Strengthening the Macroeconomic Policy Framework in South Africa:
South Africa's macroeconomic framework has served the economy well, but should be strengthened to make the economy more resilient to external shocks. Enhancing the credibility of the inflation target would provide the monetary authorities with more space for flexibility in the face of exogenous...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2011
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| Schriftenreihe: | OECD Economics Department Working Papers
no.847 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | South Africa's macroeconomic framework has served the economy well, but should be strengthened to make the economy more resilient to external shocks. Enhancing the credibility of the inflation target would provide the monetary authorities with more space for flexibility in the face of exogenous shocks. To ease the pressure on the exchange rate emanating from high commodity prices and sentiment-driven surges in capital inflows, the accumulation of foreign exchange reserves by the central bank should be more rapid, and the removal of remaining controls on capital outflows should be accelerated. Fiscal policy has been generally sound, but should be tighter and more counter-cyclical during the economic upswings to prevent a structural deterioration of the fiscal balance and to create more room for manoeuvre during downturns. A fiscal rule that institutionally constrains discretionary policy may facilitate this task. It would also help ensure that the strong public commitment to address major social challenges, improve access to public services and promote long-term growth by investing in physical infrastructure and human capital can be sustained. In conjunction with a greater effort to identify and tax economic rents from natural resource extraction, consideration should be given to establishing a mechanism to manage commodity price windfalls. This paper relates to the 2010 Economic Survey of South Africa (www.oecd.org/eco/surveys/southafrica). |
| Beschreibung: | 1 Online-Ressource (42 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5kghsx2v5345-en |
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| spelling | Lysenko, Tatiana VerfasserIn aut Strengthening the Macroeconomic Policy Framework in South Africa Tatiana, Lysenko and Geoff, Barnard = Renforcer le dispositif de la politique macroéconomique en Afrique du Sud / Tatiana, Lysenko et Geoff, Barnard Renforcer le dispositif de la politique macroéconomique en Afrique du Sud Paris OECD Publishing 2011 1 Online-Ressource (42 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.847 South Africa's macroeconomic framework has served the economy well, but should be strengthened to make the economy more resilient to external shocks. Enhancing the credibility of the inflation target would provide the monetary authorities with more space for flexibility in the face of exogenous shocks. To ease the pressure on the exchange rate emanating from high commodity prices and sentiment-driven surges in capital inflows, the accumulation of foreign exchange reserves by the central bank should be more rapid, and the removal of remaining controls on capital outflows should be accelerated. Fiscal policy has been generally sound, but should be tighter and more counter-cyclical during the economic upswings to prevent a structural deterioration of the fiscal balance and to create more room for manoeuvre during downturns. A fiscal rule that institutionally constrains discretionary policy may facilitate this task. It would also help ensure that the strong public commitment to address major social challenges, improve access to public services and promote long-term growth by investing in physical infrastructure and human capital can be sustained. In conjunction with a greater effort to identify and tax economic rents from natural resource extraction, consideration should be given to establishing a mechanism to manage commodity price windfalls. This paper relates to the 2010 Economic Survey of South Africa (www.oecd.org/eco/surveys/southafrica). Economics South Africa Barnard, Geoff MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5kghsx2v5345-en Volltext |
| spellingShingle | Lysenko, Tatiana Strengthening the Macroeconomic Policy Framework in South Africa Economics South Africa |
| title | Strengthening the Macroeconomic Policy Framework in South Africa |
| title_alt | Renforcer le dispositif de la politique macroéconomique en Afrique du Sud |
| title_auth | Strengthening the Macroeconomic Policy Framework in South Africa |
| title_exact_search | Strengthening the Macroeconomic Policy Framework in South Africa |
| title_full | Strengthening the Macroeconomic Policy Framework in South Africa Tatiana, Lysenko and Geoff, Barnard = Renforcer le dispositif de la politique macroéconomique en Afrique du Sud / Tatiana, Lysenko et Geoff, Barnard |
| title_fullStr | Strengthening the Macroeconomic Policy Framework in South Africa Tatiana, Lysenko and Geoff, Barnard = Renforcer le dispositif de la politique macroéconomique en Afrique du Sud / Tatiana, Lysenko et Geoff, Barnard |
| title_full_unstemmed | Strengthening the Macroeconomic Policy Framework in South Africa Tatiana, Lysenko and Geoff, Barnard = Renforcer le dispositif de la politique macroéconomique en Afrique du Sud / Tatiana, Lysenko et Geoff, Barnard |
| title_short | Strengthening the Macroeconomic Policy Framework in South Africa |
| title_sort | strengthening the macroeconomic policy framework in south africa |
| topic | Economics South Africa |
| topic_facet | Economics South Africa |
| url | https://doi.org/10.1787/5kghsx2v5345-en |
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