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Essays on the Namibian Economy
Umeå University, Faculty of Social Sciences, Department of Economics.
2008 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

This thesis consists of an introduction and four papers exploring various aspects of the Namibian economy. These aspects cover shadow pricing, environmental valuation and capital market development in Namibia.

Paper I estimates the shadow prices of capital, labour and foreign exchange for the Namibian economy. The results suggest that the shadow price of capital for Namibia is 7.2%. The economic costs of Namibian labour, as a share of financial costs, are 32% for urban semi- and unskilled labour, and 54% for rural semi- and unskilled labour. The economic cost of foreign labour as a share of financial costs is 59%. The estimated shadow exchange rate factor is 4% for the Namibian economy.

Paper II derives a set of accounting price ratios (APRs) for the various economic sectors of Namibia by using the Semi-Input–Output (SIO) Technique. An APR is the ratio between the market or financial price and the efficiency or economic value of a specific commodity or sector, which is useful for the economic analysis of investment or development initiatives. This larger set of APRs, derived on the basis of information contained in a Namibian Social Accounting Matrix (SAM), should be useful in improving the effective appraisal of development projects and other major investment programmes in Namibia.

Paper III analyses returns and volatility on the Namibian and South African stock markets, using the daily closing indices of the Namibian Stock Exchange (NSX) and the Johannesburg Stock Exchange (JSE). The sample covers the period from 4 January 1999 to 20 March 2003. The methodology has three main parts: (i) unit root tests, (ii) cointegration analysis, and (iii) volatility modelling. The results show that the two markets exhibit very low correlations, and there is no evidence of a linear relationship between the markets. Furthermore, a volatility analysis shows evidence of no spillover effects. These results suggest that the NSX could be an attractive risk diversification tool for regional portfolio diversification in southern Africa

Paper IV studies the determinants of property prices in the township areas of Windhoek, the capital of Namibia. The work‟s major finding is that properties located close to an environmental bad (e.g. garbage dump) sell at considerable discounts. On the other hand, properties located near an environmental good (e.g. a recreational open space) sell at a premium. These results provide evidence of the importance of environmental quality in lower-income property markets in developing countries. It is important, therefore, for Namibian urban planners to incorporate environmental quality into the planning framework for lower-income areas.

Place, publisher, year, edition, pages
Umeå: Nationalekonomi , 2008. , 156 p.
Series
Umeå economic studies, ISSN 0348-1018 ; UES 745
Keyword [en]
Namibia; shadow prices; discount rate; semi-input-output; accounting price ratios; financial returns; volatility; hedonic pricing; townships
National Category
Economics
Identifiers
URN: urn:nbn:se:umu:diva-1815ISBN: 978-91-7264-633-9 (print)OAI: oai:DiVA.org:umu-1815DiVA: diva2:142087
Public defence
2008-09-30, Hörsal D, Samhällsvetarhuset, Umeå, 10:15
Opponent
Supervisors
Available from: 2008-09-09 Created: 2008-09-09 Last updated: 2012-06-01Bibliographically approved
List of papers
1. Estimating national economic parameters for Namibia
Open this publication in new window or tab >>Estimating national economic parameters for Namibia
2008 In: Umeå economic Studies, ISSN 0348-1018, no 744Article in journal (Refereed) Published
Identifiers
urn:nbn:se:umu:diva-3404 (URN)
Available from: 2008-09-09 Created: 2008-09-09Bibliographically approved
2. Estimating Namibian shadow prices within a semi-input-output framework
Open this publication in new window or tab >>Estimating Namibian shadow prices within a semi-input-output framework
2008 (English)In: Studies in Economics and Econometrics, ISSN 0379-6205, Vol. 32, no 3, 29-42 p.Article in journal (Refereed) Published
Abstract [en]

The purpose of this paper is to derive, using the semi-input-output (SIO) technique, a set of accounting price ratios (APRs) for the various economic sectors of Namibia. An APR is the ratio between the market or financial price and the efficiency or economic value of a specific commodity or sector. APRs are useful for the economic analyses of investment or development initiatives. In contrast to previous estimates of shadow prices in Namibia, which are limited to a few aggregate shadow prices for capital, labour and foreign exchange, the SIO estimation technique applied here to the Namibian economy permits the easy calculation of many more such prices. The results shows that most tradable sectors such as fishing and mining have APRs equal to or closer to one, with deviations explained by import tariffs. Nontradable sectors' APRs exhibit greater variation, with the water sector having the highest reflecting its scarcity.

National Category
Economics and Business
Identifiers
urn:nbn:se:umu:diva-3405 (URN)
Available from: 2008-09-09 Created: 2008-09-09 Last updated: 2012-06-15Bibliographically approved
3. Integration and volatility spillovers in African equity markets: Evidence from Namibia and South Africa
Open this publication in new window or tab >>Integration and volatility spillovers in African equity markets: Evidence from Namibia and South Africa
2006 In: African Finance Journal, Vol. 8, no 2, 31-50 p.Article in journal (Refereed) Published
Identifiers
urn:nbn:se:umu:diva-3406 (URN)
Available from: 2008-09-09 Created: 2008-09-09Bibliographically approved
4. Hedonic pricing in Windhoek townships
Open this publication in new window or tab >>Hedonic pricing in Windhoek townships
2003 (English)In: Environment and Development Economics, ISSN 1355-770X, E-ISSN 1469-4395, Vol. 8, no 2, 391-404 p.Article in journal (Refereed) Published
Abstract [en]

This study applies the hedonic pricing model to property sales in the township areas in Windhoek, the capital city of Namibia, where municipal authorities have pursued a programme of selling plots of land to settlers in order to encourage them into a formalized economic situation. We find that, apart from house quality, access to the central business district, access to marketplaces and access to transportation, environmental quality also has a large impact on property prices. Properties located close to a garbage dump sell at considerable discounts, while properties located close to a combined conservation and recreation area sell at premium prices. The results thus suggest that the hedonic pricing method can be useful for studying townships in developing countries, and that this can help to clarify the importance of environmental factors which are otherwise frequently neglected in town planning for township settlements.

National Category
Economics
Identifiers
urn:nbn:se:umu:diva-2434 (URN)10.1017/S1355770X0300202 (DOI)
Available from: 2007-06-01 Created: 2007-06-01 Last updated: 2012-06-01Bibliographically approved

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