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Working Papers

The impact of Monetary Policy Announcements and Political Events on the Exchange Rate: The Case of South Africa

Trust R. Mpofu and Amos C. Peters
Since 2000 the South African rand has been among the most volatile emerging market currencies, occasionally experiencing sharp depreciations. These sharp fluctuations in the value of the currency cannot be adequately explained by models of flow-supply and flow-demand of currency or by movements in...
Aug 2017
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The impact of Multinational Enterprises on Public Governance Institutions in Areas of Limited Statehood

Dirk Hanekom and John M. Luiz
We explore the interaction between Multinational Enterprises (MNEs) and public governance institutions in regions of limited statehood by focusing on three areas of inquiry: firstly, the impact of MNEs in these environments; secondly, the mechanisms and levels through which MNEs engage with...
Aug 2017
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Determinants of Successful Collective Management of Forest Resources: Evidence from Kenyan Community Forest Associations

Boscow Okumu and Edwin Muchapondwa
Participation of local communities in management and utilization of forest resources through collective action has become widely accepted as a possible solution to failure of centralized top down approaches to forest conservation. Developing countries have thus resorted to devolution of forest...
Aug 2017
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Co-operation, institutional quality and management outcome in community based micro hydro schemes in Kenya

Mary Karumba & Edwin Muchapondwa
Community based micro hydro grids in developing countries have characteristics like those of man-made common pool resources like irrigation commons. While empirical testing of the conditions that enable collective participation and subsequent successful self-governance within irrigation commons and...
Aug 2017
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Measuring institutions during and after colonisation in Senegal (1819-2010)

Maty Konte and Elise Wong Sonne
Most of the widely used indicators of institutions have been criticised for the lack of objectivity in their construction and for their coverage of short time periods, especially for African countries. New objective indicators of de jure property rights, de jure political and civil rights, and de...
Aug 2017
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Capturing the Black Swan: Scenario-Based Asset Allocation with Fat Tails and Non-Linear Correlations

Vsevolod I Gorlach
This paper highlights the shortfalls of Modern Portfolio Theory (MPT). Amongst other flaws, MPT assumes that returns are normally distributed; that correlations are linear; and that risks are symmetrical. We propose a dynamic and flexible scenario-based approach to portfolio selection that...
Aug 2017
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The effect of tax harmonisation in the Southern African Development Community on Foreign Direct Investment

Michael Ade, Jannie Rossouw and Tendai Gwatidzo
This paper investigates the effect of tax harmonisation on foreign direct investment (FDI) in the Southern African Development Community (SADC) region. Findings of a first attempt to investigate the linkage between taxation (tax rates and policy) and FDI (in all 15 countries), using an eclectic...
Jul 2017
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Economic Valuation of Forest Ecosystem Services in Kenya: Implication for Design of PES Schemes and Participatory Forest Management

Boscow Okumu and Edwin Muchapondwa
Forest ecosystem services are critical for human well-being as well as functioning and growth of economies. However, despite the growing demand for these services, they are hardly given due consideration in public policy formulation. The values attached to these services by local communities are...
Jul 2017
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An Econometric Method for Estimating Population Parameters from Non-Random Samples: An Application to Clinical Case Finding

Rulof P. Burger, PhD and Zoë M. McLaren, PhD
The problem of sample selection complicates the process of drawing inference about populations. Selective sampling arises in many real world situations when agents such as doctors and customs officials search for targets with high values of a characteristic. We propose a new method for estimating...
Jul 2017
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Which comes first: good governance or prosperity? A historical experiment from the South African Republic and the Orange Free State

Stan du Plessis and Sophia du Plessis
Two neighbouring republics, with a common history and culture, followed very different paths of development in the second half of the nineteenth century. Extraordinary mineral wealth was discovered during this period in the South African Republic (ZAR), the neighbour where political and economic...
Jun 2017
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