National debt and sovereign credit ratings
- Authors: Orsmond, Daniel
- Date: 2019
- Subjects: Debts, Public -- South Africa , Credit ratings -- South Africa , Gross domestic product -- Africa , Inflation (Finance) -- Africa , Economic development -- South Africa , Economic history , Macroeconomics , Moody's Investors Service , Standard and Poor's Ratings Services , Fitch Ratings (Firm)
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/115160 , vital:34083
- Description: In recent years South Africa’s foreign and local denominated debt has been downgraded by the three major global credit agencies, Moody’s, Standard and Poor’s (S&P) and Fitch. The foreign debt has been downgraded to speculative grade or ‘junk’ status by all three agencies. Local debt has been downgraded to ‘junk’ by S& P and Fitch, but Moody’s currently maintains local debt at the lowest level of investment grade. Many economists believe that South Africa’s rapidly rising debt levels are the major contributor to the decisions to downgrade South Africa’s debt. Yet many countries with higher levels of debt continue to be rated investment grade. Clearly, factors other than the actual level of debt are important in determining the credit rating agencies’ rating decisions. The literature suggests several variables are important in determining a country’s sovereign credit rating. These variables include not just the ratio of government debt to gross domestic product, but also a country’s real growth rate, inflation, gross domestic product per capita, external balance to gross domestic product, default history and the level of economic development. In examining the proposition that it is not a country’s debt level per se that matters, but rather the dynamics surrounding that debt, this research also includes three additional variables that are not usually mentioned in the literature. These, based on van der Merwe (1993), are the real GDP growth rate less the real interest rate, the ratio of the fiscal balance to GDP, and the ratio of government interest payments to government expenditure. The purpose of this addition is to examine whether rather than a country’s debt level (debt to GDP variable), it is the sustainability of a country’s ability to service debt, as indicated by the three additional ‘debt dynamic’ variables, that is most important when determining sovereign credit ratings. Panel data analysis for a sample of 12 countries over the period 1996Q1 to 2017Q4 indicates that of the broad macroeconomic variables mentioned in the literature, government debt to GDP, the real growth rate, inflation (cpi), and default history are all statistically significant, with the coefficients having the correct signs in all specification of the model, with the exception of the real growth rate in Models 2 and 3. With regards to the debt dynamic variables, the real growth rate less the real interest rate, as well as the interest payments to government expenditure variables are found to be significant determinants of sovereign credit ratings. Thus, the findings of the research suggest that the level of debt alone is an inadequate determinant of sovereign credit ratings. The dynamics of debt along with other macroeconomic variables are also important determinants of a country’s credit rating. Concerning policy recommendations, it is evident that debt sustainability is important for sovereign credit ratings. Evidence of the direct importance of economic growth in determining credit ratings is mixed, but growth is a key driver of debt dynamics variables and therefore of ratings. This suggests that policy should focus on stimulating growth to reduce the gap between real growth and real interest rates as well as increasing the denominator of the debt to GDP ratio and increase the size of the tax base, which would improve government’s ability to service the interest payments on its debt.
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- Date Issued: 2019
The influence of artificial light on the foraging efficiency and diet of insect eating bats
- Authors: Bailey, Lauren
- Date: 2019
- Subjects: Predation (Biology) , Bats -- Effect of light on , Bats -- Nutrition , Moths
- Language: English
- Type: text , Thesis , Masters , MSc
- Identifier: http://hdl.handle.net/10962/76376 , vital:30555
- Description: Artificial light may be altering the interactions between bats and moth prey. Unable to make use of bat evasion strategies around artificial light, eared moths are susceptible to exploitation by syntonic bats (using echolocation frequencies between 20-50 kHz within the hearing range of eared moths). Using a handheld plasma metabolite analyzer, I evaluated the foraging success of syntonic bats and rarer allotonic bats (using echolocation frequencies outside the hearing range of eared moths), in areas with artificial light and in areas of natural darkness. I used microscope diet analysis to determine whether bats were consuming more or fewer moths in areas with artificial light and in areas of natural darkness. Syntonic bats were more selective for moth prey under lit conditions, likely owing to a reduction in the ability of tympanate moths to evade bats. Moths increased in the diets of generalist syntonic bats (Pipistrellus hesperidus) foraging around artificial light sources. Some P. hesperidus individuals showed high β-hydroxybutyrate levels around lights, but there was no difference in β-hydroxybutyrate levels between lit and unlit conditions. There is insufficient evidence to reject the null hypothesis that the foraging success of syntonic bats is equivalent in lit vs unlit conditions. The foraging success and diets of allotonic bats, Rhinolophus capensis, appear to be negligibly impacted by artificial light on a small scale. My study emphasizes the need for a mechanistic understanding of the influence of artificial light on the foraging success of bat species. Bat-moth interactions may be influenced by other factors apart from the common assumption that increased refuelling rates will occur in syntonic species foraging on moths around artificial light.
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- Date Issued: 2019
A thematic analysis of the challenges experienced by those living with tuberculosis
- Authors: Walaza, Robert Letsholo
- Date: 2018
- Subjects: Tuberculosis Patients South Africa , Tuberculosis Social aspects , South Africa Social conditions , Poor Health and hygiene South Africa , Poor Medical care South Africa , Social medicine South Africa
- Language: English
- Type: text , Thesis , Masters , MA
- Identifier: http://hdl.handle.net/10962/61850 , vital:28068
- Description: Friedrich Engels (1820-1895) in his study, The condition of the working class in England, argued that the cause of illness and death amongst the working class was due to their living conditions such as poor housing, over-crowding, poor sanitation, food shortage, low paying jobs and a lack of material resources. The objective of the study was to understand the experiences of six South African individuals who have shared their experiences and challenges of living with TB on the TB&ME blog, and to show how TB is linked to the living conditions of these individuals. The study found that the challenges experienced by TB patient bloggers are of a social nature and confirms Engel’s study findings on the conditions of the working class in England. For example, a disease such as TB has a direct association with the living conditions of people, especially the poor. Thus, socio economic status of TB patient bloggers plays a role in the escalation of their ill health. Further, the study found that gender is central in understanding non-compliance to treatment. This is significant as it highlights the need to not only focus on issues of socioeconomics, but gender issues in fighting TB. Despite the negative consequences associated with living with TB, the bloggers have noted that the support from loved ones and other stakeholders in the fight against TB alleviates the challenges inherent in living with TB.
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- Date Issued: 2018
Morphological and symbiotic root modifications for mineral acquisition from nutrient-poor soils
- Authors: Kleinert, Aleysia , Benedito, V A , Morcillo, R J L , Dames, Joanna F , Cornejo-Rivas, P , Zuniga-Feest, A , Delgado, Mabel , Muñoz, Gaston
- Date: 2018
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/448640 , vital:74748 , https://doi.org/10.1007/978-3-319-75910-4_4
- Description: Plants have the ability to form vast root systems with lengths measuring up to several kilometers and branch roots numbering in millions. These expansive root systems provide plants with a large surface area for water and nutrient uptake from the surrounding soil. Roots also have further equally important functions to fulfil such as vegetative reproduction, hormone biosynthesis, photoassimilate storage, and the establishment of symbiotic relationships with microorganisms. Root systems have evolved several adaptations to aid them in maximizing nutrient uptake. These adaptations can be morphological such as changes in the root architecture or formation of cluster roots or may be symbiotic associations with mycorrhizae or nitrogen-fixing bacteria. Improvement of nutrient acquisition and use by plants is imperative for economic, humanitarian, and environmental reasons, and a better understanding of the processes governing root adaptations would enable us to adapt fertilizer and pesticide programs. In this chapter, we will focus on both morphological (cluster roots) and symbiotic root adaptations (associations with ectomycorrhizae, arbuscular mycorrhizae, and nitrogen-fixing bacteria) to soil nutrient deficiencies.
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- Date Issued: 2018
Poem to be sung
- Authors: Ndyoko, Nomtha
- Date: 2018
- Subjects: Creative writing (Higher education) -- South Africa , South African poetry (English) -- 21st century
- Language: English
- Type: text , Thesis , Masters , MA
- Identifier: http://hdl.handle.net/10962/63592 , vital:28444
- Description: My collection of poems expresses the complexities that exist beneath the surface of my life – my tongue, our bleak country, the politics of having a dark skin, my ancestors who speak to me in unexplainable ways, and the speech of nature – the wind, the sea, death, birds. It is in writing poems and songs that I make a space to be alive, a space to meet my ancestors and to say the unsayable. The poems move between the ordinary, the magical, the abject, and the spiritual, often expressing the contradictions that exist within life. The main influence on my poetry has come from music, from African jazz musicians such as Zim Ngqawana, Thandiswa Mazwai and Msaki Mvana. Literary influences have come from Spanish poets such as Juan Ramón Jiménez, whose strong imagery and short lines capture profound emotion, and from ancient Chinese poetry that moves in a fluid and minimal way. I have also been inspired by the African spirituality expressed in Mazisi Kunene’s poetry and the down-to-earth associative poetry of Mangaliso Buzani and Mxolisi Nyezwa.
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- Date Issued: 2018
Liberation Heritage Route: icon site guide
- Authors: Rhodes University. Institute of Social and Economic Reseaerch , Mqingwana, G V , Peires, Jeffrey B
- Date: 2010
- Subjects: Chris Hani District Municipality -- History Chris Hani District Municipality -- Liberation Heritage Route Political activists -- South Africa -- Heritage sites Thembuland Rebellion Eastern Cape (South Africa) -- Politics and government -- 20th century Eastern Cape (South Africa) -- History
- Language: English
- Type: Book , Text
- Identifier: http://hdl.handle.net/10962/2401 , vital:20287
- Description: Calata Route: Inxuba Yethemba Local Municipality : Calata House -- Cradock Four Grave -- Flame of Hope and Liberation -- Olive Schreiner House -- Skweyiya Church -- Middleburg Three. Inkwanca Local Municipality : Heroes Park -- Nomonge Graves -- Ethiopian Church -- Old Apostolic Church -- Esigingqini -- Higher Mission School -- Stone of Remembrance. Tsolwana Local Municipality : Home Isolation Circle and Old Zola Clinic -- Assassination of Headman Thembilizwe Dywasha -- Majola Mlungwana House -- Godfrey Ngqendesha House; Ndondo Route: Emalahleni Local Municipality : Graves of Qonda Hoho and Luvuyo Lerumo -- Maqhashu Village -- Queen Nonesi -- Wycliffe Tsotsi Law Offices. Sakhisizwe Local Municipality : The Elliot Five -- Batandwa Ndondo Assassination site -- Mnxe Location -- Phumezo Nxiweni -- Traditional Leaders, Stokwe Ndlela and Gecelo. Ngcobo Local Municipality: Ngcobo Traditional Leaders -- Walter Sisulu Birthplace -- ANC Veterans -- Dr A B Xuma Birthplace -- Clarkebury Institution; Sisulu Route: Lukhanji Local Municipality : Ilinge Resettlement -- Sada Resettlement -- Mongezi Feza -- Unathi Mkefa -- Queenstown Station Shootings, 1962 -- Zibeleni Resettlement -- Queenstown Massacre -- James Cooke, Peter Botha & Ashley Wyngaard -- Bulhoek Massacre, 1921. , The struggle for liberation in South Africa goes back a number of centuries from the earliest contact between black and white; and the centuries of struggle mainly against land dispossession. The struggle moved from armed resistance to the use of non-violent means. In the early 1960s, because of white herrenvolkist intransigence, the struggle reverted to armed resistance. The struggle was largely against racism and colonialism - and can therefore be regarded as a struggle for human rights. The icons of the struggle, that is, those individuals and physical and spiritual beacons which marked the route to freedom, identified by the people themselves, compose the Chris Hani District Municipality Liberation Heritage Route (LHR). The identification process involved community participation through the organisation of meetings, under the leadership of Local Municipality Steering Committees and Community Facilitators appointed by the LM specifically to facilitate the LHR project. It was important that each Steering Committee should be chaired by the Mayor. Meetings were representative of all stakeholders, and there was provision for the co-opting of people with special skills. The whole process was informed by the democratic culture of inclusiveness so that no person or organisation could feel left out. Facilitators were guided by political and community endorsement of the Liberation Heritage Icons. , Digitised by Rhodes University Library on behalf of the Institute of Social and Economic Research (ISER)
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- Date Issued: 2010
Draft resolution to the Central Committee, 22-25 June 1995 in defence of our jobs and for job creation
- Authors: Congress of South African Trade Unions (COSATU)
- Date: 1998-05
- Subjects: Uncatalogued
- Language: English
- Type: text
- Identifier: http://hdl.handle.net/10962/106145 , vital:32609
- Description: The 6th National Congress delegated to this Central Committee all socio-economic resolutions. The powers of this Central Committee on socio-economic issues is therefore equal to those of the National Congress. This means it can change any socio-economic policy of the federation. Once policy is adopted by the Central Committee it can only be changed by the next National Congress in the year 2000. This document attempts to integrate the resolutions received from affiliates with the other policy positions of the federation as adopted at the previous policy conferences (1992 Economic Policy Conference, 1993 Health and Safety Conference, 1995 Health, Safety and Environment Conference, 1996 Living Wage Conference and May 1997 Policy Conference). In addition we also used the socio-economic section of the September Commission, Secretariat Report to the 6th National Congress and Labour proposals on the Presidential Jobs Summit
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- Date Issued: 1998-05
Work in Progress issue no.52
- Authors: COSATU
- Date: 1988
- Subjects: COSATU
- Language: English
- Type: text
- Identifier: http://hdl.handle.net/10962/173573 , vital:42385
- Description: As this edition of Work In Progress was going to print the state effectively banned 17 organisations and an undisclosed number of individuals, and severely restricted the Congress of South African Trade Unions. By doing this the government of State President PW Botha has escalated its ongoing war against the people of South and Southern Africa. Precisely why the state chose to act this way at this time is not clear. Visible resistance to apartheid in the townships has declined under the burden of emergency rule, and popular political and community organisation has been severely weakened. One possibility is that government is attempting to limit the massive resistance expected against the October local government elections, including the boycott call made by a number of those organisations effected by the latest clampdown. But whatever the reason, there remains no excuse whatsoever for believing that ‘reformers’ within the state hold any power. If the distinction between ‘militarists’ and ‘reformers’ is real, then the militarists have so obviously won ascendency that talk of ‘reformers’ wielding influence in government is absurd. There is even less excuse for those elements which stubbornly hold to the belief that the Botha administration has a reform programme. There is no doubt that it has plans to change the face of South Africa. So did the Nationalist government of Verwoerd. But it was never suggested that this involved ‘reform’. Change can be for the worse - and this is what the changes being made by Botha’s militarists involve. South Africa is a society at war. Government is at war with the majority of South Africans and Namibians, with the Angolan nation, and with the majority of frontline states. In Natal, it seems unwilling or unable to use the might of its laws against the vigilante perpetrators of a bloody and enduring civil war. On the labour front, its proposed amendment to the Labour Relations Act, combined with emergency restrictions on Cosatu, aim to close down trade union organisation or render it impotent. This war against the working class has another side, seen in Botha’s new economic deal, the wage freeze and moves to privatise substantial areas of the public sector. Many of the articles in this issue of WIP deal with facets of this war - from the ANC’s armed struggle to Botha’s economic war against the working class; from the Maritzburg civil war to allegations of riot police on the rampage in townships. Government’s 24 February banning of organisations and individuals, and the restrictions on Cosatu activity, must be seen in this context of a society at war with itself.
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- Date Issued: 1988
Regional educators’ workshop on trade union history in South Africa
- Date: 19--?
- Subjects: Labour unions -- South Africa -- History , Labour movement -- South Africa -- History
- Language: English
- Type: text , pamphlet
- Identifier: http://hdl.handle.net/10962/112014 , vital:33538
- Description: The sun is beginning to rise on the workers. Fears of intimidation and victimisation are being dried up by this rising sun of workers strength. I tell this story to remind you of your life. I tell you this story so you will remember your struggle and the story of the struggle we fight. AMANDLA! I came to the urban areas with someone from home. I found the city a strange and ugly place. Finding work was not an easy task. But I found work at the foundry called Rely Precision Castings and I worked there for over seven years until May 1980 when Management fired all of us because of a strike. The work in the foundry was hard and dangerous and the hours were long. But I stuck out the tough and unsafe working conditions because there was no other place to go. We were the only people who could do this kind of work, and this was well known to our employers. Many of them knew migrant workers were the best workers. We were also prepared to do the heaviest of work. But they still treated us badly and still didn’t treat us like human beings but like animals. They knew that as soon as they expelled us we would lose a place of residence, because we would not be able to pay the hostel fees without the money we earned. Then the pass office would be indifferent and instruct us to go back where we came from. That is very painful. But what is more painful is this. It is clear that profits mean more to the bosses than our lives. Our children could die in the countryside but they would still fire us. Our work was tough, especially after the new machine was bought by the bosses in the foundry. But we were not afraid of hard work. We did not complain about the work. The grievances were about those things that prevented us from doing our work. The bad and unsafe working conditions were dangerous to our health and lives. These things are important. But most of our grievances at Rely were about the bad treatment we received from the indunas and foremen. The indunas did not support us when the struggle for better wages and working conditions began. They were only concerned with organising things in the foundry which made their own lives easier. The indunas at Rely were supposed to be the workers’ voice but we have seen that this was not true. So we had no voice. We could not make our complaints heard. That makes a person very angry. And so my fellow workers and I decided to do something about this. We began to stand together and build workers’ strength and unity in the foundry. Our combined strength would be a very loud and confident voice. One day one of us suddenly said: "There is a place that can help us." This worker had been to the Union with his brother-in-law who works at another factory. We wanted to know what that could be. We said we knew a union called ‘Let-us-bury-each-other’. This is a union that cheats people. They say when you have given a lot of money to them then they will build you a big house or buy you a car. The guy said, ‘No. that’s not what I mean.’ ‘It’s a place to go as we are not being treated well in the firm. When we all join they will represent us. They will speak to the employers.’ At first many of the workers at Rely were scared about joining the Union. Others were cautious. We first started joining in twos and threes until we were thirty. The meetings we had with the Union organiser were important. We talked and discussed problems for a long time on Saturday afternoons. Inside the foundry there was even more talk and discussion. During lunchtimes meetings were held over the road from the foundry under the shade of a tree. At these meetings everybody had a chance to speak. Some people wanted to move quickly, while others were more cautious. Some people were afraid for their families and others did not want to lose their jobs in the foundry. Many workers had worked at Rely for a long time and had good service records and so we were hesitant. The discussion was often long and serious. Slowly the fear began to get less as people learned more about the Union from friends and relatives in other factories. Some of these factories were already organised. But it was the meetings among ourselves which helped the most. In the evenings also, at the hostels, people discussed Union business and one thing began to become very clear. Everyone had to stand together and speak with one voice if we were going to be strong inside Rely. After many meetings and much talking we decided there would never be safe conditions if everyone did not join the Union. Wages would never rise without the force of all the workers. But when the indunas saw unity among the workers they were afraid. We even told them that through this unity their postions would soon end. Our unity had already begun to change things in the foundry. The bosses and their children, the impimpis and indunas, were not so sure of their position and began to fear workers. This was happening all over the East Rand where the Metal and Allied Workers Union was building workers’ unity. (In May 1979, the workers went on strike.) We stopped work to ask Management why they fired Zondiwe. Our bosses did not know what to do when 55 workers stood in front of them to protect Zondiwe. They called the Employers’ Association. They called the Department of Labour. They called the police. We were a small group of people. They tried to crush us. But we fought them all in different ways. We were unemployed. And when you are out of a job, you realise that the boss and the government have the power to condemn you to death. If they send you back home, and back home now there’s a drought, and you can’t get any new job, it’s a death sentence. The countryside is pushing you into the cities to stay alive; the cities are pushing you into the countryside to die. You get scared. It’s a fear that you come to know after a week without any food. After six weeks we all went to court. The court found us all guilty of striking illegally. We were all fined. But the Union paid the fines from the subscriptions. We had been fired from our jobs. We had been beaten by the SAP and now we were guilty of striking. We were very sad but we were not defeated. We continued our struggle. Our struggle at Rely was important. We are not afraid to say it. We showed how even a small group for workers can stand up against the bosses. And it was important in another way as well. Our strike was the first in our big strike wave which hit the East Rand. From 1980 and 1981 many, many thousands of us metal workers went on strike. We were not alone in our struggle. It was not just 55 of us at Rely. Our struggle was in May 1980. By the end of that year there were 12 000 in our Union, the Metal and Allied Workers Union. The next year was the year of strikes. From July until the end of 1981 many of our fellow metal workers went on strike. There were 50 strikes. There were 25 000 of us on strike. Next time we will be united. At Rely our struggle started when we united. But in the factory it ended when we were not united to our brothers in other factories. But we have learned. And you too. You must not make the same mistake. The big factories must help the small one. If you are organised in a trade union when you go on strike, unite with those who are not organised. Together call the communities to our side. Then we will be united. And we know that when we make our unity, the sun shall rise for the workers.
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- Date Issued: 19--?