世界経済・社会統計 = World development indicators

https://link.springer.com/content/pdf/10.2307%2F3343168.pdf

Development as Freedom

The author systematically examines one of the important issues of information — establishing the market price. He introduces the concept of «search» — where a buyer wanting to get a better price, is forced to question sellers. The article deals with various aspects of finding the necessary information.

Economics of Information

Trust: The Social Virtues and the Creation of Prosperity

Ethnic Groups in Conflict

This paper explores the trends in industry concentration of the South African manufacturing industry over the period from 1972 - 2001, with a primary focus on developments post 1996. Across all sectors of the manufacturing industry, concentration is found to have decreased. The analysis of bivariate associations yields several results. Amongst others, sectors which are highly concentrated (as measured by the Rosenbluth index) are more likely to exhibit lower employment growth. This is consistent across all ten census years. This paper also provides support for earlier results that low investment rates can in part be attributed to high levels of concentration.

An Analysis of Industry Concentration in South African Manufacturing, 1972-2001

Testing Creative Destruction in an Opening Economy: The Case of South African Industries

Pricing Behaviour in South African Manufacturing Industry: 1945–82

Although economic theory assumes that risk is of central importance in financial decision making, it is difficult to measure the uncertainty faced by investors. Commonly used empirical proxies for risk (such as the moving standard deviation of the returns on an asset) are not firmly grounded in economic theory. Risk measures have been developed by other studies, but these are often based on subjective weights attaching to a range of objective component indicators, are difficult to replicate and are not strictly consistent with underlying theory. The contribution of this article is to develop a methodology to construct rational expectations consistent empirical risk measures. It has the advantages of being explicitly consistent with economic theory and easily replicable. We illustrate this methodology by specific application to the South African context. The time-varying risk measure developed in this article is consistent with a rational expectations application of the expectations hypothesis. The constructed measure is a broad one (it includes political risk and peso problems for instance) and reflects investors’ perceptions of systematic risk.

A Rational Expectations Consistent Measure of Risk: Using Financial Market Data from a Middle Income Context*

The modern theory of investment identities the importance of uncertainty to investment. A number of empirical studies have tested the theory on South African time series, employing political instability measures as proxies for uncertainty. This paper verifies that political instability measures are required in the formulation of the investment function for South Africa. It also establishes that there are distinct institutional factors that influence the uncertainty variable such as property rights and crime levels. We find that rising income and property rights lower political instability, and that rising crime levels are positively related to political instability. The inference is that political instability in South Africa may not represent uncertainty directly, since it is systematically related to a set of determinants. Instead, uncertainty would have to be understood as being related to a broader institutional nexus that in concert may generate uncertainty for investors.

Johannes Fedderke

Papers

An Analysis of Industry Concentration in South African Manufacturing, 1972-2001

Testing Creative Destruction in an Opening Economy: The Case of South African Industries

Pricing Behaviour in South African Manufacturing Industry: 1945–82

A Rational Expectations Consistent Measure of Risk: Using Financial Market Data from a Middle Income Context*

The Political Economy of Institutions, Stability and Investment: a simultaneous equation approach in an emerging economy â€“ the case of South Africa