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Changing factor market conditions in South Africa: The capital market - a sectoral description of the period 1970-97

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  • Johannes Fedderke
  • John Kayemba
  • Simon Henderson
  • Martine Mariotti
  • Prabhat Vaze

Abstract

This article explores changing conditions in South African real capital markets. Noteworthy is the evidence of strong restructuring in this market during the 1990s. Whereas the 1970s and 1980s showed the best investment performance among primary commodity sectors and sectors with strong parastatal involvement, the highest investment rates of the 1990s have been associated with the manufacturing industry. We show that the real user cost of capital and capital productitivity contribute plausible determinants of investment rates in South Africa. The extent to which market forces are allowed to bring in line marginal cost and marginal return on capital appears to influence the sustainability of investment.

Suggested Citation

  • Johannes Fedderke & John Kayemba & Simon Henderson & Martine Mariotti & Prabhat Vaze, 2001. "Changing factor market conditions in South Africa: The capital market - a sectoral description of the period 1970-97," Development Southern Africa, Taylor & Francis Journals, vol. 18(4), pages 493-511.
    • Handle: RePEc:taf:deveza:v:18:y:2001:i:4:p:493-511
    DOI: 10.1080/03768350120083914
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    Cited by:

    1. Johannes Fedderke, 2004. "Investment in Fixed Capital Stock: Testing for the Impact of Sectoral and Systemic Uncertainty," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 66(2), pages 165-187, May.
    2. Sambulo Malumisa, 2013. "Comparative Analysis of the Determinants and Behaviour of Investment Demand between South Africa and Zimbabwe," Journal of Economics and Behavioral Studies, AMH International, vol. 5(6), pages 385-397.
    3. L Edwards & A Behar, 2006. "Trade Liberalisation and Labour Demand within South African Manufacturing Firms," Studies in Economics and Econometrics, Taylor & Francis Journals, vol. 30(2), pages 127-146, August.
    4. JW Fedderke & Martine Mariotti, 2002. "Changing Labour Market Conditions In South Africa," South African Journal of Economics, Economic Society of South Africa, vol. 70(5), pages 830-864, June.

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