Macroeconomics in Post-Apartheid South Africa: Real Growth versus Financial Stability

Stephen Gelb

Chapter 6 in Seeking Growth Under Financial Volatility, 2006, pp 184-218 from Palgrave Macmillan

Abstract: Abstract At the time of South Africa’s transition to democracy, marked by the election of the African National Congress led by Nelson Mandela in April 1994, the new government was faced with formidable challenges. Apartheid’s legacy was extremely high levels of poverty and income inequality, as well as an economic power totally concentrated within the white population. The economy had been in long-term decline for over twenty years, and had experienced more than a decade of substantial economic isolation, resulting from politically-linked sanctions on trade and investment and exclusion from global capital markets. But democratization made global reintegration possible.

Keywords: Exchange Rate; Monetary Policy; Nominal Exchange Rate; Capital Account; Exchange Rate Policy (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-52303-6_6

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DOI: 10.1057/9780230523036_6

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