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A Tale of Two Models: Comparing structuralist and neoclassical computable general equilibrium models for South Africa

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  • Bill Gibson
  • Dirk Ernst Van Seventer
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    Abstract

    This paper compares two working models of the South African economy, an orthodox, neoclassical computable general equilibrium model in which savings drive investment, and a more structuralist, eclectic, model for which there is an independent investment function. Both models are calibrated to the same social accounting matrix. Comparative statics of simplified prototype models are presented and identical simulations with the corresponding applied versions are compared. It is seen that the neoclassical model fully supports the principles of the 'Washington Consensus' while the structuralist model requires a far more heterodox set of policies to avoid slow growth or high inflation.

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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal International Review of Applied Economics.

    Volume (Year): 14 (2000)
    Issue (Month): 2 ()
    Pages: 149-171

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    Handle: RePEc:taf:irapec:v:14:y:2000:i:2:p:149-171

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    1. Devaragan, Shantayanan & Lewis, Jeffrey D. & Robinson, Sherman, 1990. "Policy lessons from trade-focused, two-sector models," Journal of Policy Modeling, Elsevier, vol. 12(4), pages 625-657.
    2. Bhaduri, Amit & Marglin, Stephen, 1990. "Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies," Cambridge Journal of Economics, Oxford University Press, vol. 14(4), pages 375-93, December.
    3. Robinson, Sherman, 1989. "Multisectoral models," Handbook of Development Economics, in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 2, chapter 18, pages 885-947 Elsevier.
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    Cited by:
    1. Rhys Jenkins, 2006. "Globalization and the labour market in South Africa," Journal of International Development, John Wiley & Sons, Ltd., vol. 18(5), pages 649-664.
    2. Botta, Alberto, 2010. "The Palestinian economy and its trade pattern: Stylised facts and alternative modelling strategies," MPRA Paper 29719, University Library of Munich, Germany.

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