Potential Output and total Factor Productivity Growth in Post-Apartheid South Africa
This paper provides estimates of potential output growth in post-apartheid South Africa using both time trend techniques and a production function approach which indicates a potential growth rate of around 3 percent. The implied output gap provides statistically significant information for predicting inflation and could thus provide valuable input for formulating macroeconomic policy. Growth accounting and regression analysis suggest that an increase in trend GDP growth after the end of apartheid in 1994 is attributable to higher TFP growth driven by trade liberalization and greater private sector participation.
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References listed on IDEAS
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- P.D.F. Strydom, 1995. "International Trade and Economic Growth: The Opening-up of the South African Economy," South African Journal of Economics, Economic Society of South Africa, vol. 63(4), pages 306-316, December.
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5048, National Bureau of Economic Research, Inc.
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- Olivier Jean Blanchard & Danny Quah, 1988.
"The Dynamic Effects of Aggregate Demand and Supply Disturbance,"
497, Massachusetts Institute of Technology (MIT), Department of Economics.
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