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A Simple Macroeconomic Framework for South Africa

Author

Listed:
  • Peter Brixen

    (Danish Economic Council)

  • Finn Tarp

    (Institute of Economics, University of Copenhagen)

Abstract

This paper presents a number of policy experiments carried out within a modelling framework, which can be characterized as a merger of the financial programming and the revised minimum standard models, associated with respectively the International Monetary Fund and the World Bank. The baserun underlying the policy simulations is a six-year projection of the South African economy based on mderately optimistic assumptions about economic growth and the inflow of foreign capital. It clearly transpires that the choice of financing source of expanded government activity can matter a great deal for economic outcomes, and also changes in the composition of government spending can affect real output and other macroeconomic variables. Yet, the framework is ill-suited to analyze policies for export promotion.

Suggested Citation

  • Peter Brixen & Finn Tarp, 1995. "A Simple Macroeconomic Framework for South Africa," Discussion Papers 95-15, University of Copenhagen. Department of Economics.
  • Handle: RePEc:kud:kuiedp:9515
    as

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    References listed on IDEAS

    as
    1. Edwards, Sebastian, 1989. "The international monetary fund and the developing countries: A critical evaluation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 31(1), pages 7-68, January.
    2. Jacques J. Polak, 1990. "A Marriage between Fund and Bank Models? Comment on Khan and Montiel," IMF Staff Papers, Palgrave Macmillan, vol. 37(1), pages 183-186, March.
    3. Khan, Mohsin S. & Montiel, Peter & Haque, Nadeem U., 1990. "Adjustment with growth : Relating the analytical approaches of the IMF and the World Bank," Journal of Development Economics, Elsevier, vol. 32(1), pages 155-179, January.
    4. Brixen, Peter & Tarp, Finn, 1996. "South Africa: Macroeconomic perspectives for the medium term," World Development, Elsevier, vol. 24(6), pages 989-1001, June.
    5. J. J. Polak, 1957. "Monetary Analysis of Income Formation and Payments Problems," IMF Staff Papers, Palgrave Macmillan, vol. 6(1), pages 1-50, November.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    macroeconomic policy modelling; financial programming; revised minimum standard modelling and South Africa;

    JEL classification:

    • C54 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Quantitative Policy Modeling
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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