Department of Economics and Economic History 2009 Research Report

DEPARTMENT OF ECONOMICS AND ECONOMIC HISTORY 2009 RESEARCH REPORT

A continued strong demand for post-graduate studies in Economics resulted in growth in student numbers, with the new honours intake at 52 and Masters in Financial Markets at 15. Several new students also enrolled for Masters in Economics by full research thesis and PhDs.

The journal publications this year fell broadly in three categories: financial markets, Cultural Economics and trade policy.

The department had a strong presence at the biennial conference of the South African Economics Society (ESSA) conference, which was held in Port Elizabeth. Professors Jen Snowball and Gavin Fraser, who serve on the management committee of the Eastern Cape branch of ESSA, played a major part as members of the organising committee. Contributions were also made to two Rhodes University initiatives this year: Mr David Fryer organised the Economics component of the annual “Teach-In” of the Department of Political and International Studies, while Ms Niki Cattaneo was co-organiser of “China Week”.

The department was successful in its application to the African Economic Research Consortium (AERC) for research funding, which was twofold: a grant to upgrade the master’s seminar room into a computerised teaching venue and sponsorship to organise and host a Southern African economic policy workshop. Professor Meshach Aziakpono led these initiatives. Further external funding for the department came in the form of an agreement by Mr David Foord of Foord Asset Management to extend his sponsorship of the Foord Chair in Investments for another three year period from 2010-2012.

The annual postgraduate Economics conference, with support from ESSA and sponsorship by the National Treasury, was a great success. Participation was also drawn from the University of Fort Hare and the Nelson Mandela Metropolitan University.

Dr XP Guma, Deputy Governor of the South African Reserve Bank and Visiting Professor in Economics at Rhodes visited the department in October to deliver his annual postgraduate lectures. Guest lectures were also given by Mr Clem Sunter (Scenario Planner), Ms Marissa Fassler (National Treasury), Mr Maarten Ackermann (Citadel), Dr Christo Viljoen (Agricultural Futures Consultant), and Prof Evan Gilbert (University of Stellenbosch).

PROFESSOR HUGO NEL HEAD OF DEPARTMENT

BOOKS/CHAPTERS/MONOGRAPHS

Cattaneo,NS Cattaneo,NS. "Trade integration, production networks and the services sector: implications for regional trade agreements in southern and eastern Africa". In: Monitoring regional integration in Southern Africa. Trade Law Centre for Southern Africa. Stellenbosch. First Edition. 2008. 5-33. ISBN: 978-0-9814221-2-1.

Mutambara,TE Mutambara,TE. "Regional transport challenges within the Southern Africa development community and their implications for economic integration and development". In: Monitoring regional integration in Southern Africa. Trade Law Centre for Southern Africa. Stellenbosch. First Edition. 2008. 34-54. ISBN: 978-0-9814221-2-1.

PUBLICATIONS RESEARCH JOURNALS IN ABSTRACT AND/OR FULL PAPER

Akinkugbe,O Akinkugbe,O and Mohanoe,M. "Public health expenditure as a determinant of health status in Lesotho". Social Work in Public Health. 2009. 24(1&2),131-147.

Aziakpono,MJ Aziakpono,MJ, Burger,P and Du Plessis,S. "Is financial integration a complement or substitute to domestic financial development in a developing country? Evidence from the SACU countries". Studies in Economics and Econometrics. 2009. 33(3),39-67.

Cattaneo,NS Cattaneo,NS. "Production networks, economic integration and the services sector: implications for regional trade agreements in southern Africa". Journal of Contemporary African Studies. 2009. 27(4),527-546.

Chinzara,Z and Aziakpono,MJ Chinzara,Z and Aziakpono,MJ. "Integration of the South African equity market into the world major stock markets: implication for portfolio diversification". African Finance Journal. 2009. 95-119.

Chinzara,Z and Aziakpono,MJ. "Dynamic returns linkages and volatility transmission between South African and world major stock markets". Studies in Economics and Econometrics. 2009. 33(3),69-94.

Fraser,GCG Baiyegunhi,LJS and Fraser,GCG. "Profitability in sorghum production in threee villages of Kaduma State Nigeria". Journal of Applied Sciences Research. 2009. 5(10), www.insipub.com/jasr/.

Jari,B and Fraser,GCG. "An analysis of institutional and technical factors influencing agricultural marketing amongst smallholder farmers in the Kat River Valley, Eastern Cape Province, South Africa". African Journal of Agricultural Research. 2009. 4(11), www.academicjournals.org/ajar.

Karoro,T, Aziakpono,MJ and Cattaneo,NS Karoro,T, Aziakpono,MJ and Cattaneo,NS. "Exchange rate pass-through to import prices in South Africa: is there asymmetry?". South African Journal of Economics. 2009. 77(3),380-398.

Mutambara,TE Mutambara,TE. "Regional transport challenges within the Southern African development community and their implications for economic integration and development". Journal of Contemporary African Studies. 2009. 27(4),501-525.

Snowball,JD Snowball,JD, Jamal,M and Willis,KG. "Cultural consumption patterns in South Africa: an investigation of the theory of cultural omnivores". Social Indicators Research. 2009. Online First (September),1-17.

Willis,KG and Snowball,JD. "Investigating how the attributes of live theatre productions influence consumption choices using conjoint analysis: the example of the National Arts Festival, South Africa". Journal of Cultural Economics. 2009. 33,167-183.

Palmer,RM and Snowball,JD. "The willingness to pay for dusky kob Argyrosomus japonicus restocking: using recreational linefishing licence fees to fund stock enhancement in South Africa". ICES Journal of Marine Science. 2009. 66,839-843.

OTHER PUBLICATIONS

Cattaneo,NS Cattaneo,NS. "Services aspects of regional trade agreements". In: Trade Law Centre for Southern Africa newsletter 16 September. Hartzenberg, T (Ed) Trade Law Centre for Southern Africa (Tralac). Stellenbosch. 2009. 0(0), 1-5. ISBN:

Keeton,G Keeton,G. "Between a rock and a hard place". In: FM campus.

Keeton,G. "Did the budget do enough to deal with the financial crisis?". In: FM campus.

Keeton,G. "Is protectionism (as is being advocated by the US government) the way to economic recovery?". In: FM campus. Keeton,G. "Reweighting of the inflation basket - is it effective and will it achieve what it set out to do?". In: FM campus.

Keeton,G. "Should a country's mines be nationalised for greater social equity?". In: FM campus.

Keeton,G. "Should the competition commission be stricter on anti-competitiveness?". In: FM campus.

Keeton,GR. "Adopting the rand not the answer for Zimbabwe". In: Business Day. Bruce, P (Ed) BDFM Publishers. Johannesburg. 2009. 12 February.

Keeton,GR. "Exploring alternative routes to a weaker rand". In: Business Day. Bruce, P (Ed) BDFM Publishers. Johannesburg. 2009. 18 December.

Keeton,GR. "Global experiences of tackling hyperinflation: tentative lessons for Zimbabwe". In: Brenthurst Discussion Paper. Mills, G (Ed) The Brenthurst Foundation. Johannesburg. 2009.

McNulty,A McNulty,A. "Zimbabwe: cure is possible but painful". In: FM campus.

Snowball,JD Snowball,JD. "Book review: 'The heritage game' by Alan Peacock and Ilde Rizzo". Journal of Cultural Economics. Snowball, J (Ed) Springer. The Netherlands. 2009. 33(4), 321-324. ISBN: 0885-2545.

RESEARCH PAPERS PRESENTED AT ACADEMIC/SCIENTIFIC CONFERENCES (PROCEEDINGS, BOOKLETS and ATTENDANCE) i. Local Conferences

Antrobus,G and Achtzehn,MH Antrobus,G and Achtzehn,MH. "Economic motivations for volunteering: a case study". Economic Society of South Africa Conference 2009. Feather Market Centre, Port Elizabeth. South Africa. September 2009.

Aziakpono,MJ Aziakpono,MJ and Khomo,MM. "Monetary policy and the predictive power of the yield spread in South Africa". Economic Society of South Africa Conference 2009. Feather Market Centre, Port Elizabeth. South Africa. September 2009.

Aziakpono,MJ and Wilson,M. "Interest rate pass-through and monetary policy regimes in South Africa". Economic Society of South Africa Conference 2009. Feather Market Centre, Port Elizabeth. South Africa. September 2009.

Aziakpono,MJ and Barnor,JA Aziakpono,MJ and Barnor,JA. "An analysis of money market linkages between South Africa and selected major world economies". Economic Society of South Africa Conference 2009. Feather Market Centre, Port Elizabeth. South Africa. September 2009.

Aziakpono,MJ, Nel,H and Moyo,SS Aziakpono,MJ, Nel,H and Moyo,SS. "A comparative analysis of the divisia index and the simple sum monetary aggregates for South Africa". Economic Society of South Africa Conference 2009. Feather Market Centre, Port Elizabeth. South Africa. September 2009.

Cattaneo,NS Cattaneo,NS. "Trade integration, production networks and the services sector: implications for regional trade agreements in southern and eastern Africa". Annual Trade Law Centre for Southern Africa Conference. Commodore Hotel Conference Centre, Cape Town. South Africa. September 2009.

Chinzara,Z Chinzara,Z. "Transmission of volatility from the US to SA during the sub-prime financial crisis". Southern African Finance Association Conference. UCT Graduate Business School, Cape Town. South Africa. January 2009. Fraser,GCG Fraser,GCG. "Poverty incidence among rural households in the Eastern Cape Province, South Africa". Economic Society of South Africa Conference. Feather Market Convention Centre, Port Elizabeth. South Africa. September 2009.

Fraser,GCG. "Credit constraint and household welfare in the Eastern Cape province, South Africa". Agricultural Economics Association of South Africa Conference. Elangeni Hotel, Durban. South Africa. September 2009.

Fraser,GCG. "Determinants of household food security in the semi-arid areas of Zimbabwe: a logistic regression analysis of irrigation and non-irrigation farmers, Matebeleland". Agricultural Economics Association of South Africa Conference. Elangeni Hotel, Durban. South Africa. September 2009.

Fraser,GCG and Hill,MP. "A cost benefit analysis of managing Opuntia stricta in the Kruger National Park, South Africa". Environmental and Resource Economics Conference. Ritz Hotel and Conference Centre, Cape Town. South Africa. May 2009.

Mbatha,CN and Antrobus,GG Mbatha,CN and Antrobus,GG. "Prices and market structure in South Africa's land reform: a case study of northern KwaZulu-Natal sugarcane farms". Agricultural Economics Association of South Africa. Elangeni Hotel, Durban. South Africa. September 2009.

Roberts,T Roberts,T. "Farm wages and working conditions in the Albany district 1957-2008". Economic Society of South Africa Conference 2009. Feather Market Centre, Port Elizabeth. South Africa. September 2009.

Snowball,JD Poor,PJ and Snowball,JD. "The valuation of campus built heritage from the student perspective: comparative analysis of Rhodes University in South Africa and St. Mary's College of Maryland in the United States". Economic Society of South Africa Conference 2009. Feather Market Centre, Port Elizabeth. South Africa. September 2009. Programme.

RESEARCH PAPERS PRESENTED AT ACADEMIC/SCIENTIFIC CONFERENCES (PROCEEDINGS, BOOKLETS and ATTENDANCE)

ii. International Conferences

Fraser,GCG Fraser,GCG. "Panel discussion member". Bioenergy for Sustainable Development in Africa: Lessons Learnt from COMPETE. Hilton Hotel, Brussels. Belgium. January 2009.

Snowball,JD Snowball,JD, Jamal,M and Willis,KG. "Cultural consumption patterns in South Africa: an investigation of the theory of cultural omnivores". 9th Conference of the International Society of Quality of Life Studies. Instituto Degli Innocenti, Florence. Italy. July 2009.

JOURNAL SUBSIDY UNITS

ECONOMICS UNITS Cattaneo,NS Cattaneo,NS. "Production networks, economic integration and the services sector: 1.00 implications for regional trade agreements in southern Africa". Journal of Contemporary African Studies. 2009. 27(4),527-546. Chinzara,Z and Aziakpono,MJ Chinzara,Z and Aziakpono,MJ. "Integration of the South African equity market into the 1.00 world major stock markets: implication for portfolio diversification". African Finance Journal. 2009. 95-119. Fraser,GCG Jari,B and Fraser,GCG. "An analysis of institutional and technical factors influencing 0.50 agricultural marketing amongst smallholder farmers in the Kat River Valley, Eastern Cape Province, South Africa". African Journal of Agricultural Research. 2009. 4(11), www.academicjournals.org/ajar Karoro,T, Aziakpono,MJ and Cattaneo,NS Karoro,T, Aziakpono,MJ and Cattaneo,NS. "Exchange rate pass-through to import prices in 1.00 South Africa: is there asymmetry?". South African Journal of Economics. 2009. 77(3),380- 398. Mutambara,TE Mutambara,TE. "Regional transport challenges within the Southern African development 1.00 community and their implications for economic integration and development". Journal of Contemporary African Studies. 2009. 27(4),501-525. Snowball,JD Snowball,JD, Jamal,M and Willis,KG. "Cultural consumption patterns in South Africa: an 0.34 investigation of the theory of cultural omnivores". Social Indicators Research. 2009. Online First(September),1-17. Willis,KG and Snowball,JD. "Investigating how the attributes of live theatre productions 0.50 influence consumption choices using conjoint analysis: the example of the National Arts Festival, South Africa". Journal of Cultural Economics. 2009. 33,167-183. Palmer,RM and Snowball,JD. "The willingness to pay for dusky kob Argyrosomus japonicus 0.50 restocking: using recreational linefishing licence fees to fund stock enhancement in South Africa". ICES Journal of Marine Science. 2009. 66,839-843. TOTAL FOR ECONOMICS 5.84

BOOKS SUBMITTED FOR POSSIBLE SUBSIDY TITLE OF BOOK TITLE OF CONTRIBUTION IN BOOK AUTHOR(S) Monitoring regional integration in Trade integration, production networks and the Cattaneo, NS Southern Africa services sector: implications for regional trade agreements in southern and eastern Africa Monitoring regional integration in Regional transport challenges within the Southern Mutambara, TE Southern Africa Africa development community and their implications for economic integration and development