South African Economic Policy under Democracy by Janine Aron, Brian Kahn, Geeta Kingdon

By Janine Aron, Brian Kahn, Geeta Kingdon

South Africa skilled a momentous switch of presidency from the Apartheid regime to its first democratic executive in 1994. This ebook offers an up to date and accomplished evaluation of South Africa's monetary regulations and function less than democracy. The ebook contains a stand-alone advent and monetary review, in addition to chapters on progress, financial and alternate cost coverage and monetary coverage, on capital flows and alternate coverage, on funding and commercial and festival coverage, at the impact of AIDs within the macroeconomy, and on unemployment, schooling and inequality and poverty. every one bankruptcy, and the evaluate bankruptcy particularly, additionally addresses clients for the future.

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1. Real GDP per capita and growth of real GDP Source: Quarterly Bulletin, South African Reserve Bank share (78 per cent) of GDP growth since 1994, as it had done in the preceding decade (94 per cent of GDP growth between 1985 and 1994). The fastest growing individual sub-sectors from 1994 to 2007, were ‘transport, storage, and communication’ and ‘financial intermediation, insurance, real estate, and business services’ in the tertiary sector and ‘construction’ in the secondary sector. The construction sub-sector has experienced spectacular growth at more than 15 per cent per annum on average from 2005 until 2007.

Solving SA’s unemployment problem remains a key challenge. Part of the answer lies in structural labour market reforms. Probably of even greater importance is sustaining high levels of economic growth in a more diversified, 25 Janine Aron, Brian Kahn, and Geeta Kingdon competitive and labour intensive economy. This will require measures to increase TFP growth, structural reforms to ensure greater competitiveness in the economy, as well as a continued focus on infrastructure expenditure to reduce bottlenecks, particularly with respect to electricity and the transport infrastructure.

G. the business cycle, import and export penetration, market structure, and industry competitiveness), and they use the dynamic heterogeneous panel estimation technique of Pesaran et al. (1999) to allow for heterogeneity between sectors. The study finds that mark-ups are substantially higher in South African manufacturing industries than in comparable US industries, despite the greater likelihood of competitive pressure from foreign firms in South Africa. These results are robust to the inclusion of various control variables and of intermediate inputs in the calculation of marginal cost.

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