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Working Papers

Macroeconomic News 'Surprises' and the Rand/Dollar Exchange Rate

Johannes Fedderke and Philippe Flamand
Economic theory in the context of floating exchange rates has focussed on underlying medium and long term direction of exchange rate movements. Daily volatility is less well understood. One theory that offers an explanation for short term exchange rate movements is that of the efficient market...
Mar 2005
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The Impact of Performance Intensive Policy Intervention: Aid Policy that is Performance Intensive

Johannes Fedderke and Robert Klitgaard
We examine a two country aid model with performance intensive aid. The aid budget is determined by a donor country legislature, but allocated by a donor agency in terms of a performance criterion of its choice. Five sources of slippage in policy delivery are introduced: the donor agency observes...
Dec 2005
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What is the Structure of South African Happiness Equations? Evidence from Quality of Life Surveys

Timothy Hinks and Carola Gruen
The issue of what determines subjective well-being has been at the centre of a recent flurry of research in the economics field. A necessary part of this understanding is the role relative positions (economic, social, geographic) of economic agents, particularly individuals, play in life (commonly...
Nov 2005
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The Political Economy of Institutions, Stability and Investment: a simultaneous equation approach in an emerging economy – the case of South Africa

Johannes Fedderke and John Luiz
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...
Nov 2005
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Corporate Governance, Manager Behavior, and Analyst Behavior as Determinants of Mergers and Acquisitions

Al Bhimani & Mthuli Ncube
The literature on Mergers and Acquisitions activity has espoused various explanations for M&A activity. Some of this captures the nature of defence mechanisms again takeovers. In all the expositions the agency conflicts and degrees of collusion among the claimants to the firm’s cash-flows, are...
Sep 2006
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Challenging Cassandra: Household and Per Capita Household Income Distribution in the October Household Surveys 1995-1999, Income and Expenditure Surveys 1995 & 2000, and the Labour Force Survey 2000

J. W. Fedderke, Jeenesh Manga and Farah Pirouz
This paper examines household income inequality in the South African October Household Survey datasets between 1995 and 1999, the Labour Force Survey 2000, and the Income and Expenditure Surveys 1995 and 2000. The paper reflects both on changing patterns of income inequality in South Africa, and on...
Jul 2004
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Growth Impact and Determinants of Foreign Direct Investment into South Africa, 1956-2003

J. W. Fedderke and A.T. Romm
The paper is concerned with the growth impact and the determinants of foreign direct investment in South Africa. Estimation is in terms of a standard spill-over model of investment, and in terms of a new model of locational choice in FDI between domestic and foreign alternatives. We find...
Dec 2004
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