of land rental markets in Burkina Faso, and more generally Africa, will likely be in term of efficiency rather than widespread adoption of modern agricultural technologies.
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REICHENBACHER, ERIC THOMAS. "A DEVELOPING PARTNERSHIP: THE BURGEONING SINO-AFRICAN RELATIONSHIP AND ITS IMPLICATIONS FOR AFRICA'S ECONOMIC GROWTH AND DEVELOPMENT." Thesis, The University of Arizona, 2008. http://hdl.handle.net/10150/192209.
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Hoare, Simon. "Determinants of catch-up growth following diarrhoeal disease in West African children." Thesis, University of Newcastle Upon Tyne, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.341780.
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Budak, Sevim. "Trade and Economic Growth : An analysis based on Sub-Saharan African Countries." Thesis, Jönköping University, JIBS, Economics, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-1323.
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Adewumi, Sarumi. "The Impact of FDI on Growth in Developing Countries : An African Experience." Thesis, Jönköping University, JIBS, Economics, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-711.
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<p>The paper examines the contribution of foreign direct investment to economic growth in Africa using graphical and regression analysis. Data for the entire continent and data for eleven countries within the continent were used for the empirical analysis. The time series data is from 1970-2003. It was discovered that the contribution of FDI to growth is estimated to be positive in most of the countries but not significant.</p>
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Yago, Milton Acaye. "Determinants of investment and growth in Sub-Saharan African countries : 1980-1997." Thesis, University of Nottingham, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.392219.
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Karanja, John Kimani. "The growth of the African Anglican Church in Central Kenya, 1900-1945." Thesis, University of Cambridge, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.284130.
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Wright, Anthony John. "Measures and determinants of productivity growth in the South African manufacturing sector." Thesis, Rhodes University, 1994. http://hdl.handle.net/10962/d1002754.
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The neoclassical "sources-of-growth" approach is applied to derive total factor productivity (TFP) growth measures for manufacturing industries in South Africa. Although South Africa's recorded industrial TFP growth measures have been persistently low in absolute terms, this performance is not significantly worse than the industrial TFP growth performance of other developing countries. In some periods there is evidence of a significant variability in TFP performance across industries. The measures also indicate that TFP growth has worsened in the 1980s, particularly in the intermediate-capital intensive and labour intensive industries. However, there are various problems with interpreting neoclassical TFP growth measures as indicators of production efficiency. In fact, as TFP growth is derived as a residual, it may measure many factors besides production efficiency. Alternative growth theories are used to assess the fundamental determinants of productivity growth. These provide a more plausible conceptualisation of the process by which productivity growth is generated than the neoclassical growth theory does. However, this analysis also provides little empirical evidence of which underlying factors have had the most influence on productivity growth in South African manufacturing. Hence, the relative importance of possible candidates can only really be assessed qualitatively and on the basis of micro evidence. However, these assessments, and the assumptions underlying the postulated causal connections (between the identified factors and productivity growth), have a major impact on policy design. In this respect, on the basis of the framework provided by the evolutionary and other recent growth theories, various policy implications are drawn, and these are contrasted with the policy proposals of other South African analysts. This thesis concludes that policies need to be designed with the central objective of enhancing the technological capabilities of South African firms. Trade policies will not be sufficient for achieving this objective. Education and training policies, technology, competition and labour market policies are also crucial. However, since the fundamental causes of productivity growth remain somewhat of a mystery, there is a need to be sceptical of simple policy prescriptions. In this respect, this thesis is highly critical of the World Bank's position that productivity gains will be reaped from the exposure of firms to international competition that trade liberalisation policies entail.
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Choga, Ireen. "An empirical analysis of the determinants and growth of South African exports." Thesis, University of Fort Hare, 2008. http://hdl.handle.net/10353/198.
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Exports have considerable effects on economic growth, employment and trade so it is crucial to understand the factors that are responsible for their variation. This study analyses the fundamental determinants of exports using annual South African data covering the period 1980 to 2006. It initially provides an overview of the South African export structure and export growth. A review of theoretical determinants is then specified. The study tests for stationarity and cointegration using the Johansen (1991, 1995) methodology. A vector error correction model is run to provide robust determinant variables on exports. The following variables which have been found to have a long run relationship with exports include: the domestic price of exports, real effective exchange rate, trade openness, foreign income and price of inputs (cost of production). The estimate of the speed of adjustment coefficient found in this study indicates that about 96% of the variation in exports from its equilibrium level is corrected within one year. The results that have emerged from this analysis corroborate the theoretical predictions and are also supported by previous researchers or studies.
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Mbense, Sinegugu. "The growth and recovery of mangroves at three South African study sites." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/11931.
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Mangroves in South Africa are prone to anthropogenic pressures such as browsing and trampling by livestock and by natural disturbances such as drought and floods. These mangroves exist at one of the most southerly limits in the world providing a unique opportunity to study recovery and resilience to change. This study used long term data at three South African study sites located in the subtropical (St Lucia Estuary) and warm temperate regions (Nxaxo and Kobonqaba estuaries) to compare mangrove growth rate, population structure and responses to disturbance. The first objective was investigated at St Lucia Estuary where site specific or microhabitat differences were measured to assess the influence of these on mangrove growth and population structure. It was suggested that site - specific variability would ensure mangrove survival and analysis showed that seedlings were present at different sites in different years. There was always some recruitment but often little survival to the next size class. Over time seedling numbers were quite variable and self – thinning of adults was evident. The second objective was to identify the environmental factors influencing population density and growth. Results showed that sediment moisture and salinity influenced seedling and adult density due to fluctuations in estuary water level. Mangrove growth rates for Avicennia marina in terms of height was faster (40 – 75 cm yr-1 ) at Site 1 where conditions were waterlogged and moderately saline and slower (5 – 25 cm yr1 ) in dry and hypersaline conditions at Site 4. Overall mangroves at St Lucia have shown persistence through drought and fluctuations in environmental conditions however resilience may be hindered at sites that are subjected to partially flooding and prolonged waterlogging. The second site was Nxaxo Estuary in the Eastern Cape where cattle exclusion plots (nonbrowsed) and control plots (browsed) were used to assess the recovery of A. marina trees from cattle browsing. Trees in the browsed plots showed no vertical growth while trees in the non-browsed plots grew significantly faster (5.4 ± 0.5 cm yr-1). When cattle were prevented from entering the mangrove area, the trees recovered fairly quickly and within 3 years growth was similar in both the non – browsed (17.9 ± 3.2 cm yr -1) and browsed plots (18 ± 1.6 cm yr -1). Lastly, mangrove recovery was investigated at Kobonqaba Estuary where long-term closure of the mouth to the sea resulted in high water levels, inundation of pneumatophores and die-back of the majority of the mangroves. This study measured the recovery of the mangroves by assessing changes in vegetation cover and sediment characteristics along transects. High initial porewater nutrient concentrations promoted salt marsh growth and plants increased average cover from 0% in 2011 to 18.9% (2013) and 50% in 2015. The total number of A. marina individuals increased from only seven to 27 individuals over four years. Salt marsh competition and facilitation will likely influence mangrove recovery in the future. Overall it was concluded that when a short term pressure (cattle browsing) is alleviated, mangrove forests even at warm temperate sites are able to recovery rapidly by increasing growth and seedling establishment. However, mangroves in the subtropical sites show more resilience and recovery potential to long term pressures such as fluctuating environmental conditions because of faster growth rates.
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Persson, David. "Corruption : the Erosion of African Economic Standards." Thesis, Jönköping University, JIBS, Economics, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-266.
Full textAbstract:
<p>Africa has during the past decades experienced vast difficulties in inducing greater levels of economic growth, which in turn has stirred intensive debates in an attempt to unveil its causes. A dawning debate to surface during recent years places corruption as a potent obstacle to impede and dent African economic progress. Embracing a theoretical and regression analysis, this thesis sets out to unravel the causes of African corruption, its implications, and its effects upon the economic standards of a number of selected countries. The findings reveal that corruption, amid all time-periods analyzed, discloses a strong deleterious impact upon GNI per capita primarily by damaging and undermining the African insti-tutional framework, which in turn is unable to function optimally. The outcome is that less economic progress [and thus lower levels of income] is being generated as resources are allocated and squandered in a non-optimal way. It is also substantiated that Protestantism and a high degree of homogeneity are factors that exercise a positive influence upon corruption and economic standards. The thesis finally illuminates the intricate and ubiquitous impediments that obscure Africa’s economic progress. It is concluded that inept governments and institutions too often lie at the core of the quandary. The current standard of Africa’s governments and institutions thus often leave much to be desired.</p>
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Jones, Basil Morris. "Growth, convergence and economic integration in West Africa : the case of the Economic Community of West African States (ECOWAS)." Thesis, University of Hull, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.342964.
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Moshabesha, Mosili. "The relationship between financial development and manufacturing sector growth: evidence from Southern African Customs Union countries." Thesis, Rhodes University, 2011. http://hdl.handle.net/10962/d1002725.
Full textAbstract:
Extensive research has been done on the relationship between financial development (FD) and growth (with the main focus on economic growth). Theoretical models and most of the conclusions reached stipulate that the development of a financial system is one of the essential ingredients for economic growth. A developed financial system is able to provide financial services efficiently to the real sector. This study examines the relationship between FD and manufacturing sector growth of the SACU countries. The study first reviews the theoretical and empirical literature of FD and growth (economic and manufacturing sector). This gives a full understanding of the topic before attempting to empirically study it. It also helps in the selection process of the model and variables to be employed in the study. A balanced panel for four SACU countries, namely Botswana, Lesotho, RSA and Swaziland, for the period 1976 to 2008 was estimated using Zellner‟s Seemingly Unrelated Regression Estimation (SURE) method. Namibia was omitted because of limited data. The SURE model was selected because it performs better than ordinary least squares (OLS) estimation of individual equations in cases where the countries studied can be affected by similar external shocks because they are in the same economic region and also have country specific structural differences which could affect their economic growth. Two measures of FD were used: credit to the private sector provided by commercial banks (FIC) and the ratio of liquid liabilities of commercial banks to GDP (LL). Manufacturing sector growth was measured by manufacturing value added to GDP. The results of the relationship between manufacturing growth and FD were very weak across the countries. The model that used FIC performed better, there was a negative significant relationship found in RSA and Swaziland, while with the model that used LL, all the countries gave an insignificant relationship. The results for Swaziland were very consistent with the past findings of the relationship between FD and economic growth in the country (for example Aziakpono (2005a)). This may be because of the high share of the manufacturing sector in GDP. Theory suggests that a well-developed financial system will have a positive impact on growth, but this was not the case in RSA and Botswana, where in some cases FD had a negative impact on the growth of the sector. The analysis of the countries‟ manufacturing sector development shows that the sector plays an important role in the economies of the SACU countries, especially in terms of employment and exports. The coefficients of trade openness are generally positive, though not significant in some cases. The other control variables gave mixed results across the counties and across the models. Based on the findings, the countries have to develop strategies that will improve entrepreneurial skills. Also the financial development in the small SACU countries is essential in order for all the sectors in the economy to benefit from the financial sector and in turn increase economic growth.
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Semmanda, Faith. "Factors affecting economic growth in sub-Saharan Africa : A panel data analysis of the factors that affect economic growth and the development of sub-Saharan African countries." Thesis, Södertörns högskola, Nationalekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-40466.
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Economic growth rate differs largely between different countries. There are many opinions on which factors really affect the rate of growth in different economies and this causes debates. The factors that affect economic growth include political systems, social settings, economic freedom, human capital and institutional organization. These factors affect not only productivity, but also efficiency. This thesis’ purpose is to investigate and explain the factors that affect economic growth in sub-Saharan Africa. Through use of a fixed effects regression model, a panel data investigation will be conducted, and an analysis will be presented in this thesis. By using secondary data for sub-Saharan African countries from reliable sources, the factors that affect economic growth on an annual basis from year 2006 to 2017 are examined. Growth in gross domestic product per individual (GDP per capita growth) is the dependent variable and represents economic growth. The independent variables which are believed to affect this growth are also given, and these include: population growth, foreign direct investment, level of corruption, democracy, life expectancy at birth, expected years of schooling and economic freedom. The findings estimate that some of the chosen variables, for example population growth and life expectancy at birth significantly affect economic growth and development in these countries. The rest of the independent variables have an impact on economic growth but are not statistically significant according to this study.
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Gwantshu, Welcome Simthembile. "The real exchange rate performance and economic growth in South Africa: 1990 - 2016." University of the Western Cape, 2020. http://hdl.handle.net/11394/7260.
Full textAbstract:
Magister Commercii - MCom<br>This study estimates the impact of the real exchange rate’s performance on economic growth in South Africa from 1990 to 2016 based on quarterly data. A review of the literature reveals that the real exchange rate can have either a positive or a negative effect on economic growth. The empirical analysis began with testing for stationarity of the variables by applying the Augmented Dickey-Fuller (ADF) and Phillips Peron (PP) tests. This was followed by the co-integration test of the model.
The unit root test results show that all variables except the exchange rate were integrated at order one, that is I (1), while exchange rate volatility is integrated at order zero that is I(O). Also, the co-integration analysis indicated that variables are co-integrated. Employing the Vector Error Correction Model (VECM) technique to estimate the results, the relationship between real exchange rate and economic growth was estimated. Findings further show that in the short run, economic growth is positively responsive to the real exchange rate while in the long run, a negative relationship exists between the two variables.
The results in the short run suggest that the exchange rate hurts economic growth. A 1% point increase in the real exchange rate (RER) causes a reduction in economic growth by 379 per cent. A rise in the RER affects the trade balances between exports and imports, which results in more imports in the country than exports and the devaluation of the rand stipulates imports in the short run, which leads to the gross domestic product to increase.
The study recommends that the South African Reserve Bank (SARB) Monetary Committee, together with the South African government, should develop a policy that will pursue a prudent monetary policy. A stabilise real exchange rate will enhance the economic activities that will attract foreign direct investment (FDI) and create an environment conducive to investment that will boost economic growth of South Africa.
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Meres, Sereke-Berhan. "Ethiopian and Eritrean Businesses Growth Barriers in the Washington, DC Area." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/2613.
Full textAbstract:
Prior studies have revealed that recent Asian and Hispanic immigrant entrepreneurs have made significant contributions to social change in the United States. Although African immigrant entrepreneurs have made such contributions, few studies exist about them, and there is limited knowledge about this business community. The purpose of this qualitative case study was to identify the barriers of growth in Ethiopian and Eritrean immigrant-owned firms in the Washington, DC area who were in business for a minimum of 3 years and represented various trade lines and geographical locations. The enhanced integrated model of ethnic business development, which proposes growth strategies by analyzing the interaction of opportunity structures, ethnic resources, and entrepreneurial and management skills, was used as the conceptual framework to guide this study. Semistructured interview data were gathered from the business owners and then analyzed by employing a pattern matching technique. The data analysis revealed the themes of management deficiencies and the lack of organizational support system as the main growth barriers of the firms studied. These findings suggested the improvement of management skills and the creation of an organizational support system. This effort demands a collaboration of public, private, and community organizations. The results of this study may have positive social change implications to local economies by facilitating the growth of immigrant-owned businesses and enhancing their job and income-creating potential.
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Ruddiman, Elizabeth P. "Is Smart Growth Fair Growth: Do Urban Growth Boundaries Keep out Racial Minorities?" unrestricted, 2007. http://etd.gsu.edu/theses/available/etd-08062007-090141/.
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Thesis (Ph. D.)--Georgia State University, 2007.<br>Title from file title page. Charles Jaret , committee chair; Robert Adelman, Donald Reitzes, committee members. Electronic text (96 p. : ill.) : digital, PDF file. Description based on contents viewed Nov. 1, 2007. Includes bibliographical references (p. 88-94).
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Danjoux, Ilan. "Positive rights or economic growth, the development dilemma; a South African case study." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2002. http://www.collectionscanada.ca/obj/s4/f2/dsk3/ftp05/MQ65616.pdf.
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Barnard, Ian. "The equity duration of South African growth companies : a theoretical and empirical evaluation." Thesis, Stellenbosch : Stellenbosch University, 2002. http://hdl.handle.net/10019.1/53110.
Full textAbstract:
Thesis (MComm)--Stellenbosch University, 2002.<br>ENGLISH ABSTRACT: This assignment sets out to address the concept of equity duration, where equity duration is
viewed as a measure of the interest rate sensitivity of common stock's market value. The
traditional use of standard dividend discount models, results in extremely long duration
estimates for equities - in the order of 10 years for income stocks to 25 years and more for
growth companies whose cash flows are not expected to materialize until some future period.
Leibowitz (1986) identified an alternative approach for assessing equity duration empirically.
These empirical estimates of actual stock price sensitivity to underlying changes in interest
rates imply that equities behave as if they are much shorter duration instruments.
Various attempts have been made to reconcile the difference between theoretical predictions
of equity duration and empirical findings. The differences in duration of assets in place and
growth opportunities are given as a possible reason for the above mentioned differences. It is
argued that investment opportunities are similar to options a company has. These option-like
characteristics of growth opportunities may alter the basic relationship between equity
valuation and interest rate changes.
The option framework suggests that the duration of growth companies may be shorter (not
longer) than those of assets in place. The results from option theory can however not be
applied directly to growth options, since some of the assumptions may not be valid in the
case of growth options. The presence of these growth options makes it virtually impossible
to calculate equity duration theoretically.
This study empirically tests the relationship between growth opportunities and equity
duration by focussing the attention on the interest rate sensitivity of South African growth
companies.
The following hypotheses regarding equity duration and growth companies are postulated:
• There is a significant difference in interest rate sensitivity between growth companies and
low-growth companies.
• There is a significant difference between duration of growth companies measured using
nominal interest rates and duration of growth companies using real interest rates. All non-mining companies on the Johannesburg Securities Exchange SA, for the period 1980
to 2000, were analysed. These companies were sorted into different portfolios that reflected
their growth opportunities. Market capitalisation, book-to-market and price-earnings ratios
were used as proxies to rank companies according to growth opportunities.
The results from univariate regressions suggest positive duration for common equities. The
negative relationship between equity returns and changes in nominal interest rates are
independent of size, book-to-market or price-earnings ratios of the sampled companies.
Including the market factor as an independent variable results in markedly different equity
duration. The duration is correlated with size, as both coefficients and t-statistics increase
when moving from small companies to larger companies. In addition, the small companies
have negative not positive duration, as was the case for simple univariate regressions.
There is also some evidence that high growth portfolios, as measured by low book-to-market
and high price-earnings ratios, are less sensitive to interest rate changes than low growth
portfolios.
Employing all three Fama and French's factors, there is no longer a cross-sectional
dependence on company size, with the mean duration being close to zero and statistically
insignificant in virtually all cases. Also, when dividing changes in the nominal interest rate
into changes in real rates and changes in inflation, it does not significantly affect the
estimates of equity duration.
The author found no evidence to support the stated hypotheses, when employing the Fama
and French's three factor model. This may mean that the relationships are subsumed in the
Fama and French risk factors.<br>AFRIKAANSE OPSOMMING: Hierdie werkstuk bestudeer die konsep van die duur van gewone aandele (equity duration),
waar die duur van 'n gewone aandeel gedefinieer word as 'n maatstaf van die rentekoerssensitiwiteit
van die markwaarde van die aandeel. Die tradisionele gebruik van standaard
dividend verdiskonterings modelle, lei tot uiters lang duur beramings vir gewone aandele - in
die orde van 10 jaar vir inkomste aandele tot 25 jaar en meer vir groei ondernemings wie se
kontantvloei nie verwag word om te materialiseer voor 'n sekere toekomstige datum nie.
Leibowitz (1986) identifiseer 'n alternatiewe empiriese benadering vir die beraming van
gewone aandeel duur. Hierdie empiriese bepaling van die sensitiwiteit van die werklike
aandeelprys tot onderliggende veranderings in rentekoerse, impliseer dat gewone aandele
reageer asof hulle baie korter duur instrumente is.
Verskeie pogings is aangewend om die verskille tussen teoretiese voorspellings van gewone
aandeel-duur en empiriese bevindings te rekonsilieer. Die verskille tussen duur van bates in
plek en groei-geleenthede word aangevoer as 'n moontlike rede vir bogenoemde verskille.
Dit word geargumenteer dat investeringsgeleenthede soortgelyk is aan die opsies wat 'n
onderneming het. Hierdie opsie-soortgelyke eienskappe van groei-geleenthede kan die
basiese verhouding tussen gewone aandeel waardasie en rentekoers verandering wysig.
Die opsie raamwerk dui daarop dat die duur van groei-ondernemings korter kan wees (en nie
langer nie) as die van bates in plek. Die resultate van opsie teorie kan egter nie direk
toegepas word op groei-opsies nie, aangesien sekere van die aannames nie geldig mag wees in
die geval van groei-opsies nie. Die teenwoordigheid van hierdie groei-opsies het tot gevolg
dat dit feitlik onmoontlik is om gewone aandeel-duur teoreties te bereken.
Die studie toets empiries die verhouding tussen groei-geleenthede en gewone aandeel-duur
deur te fokus op die rentekoers sensitiwiteit van Suid Afrikaanse groei-ondernemings. Die
volgende hipoteses met betrekking tot die gewone aandele duur en groei-ondernemings word
gestel:
• Daar is 'n betekenisvolle verskil in rentekoers sensitiwiteit tussen groei-ondernemings en
lae groei-ondernemings. • Daar is 'n betekenisvolle verskil tussen duur van groei-ondernemings gemeet deur
gebruik te maak van nominale rentekoerse en duur van groei-ondernemings deur gebruik
te maak van reële rentekoerse.
Alle nie-myn ondernemings op die Johannesburg Sekuriteite Beurs SA, vir die periode 1980
tot 2000, is ontleed. Hierdie ondernemings is gesorteer in verskillende portefeuljes wat hulle
groei geleenthede reflekteer. Markkapitalisasie, boek-tot-markwaarde en prysverdienste
verhoudings is gebruik as maatstawwe om ondernemings te rangskik volgens groeigeleenthede.
Die resultate van enkel veranderlike regressies dui positiewe duur aan vir gewone aandele.
Die negatiewe verhouding tussen aandeelopbrengs en verandering in nominale rentekoerse is
onafhanklik van grootte, boek-tot-markwaarde of prysverdienste verhoudings vir die
getoetste ondernemings. Indien die markfaktor ingesluit word, as 'n onafhanklike
veranderlike, lei dit tot opvallend verskillende gewone aandeel-duur. Die duur is gekorreleer
met grootte, met beide koëffisiënte en t-statistieke wat styg wanneer beweeg word van klein
ondernemings tot groter ondernemings. Addisioneel, die klein ondernemings het negatiewe,
nie positiewe duur, anders as in die geval van eenvoudige enkel veranderlike regressies. Daar
is ook bewyse dat hoë groei portefeuljes, soos gemeet deur lae boek-tot-markwaarde en hoë
prysverdienste verhoudings, minder sensitief is vir rentekoers veranderings as lae groei
portefeuljes.
Met die aanwending van al drie Fama en French se faktore is daar nie meer kruis-selektiewe
afhanklikheid (cross-selectional dependence) op ondernemingsgrootte aanwesig nie, met die
gemiddelde duur wat naby nul is en statisties onbedeidend in feitlik all gevalle is. Wanneer
die verandering in die nominale rentekoers verdeel word in veranderings in reële koerse en
veranderings in inflasie, beïnvloed dit ook nie betekenisvol die bepaalde gewone aandeel
duur nie.
Die outeur het met die gebruik van die Fama & French drie faktor model geen bewyse gevind
wat die vermelde hipoteses staaf nie. Dit mag beteken dat die rente-risiko verwantskappe in
die Fama en French risiko faktore vervat is.