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Stuck in Low GEAR? Macroeconomic Policy in South Africa, 1996-98

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  • Weeks, John
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    Abstract

    Despite 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 Info

    Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

    Volume (Year): 23 (1999)
    Issue (Month): 6 (November)
    Pages: 795-811

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    Handle: RePEc:oup:cambje:v:23:y:1999:i:6:p:795-811

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    Cited by:
    1. 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.
    2. 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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