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The Macroeconomic Policy Framework

In: Gaining from Trade in Southern Africa

Author

Listed:
  • Carolyn Jenkins
  • Lynne Thomas

Abstract

International experience shows that inconsistencies between the macroeconomic policy package and the trade regime tend to undermine trade liberalisation, whether regional or unilateral. In spite of a proliferation of regional trade agreements in Africa, intra-African trade appears to be a smaller proportion of total African trade in the 1990s than it was in the 1970s (Foroutan, 1993). Studies have shown that an inhospitable macroeconomic environment, overvalued exchange rates and currency inconvertibility have been among the most important constraints on the expansion of African trade (Berg, 1988; O’Connell, 1997).

Suggested Citation

  • Carolyn Jenkins & Lynne Thomas, 2000. "The Macroeconomic Policy Framework," Palgrave Macmillan Books, in: Carolyn Jenkins & Jonathan Leape & Lynne Thomas (ed.), Gaining from Trade in Southern Africa, chapter 2, pages 24-57, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-52346-3_2
    DOI: 10.1057/9780230523463_2
    as

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