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South Africa

In: Macroeconomic Volatility, Institutions and Financial Architectures

Author

Listed:
  • Melvin Ayogu
  • Hashem Dezhbakhsh

Abstract

Case studies can offer a new body of evidence on the exogenous sources of volatility in developing countries and, hence, allow us to examine several competing hypotheses about volatility and institutions. The premise is that volatility stresses institutions but that strong institutions can mitigate shocks. However, when institutions are weak they can amplify or induce volatility that renders institutions even less capable of mitigating shocks. Therefore, volatility and institutions plausibly embody bidirectional causality.

Suggested Citation

  • Melvin Ayogu & Hashem Dezhbakhsh, 2008. "South Africa," Palgrave Macmillan Books, in: José María Fanelli (ed.), Macroeconomic Volatility, Institutions and Financial Architectures, chapter 12, pages 316-346, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59018-2_12
    DOI: 10.1057/9780230590182_12
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