The influence of demand and supply side pressures on the quantity and quality of inventive activity

This article arguments the literature on the demand for professional team sports by estimating a demand function for attendance at home matches in the Malaysian Semi-Pro Football League (MSPFL) between 1989 and 1991. A single-equation demand (attendance) function based on a pooled cross-section and time-series panel data set of 399 games is estimated by ordinary least squares, a fixed effects dummy variable covariance model and an error components model. Our findings confirm the importance of market size and championship prospects for the home team (but not the visiting team), as well as divisional status and ‘star’ players. The first match of the season and derby matches also increased attendance.     

Aspects of environmental quality of life that affect neighbourhood satisfaction in disadvantaged and advantaged Johannesburg communities

To ascertain which aspects of environmental quality of life affect neighbourhood satisfaction, a study was conducted with 303 tenure allocated residents of an informal settlement in Soweto, 160 residents of a squatter camp in the same informal settlement, and 375 black and 358 white residents of a middle-class Johannesburg suburb. Respondents rated their satisfaction with housing, public schools, public clinics, public transport, roads, personal safety, street lighting, household refuse removal, jobs, local government and the neighbourhood. Black suburbanites tended to be more satisfied than the other three groups with most of these aspects. Stepwise multiple regression analyses revealed that housing and personal safety accounted for 45 per cent (informal settlement), 21 per cent (squatter camp), 33 per cent (black suburbanites), and 28 per cent (white suburbanites) of the variance in neighbourhood satisfaction. The findings substantiated the importance of housing and personal safety in both disadvantaged and advantaged communities.     

True protection and the real exchange rate in a capital-rich developing country: some evidence for Saudi Arabia

This paper investigates how alternative measures of the real exchange rate respond to trade policy and terms of trade changes. It employs a modelling framework which endogenises the price of non-tradeable goods, and applies the model to price and real exchange rate data for Saudi Arabia for the period 1982–92. The results show that the popular propositions about the response of the real exchange rate to terms of trade or trade policy changes do not necessary hold. This is a consequence of the measure of the real exchange rate utilized, rather than a product of Saudi Arabia's capital richness.     

Rural poverty in the Eastern Cape Province: Legacy of apartheid or consequence of contemporary segregationism?

Poverty in South Africa in general has not declined since 1994, and it is particularly severe in the former Bantustans. This paper discusses two important issues related to rural poverty in the Eastern Cape Province. It questions the applicability of the notion of legacy to explain recent trends in rural poverty and constructs an argument that explains these trends in relation to post-1994 segregationism. It argues that the notion of legacy is not useful in explaining why rural poverty remains entrenched, long after 1994. Rural poverty today cannot be explained as something left behind after the end of apartheid, because its causes and drivers are the same now in 2012 as they were in 1970. The continuity between the pre- and post-1994 periods is best described by exploring and understanding post-1994 policy decisions and power configurations as an expression of contemporary segregationism.     

Modelling structural change in the UK housing market: A comparison of alternative house price models

This paper develops a new approach to the modelling of house prices in the UK, with housing demand being conditioned directly on consumers' expenditure rather than the determinants of expenditure. Conditioning on consumption ensures that the permanent income measure used in determining the level of consumption is consistently reflected in housing demand. The effects of financial liberalisation on the relative consumption of housing and non-housing goods and services are captured using the average loan-value ratio for first-time buyers. We also allow for financial effects via the real user cost of home ownership. House prices are assumed to adjust so as to clear the housing market. The proposed model is found to have structurally stable parameters across the housing market downturn since 1990. Statistical comparisons with the more conventional models in use at HM Treasury and the Bank of England during the early 1990s provide additional evidence in favour of our proposed approach.     

Modelling the UK gilt-edged market

In this paper we examine the sectoral demand for UK gilt-edged securities. The Tobin–Markowitz model of portfolio choice generates the prediction that asset holdings should be negatively correlated with the own price, and positively correlated with the prices of major substitutes. In contrast, for all the five major groups of UK gilt holders, we find evidence consistent with a reverse correlation between the own price and market holdings which we argue arises due to the passive revaluation of existing holdings. We examine the empirical evidence using both cointegration analysis of stock holdings and a dynamic model of net transactions.