Journal publications

Publication

Private Schools and Student Learning Achievements in Kenya

Fredrick M. Wamalwa & Justine Burns

This papers examines the effect of private schools on literacy and numeracy skill acquisition among children mainly drawn from lower primary grades in Kenya. We apply a number of estimation approaches that accounts for endogeneity of school choice. We begin with the OLS, as a baseline model. We...

Aug 2018
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Publication

Impact of macroeconomic announcements on foreign exchange volatility: Evidence from South Africa

Tseke Maserumule and Paul Alagidede

This study focuses on scheduled macroeconomic news announcements and evaluates their impact on the volatility of the South African rand (ZAR) and US dollar (USD) exchange rate using high frequency data. The following asymmetries are studied: news items by geographical location, no-news versus...

Jun 2018
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Publication

Homelessness, Property Rights, and Institutional Logics

John M. Luiz and James Rycroft

We explore whether there is evidence of property rights amongst the homeless, and if so, how these rights are governed. We show that although the homeless are able to derive some value from assets, and can exclude other members of their community, these rights are precarious and dependent upon...

Jun 2018
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Publication

Race to the top: Does competition in the DSL market matter for fibre penetration?

Helanya Fourie & Paul W. J. de Bijl

High speed broadband creates potential productivity gains and has a positive impact on economic growth. Achieving Europe’s broadband access objectives will require large scale investment in next generation broadband networks, and it is imperative that an appropriate investment climate is created to...

Dec 2017
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Welfare analysis of bank capital requirements with endogenous default

Fernando Garcia-Barragan and Guangling Liu

This paper presents a tractable framework with endogenous default and evaluates the welfare implication of bank capital requirements. We analyze the response of social welfare to a negative technology shock under different capital requirement regimes with and without default. We show that including...

Jun 2017
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Publication

Pareto Optimality and Indeterminancy of General Equilibrium under Knightian Uncertainty

Wei Ma

This paper studies general equilibrium theory, for both complete and incomplete markets, under Knightian uncertainty. Noting that the preference represented by Knightian uncertainty induces a set of complete preferences, we set ourselves the task of inquiring the relationship between an equilibrium...

Mar 2016
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Publication

The Demand for Reproductive Health Care

Gauthier Tshiswaka-Kashalala and Steven F. Koch

This research formalizes the interactions between the various determinants of a woman's reproductive health behavior during her reproductive years, and, using nonparametric control functions, examines those determinants. The theoretical model is developed from Grossman's (2000) model of health as a...

Aug 2015
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Publication

Random Expected Utility Theory with a Continuum of Prizes

Wei Ma

This note generalizes Gul and Pesendorfer’s random expected utility theory, a stochastic reformulation of von Neumann-Morgenstern expected utility theory for lotteries over a finite set of prizes, to the circumstances with a continuum of prizes. Let [0,M] denote this continuum of prizes; assume...

Aug 2018
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Publication

Fiscal stimulus in a global zero lower bound environment

Fernando Garcia-Barragan and Guangling Liu

This paper investigates the effect of fiscal stimulus from an emerging market economy perspective. The model captures the signicant decline in China's net exports and remarkable quantity of resources that the Chinese government invested into the economy through state-owned enterprises in the...

Aug 2018
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Publication

Can creditor bail-in trigger contagion? The experience of an emerging market

Roy Havemann

The successful bail-in of creditors in African Bank, a small South African monoline lender, provides an opportunity to evaluate the intended and unintended consequences of new resolution tools. Using a data set that matches quarterly, daily and nancial-instrument level data, I show that the bail-in...

Jul 2018
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