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Working Papers

Regional economic effects of changes in South Africa's electricity generation mix

Bohlmann, H.R., Horridge, J.M., Inglesi-Lotz, R., Roos, E.L. & Stander, L.
This paper examines the long-run regional economic effects within South Africa of changing the electricity-generation mix away from coal. We use a regional CGE model of South Africa to conduct our analysis. The results of our simulations suggest that the effect of the policy is sensitive to other...
Aug 2018
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Can creditor bail-in trigger contagion? The experience of an emerging market

Roy Havemann
The successful bail-in of creditors in African Bank, a small South African monoline lender, provides an opportunity to evaluate the intended and unintended consequences of new resolution tools. Using a data set that matches quarterly, daily and nancial-instrument level data, I show that the bail-in...
Jul 2018
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Effect of Financial Development on Economic Growth in sub–Saharan Africa: Does Sectoral Growth Matter?

Muazu Ibrahim and Paul Alagidede
This paper examines the overall economic growth effect when the growth in finance and real sector is disproportionate relying on panel data for 29 sub–Saharan African countries over the period 1980–2014. Results from the system generalized method of moments (GMM) reveal that, while financial...
Jul 2018
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The Comfort of the Future: The Role of Social Norms in Constructing the Ideal towards Sustainability – A Randomised Field Experiment

Idahosa, Love O, Marwa, Nyankomo and Akotey, Joseph O
In light of the high energy consumption associated with Heating Ventilation and Air Conditioning (HVAC) in tourism accommodation establishments, as well as the concern for guests’ satisfaction which limits the environmental actions of these establishments, this study tests the hypothesis that...
Jul 2018
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Shaking Out or Shaking In: The Impact of Zimbabwe's Economic Crisis on the Country's Manufacturing Sector Allocative Efficiency

Nicholas Masiyandima & Lawrence Edwards
Zimbabwe had one of the world's worst economic crises from the late 1990s to 2009. The crisis encompassed a nancial sector crisis, severe adverse investment and demand shocks and idiosyncratic rm and industry interventions by government. On the basis of the resource misallocation hypothesis, the...
Jun 2018
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Impact of macroeconomic announcements on foreign exchange volatility: Evidence from South Africa

Tseke Maserumule and Paul Alagidede
This study focuses on scheduled macroeconomic news announcements and evaluates their impact on the volatility of the South African rand (ZAR) and US dollar (USD) exchange rate using high frequency data. The following asymmetries are studied: news items by geographical location, no-news versus...
Jun 2018
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