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The Agricultural Industry And Economic Growth In South Africa – An Empirical Analysis

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Author Info

  • M.Y. TEWELDEMEDHIN

    (Department of Agricultural Economics, University of the Free State, South Africa)

  • H.D. VAN SCHALKWYK

    (Department of Agricultural Economics, University of the Free State, South Africa)

  • Rena RAVINDER

    ()
    (Department of Economics, Polytechnic of Namibia (Namibia’s University of Science and Technology))

Abstract

This study measures the source of short-term agricultural economic growth in South Africa, using the Exact Maximum Likelihood (EML) method by categorizing the variables into five main categories: cyclical reversion, structural policies and institutions, stabilization policies, cyclical volatility and external conditions. The statistically significant finding of structural policies and institutional category variables imply that the sector growth was achieved with improved education, financial depth, and trade openness. However, the negative relationship of financial depth (RDGDP) indicates the sector is suffering from a debt crisis. Therefore, farmers need to follow an effective debt management system. The cyclical reversion was found to be statistically significant and related negatively. This shows that there is an important connection between the business cycle and agricultural economic growth.

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Bibliographic Info

Article provided by Alexandru Ioan Cuza University, Faculty of Economics and Business Administration in its journal Review of Economic and Business Studies.

Volume (Year): (2009)
Issue (Month): 4 (November)
Pages: 43-56

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Handle: RePEc:aic:revebs:y:2009:i:4:teweldemedhinm

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Related research

Keywords: agricultural sector; South Africa; Debt crisis; economic growth; cyclical reversion;

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  1. Keller, Wolfgang, 2002. " Trade and the Transmission of Technology," Journal of Economic Growth, Springer, vol. 7(1), pages 5-24, March.
  2. Emmanuel Dubois & Sandrine Lardic & Valérie Mignon, 2004. "The Exact Maximum Likelihood-Based Test for Fractional Cointegration: Critical Values, Power and Size," Computational Economics, Society for Computational Economics, vol. 24(3), pages 239-255, July.
  3. Stanley Fischer, 1993. "The Role of Macroeconomic Factors in Growth," NBER Working Papers 4565, National Bureau of Economic Research, Inc.
  4. Dollar, David & Kraay, Aart, 2001. "Trade, growth, and poverty," Policy Research Working Paper Series 2615, The World Bank.
  5. Bakucs, Lajos Zoltan & Ferto, Imre, 2005. "Monetary Impacts and Overshooting of Agricultural Prices in a Transition Economy," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24711, European Association of Agricultural Economists.
  6. S. Lardic & V. Mignon, 2003. "The exact minimum likelihood estimation of ARFIMA processes and model selection criteria: A Monte Carlo study," THEMA Working Papers 2003-06, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  7. repec:ebl:ecbull:v:3:y:2004:i:21:p:1-16 is not listed on IDEAS
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