Stuck in Low GEAR? Macroeconomic Policy in South Africa, 1996-98
AbstractDespite its ideology while in opposition, once in power the ANC government implemented an orthodox macroeconomic policy which stressed deficit reduction and a tight monetary policy, combined with trade liberalisation. The stated purpose of this package (the Growth, Employment, and Redistribution programme, or GEAR) was to increase economic growth, with a 4.2% rate programmed for 1996-2000. At mid-term of the programme, growth remained far below this target. The GEAR's lack of success cannot be explained by unfavourable external factors; rather, the disappointing performance seemed the result of fiscal contraction and excessively high interest rates. Copyright 1999 by Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Cambridge Journal of Economics.
Volume (Year): 23 (1999)
Issue (Month): 6 (November)
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- Stan Du plessis & Ben Smit & Federico Sturzenegger, 2007.
"The Cyclicality Of Monetary And Fiscal Policy In South Africa Since 1994,"
South African Journal of Economics,
Economic Society of South Africa, vol. 75(3), pages 391-411, 09.
- Stan du Plessis & Ben Smit & Federico Sturzenegger, 2007. "The cyclicality of monetary and fiscal policy in South Africa since 1994," Working Papers 12/2007, Stellenbosch University, Department of Economics.
- Athanasios Koulakiotis & Katerina Lyroudi & Nicholas Papasyriopoulos, 2012. "Inflation, GDP and Causality for European Countries," International Advances in Economic Research, Springer, vol. 18(1), pages 53-62, February.
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