An Alternative Perspective On South Africa'S Public Debt, 1962‐1994
AbstractThe history of public debt reflects the cumulative effect of fiscal decisions and real outcomes in the economy. In the South African case the published record on public debt distorts the historical perspective on the associated fiscal decisions. This note shows the impact of adjusting the South African public debt on an accrual basis to take account of two major obligations assumed in the first half of the 1990s, namely actuarial pension fund deficits and government debt of the apartheid homelands. The adjusted series is less volatile and rose less steeply between 1989 and 1996 than the official, cash based debt series. Failing to account for the evolution of these obligations exaggerates the impression of weak fiscal discipline in the early nineties and exemplary fiscal prudence in preceding decades.
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Bibliographic InfoArticle provided by Economic Society of South Africa in its journal South African Journal of Economics.
Volume (Year): 79 (2011)
Issue (Month): 2 (06)
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Postal: PO Box 929, 0001 Pretoria
Web page: http://www.blackwellpublishing.com/journal.asp?ref=0038-2280
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Other versions of this item:
- Estian Calitz & Stan du Plessis & Krige Siebrits, 2010. "An alternative perspective on South Africa’s public debt, 1962-1994," Working Papers 19/2010, Stellenbosch University, Department of Economics, revised 2010.
- H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Tania Ajam & Aron Janine, 2007.
"Fiscal Renaissance in a Democratic South Africa,"
Journal of African Economies,
Centre for the Study of African Economies (CSAE), vol. 16(5), pages 745-781, November.
- Tania Ajam & Janine Aron, 2007. "Fiscal Renaissance in a Democratic South Africa," CSAE Working Paper Series 2007-10, Centre for the Study of African Economies, University of Oxford.
- Janine Aron & Tania Ajam, 2007. "Fiscal Renaissance in a Democratic South Africa," Economics Series Working Papers WPS/2007-10, University of Oxford, Department of Economics.
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