Browsing by Author "Kantor, Brian"

Now showing 1 - 6 of 6
  • Thumbnail Image
    Item
    Open Access
    An analysis of the capital account in South Africa's balance of payments, 1960 - 1977
    (1978) Kahn, Saul Brian; Kantor, Brian
    Recent developments in the capital account of South Africa's balance of payments have giyen cause for concern about the capital account and the appropriate policies that should be implemented to protect the level of South Africa's foreign exchange reserves. These developments have contributed to the appointment of a Commission of Inquiry into the Monetary System and monetary policy in South Africa, and an interim report on exchange rate policies is expected in November, 1978. This study, which was inspired by the lively debate on this issue, is an attempt to analyse the general trends in the capital account particularly those related to the supply of foreign capital, the exchange control policies of the authorities to protect the capital account from sudden adverse fluctuations, and the determinants of flows of foreign capital.
  • Thumbnail Image
    Item
    Open Access
    Aspects of the development of minority businessmen : the Coloured businessman of South Africa
    (1977) Wilson, Peter Evelyn Brian; Kantor, Brian
    The following study places the minority-owned business in perspective and seeks to justify the need for a categorical policy for development aimed at correcting the low participation of minorities in general, and Coloured persons in particular, in the business sector.
  • Thumbnail Image
    Item
    Open Access
    The economic and financial policies of local governments in South Africa : a theoretical analysis
    (1983) Solomon, David; Kantor, Brian
    This thesis is a theoretical enquiry into the financial policies of local governments in South Africa. The basic principles governing this issue are presented in Chapter Six. The theory of corporate debt capacity is drawn upon and an analogous model of local government debt capacity is presented. The Modiglian/Miller approach is adapted, and the conclusions of this model applied in the local government context. The implication is drawn that local government officials see the incurment of debt as increasing the financial riskiness of the local area, just as corporate executives see corporate debt as increasing the riskiness of the firm. It is hypothesised that local governments which are very loosely linked, politically and economically, to the people they serve will be more risk averse than fiscally or electorally sensitive governments, and will display greater reluctance to incur debt. In so doing, they will sacrifice opportunities to improve the area by favourable capital development, financed by a judicious combination of debt and current revenue. Current available data on a cross section of local governments is presented which tentatively confirms this hypothesis.
  • Thumbnail Image
    Item
    Open Access
    An evaluation of the contribution of ecotourism to the economy of the Republic of Botswana in 1984
    (1992) Fowkes, John D; Kantor, Brian
    In 1984, Botswana was an independent country at an early stage of development. It had a limited capital infrastructure, poor agricultural resources, a growing population and low formal sector employment. The country had been politically stable and had made a noteworthy transition from the poor economic position at independence in 1966 to the economic strength prevailing in the country at that time. The positive economic outlook was however, due mainly to a single product, diamonds. Background to the study: The Government of the Republic of Botswana had identified the development of a tourist industry as a means of stimulating and diversifying economic growth. In the absence of other attractions, tourism based upon wildlife - ecotourism - was seen as the area most amenable to such development. Government statistical and financial data does not identify tourism as a discrete activity. Analysis based upon this data suggests that the contribution of tourism to the economy of the country was negligible. It was believed this analysis is erroneous. The hypothesis underlying this study is that tourism was already making a significant contribution to the economy of Botswana in 1984 but that this contribution was not reflected because of the statistical and accounting data collection systems in use in that country. The research showed that the Central Statistics Office of the Government of Botswana produced regular statistical bulletins on tourism in Botswana.
  • No Thumbnail Available
    Item
    Open Access
    Instruments of stabilization policy and their application in South Africa between 1960 and 1972
    (1974) Colburn, Alan Richard Harold; Kantor, Brian
    The objectives of stabilization policy are widely accepted: firstly to maintain a high rate of utilization of resources, secondly to preserve a reasonably stable price level, or, more realistically nowadays, to maintain a low rate of inflation, and finally to accomplish the first two goals with the maintenance of a viable balance of payments position. The indicators of success of stabilization policy are then, obviously, the unemployment rate and the level of unutilised capacity, the consumer and wholesale indices, and the level of gold and foreign exchange reserves. A topic of much concern is the extent to which the fluctuations in these three series can be attributed to measures implemented by the authorities responsible for stabilization policy. The subject matter of this dissertation stems from this concern. This dissertation, however, does not attempt to derive some overall quantitative impact of stabilization policies, but rather sets out to highlight problems with the policy instruments in particular with respect to their lag structures, uncertainty as to their impacts and the duration of the impact and their side-effects. From this and recent theoretical developments, and having noted the manner in which stabilization policies were pursued in South Africa, proposals regarding the improved conduct of stabilization policies are tentatively put forward in the concluding chapter. Control of the money supply has fairly recently been re-elevated to a position of importance in the view of many economists f or its potential role as an anti-inflationary me8sure. As will be indicated, the South African authorities have tended to focus attention on the level of interest rates as an indicator of monetary policy rather than on the money supply. To explain the academic backing to this priority a discussion of the recent 'money matters' debate is pursued in Chapter 11.
  • Thumbnail Image
    Item
    Open Access
    The South African Breweries Limited : a case study in monopoly conditions, conglomerate diversification, and corporate control in the South African Malt Beer Industry
    (1997) Sharp, Loane; Kantor, Brian; Barr, Graham
    The South African Breweries Limited (SAB) is an extremely profitable business. In 1996, for example, group profits before taxes exceeded R3 billion, some 10 percent of total assets. For a capital intensive manufacturing enterprise, this represents a truly extraordinary result. The company is also South Africa's premier industrial enterprise. Between 1990 and 1996, for instance, SAB's return on equity consistently averaged around 5 percent per annum above the representative return on equity, calculated for the market as a whole. And as the country's largest single manufacturing business, SAB produces more than two percent of South Africa's gross national product of roughly one percent of the country's fixed capital stock. For these reasons, SAB is in its own right an economic unit of some interest and significance. But for the purposes of this dissertation, three additional features of the SAB group are significant. Firstly, SAB may be regarded, for many practical purposes, as the single supplier of malt beer in South Africa, a position which on several occasions has been termed a "monopoly". Secondly, SAB has until fairly recently formed part of a greater system of diversified arrangements - namely the Anglo American group. The company has also diversified into a variety of operations in its own right. SAB is therefore located at the heart of South Africa's so-called "group" structure: the group is itself a diversified conglomerate; and has for a considerable period of its history formed part of a broader conglomerate. Thirdly, SAB is part of a set of "pyramid" arrangements, an elaborate hierarchical system of corporate ownership and control. Each of these features of the SAB group - monopoly, conglomerate, pyramid - will be examined in detail in this dissertation. For the moment, it will be sufficient to note only that SAB is an interesting subject of analysis, for four distinct reasons. Firstly, the company is extremely profitable. Secondly, the company is also the sole supplier of malt beer in South Africa. Thirdly, the company forms an integral part of the South African system of conglomerates. Finally, the group is also a pyramid. At this point, it should be an obvious question whether an explanation for the superior profitability of the SAB group may be found in any one, or some combination, of these factors. In particular, the following chapters aim to establish whether SAB's position as single supplier in the malt beer industry; SAB's strategy of conglomerate diversification; and the group's pyramid corporate structure, are related in an economically important way to the profitability of this, South Africa's premier industrial enterprise. In this dissertation, the above question is addressed systematically: Chapter 1 examines the influence on SAB's profitability of the company's "monopoly" or single supplier position in the domestic malt beer industry. Chapter 2 investigates SAB's conglomerate structure to establish whether the firm's superior profitability may be explained by the system of diversified groups. Chapter 3 examines the impact on SAB's profitability of the "pyramid" corporate control system. The final chapter presents the investigation's conclusions.