The Relationship between Government Debt and Economic Growth in South Africa with Specific Reference to Eskom
Keywords:
South Africa; Eskom; public debt; economic growth; ARDL and bound testAbstract
The increasing level of government debt continues to be one of the most contestable topics since the great recession due to its effect on growth; however, a consensus is yet to be achieved on the topic. The current study investigated the economic effects of deteriorating South African government debt for the period 1994 to 2019 with the application of the autoregressive distributed lag model by Pesaran et al. (1999), which generates efficient results in the presence of cointegration, yielding unbiased long-run estimates. In contrast to similar empirical studies, the analysis of Eskom’s output on growth was found to be crucial. The bounds test exhibited that the regressors were cointegrated in the long run. The results infer that in the short run, government debt has a positive but weak influence on the economic growth rate. Although negative in the long run, debt does not Granger-cause growth. The results also showed that Eskom’s output was negatively associated with economic growth in the long run and that government debt Granger-caused Eskom’s output level.
References
Abel, A. B., (1991). The Ricardian equivalence theorem. London: Palgrave macmillan.
Ali, S., Zhang, J., Azeem, A. & Mahmood, A., (2020). Impact of electricity consumption on economic growth: An application of vector error correction model and artificial neural networks. Journal of Developing Areas, 54(4), 89-104.
Allen, P. M., (1997). Understanding regression analysis (Illustrated ed). New York City: Springer Science & Business Media.
Andres, J. & Hernando, I., (1997). Inflation and economic growth: some evidence for the OECD countries (working paper 6062). New York: National Bureau of Economic Research.
Baaziz, Y., Guesmi, K., Heller, D. & Lahiani, A., (2015). Does public debt matter for economic growth? Evidence from South Africa. The Journal of Applied Business Research, 31(6), 2187-2196.
Barro, R. J., (1989). The Ricardian approach to budget deficits. Journal of Economic Perspectives, 3(2), 37-54.
Bartelsman, E., Haltiwagner, J. & Scarpetta, S., (2013). Cross-Country differences in productivity: the role of allocation and selection. American Economic Review, 103(1), 305-334.
Bernheim, D. B., (1989). A neoclassical perspective on budget. The Journal of Economic Perspectives, 3(2), 55-72.
Bildirici, M. E., Bakirtas, T. & Kayikci, F., (2012). Economic growth and electricity consumption: Auto regressive distributed lag analysis. Journal of Energy in Southern Africa, 23(4), 29-45.
Bittencourt, M., Van Eyden, R. & Seleteng, M., (2015). Inflation and economic growth: Evidence from the Southern African Development Community. South African Journal of Economics, 83(3), 12.
Cecchetti, S. G., Mohanty, M. S. & Zampolli, F., (2011). The real effects of debt ( Working Paper 352). Bank for International Settlements.
Checherita, C. & Rother, P., (2010). The impact of high and growing government debt on economic growth: An empirical investigation for the Euro area (working paper series no 1237). Brussels: European central bank, August.
Chen, W., Mraic, M. & Nabar, M., (2019). The global economic recovery 10 years after the 2008 financial crisis (working paper 19/83). Washington: International Monetary Fund.
Clements, B., Bhattacharya, R. & Nguyen, T. Q., (2003). External debt, public investment and growth in low-income countries (working paper/03/249). Washington: International Monetary Fund.
Coco, A. & Viegi, N., (2016). The monetary policy of the South African bank: stance, comunication and credibility. Brussels: Bank for International Settlements, Volume 89, 435-348.
Davoodi, H. & Zou, H.-f., (1998). Fiscal decentralization and economic growth: A cross-country study. Journal of Urban Economics, 43(2), 244-257.
Dickey, D. A. & Fuller, W. A., (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366), 427-431.
Dlamini, J., Balcilar, M., Gupta, R. & Inglesi-Lotz, R., (2015). Revisiting the causality between electricity consumption and economic growth in South Africa: Evidence from bootstrap rolling window. International Journal of Economic Policy in Emerging Economies, 8(2), 169-190.
Elbadawi, I. A., Ndulu, B. J. & Ndung’u, N., (1997). Debt overhang and economic growth in sub-Saharan Africa. Editors: Z Iqbal and S Kanbur (Eds). External finance for low-income countries. Washington DC: International Monetary Fund.
Elmendorf, D. W. & Mankiw , G. N., (1998). Government debt (Working Paper No 6470). New York: National bureau of economic research.
Engle, R. F. & Granger, C. W., (1987). Co-intergration and error correction: represantation, estimation and testing. Econometrica, 55(2), 251-276.
Fleischhauer, K.-J., (2007). A review of human capital theory. University of st. Gallen, Department of Economics (discussion paper no. 2007-01).
Gerschenkron, A., (1962). Economic backwardness in historical perspective. s.l.:Belknap press.
Greiner , A., (2011). Economic growth, public debt and welfare: Comparing three budgetary rules. German Economic Review, 12(2), 205-222.
Guex, G. & Guex, S., (2018). Debt, economic growth and interest rates: An empirical study of the swiss case, presenting a new and long-term dataset: 1894-2014. Swiss Journal of Economics and Statistics, 154(1), 1-13.
Härdle , W., Horowitz, J. & Kreiss, J.-P., (2003). Bootstrap methods for time series. International Statistical Review, 71(2), 435-459.
Herndon, T., Ash, M. & Pollin, R., (2014). Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff. Cambridge Journal of Economics, 38(2), 257-279.
Hirschman, A. O., (1958). The strategy of economic development. Yale University Press, 41(2), 468-469.
Hodge, D., (2006). Inflation and growth in South Africa. Cambridge Journal of Economics, 30(2), pp. 163-180.
Holz, C. A., (2011). The unbalanced growth hypothesis and the role of the state: The case of China’s state-owned enterprises. Journal of Development Economics, 96(2), 220-238.
International Monetary Fund , (2012). Coping with high debt and sluggish growth. Retrieved from https://www.imf.org/en/Publications/WEO/Issues/2016/12/31/Coping-with-High-Debt-and-Sluggish-Growth.
International Monetary Fund , (2018). Public debt sustainability (Sovereign debt). Retrieved from: https://www.imf.org/en/News/Seminars/Conferences/2018/05/24/sovereign-debt-a-guide-for-economists-and-practitioners.
International Monetary Fund, (2016). Fiscal monitor: Acting now, acting together. Retrieved from https://www.imf.org/en/Publications/FM/Issues/2016/12/31/Acting-Now-Acting-Together .
Iyke, B. N. & Odhiambo, N., (2014). The dynamic causal relationship between electricity consumption and economic growth in Ghana: A trivariate causality model. Managing Global Transitions, 12(2), 141-160.
Jarque, C. M. & Bera, A. K., (1980). The efficient tests for normality, homoscedasticity and serial independence of regression residuals. Economic Letters, 6(3), 255-59.
Jones, C., 2019. Paul Romer: ideas, nonrivalry and endogenous growth. The Scandanavian Journal of Economics, 121(3), 859-883.
Keele, L. & Kelly, N. J., (2006). Dynamic models for dynamic theories: the ins and outs of lagged dependent variable. Political Analysis , 14(2), 186-205.
Keynes, J. M., (1935). The general theory of employment, interest, and money. 1 ed. London: Palgrave Macmillan.
Khobai, H., (2018). Electricity consumption and economic growth: A panel data approach for Brazil, Russia, India, China and South Africa. International Journal of Energy Economics and Policy, 8(3), 283-289.
Koh, W. C. et al., (2020). Debt and financial crises (working paper 9116). Washington DC: Worldbank policy research.
Kraak, A. & Press, K., (2008). Human resources development review 2008: education, employment and skills in South Africa. Cape Town: HSRC press.
Krugman, P., (1988). Financing vs forgiving, a debt overhang. Journal of Development Economics, Volume 29, 253-268.
Kumar, M. S. & Woo, J., (2010). Public debt and growth (working Paper/10/174). Washington DC: International Monetary Fund.
Kuo, C.-Y., (2016). Does the vector error correction model perform better than others in forecasting stock price? an application of residual income valuation theory. Economic Modelling, 52(PB), 772-789.
Lojsch, D. H., Rodrigues-Vives, M. & Slavik, M., (2011). The size and composition of government debt in the Euro area (occasional Paper No. 132). Brussels: European Central Bank .Mhlaba, N. & Phiri, A., (2017). Is public debt harmful towards economic growth? New evidence from South Africa. Cogent Economics and Finance, 7(1).
Mohr, P., Yu, D. & Mollentze, S., (2016). Economic Indicators (5th ed.). Pretoria: Van Schaik.
Moody's, 2020. Moody's downgrades South Africa's ratings to Ba1, maintains negative outlook, online: Retrived from: https://www.moodys.com/credit-ratings/South-Africa-Government-of-credit-rating-686830?stop_mobi=yes.
Mueller, B. & Mueller, C., (2016). The political economy of the Brazilian model of agricultureal development: insituttions versus sectoral policy. The Quarterly Review of Economics and Finance, Volume 62, 12-20.
National Treasury, (2019). Budget review 2019, Pretoria: Governement.
Ndoricimpa, A., (2020). Threshold effects of public debt on economic growth in Africa: A new evidence. Journal of Economics and Development, 22(2), 187-207.
Nkoro, E., 2016. Autoregressive distributed lag (ardl) cointegration technique: application and interpretation. Science Press, 5(4), 1-3.
Nkosi, L., (2020). The relationship between government debts and state-owned enterprises: An empirical analysis of Eskom. International Journal of Economics and Finance, 12(1), 119-134.
Odhiambo, N. M., (2009). Electricity consumption and economic growth in South Africa: A trivariate causality test. Energy Economics, 31(5), 635-640.
Odhiambo, N. M., (2015). Government expenditure and economic growth in South Africa: An empirical investigation. Atlantic Economic Journal, 43(3), 393-406.
Osberg, L. & Sharpe, A., (2011). Comparison of trends in gdp and economic well-being - the impact of social capital. Retrived from: Organisation for economic co-operation and growth or http://www.csls.ca/iwb/Osberg_Sharpe_2001.pdf.
Panizza, U. & Presbitero, A. F., (2013). Public debt and economic growth in advanced economies: A survey. Swiss Journal of Economics and Statistsics, 149(2), 175-203.
Persky, J., 1990. Retrospectives:Ceteris paribus. Journal of Economics, 4(2), 187-193.
Pesaran, H. M. & Shin, Y., (1999). An autoregressive distributed lag modelling approach to cointegration analysis. Cambridge: Cambridge university Press.
Pesaran, H. M., Shin, Y. & Smith, R. J., (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
Politis, D. N., (2003). The impact of bootstrap medthods on time series analysis. Statistical Science, 18(2), 219-230.
Rao, B. B., 2007. Estimating short and long-run relationships: a guide for the applied economist. Applied Economics, 39(13), 1613-1625.
Reinhart, C. M. & Rogoff, K. S., (2010). Growth in a time of debt. American Economic Review, 100(2), 573-578.
Reinhart, C. M. & Rogoff, K. S., (2013). Response to Herndon, Ash and Pollin by Carmen Reinhart and Kenneth Rogoff, April 18,2013. Retrieved from https://scholar.harvard.edu/files/rogoff/files/response_to_herndon_ash_and_pollin.pdf .
Romer, P. M., (1986). Increasing returns and long-run growth. Journal of Political Economy, 94(5), 1002-1037.
Rosen, H. S. & Gayer, T., (2014). Public Finance (Global edition). New York, NY: McGraw-Hill.
Sarkodie, S. A. & Adams, S., (2020). Electricity access and income inequality in South Africa: evidence from bayesian and nardl analyses. Energy Strategy Reviews, 29(100480).
Saungweme, T. & Odhiambo, N. M., (2019). The impact of public debt on economic growth: A review of contemporary literature. The Review of Black Political Economy, 45(4), 275-298.
Semjonova, N., (2014). Government debt and long-term economic growth in the world's region. Economic Science for Rural Development, 33(1), 56-65.
Sibeko, B. & Isaacs, G., 2019. Thecost of austerity: lessons for South Africa (working paper series: no2). Johannesburg: Institute of Economic Justice.
Snowdon, B. & Vane, H. R., (2005). Modern Macroeconomics. Cheltenham: Edward Elgar.
Solow, R. M., (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94.
South African Reserve Bank, (2020). statistical-query, s.l.: Retrived from https://www.resbank.co.za/en/home/what-we-do/statistics/releases/online-statistical-query.
Statistics South Africa (Stats SA), (2018). Findings of the living conditions survey 2014/15. The living Cconditions survey (LCS).
Statistics South Africa (Stats SA), (2020). Electricity generated and available for distribution: P4141, s.l.: Retrieved from http://www.statssa.gov.za/?s=eskom&sitem=publications.
Vu, K. M. & Asongu, S., (2020). Backwardness advantage and economic growth in information: A cross country empirical study. Technological Forecasting and Social Change, 159(120197), 1-49.
World bank open data, (2020). Inlfation, consumer prices-South Africa, s.l.: Retrieved from https://data.worldbank.org/indicator/FP.CPI.TOTL.ZG?locations=ZA.
Zhang, J., (1997). Government debt, human capital, and endogenous growth. Southern Economic Journal, 64(1), 281-292.
Ali, S., Zhang, J., Azeem, A. & Mahmood, A., (2020). Impact of electricity consumption on economic growth: An application of vector error correction model and artificial neural networks. Journal of Developing Areas, 54(4), 89-104.
Allen, P. M., (1997). Understanding regression analysis (Illustrated ed). New York City: Springer Science & Business Media.
Andres, J. & Hernando, I., (1997). Inflation and economic growth: some evidence for the OECD countries (working paper 6062). New York: National Bureau of Economic Research.
Baaziz, Y., Guesmi, K., Heller, D. & Lahiani, A., (2015). Does public debt matter for economic growth? Evidence from South Africa. The Journal of Applied Business Research, 31(6), 2187-2196.
Barro, R. J., (1989). The Ricardian approach to budget deficits. Journal of Economic Perspectives, 3(2), 37-54.
Bartelsman, E., Haltiwagner, J. & Scarpetta, S., (2013). Cross-Country differences in productivity: the role of allocation and selection. American Economic Review, 103(1), 305-334.
Bernheim, D. B., (1989). A neoclassical perspective on budget. The Journal of Economic Perspectives, 3(2), 55-72.
Bildirici, M. E., Bakirtas, T. & Kayikci, F., (2012). Economic growth and electricity consumption: Auto regressive distributed lag analysis. Journal of Energy in Southern Africa, 23(4), 29-45.
Bittencourt, M., Van Eyden, R. & Seleteng, M., (2015). Inflation and economic growth: Evidence from the Southern African Development Community. South African Journal of Economics, 83(3), 12.
Cecchetti, S. G., Mohanty, M. S. & Zampolli, F., (2011). The real effects of debt ( Working Paper 352). Bank for International Settlements.
Checherita, C. & Rother, P., (2010). The impact of high and growing government debt on economic growth: An empirical investigation for the Euro area (working paper series no 1237). Brussels: European central bank, August.
Chen, W., Mraic, M. & Nabar, M., (2019). The global economic recovery 10 years after the 2008 financial crisis (working paper 19/83). Washington: International Monetary Fund.
Clements, B., Bhattacharya, R. & Nguyen, T. Q., (2003). External debt, public investment and growth in low-income countries (working paper/03/249). Washington: International Monetary Fund.
Coco, A. & Viegi, N., (2016). The monetary policy of the South African bank: stance, comunication and credibility. Brussels: Bank for International Settlements, Volume 89, 435-348.
Davoodi, H. & Zou, H.-f., (1998). Fiscal decentralization and economic growth: A cross-country study. Journal of Urban Economics, 43(2), 244-257.
Dickey, D. A. & Fuller, W. A., (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366), 427-431.
Dlamini, J., Balcilar, M., Gupta, R. & Inglesi-Lotz, R., (2015). Revisiting the causality between electricity consumption and economic growth in South Africa: Evidence from bootstrap rolling window. International Journal of Economic Policy in Emerging Economies, 8(2), 169-190.
Elbadawi, I. A., Ndulu, B. J. & Ndung’u, N., (1997). Debt overhang and economic growth in sub-Saharan Africa. Editors: Z Iqbal and S Kanbur (Eds). External finance for low-income countries. Washington DC: International Monetary Fund.
Elmendorf, D. W. & Mankiw , G. N., (1998). Government debt (Working Paper No 6470). New York: National bureau of economic research.
Engle, R. F. & Granger, C. W., (1987). Co-intergration and error correction: represantation, estimation and testing. Econometrica, 55(2), 251-276.
Fleischhauer, K.-J., (2007). A review of human capital theory. University of st. Gallen, Department of Economics (discussion paper no. 2007-01).
Gerschenkron, A., (1962). Economic backwardness in historical perspective. s.l.:Belknap press.
Greiner , A., (2011). Economic growth, public debt and welfare: Comparing three budgetary rules. German Economic Review, 12(2), 205-222.
Guex, G. & Guex, S., (2018). Debt, economic growth and interest rates: An empirical study of the swiss case, presenting a new and long-term dataset: 1894-2014. Swiss Journal of Economics and Statistics, 154(1), 1-13.
Härdle , W., Horowitz, J. & Kreiss, J.-P., (2003). Bootstrap methods for time series. International Statistical Review, 71(2), 435-459.
Herndon, T., Ash, M. & Pollin, R., (2014). Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff. Cambridge Journal of Economics, 38(2), 257-279.
Hirschman, A. O., (1958). The strategy of economic development. Yale University Press, 41(2), 468-469.
Hodge, D., (2006). Inflation and growth in South Africa. Cambridge Journal of Economics, 30(2), pp. 163-180.
Holz, C. A., (2011). The unbalanced growth hypothesis and the role of the state: The case of China’s state-owned enterprises. Journal of Development Economics, 96(2), 220-238.
International Monetary Fund , (2012). Coping with high debt and sluggish growth. Retrieved from https://www.imf.org/en/Publications/WEO/Issues/2016/12/31/Coping-with-High-Debt-and-Sluggish-Growth.
International Monetary Fund , (2018). Public debt sustainability (Sovereign debt). Retrieved from: https://www.imf.org/en/News/Seminars/Conferences/2018/05/24/sovereign-debt-a-guide-for-economists-and-practitioners.
International Monetary Fund, (2016). Fiscal monitor: Acting now, acting together. Retrieved from https://www.imf.org/en/Publications/FM/Issues/2016/12/31/Acting-Now-Acting-Together .
Iyke, B. N. & Odhiambo, N., (2014). The dynamic causal relationship between electricity consumption and economic growth in Ghana: A trivariate causality model. Managing Global Transitions, 12(2), 141-160.
Jarque, C. M. & Bera, A. K., (1980). The efficient tests for normality, homoscedasticity and serial independence of regression residuals. Economic Letters, 6(3), 255-59.
Jones, C., 2019. Paul Romer: ideas, nonrivalry and endogenous growth. The Scandanavian Journal of Economics, 121(3), 859-883.
Keele, L. & Kelly, N. J., (2006). Dynamic models for dynamic theories: the ins and outs of lagged dependent variable. Political Analysis , 14(2), 186-205.
Keynes, J. M., (1935). The general theory of employment, interest, and money. 1 ed. London: Palgrave Macmillan.
Khobai, H., (2018). Electricity consumption and economic growth: A panel data approach for Brazil, Russia, India, China and South Africa. International Journal of Energy Economics and Policy, 8(3), 283-289.
Koh, W. C. et al., (2020). Debt and financial crises (working paper 9116). Washington DC: Worldbank policy research.
Kraak, A. & Press, K., (2008). Human resources development review 2008: education, employment and skills in South Africa. Cape Town: HSRC press.
Krugman, P., (1988). Financing vs forgiving, a debt overhang. Journal of Development Economics, Volume 29, 253-268.
Kumar, M. S. & Woo, J., (2010). Public debt and growth (working Paper/10/174). Washington DC: International Monetary Fund.
Kuo, C.-Y., (2016). Does the vector error correction model perform better than others in forecasting stock price? an application of residual income valuation theory. Economic Modelling, 52(PB), 772-789.
Lojsch, D. H., Rodrigues-Vives, M. & Slavik, M., (2011). The size and composition of government debt in the Euro area (occasional Paper No. 132). Brussels: European Central Bank .Mhlaba, N. & Phiri, A., (2017). Is public debt harmful towards economic growth? New evidence from South Africa. Cogent Economics and Finance, 7(1).
Mohr, P., Yu, D. & Mollentze, S., (2016). Economic Indicators (5th ed.). Pretoria: Van Schaik.
Moody's, 2020. Moody's downgrades South Africa's ratings to Ba1, maintains negative outlook, online: Retrived from: https://www.moodys.com/credit-ratings/South-Africa-Government-of-credit-rating-686830?stop_mobi=yes.
Mueller, B. & Mueller, C., (2016). The political economy of the Brazilian model of agricultureal development: insituttions versus sectoral policy. The Quarterly Review of Economics and Finance, Volume 62, 12-20.
National Treasury, (2019). Budget review 2019, Pretoria: Governement.
Ndoricimpa, A., (2020). Threshold effects of public debt on economic growth in Africa: A new evidence. Journal of Economics and Development, 22(2), 187-207.
Nkoro, E., 2016. Autoregressive distributed lag (ardl) cointegration technique: application and interpretation. Science Press, 5(4), 1-3.
Nkosi, L., (2020). The relationship between government debts and state-owned enterprises: An empirical analysis of Eskom. International Journal of Economics and Finance, 12(1), 119-134.
Odhiambo, N. M., (2009). Electricity consumption and economic growth in South Africa: A trivariate causality test. Energy Economics, 31(5), 635-640.
Odhiambo, N. M., (2015). Government expenditure and economic growth in South Africa: An empirical investigation. Atlantic Economic Journal, 43(3), 393-406.
Osberg, L. & Sharpe, A., (2011). Comparison of trends in gdp and economic well-being - the impact of social capital. Retrived from: Organisation for economic co-operation and growth or http://www.csls.ca/iwb/Osberg_Sharpe_2001.pdf.
Panizza, U. & Presbitero, A. F., (2013). Public debt and economic growth in advanced economies: A survey. Swiss Journal of Economics and Statistsics, 149(2), 175-203.
Persky, J., 1990. Retrospectives:Ceteris paribus. Journal of Economics, 4(2), 187-193.
Pesaran, H. M. & Shin, Y., (1999). An autoregressive distributed lag modelling approach to cointegration analysis. Cambridge: Cambridge university Press.
Pesaran, H. M., Shin, Y. & Smith, R. J., (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
Politis, D. N., (2003). The impact of bootstrap medthods on time series analysis. Statistical Science, 18(2), 219-230.
Rao, B. B., 2007. Estimating short and long-run relationships: a guide for the applied economist. Applied Economics, 39(13), 1613-1625.
Reinhart, C. M. & Rogoff, K. S., (2010). Growth in a time of debt. American Economic Review, 100(2), 573-578.
Reinhart, C. M. & Rogoff, K. S., (2013). Response to Herndon, Ash and Pollin by Carmen Reinhart and Kenneth Rogoff, April 18,2013. Retrieved from https://scholar.harvard.edu/files/rogoff/files/response_to_herndon_ash_and_pollin.pdf .
Romer, P. M., (1986). Increasing returns and long-run growth. Journal of Political Economy, 94(5), 1002-1037.
Rosen, H. S. & Gayer, T., (2014). Public Finance (Global edition). New York, NY: McGraw-Hill.
Sarkodie, S. A. & Adams, S., (2020). Electricity access and income inequality in South Africa: evidence from bayesian and nardl analyses. Energy Strategy Reviews, 29(100480).
Saungweme, T. & Odhiambo, N. M., (2019). The impact of public debt on economic growth: A review of contemporary literature. The Review of Black Political Economy, 45(4), 275-298.
Semjonova, N., (2014). Government debt and long-term economic growth in the world's region. Economic Science for Rural Development, 33(1), 56-65.
Sibeko, B. & Isaacs, G., 2019. Thecost of austerity: lessons for South Africa (working paper series: no2). Johannesburg: Institute of Economic Justice.
Snowdon, B. & Vane, H. R., (2005). Modern Macroeconomics. Cheltenham: Edward Elgar.
Solow, R. M., (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94.
South African Reserve Bank, (2020). statistical-query, s.l.: Retrived from https://www.resbank.co.za/en/home/what-we-do/statistics/releases/online-statistical-query.
Statistics South Africa (Stats SA), (2018). Findings of the living conditions survey 2014/15. The living Cconditions survey (LCS).
Statistics South Africa (Stats SA), (2020). Electricity generated and available for distribution: P4141, s.l.: Retrieved from http://www.statssa.gov.za/?s=eskom&sitem=publications.
Vu, K. M. & Asongu, S., (2020). Backwardness advantage and economic growth in information: A cross country empirical study. Technological Forecasting and Social Change, 159(120197), 1-49.
World bank open data, (2020). Inlfation, consumer prices-South Africa, s.l.: Retrieved from https://data.worldbank.org/indicator/FP.CPI.TOTL.ZG?locations=ZA.
Zhang, J., (1997). Government debt, human capital, and endogenous growth. Southern Economic Journal, 64(1), 281-292.
Published
2021-09-14
How to Cite
Zondi, P., & Robinson, Z. (2021). The Relationship between Government Debt and Economic Growth in South Africa with Specific Reference to Eskom: Array. EuroEconomica, 40(2). Retrieved from https://dj.univ-danubius.ro/index.php/EE/article/view/1111
Issue
Section
Articles
License
The author fully assumes the content originality and the holograph signature makes him responsible in case of trial.
