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N27

Economic History: Financial Markets and Institutions: Africa; Oceania

Publication

Why local context matters: de jure and de facto property rights in colonial South Africa

Christie Swanepoel and Johan Fourie
For economic transactions, including debt transactions, to occur in a market system, property rights are essential. The literature has focussed on finding empirical proof of the effect of property right regimes, noting differences between de jure and de facto property rights. Yet most of these...
Jul 2016
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Publication

The Cape of Perfect Storms: Colonial Africa’s first financial crash, 1788-1793

Roy Havemann and Johan Fourie
This paper investigates the causes and consequences of colonial Africa’s first financial crash, which happened in South Africa’s Dutch Cape Colony. The 1788–1793 crisis followed a common sequence of events: trade and fiscal deficits were monetized by printing money, credit extension accelerated,...
Apr 2015
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Publication

Savings and economic growth: A historical analysis of the relationship between savings and economic growth in the Cape Colony economy, 1850 - 1909

Grietjie Verhoef, Lorraine Greyling and John Mwamba
The sub-optimal savings propensity in South Africa the past three decades causes concern for the ability of the country to support its economic development. An historical analysis of the development of the savings’ trends in South Africa may assist in understanding the historical roots of the...
Jan 2014
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Publication

The Equity Premium and Risk-Free Rate Puzzles in a Turbulent Economy: Evidence from 105 Years of Data from South Africa

Shakill Hassan and Andrew van Biljon
This paper presents a detailed empirical examination of the South African equity premium; and a quantitative theoretic exercise to test the canonical inter-temporal consumption-based asset pricing model under power utility. Over the long run, the South African stock market produced average returns...
Nov 2009
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