Browsing by Author "Fedderke, Johannes"
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- ItemMetadata onlyChoosing and using performance criteria(RAND Corporation, 2005) Klitgaard, Robert; Fedderke, Johannes; Akramov, Kamil
- ItemOpen AccessConstruction of alternative indices of political freedoms, property rights and political instability for Zambia(2010) Lourenco, Ivo; Fedderke, Johannes
- ItemOpen AccessEssays on the political economy of 20th century colonisation and decolonisation in Africa(2010) Agbor, Julius Agbor; Fedderke, Johannes; Viegi, NicolaThe focus of this dissertation is on colonisation and decolonisation as cornerstones in the development of sub-Saharan Africa's current institutions and how these historical institutions affect current economic growth outcomes. The dissertation consists of three main chapters besides the introductory and concluding chapters. The rst main chapter considers conditions of optimality in a co-optive strategy of colonial rule. It proposes a simple model of elite formation emanating from a coloniser's quest to maximise extracted rents from its colonies... In the second main chapter, I argue that the pattern of decolonisation in West Africa was a function of the nature of human capital transfers from the colonisers to the indigenous elites of the former colonies. Underpinning the nature of these human capital transfers is the colonial educational ideology... The third main chapter investigates the channels through which colonial origin affects economic outcomes in sub-Saharan Africa (SSA). It focuses on four key channels of transmission namely, human capital, trade openness, market distortion and selection bias.
- ItemOpen AccessFinancial sector reforms and interest rate determination in Zambia(2005) Zgambo, Peter; Fedderke, JohannesThis thesis is concerned with an empirical investigation of the determinants of lending rates in Zambia in the aftermath of financial sector reforms. Cointegration techniques in a multivariate framework are employed to investigate the issue. Empirical findings indicate the presence of long-run cointegrating relationships between the lending rate, money supply, expected inflation, domestic debt, expected domestic currency depreciation or appreciation and foreign interest rates.
- ItemOpen AccessInstitutional and macroeconomic policy dynamics in transition economies(2008) Kularatne, Chandana; Fedderke, Johannes; Viegi, NicolaThis study is an investigation of some of the developmental challenges facing transition economies. The thesis provides empirical and theoretical analyses on some of the institutional and macroeconomic challenges experienced by transition economies along their developmental trajectory. The thesis begins with an analysis of the reallocation of resources. Chapter 2 presents a model in which two groups in society are engaged in strategic interaction. Privileged members of society have the opportunity to allocate resources either to their own productive capacity, or to enhance the productive capacity of the disadvantaged. Redistribution to the disadvantaged can increase the productive capacity of society, but comes at the cost of rising political aspirations of the poor, which erodes the power of the rich. The results of the model derive possible political outcomes for society under which the rich will redistribute to the point of equality with the poor; conditions under which the disadvantaged face genocide; as well as the range of intermediate redistributive activity likely to be employed by the privileged. Transition economies also face limited infrastructure development. This is especially true for countries in post-conflict situations. Increasing levels of infrastructure expenditure is argued to have a positive effect on growth. Chapter 3 analyses the impact of economic and social infrastructure on economic growth for a specific transition economy - South Africa. South Africa experienced a declining trend in physical infrastructure development. over the recent past. The econometric results find that while economic infrastructure has a positive effect on output, social infrastructure has no effect. Crowding out effects arising from both economic and social infrastructure expenditure are also discovered. The data also reveals that both output and private investment have a positive effect on economic and social infrastructure expenditure. The short term fluctuations in output, employment and labour productivity in South Africa are also investigated. The empirical evidence of negative correlation between employment and labour productivity contradicts the hypothesis of standard real business cycle theory. A model with monopolistic competition, sticky prices, and variable effort is shown to be able to account for the empirical findings. The findings indicate that technology shocks generate a negative co-movement between labour productivity and employment in South Africa. In addition, the degree of monetary accommodation, returns to labour and the degree of price stickiness and imperfect competition affects economic fluctuations in employment and labour productivity due to technology and demand shocks. Moreover, they affect the response of prices, real money balances and real interest rates to a technology shock.
- ItemOpen AccessLong run determination of inflation in South Africa(2008) Scordilis, Steven; Fedderke, JohannesThis paper employs multivariate estimation techniques in an expectations augmented Phillips curve framework to investigate long run determinants of inflation. By separating unit labour costs in nominal wages and labour productivity in an extension of the work by Fedderke and Schaling (2005), the labour productivity effect is shown to impact prices negatively and nominal wages positively. In addition, the implicit assumption of nominal wages and labour productivity moving in a one-for one fashion made in using unit labour costs is a poor one. The paper makes a further contribution by comparing mark-ups of the non-agricultural sectors to the manufacturing sector and evidence of a reduced mark-up in the non-agricultural sectors is apparent.
- ItemOpen AccessMultivariate cointegration analysis of the PPP and UIP relations between South Africa and the United States : empirical evidence(2007) Muzima, Joel Daniel; Fedderke, JohannesIncludes bibliographical references (leaves 42-47).
- ItemOpen AccessTheory-consistent formal risk measures : using financial market data from a middle income context(2007) Pillay, Neryvia; Fedderke, JohannesIncludes bibliographical references (leaves 26-29).