Abstract:
The last decade and a half have been notable for South Africa’s greater integration with the international economy, domestic political stability, and the gains made in the governance and stability of macroeconomic policymaking. This essay reviews the institutional changes that have aligned the conduct of monetary and fiscal policy closely with recent international practices designed for more transparent, credible, and accountable policy and operating over a longer horizon. It also evaluates the significant improvements in fiscal and monetary performance—remarkable given the initial conditions faced by the postapartheid government and a volatile external economic environment.
Citation:
Aron, J. (2011). Macroeconomic Policy and Its Governance after Apartheid. In I. Shapiro & K. Tebeau (Eds.), After Apartheid: Reinventing South Africa? (pp. 136–178). University of Virginia Press. http://www.jstor.org/stable/j.ctt6wrq3t.8