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- Journal of Strategic Studies : A Journal of the Southern Bureau of Strategic Studies Trust
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- Volume 5, Issue 1, 2014
Journal of Strategic Studies : A Journal of the Southern Bureau of Strategic Studies Trust - Volume 5, Issue 1, 2014
Volume 5, Issue 1, 2014
Source: Journal of Strategic Studies : A Journal of the Southern Bureau of Strategic Studies Trust 5, pp 1 –44 (2014)More Less
This article provides an up-to-date review of the literature on the effect of the adoption of monetary policy transparency on a central bank and its effect on the economy. Monetary policy transparency is the disclosure of information by the central bank relevant to the conduct of monetary policy, thereby mitigating any asymmetrical information problem between the central bank and economic agents. From the time that Reserve Bank of New Zealand pioneered, this monetary policy framework, a myriad of research on its effects has been observed. First to be explored is the development of the theoretical literature, central bank independence, transparency and accountability. The empirical literature is examined and most important of all the key research by Cukierman and Meltzer (1986) and its impact on the evolving research of monetary policy transparency and the three branches of study that it has spawned; political, economic and policy transparency. The review finds that there is no single precise definition of transparency. That monetary policy transparency brings benefits to the economy that practises it such as low inflation and economic growth. It was found that monetary policy transparency has a positive effect on economic agent expectations.
Author Sam SamuSource: Journal of Strategic Studies : A Journal of the Southern Bureau of Strategic Studies Trust 5, pp 45 –60 (2014)More Less
The research study on the effectiveness of compulsory motor liability insurance was inspired by the fact that most road accident victims go uncompensated after accidents. The Road Traffic Act (RTA) was put in place in most countries of the world including Zimbabwe in order to protect innocent victims of road accidents. RTA enforcement in Zimbabwe is structured in a manner that ensures that no one drives on Zimbabwean road without cover. So in theory, road accident victims must get the minimum payouts as prescribed by the Act should they sadly be involved in an accident. However, this is not always the case as most victims go uncompensated. Loopholes cause insurers to either escape responsibility or to have a situation where there is no cover at all. There is also a limit in what is recognized as losses that can be compensated by the Act. Even if the losses suffered by the victims are wide ranging, most policies only cover death and injury. Most drivers do not realize that the insurance they are required to buy is meant to cover road accident victims who suffer at their hands. Motorists are generally of the view that compulsory motor liability insurance is a form of tax. Without the knowledge that the Act actually provides cover for third party liabilities, it is no wonder the drivers of these vehicles end up not following the required procedures after accidents in efforts to try and dodge paying the victims. The research wraps up the paper with looking at the recommendations to the relevant authorities on how to make CMI more effective. However, further research should be done on fare paying passengers who in most cases do not get any compensation after accidents.
The status of extraction and the case for value addition of platinum group metals (PGMS) in the Great Dyke of ZimbabweSource: Journal of Strategic Studies : A Journal of the Southern Bureau of Strategic Studies Trust 5, pp 61 –73 (2014)More Less
The Great Dyke is a mineral rich geological feature in the central part of Zimbabwe which stretches for about 550km in the SSW to NNE direction. It hosts, among other mineral resources, the second largest known resources of Platinum Group Minerals after South Africa and the largest high grade chrome ore resources in the world. These ore resources present Zimbabwe with a competitive advantage and a unique opportunity for developing world class mines and processing facilities which could form the backbone of a vibrant metallurgical and manufacturing industry. Given the growing demand for Platinum as a catalyst in reducing air pollution and in jewellery, increased production of Platinum Group Metals (PGMs), their beneficiation and value addition would provide a springboard for socio-economic development of the country.
Source: Journal of Strategic Studies : A Journal of the Southern Bureau of Strategic Studies Trust 5, pp 74 –91 (2014)More Less
Since the 1990s when New Zealand pioneered a new monetary policy regime predicated on an independent central bank as a means of ensuring the attainment and maintenance of price stability, there has been world-wide trend of more and more economies adopting this approach.
The Southern Africa Development Community (SADC) being no exception. To this end concerns are raised about its commitment to maintaining central bank independence. Moreover, being a regional body, in an emerging market, questions about the level of the independence of its Model Central Bank Law are relevant (SADC).
In assessing the legal independence an index developed by Cukierman, (1992) (CWN, 1992) is used.
Findings reveal that the Model Central Bank Law (SADC) has a relatively low legal independence compared to some Sub-Saharan Economies, which raises concerns about the lack of sufficient provision for independence of the central bank in the law.