annual report 2012 - economic society of south africa · 2014. 6. 30. · the economic society of...

Annual Report 2012

The Economic Society of South Africa

P.O. Box 73354 Lynnwood Ridge 0040 Pretoria Tel: +27 12 420 3525 Fax: +27 12 362 5266

Tukkiewerf 2/21 University of Pretoria Pretoria 0002 South Africa E-mail: [email protected] Web: www.essa.org.za

mailto:[email protected]

http://www.essa.org.za/

THE ECONOMIC SOCIETY OF SOUTH AFRICA

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Contents

Page

1 Agenda for the 2013 annual general meeting 2

2 Minutes of the 2011 annual general meeting (for approval) 3

3 Membership: 2011 and 2012 5

4 Council: 2012 6

5 Branch secretaries 7

6 ESSA prize entries: 2012 8

7 Branch activities: 2012 9

8 Annual financial statements for 2012 13


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AGENDA

87th Annual General Meeting of the Economic Society of South Africa Date: Thursday, 26 September 2013 Time: 10:30 Venue: EBW Auditorium; EMS Building University of the Free State Bloemfontein 1. Welcome and apologies 2. Adoption of the agenda 3. Confirmation of the minutes of the Annual General Meeting held on

25 September 2012 4. Adoption of the annual report of the Council and the financial statements of

the Society and of the Journal for 2012 5. Appointment of auditors for the 2013 financial statements

6. Changes to the Constitution

7. Annual membership fees for 2014 8. Prize winners for 2013

9. New format: Founders' Medal competition 10. General

11. Address by the President, Prof P Burger 12. Closing


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MINUTES

Minutes of the 86th annual general meeting of the Economic Society of South Africa Venue: D Conference (Madibeng building) University of Johannesburg; Corner Kingsway and University Road, Kingsway Campus; Auckland Park 1 Welcome

Prof du Plessis (chair) welcomed all to the AGM. The President expressed the Society's regret with the passing of Dr Frans Barker. A letter of sympathies was forwarded to his family. 2 Adoption of the agenda

The agenda was accepted without change. 3 Confirmation of the minutes of the annual general meeting held on 7 September 2011 The minutes were approved. 4 Adoption of the annual report of the Council and the financial statements of the Society

and of the journals for 2011 Mr Burrows provided a summary of the annual report and Ms Pretorius (treasurer) provided a summary of the 2011 audited financial statements. The annual report and financial statements were approved. The president thanked the treasurer for the services provided the last years. Issues of importance not reflected in the annual report: * Nearly done to be registered as a Public Benefit Organisation. * A request to branches to use the financial support available. * The Society will advertise in the near future the position of Editor of the Journal. 5 Appointment of auditors for the 2012 financial statements H. Gordon & Partners Incorporated was appointed to audit the 2012 financial statements. 6 Annual membership fees for 2013 The annual membership fee was raised from R550 (2012) to R580 (2013) for ordinary members, and from R275 to R290 for students and pensioners. 7 Prize winners: 2012 Founders' Medals The prize winners for 2012 were as follows:


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Founders' medal for Honours essay in partial fulfilment of the degree Institution Year Supervisor Student Title

US Des 2011 Sophia du Plessis Jonathan Reader Institutional consequences of foreign aid.

Founders' medal for Master's dissertation in partial fulfilment of the degree Institution Year Supervisor Student Title

UCT Feb 2011 Shakill Hassan Valeri Sokolovski Analysis of the predictive ability and profitability of an analytically derived trading algorithm in the intra-day spot foreign exchange market.

Founders' medal for Master's dissertation in full fulfilment of the degree Institution Year Supervisor Student Title

UJ Nov 2010 Ilze Botha Leila Fourie Credit extension in South Africa: a business cycle perspective for the period 1985 – 2009.

Founders' medal for Doctoral thesis Institution Year Promoter/Supervisor Student Title

US Dec 2011 Stan du Plessis Willem Hendrik Boshoff

Conceptual and empirical advances in antitrust market definition with application to SA competition policy.

The prize winners and their supervisors were congratulated on their achievements, and the adjudicators were thanked for their recommendations to the Council. 8 Conference 2013 The 2013 Conference will be hosted by the University of the Free State. 9 General None 10 Address by the President, Prof SA du Plessis

Prof du Plessis delivered his presidential address with title:

"Assets matter – a new and old view of monetary policy."

11 Closing Prof du Plessis thanked all the attendees. He thanked the Journal Management Committee, the Executive Committee and the Council for all their support during the year.


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MEMBERSHIP

as at 31 December

Branch:

Normal Honorary Lifetime Pension Student Total

2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012

Cape Town 38 35 2 2 3 3 4 4 2 1 49 45

Eastern Cape 21 20 0 0 1 1 0 0 3 4 25 25

Free State 18 20 0 0 0 0 3 3 0 4 21 27

Johannesburg 152 148 1 1 1 1 3 3 13 9 170 162

KwaZulu-Natal 21 18 0 0 0 0 1 1 2 0 24 19

Limpopo 14 10 0 0 1 1 1 1 0 0 16 12

North West 18 16 0 0 0 0 1 1 57 64 76 81

Pretoria 235 293 2 2 2 2 0 0 4 3 243 300

Stellenbosch 35 39 0 0 0 0 1 1 9 1 45 41

Foreign 41 29 0 0 3 3 0 0 1 2 45 34

Total 593 628 5 5 11 11 14 14 91 88 714 746


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COUNCIL: 2012

Before AGM After AGM

President: SA du Plessis P Burger

Vice-President: J Luiz J Luiz

President-elect: P Burger

Elected / appointed in terms of the Constitution:

7 (a) (v) C Bruggemans C Bruggemans

GN Farrel GN Farrel

G Keeton G Keeton

H Nel H Nel

CP van Walbeek CP van Walbeek

W Viviers W Viviers

7 (a) (vi) JW Fedderke JW Fedderke

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7 (a) (vii) M Leibbrant SA du Plessis

7 (a) (viii) RWK Parsons RWK Parsons

R Gouws R Gouws

P Perkins P Perkins

Elected by branches in terms of 7 (a) (iv) of the Constitution:

Cape Town L Edwards –

Eastern Cape G Fraser J Snowball

Johannesburg D Blaauw A Kabundi

Free State P Burger GM Wessels

KwaZulu-Natal D Posel R Dias

Limpopo KSM Matjekana A Gyekye

North West A Heymans H Bezuidenhout

Pretoria C Harmse A Gouws

Stellenbosch Le R Burrows MP van Schoor

Secretary: Le R Burrows Treasurer: AM Pretorius


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BRANCH SECRETARIES: 2012

Branch and Secretary Contact details

Cape Town Madalet Sessions

[email protected] (021) 416 1446

Eastern Cape Michael Sale

[email protected] (041) 504 2795 Department of Economics and Economic History, Nelson Mandela Metropolitan University, PO Box 77000, Port Elizabeth, 6031

Johannesburg Lyndal Keeton-Stolk

[email protected] (011) 717 8065 School of Economic and Business Sciences, University of the Witwatersrand, Private Bag 3, Wits 2050

Free State Antonie Pool

[email protected] (051) 401 3596 Department of Economics, University of the Free State, PO Box 339, Bloemfontein, 9300

KwaZulu-Natal

Limpopo A. Khangale

[email protected] (015) 962 8000 Department of Economics, University of Venda, PO Box 823, Thohoyandou, 0950

North West H Bezuidenhout

[email protected] (018) 299 1443 School for Economics, North-West University, P/Bag X6001, Potchefstroom, 2521

Pretoria Reyno Seymore

[email protected] (012) 420 3525 PO Box 7335, Lynnwood Ridge, 0040

Stellenbosch Melt van Schoor

[email protected] (021) 808 3414 Department of Economics, University of Stellenbosch, P/Bag X1, Matieland, 7602

Membership enquiries: Mrs Titia Antonites, PO Box 73354, Lynnwood Ridge, 0040 Phone: (012) 420 3525 Fax: (012) 362 5266 Email: [email protected]









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ESSA PRIZE ENTRIES: 2012 See the AGM minutes (above) for a list of the 2012 winners. 1 Founders' medal for Honours essay in partial fulfilment of the degree Institution Supervisor Student Title

US Sophia du Plessis Jonathan Reader Institutional consequences of foreign aid.

UCT Murray Leibbrandt Reinhard Schiel Money metric versus non metric measures of wellbeing.

WITS Volker Schoer Misha Morar A hazard rate analysis of youth job turnover in South Africa.

2 Founders' medal for Master's dissertation in partial fulfilment of the degree Institution Supervisor Student Title

UCT Shakill Hassan Valeri Sokolovski Analysis of the predictive ability and profitability of an analytically derived trading algorithm in the intra-day spot foreign exchange market.

NWU Elsabe Loots Carike Claassen The state of Chinese foreign direct investment in Africa.

UP Steve Koch Sunel Grimbeek An econometric analysis of the south African competition commission’s merger decisions.

UJ Lumengo Bongo-Bongo Mfanafuthi Borman Tsela The Relationship between the exchange rate and employment in the gold mining sector in South Africa.

US Evan Gilbert Nico Katzke Instability Bred Within an Efficient Financial System: A Principal-Agent Approach Towards Understanding Changed Incentive Structures in Modern Financial Systems.

3 Founders' medal for Master's dissertation in full fulfilment of the degree Institution Supervisor Student Title

UJ Ilze Botha Leila Fourie Credit extension in South Africa: a business cycle perspective for the period 1985 – 2009.

4 Founders' medal for Doctoral thesis Institution Promoter/Supervisor Student Title

UCT Murray Leibbrandt Nicola Bransom Health and education outcomes for children born to teenage mother in SA.

NWU Gary van Vuuren Ja’nel Esterhuysen The financial crisis: reforming the SA risk management environment.

US Stan du Plessis Willem Hendrik Boshoff Conceptual and empirical advances in antitrust market definition with application to SA competition policy.

UP James Blignaut Roula Inglesi-Lotz A sectoral benchmark-and-trade system to improve electricity efficiency in SA.


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BRANCH ACTIVITIES

2012 Bloemfontein (Free State) The Department of Economics of the Free State University, in association with the Free State branch of the Economic Society of South Africa, hosted the following research seminars: Date Speaker Topic

2012/05/10 Steve Koch The abolition of user fees and the demand for health care: Re-evaluating the policy impact.

2012/09/27 Rangan Gupta House prices and balance of trade dynamics in South Africa: Evidence from an agnostic identification procedure.

2012/10/16 Stan du Plessis The exchange rate regime and large current account adjustments.

Cape Town No report submitted.

Eastern Cape The Rhodes University/Economic Society of South Africa (ESSA) Postgraduate Economics Student Conference took place at Rhodes University on the 12th and 13th of October 2012. This is the eleventh year that the conference has been held and it continues to be a highly successful forum for honours and masters students in economics to present their research. For the past 7 years, students from NMMU and Fort Hare University have been invited to participate, thanks to sponsorship from the Economic Society of South Africa (ESSA). In 2012, we hosted 9 students and staff from these universities. The ESSA sponsorship covered their conference fees of R180 per person and accommodation for one night. The theme of the 2012 conference, chosen by the student committee, was Leading Thought in Africa's Economic Development. In total, 60 student papers were presented on a wide variety of topics. The keynote address was given by Mr. Michael Spicer (brief CV provided below). Mr. Spicer's address was entitled, "South African after Marikana: A Business Perspective". Also in attendance was Prof. Alan Collins from the University of Portsmouth, UK, who is the Rhodes 2012 Hobart Houghton Research Fellow. An innovation at the 2009 conference, continued this year, was the invitation to 50 grade 11 learners (with economics as one of their subjects) as well as their teachers from schools in the Grahamstown area. Sponsorship for the provision of a lunch pack was obtained from the Rhodes University SRC. Special guests were ten Grade 11 learners from the Ntsika High School Economics class, and their teacher and subject head, Mr. Elvis Bojo. These students attend weekly workshops at Rhodes, as part of the Department of Economics' community engagement initiative. Overall, the conference was a success with the visitors adding a great deal in terms of networking and providing feedback on work-in-progress. As in the past, visitors found the conference an overwhelmingly positive and academically useful experience, as did the Rhodes students. Staff and students would like to extend their grateful thanks to ESSA who helped to make this such a productive and successful event.


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Michael Spicer is a Vice President, Corporates and Africa, at Business Leadership South Africa. Previously he was BLSA's Chief Executive Officer for six and a half years. Michael rose in a twenty-year career at the company to be an Executive Vice President at Anglo American PLC and Executive Director of Anglo American South Africa. In his early career, he worked at the Royal Institute of International Affairs (Chatham House) and the South African Institute of International Affairs (Jan Smuts House) where he was Deputy Director. He remains on the Board of Anglo American South Africa in a non-executive capacity, is a Board member of Rothschild South Africa, Accelerate Cape Town and was appointed non-executive Chairman of BDFM in March 2011.

Mr Spicer has a wide involvement in business and public life. He is a Vice President of Business Unity South Africa (BUSA) and was appointed in 2006 as an inaugural member of the Presidential International Advisory Board of Mozambique and now chairs that body. He is also immediate past Chairman of the Council at St. John's College, from where he matriculated before completing his BA and MA degrees in history at Rhodes University with distinction. He joined the Board of Governors of Rhodes University in November 2009 and was appointed Chairman in May 2012. (Source: http://www.businessleadership.org.za)

The Eastern Cape Branch AGM was held on the 5th December 2012 in Port Elizabeth (at NMMU). A guest lecture was presented by Prof Alan Collins of the University of Portsmouth, UK. Prof Collins is a professor and head of Economics and Finance and is also the 2012 Hobart Houghton Fellow at Rhodes University. His main research areas include Urban, Social and Environmental Economics. Prof Collins discussed the Economics of Anti-Social behaviour at the meeting. Johannesburg The Johannesburg branch of the Economic Society of South Africa hosted the following research seminars: Date Speaker Topic

2012/02/21 Rob Davies Industrial and trade policy for the New Growth Path

2012/02/26 Talita Dalton-Greyling Measuring and evaluating the quality of life in the Gauteng City-Region's municipalities: A data envelopment analysis approach

2012/05/10 Andrew Duncan International transmission of equity volatilities with application to financial crises

2012/06/20 Gabriel Palma Why is inequality so unequal across countries? Some new stylised facts

2012/08/02 Raphael Nkomo Optimal filtering and online learning: Algorithms for portfolio selection

2012/08/14 Marguerite Duponchel Credit constraints and agricultural productivity: Evidence from rural Rwanda

2012/08/23 Raphael Nkomo Online passive algorithms for stock selection, portfolio diversification and short sales

2012/08/30 Tsitsi Effie Mutambara China-Africa economic relations: A case for China's import trade and investment in mineral resources products in the Southern African Development Community (SADC) region

2012/09/13 Raphael Nkomo Statistical arbitrage in the Johannesburg Stock Exchange

2012/09/27 Mdu Biyase Poverty and remittances in South Africa: An instrumental variables analysis

2012/10/17 Russell Loubser No guarantees but many opportunities

2012/10/18 Isaac Kanyama A new look at the determinants of institutional quality: A cross sectional analysis

2012/10/23 Jay C. Moon The International Economic Development Council (IEDC)

2012/11/01 Josine Uwilingiye Stock market linkage and financial crisis contagion: A time-varying VAR approach with stochastic volatility.

2012/11/15 Thabo Mosala Economic risk as an impediment to the commercialisation of maize production in Lesotho

http://www.businessleadership.org.za/


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2012/11/22 John Mabejane Empirical analysis of the transmission of global shocks on the South African banking industry

2012/11/26 Jerry Parwada When does a stock boycott work? Evidence from a clinical study of the Sudan divestment campaign

KwaZulu-Natal No report submitted. Limpopo No report submitted.

North West The Department of Economics of the North West University (Potchefstroom campus), in association with the North West branch of the Economic Society of South Africa, hosted the following research seminars and guest lectures: Date Speaker Topic

2012/02/23 André Botha Almost ideal demand system, Rotterdam models and Amsterdam

2012/03/05–07 Gary van Vuuren Guest lectures on: Basel III and performance measures (3rd

year and Honours students)

2012/03/15 Alain Kabundi Using large data sets to forecast sectoral employment

2012/04/10-12 Gary van Vuuren Guest lectures on: Ratings and securitization (3rd

year and Honours students)

2012/04/26 Debra Shepard Do compulsory tutorials matter? A regression discontinuity design

2012/05/03 Carike Claassen Brics 101: Who they are, where they are going and why it matters

2012/07/26 Anton Luckhoff Zephyr database, Orbis, Bankscope & Economist data

2012/08/30 Gary van Vuuren Guest lecture on: The efficient frontier (2nd

year students)

2012/09/13 Peet Strydom Colloquium - Emerging markets: Growth resilience or hitting a low growth trap

Peet Strydom Emerging markets: Sustained growth versus low growth traps

Waldo Krugell China: Political and market pressure towards a new growth paradigm

Raymond Parsons Political economy and growth disappointment in South Africa

André Duvenhage Service delivery failure and flirting with new development models by political elites in South Africa

2012/09/19 Derick Blaauw Unrecognized exports in the waste management system: The story of informal recycling on the streets and landfill sites in South Africa

2012/10/10 André Jordaan Real exchange rate misalignment in an emerging economy: Evidence from South Africa

2012/10/- Arno van Niekerk Multilateral institutions

Pretoria No report submitted.

Stellenbosch The Department of Economics of the Stellenbosch University, in association with the Stellenbosch branch of the Economic Society of South Africa, hosted the following research seminars lectures: Date Speaker Topic

2012/02/13 Andreas Freytag An offer you can't refuse: Murdering journalists as an enforcement mechanism of corrupt deals


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2012/02/20 Kevin Kotze Measuring core inflation with wavelets

2012/02/27 Manoel Bittencourt Yet another look at the modernisation hypothesis: Evidence from Latin America

2012/03/05 Rulof Burger What drives movements in the South African unemployment rate? An age-time-birth year decomposition of labour market outcomes

2012/03/12 Johan Fourie What slave numeracy reveals about comparative development in the eighteenth century Indian Ocean regions

2012/03/19 Sean Muller External validity and randomised trials: The example of class size and educational outcomes

2012/03/26 Lukasz Grzybowski Fixed-to-mobile substitution in the European Union

2012/03/29 Malte Reimers Revisiting the role of education for agricultural productivity

2012/04/16 Alain Kabundi Using large data sets to forecast sectoral employment

2012/04/23 Nic Spaull Access to quality: Combining SACMEQ and DHS in an attempt to simultaneously deal with educational quality and educational access

2012/04/30 Marisa Coetzee Who benefits most? Results from a benefit incidence analysis of South African education

2012/05/08 Léonce Ndikumana The extent and reasons for capital flight from Africa: Implications for economic policy

2012/05/10 Léonce Ndikumana Africa's emerging "new partners", with special reference to China

2012/07/30 Derek Yu Revisiting poverty estimates and the youth employment subsidy

2012/08/06 Liezl Nieuwoudt Teaching undergraduate Economics - exploring the land of collaborative, problem based learning

2012/08/13 Basil Moore The non-transitive meaning of "savings" in economics

2012/08/20 Melt van Schoor Agent-based modelling, evolutionary dynamics and the rational actor paradigm in labour economics

2012/08/27 Tony Leiman Resource rents and resource management in Namibia's post-independence hake fishery

2012/09/03 Daryl Dingley The economics of public interest provisions in South African competition policy

2012/09/10 Hendrik van Broekhuizen Graduate unemployment in South Africa: A much exaggerated problem

2012/09/17 Rangan Gupta Social status, inflation, and endogenous growth in a cash-in-advance economy: A reconsideration

2012/09/20 Kuben Naidoo Public lecture: Why inequality is bad for growth

2012/09/27 Alex Zimper Basel III regulation: The internal ratings based capital requirement formula

2012/10/01 Stan du Plessis Assets matter: A new and old view of monetary policy

2012/10/08 Ingrid Woolard Youth unemployment in South Africa

2012/10/15 Paul Alagidede Stock market predictability

2012/12/12 Yuya Kudo Social relationship and HIV testing in the workplace: Evidence from South Africa

2012/12/12 Seiro Ito Impacts of an HIV counselling and testing initiative: Results from an experimental intervention in a large firm in South Africa


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annual report 2012 - economic society of south africa · 2014. 6. 30. · the economic society of...

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