Enhancing food security in South Sudan: the role of markets and regional trade

South Sudan faces serious problems of food insecurity due to low levels of domestic food production, periodic droughts, widespread poverty, and since late 2013, renewed armed conflict. This article explores market price behavior using cointegration analysis and estimates the effects of production and trade shocks through multimarket model simulations. We show that market prices in the capital city, Juba, of both maize and sorghum are cointegrated with import parity prices of these cereals sourced from Uganda, consistent with observed trade flows. Model simulations, using econometrically estimated demand parameters, suggest that private sector imports of maize and wheat would greatly mitigate the potential fall in consumption in the case of a decline in domestic cereal production. Other simulations indicate that if total imports of cereals are reduced by one‐third (still more than two times the levels of food aid in 2013) because of disruptions to private market flows, domestic prices of cereals could rise by 45% or more. The article concludes that whatever measures are taken involving national food security reserves, it is crucial that government policy serves to maintain incentives for private sector imports to avoid destabilizing market supplies, domestic prices, and ultimately, food consumption of the poor.     

The effectiveness of index futures hedging in emerging markets during the crisis period of 2008-2010: Evidence from South Africa

This article provides an assessment of the comparative effectiveness of four econometric methods in estimating the optimal hedge ratio in an emerging equity market, particularly the South African equity and futures markets. The article bases the effectiveness of hedging on volatility reduction and minimization of the coefficient of variation of hedged returns as well as risk-aversion-based utility maximization. The empirical analysis shows that the vector error-correction method and multivariate generalized autoregressive conditional heteroscedasticity methods are most effective over relatively long horizon, weekly and monthly hedging periods.     

Regional spillovers across transitioning emerging and frontier equity markets: A multi-time scale wavelet analysis

The episodic wave of crises experienced across the global financial markets over the past two decades has raised questions surrounding the vulnerability of transitioning emerging and frontier equity markets to exogenous shocks. These markets, by design, have lacked the institutional or financial architecture supporting their capital base compared to more established markets. We make the initial attempt to examine four such stock markets (Saudi Arabia, UAE, South Africa and Israel). We perform multi-timescale analysis using wavelet-based time and frequency decompositions in order to investigate (i) whether the shocks transmitted were pure contagion or fundamental-based and (ii) also whether the dynamic evolution of stock market integration was mainly short-term or long-term. We find that prior to the 2008/09 US subprime crisis, the shocks generated pure contagion in contrast to the subprime crisis that reveals evidence supportive of fundamental-based contagion. Further, when exploring the dynamics of market integration, we find that integration strengthens over time as opposed to any immediate short-term outcome. This supports policies engendered to promote stock market resiliency and stability.     

韩国公务员考核制度及其特点探析

韩国公务员考核制度建立在公务员分级分类的基础上,以目标管理、全程绩效管理和多方面评价为核心思想,形成针对高级公务员的能力评价制度、中高级公务员的绩效契约制度、基层公务员的工作业绩评价制度,以及普遍适用的业绩面谈法和多面评价法.在分级分类考核的基础上,韩国政府还设计出配套的考核结果运用方案,包括清晰明确的晋升公式、基本年薪和绩效奖金计算方案等.由此构成韩国公务员考核制度的两大特色——分级分类考核且注重考核结果的灵活运用,这种特点使得公务员考核更具针对性,同时能够对公务员形成有效的激励或惩戒作用,从而达到提高行政效率和服务质量的考核目的.     

The impacts of weather on tourist satisfaction and revisit intention: a study of South Korean domestic tourism

This study explores the impacts of weather on tourist satisfaction and intention to revisit sites utilizing a survey of 1736 domestic tourists in South Korea. This study adds tourists’ perceived quality of weather to a path model that anticipates revisit intention and was originally based on the perceived quality of physical attributes and service, as well as tourist satisfaction. The results of this study show that the perceived quality of weather affects tourist satisfaction and revisit intention directly and indirectly, and that it correlates with the perceived quality of physical attributes and service. It was determined that the impact of weather perception on tourist satisfaction and revisit intention is higher in rainy weather conditions. The results of the study show that to sustain tourist satisfaction and revisit intention, efforts to moderate the negative impacts of uncomfortable weather conditions are required, especially in rainy weather.     

The lived travel experience to North Korea

Tourism in North Korea is limited by entry bans, visa restrictions, and stringently controlled itineraries. As a consequence, the experience of visiting the country is still poorly understood by academics and practitioners alike. In order to fill this research void, this study aims to describe the essence of the lived experience of travelling to North Korea, following an approach embedded in the philosophical underpinnings of transcendental phenomenology. Based on eight narratives by tourists who have visited the country, the essence of the lived North Korea travel experience is identified as comprising dimensions of trepidation, self-regulation, doubt, and catharsis. Discussing the findings through a tourism lens, suggestions for further research are made and theoretical as well as methodological contributions are highlighted.     

Internationalization of South African Retail Firms in Selected African Countries

African markets are complex environments for foreign multinationals. The continent, which has recently attracted significant attention for its rich potential and growth prospects, presents a multitude of challenges for the South African retailers leading the charge of retail expansion. This qualitative study seeks a deeper understanding of the contextual challenges experienced by these firms in other African markets, and how they have managed this process. It further engages how these firms build networks with local stakeholders and how they overcome information deficits. This study confirms the rich variety of capabilities and approaches developed by South African retailers operating across the continent, as opposed to a single standard approach. The research has further confirmed that these firms typically use SA Inc. as a country specific advantage in their expansion, leveraging off their inter-firm networks and personal exchanges to gain a better understanding of African markets and their consumers.     

Enhancing urban agriculture through participants’ satisfaction: The case of Seoul,Korea

South Korea has been lending a variety of official support to promote the urban agriculture (UA), especially after enacting Act on Development and Support of Urban Agriculture (Act of UA) in 2011. Under this policy, which aims at spreading the UA effectively in dense cities, in particular, the government categorizes spaces used for the UA into five types in accordance with their characteristics and has extended customized support. But it has never been explored if the Korean version of the UA has satisfied the participants and there exist any differences in the satisfaction level among participants of each spatial type.With a goal to explore the policy effectiveness, therefore, this research carried out interviews and surveys involving 808 citizens who have taken part in UA activities in 68 farmlands in South Korea's capital city of Seoul and then analyzed them with the ANOVA and the hierarchical regression analysis methods The results revealed statistically significant differences among the different UA types in terms of the respondents’ overall satisfaction, the current status of the UA operation, and policy measures that affect the satisfaction level as well as their effects. Overall, however, the participation of female citizens, the supply of physical facilities by public entities, and the increase in the time respondents were involved in UA and their cultivating areas turned out to positively affect their satisfaction level.