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 For full Report: South Africa
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be taken as conservative estimates. Furthermore, improvements in the Survey of Employment and Earnings (SEE) after 2001 introduced a structural break in the series. Therefore, we do not use enterprise-based estimates beyond 2001 in this report. Estimation of Employ...
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be taken as conservative estimates. Furthermore, improvements in the Survey of Employment and Earnings (SEE) after 2001 introduced a structural break in the series. Therefore, we do not use enterprise-based estimates beyond 2001 in this report. Estimation of Employment Elasticity 1. Data As noted above, time series data on employment for South Africa are problematic. These estimates use the SEE time series data from 1967 to 2001 (Statistics South Africa) for total non-agricultural employment. These figures
177 0 http://www.undp-povertycentre.org/publications/reports/South%20Africa.pdf#page=177 www.undp-povertycentre.org/publications/reports/South%20Africa.pdf#page=1...
be taken as conservative estimates. Furthermore, improvements <span class="highlight">in</span> the Survey of Employment and Earnings (SEE) after 2001 introduced a structural break <span class="highlight">in</span> the series. Therefore, we do not use enterprise-<span class="highlight">based</span> estimates beyond 2001 <span class="highlight">in</span> this report. <span class="highlight">Estimation</span> of Employment Elasticity 1. Data As noted above, time series data <span class="highlight">on</span> employment for South Africa are problematic. These estimates use the SEE time series data from 1967 to 2001 (Statistics South Africa) for total non-agricultural employment. These figures
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impact of monetary policy <span class="highlight">on</span> investment as well as the effects of fiscal policy <span class="highlight">on</span> investment through public investment, taxation, and government domestic borrowing. The ob- jective is to shed <span class="highlight">light</span> <span class="highlight">on</span> strategies for increasing private investment. 2. The empirical model, the data, and <span class="highlight">estimation</span> methodology The analysis is <span class="highlight">based</span> <span class="highlight">on</span> an empirical investment model designed to allow us to estimate the effects of macroeconomic policy variables, controlling for other determinants of investment demand. The policy
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rate: -0.04 (contemporaneous), -0.28 (overall) Cumulative inflation effects <span class="highlight">on</span> consumption: contemporaneous period: -0.0039 one-period lag: -0.0065 two-period lag: -0.0007 (not significantly different from zero). Notes 1. Nominal debt payments would be calculated as the stock of debt times the nominal interest rate. <span class="highlight">Real</span> debt payments are therefore the <span class="highlight">real</span> stock of debt (the stock of debt divided by the current price level) multiplied by the nominal interest rate. 2. <span class="highlight">Augmented</span> Dickey-Fuller tests suggest that
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U.S. Treasury Bill rate. <span class="highlight">Source</span>: IFS. Private Credit: The four-quarter rate of growth of private credit created by all monetary institutions; monthly data transformed to quarterly data. <span class="highlight">Source</span>: South African Reserve Bank (http://www.reservebank.co.za/). Terms of Trade: Four-quarter change <span class="highlight">in</span> the terms of trade. <span class="highlight">Source</span>: South African Reserve Bank (http://www.reservebank.co.za/). Stationarity Tests <span class="highlight">on</span> Variables All of the variables were tested for stationarity using the <span class="highlight">Augmented</span> Dickey-Fuller tests. Table
 Monetary Policy and Financial Sector Reform for Employment Creation and Poverty Reduction ...
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48 Country Study nº 2 A negative coefficient on the public sector credit variable does make sense in the G hanaian context. During the period examined here, the majority of domestic credit financed public expenditures, not private investment. Banks held, and continue to hold, ex...
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48 Country Study nº 2 A negative coefficient on the public sector credit variable does make sense in the G hanaian context. During the period examined here, the majority of domestic credit financed public expenditures, not private investment. Banks held, and continue to hold, excess reserves of short-term government securities. This limits the role that the banking sector has played in financing real fixed investment. More credit to the public sector at a given level of government spending w ill
47 0 http://www.undp-povertycentre.org/pub/IPCCountryStudy2.pdf#page=47 www.undp-povertycentre.org/pub/IPCCountryStudy2.pdf#page=47
(see Chirinko, 1993, for an overview ). W e used this kind of generic investment function as a starting place to investigate the determinants of investment <span class="highlight">in</span> the G hanaian economy: ),,,( XgarfI = <span class="highlight">in</span> w hich I represents gross investment, r represents the cost of capital, a the accelerator effect, g government spending, and X a matrix of other exogenous variables. Studies of investment <span class="highlight">in</span> G hana and sub-Saharan Africa suggest a number of additional explanatory variables: for example, the <span class="highlight">real</span> exchange
50 0 http://www.undp-povertycentre.org/pub/IPCCountryStudy2.pdf#page=50 www.undp-povertycentre.org/pub/IPCCountryStudy2.pdf#page=50
48 Country Study n&ordm; 2 A negative coefficient <span class="highlight">on</span> the public sector credit variable does make sense <span class="highlight">in</span> the G hanaian context. During the period examined here, the majority of domestic credit financed public expenditures, not private investment. Banks held, and continue to hold, excess reserves of short-term government securities. This limits the role that the banking sector has played <span class="highlight">in</span> financing <span class="highlight">real</span> fixed investment. More credit to the public sector at a given level of government spending w ill
 For full Report: Kenya
same order, if the existence of a cointegrating relationship is to be established. Unit root tests of the variables in Table A3.1 show that all variables are integrated of the first order with the sole exception of the budget surplus/deficit, which is stationary.2 Figure A3.2 Changes in...
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same order, if the existence of a cointegrating relationship is to be established. Unit root tests of the variables in Table A3.1 show that all variables are integrated of the first order with the sole exception of the budget surplus/deficit, which is stationary.2 Figure A3.2 Changes in Kenya's Real Exchange Rate and Difference in Productivity Growth between Kenya and Major Trading Partners, 1983-2003 (three-year moving average) Source: Authors’ calculations based on IMF, International Financial Statistics
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same order, if the existence of a cointegrating relationship is to be established. Unit root tests of the variables <span class="highlight">in</span> Table A3.1 show that all variables are integrated of the first order with the sole exception of the budget surplus/deficit, which is stationary.2 Figure A3.2 Changes <span class="highlight">in</span> Kenya's <span class="highlight">Real</span> Exchange Rate and Difference <span class="highlight">in</span> Productivity Growth between Kenya and Major Trading Partners, 1983-2003 (three-year moving average) <span class="highlight">Source</span>: Authors&rsquo; calculations <span class="highlight">based</span> <span class="highlight">on</span> IMF, International Financial Statistics
 The Unresolved Land Reform Debate: Beyond State-Led or Market-Led Models
clamoured for a market-based approach as a substitute for a more ambitious state-led programme (Deere and Servolo de Medeiros 2006). In fact, in some countries, such as Namibia and Zimbabwe, marked-led programmes, which were based on the ‘willing seller-willi...
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clamoured for a market-based approach as a substitute for a more ambitious state-led programme (Deere and Servolo de Medeiros 2006). In fact, in some countries, such as Namibia and Zimbabwe, marked-led programmes, which were based on the ‘willing seller-willing buyer’ principle, were imposed at independence Table 1 Land Redistribution Outcomes of State-led Land Reform Programmes in Selected Countries Source: Authors’ calculations from various documents. * Taiwan Province. Country Period Redistributed Land as % of
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clamoured for a market-<span class="highlight">based</span> approach as a substitute for a more ambitious state-led programme (Deere and Servolo de Medeiros 2006). <span class="highlight">In</span> fact, <span class="highlight">in</span> some countries, such as Namibia and Zimbabwe, marked-led programmes, which were <span class="highlight">based</span> <span class="highlight">on</span> the &lsquo;willing seller-willing buyer&rsquo; principle, were imposed at independence Table 1 Land Redistribution Outcomes of State-led Land Reform Programmes <span class="highlight">in</span> Selected Countries <span class="highlight">Source</span>: Authors&rsquo; calculations from various documents. * Taiwan Province. Country Period Redistributed Land as % of