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Working Papers

publication

Industry Structure and Labour Market Flexibility in the South African Manufacturing Sector: A Time Series and Panel Data Approach

Johannes W. Fedderke and Andrew J Hill
Our investigation of industry structure in South African manufacturing reveals evidence of imperfect competition. We find an average mark-up of 50% for the period 1970 to 2004. Results suggest that there is no consistent trend in the mark-up over time. This paper extends the analysis of industry...
Sep 2006
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publication

The Relationship Between International Equity Market Behaviour and the JSE

Nick Samouilhan
This paper investigates empirically the relationship between domestic and international market returns and volatilities, using the London Stock Exchange as the international market proxy. In order to address problems of widely differing bourse composition, the relationships are tested at both the...
Sep 2006
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publication

What Advertisers Want: A Hedonic Analysis of Advertising Rates in South African Consumer Magazines

Nicolas Pietersma
This article explores the role of circulation, readership and reader demographics in the determination of advertising rates in South African consumer magazines. The study uses panel data collected between 2000 and 2003 to quantify the relationships by assigning implicit prices to various magazine...
Sep 2006
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Infrastructure and Growth in South Africa: Direct and Indirect Productivity Impacts of 19 Infrastructure Measures

J W. Fedderke & Z Bogetic
Empirical explorations of the growth and productivity impacts of infrastructure have been characterized by ambiguous (countervailing signs) results with little robustness. A number of explanations of the contradictory findings have been proposed. These range from the crowd – out of private by...
Sep 2006
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publication

The South African Phillips Curve: How Applicable is the Gordon Model?

P Burger and M Markinkov
Is there a Phillips curve relationship present in South Africa and if so, what form does it take? Traditionally the way to estimate the Phillips curve is merely to regress the change in the price level on a measure of the output gap (or the deviation of actual unemployment from the NAIRU). However...
Apr 2006
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publication

Antitrust Analysis for the Internet Upstream Market: a BGP Approach

Alessio D’Ignazio & Emanuele Giovannetti
In this paper we study concentration in the European Internet upstream access market. The possibility of measuring market concentration depends on a correct definition of the market itself; however, this is not always possible, since, as it is the case of the Internet industry, very often Antitrust...
Apr 2006
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publication

Forecasting Investment Needs in South Africa’s Electricity and Telecom Sectors

Željko Bogetic and Johannes W. Fedderke
The paper uses a 52-country panel-data for the period 1980-2002 to estimate demand for electricity and telecom services and, based on these estimates, project investment needs in South Africa through 2010 for two growth scenarios. Projections of average annual investment needs in electricity and...
Apr 2006
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