THE ROLE OF COMMODITY PRICES IN MACROECONOMIC POLICY IN SOUTH AFRICA

This paper examines whether commodity prices can be used as signal for informing macroeconomic policy in South Africa using the new approach for testing Granger causality developed by Toda and Yamamoto (1995 ). Evidence of causality from average gold price to interest rate, money, exchange rate and the consumer price index was observed. Again, evidence of causality was observed from metals price index to interest rate, money and exchange rate. The results suggest there is merit in using South Africa's average gold price and the metals price index of the International Monetary Fund as informational variables in setting monetary policy.     

THE INTRODUCTION OF COMPETITION POLICY IN AUSTRALIA: THE ROLE OF RON BANNERMAN

The 1965 legislation to curb restrictive trade practices has been widely regarded as weak. By contrast, the Trade Practices Act 1974 (Cth) has been considered as providing the platform for a more comprehensive competition policy. This paper argues that the 1965–67 and 1971 Acts were more effective than has been commonly recognised in raising awareness about the extent of restrictive trade practices, discrediting price agreements and laying the foundations for the 1974 Act. The role of Ron Bannerman, the sole Commissioner of Trade Practices, was critical to their success. This paper uses parliamentary debates, Bannerman's published works and an interview with him undertaken in early 2005.     

西部乳业:看不见硝烟的战争

乳业的秋天到了吗 2002年春天,正是桃红柳绿时节,成都的几家主要媒体都发表了一篇题为《成都奶价比水贱,鲜奶倒进下水道》的报道。报道说,在成都著名的乳品企业华西乳业公司的加工车间里,出现了令人痛心的一幕:“一名工人打开了奶罐的阀门,白花花的牛奶带着香气,像自来水一样喷泻而出。很快,车间内外的下水道里全是牛奶。”作为西南地区最大的乳品企业,四川华西乳业公司的市场零售价在2002年春节后突然全线陡降,300毫升一盒的华西康美包鲜奶,其售价从春节前的2.20元降到了1.50元;每件华西康美包鲜奶的售价也由50多元骤降到39元。这种大幅度的降价,一下子出现了喝牛奶比喝中档纯净水还便宜的情     

THE ROLE OF COMMODITY TERMS OF TRADE IN THE DETERMINATION OF THE REAL EXCHANGE RATES OF THE MEDITERRANEAN COUNTRIES

The aim of this paper is to investigate whether there exists a long‐run relationship between the real exchange rate and the commodity terms of trade in the so‐called Mediterranean or MENA countries. These economies are good candidates for this type of formulation, as are commodity exporting countries. Using cointegration techniques, we find long‐run relationships linking the real exchange rate and a commodity‐based measure of the terms of trade. Therefore, commodity terms of trade are a potential explanation for the apparent nonstationarity of MENA countries’ real exchange rates previously found in the empirical literature.