This paper provides recommendations for combining the carbon budget with the carbon tax to support delivery of South Africa's emissions reduction targets beyond 2020. The analysis involved comparing four categories of policy alignment options, including layering, 'tax enforces budget' option,...

Investors have too often extrapolated from recent experience. In the 1950s, who but the most rampant optimist would have dreamt that over the next fifty years the real return on equities would be 9% per year? Yet this is what happened in the U.S. stock market. The optimists triumphed. However,...