Research Archive

On this page I have made available most of my published work on monetary policy and financial economics. I would recommend all readers to have a look at the Guide to my research on monetary and financial economics, which provides both context and comments to most of the articles listed below, as well as some personal notes on how this research has come about.

Applying Economics:


General Evaluating Performances at the 2007 Cricket World Cup South African Statistical Journal
A criterion for comparing and selecting batsmen in limited overs cricket South African Journal of Economics


Paying to play – the pricing policies of Casinos Journal of the Operational Research Society

Monetary and Financial Economics:


The Beliefs of Central Bankers about inflation and the business cycle – should we share the faith?


Money Supply and Economic Activity in South Africa: The relationship updated to 2011 SEE


A study on inflation and inflation expectations


Eskom- now in good financial shape to serve the economy
Establishing the right price for electricity in South Africa
Lessons from the Global Financial Crisis Journal of Applied Corporate Finance, 2010, 22(3)


The global forces that drive SA’s Financial markets from day to day – an analysis with the implications drawn for monetary policy ESSA, Biennial Conference, Sept.2009


The effect of the rand exchange rate on the JSE Top-40 stocks – An analysis for the practitioner
Portfolio Strategies for hedging against Rand weakness


Trevor Manuel and the Markets in Manuel Markets and Money. Edited by Raymond Parsons, Double Storey Books, Cape Town, 2004.


The impact of the rand on the value of the Johannesburg Stock Exchange


The South African economy and its asset markets – An integrated approach
Making sense of Remgro’s discount to NAV – and sensing a trading opportunity Investec Securities, Investment Strategy


Adding value for shareholders in South Africa: An analysis of the Rembrandt restructuring
Tracking stocks – an alternative to unbundling for the South African group The Investment Analysts Journal, 2001 51(4)
Why the discount to NAV and what may be usefully done about it Investec Securities, Investment Strategy


The investment decision – Adding value for shareholders


Price earnings ratios on the Johannesburg Stock Exchange – Are they a guide to value? SAJAR, 1998 12(2)
Ownership and control in South Africa under black rule Journal of Applied Corporate Finance, 1998 10(4)


Shareholders as agents and principals: The case for South Africa’s corporate governance system Journal of Applied Corporate Finance, 1995 8(1)
Money Matters in Understanding Capitalism by Brian Kantor


The Discount to Net Asset Value, Unbundling and Shareholder Interests De Ratione, 1994 8(1)


The Money Income Causality Debate: A Comment SAJE 61:1


Savings and investment – ownership and control in South Africa South Africa International, October 1992


Inflation in South Africa – Definitions, Explanations and Evidence
Updated Figures (2011) for: Inflation in South Africa – Definitions, Explanations and Evidence
The Application of a Vector Autoregressive Model to money, income and price links in the South African economy S.E.E. 1990 12(1)


The causes of inflation – and what can be done
Money and economic activity: A response to the Reserve Bank: A reply
Estimating the value of unrecorded economic activity on South Africa Journal of Studies in Economics and Econometrics, 1989 13(1)


The pricing of electricity in South Africa: A critical assessment of the De Villiers Commission of Inquiry Managerial and Decision Economics, 1988 9(4)
Hutt’s Views on Money Managerial and Decision Economics, 1988 Special Issue


The weighted covariance biplot – an application South African Statistics Journal, 1987 (21)


Relative price changes and their effects on sectoral contributions to national income


Electricity pricing in Hong Kong: A comment Hong Kong Economc Papers, 1986 (17)
The De Kock Commission Report: A Monetarist Perspective SAJE 54:1


The decade of inflation – A perspective on recent monetary developments in South Africa
Interest rates, the exchange rate and money supply in South Africa ESSA conference 1983
A theory of the financial rand discount


Testing Rational Expectations: A comment The South African Journal of Economics, 1982 50(1)
Money and economic activity: Some alternative results The South African Journal of Economics, 1982 50(4)
South African monetary policy in South African Economic Issues


An analysis of black unemployment in South Africa


Rational expectations and economic thought Journal of Economic Literature, 1979 (XVII)
Is there a rationale for stabilization policy?
The origins of Keynesian mythology: Britain between the wars


The effects of inflation in South Africa Conference on Inflation at the University of Stellembosch
The money supply process in South Africa: Explanation, verification, implication.


Balance of Payments relations between Britain and some dependent economies 1870 – 1914
The Cape Bank Act of 1891


Cape Colonial Finance


A General Equilibrium analysis of monetary policy


The South African Financial Structure Supplement to the Standard Bank Review, Sept 1972


The Rixdollar and the foreign exchange
The Franzen Commission on monetary policy


The Gold Agreement and the future of gold


The money supply and the inflationary process The South African Journal of Economics