South Africa: Macro Policy Mix and Its Effects on Growth and the Real Exchange Rate--Empirical Evidence and GIMF Simulations

Jorge Canales Kriljenko

No 2011/004, IMF Departmental Papers / Policy Papers from International Monetary Fund

Abstract: This paper examines whether a mix of tighter fiscal policy, looser monetary policy, and greater reserve build-up would increase growth and depreciate the rand in real terms. The experience of South Africa over the last twenty years is looked at using a number of econometric techniques that control for the external environment.

Keywords: DPPP; DP; exchange rate; terms of trade; countercyclical monetary policy; reaction function; output-gap coefficient; World output gaps; monetary policy reaction; currency appreciation; Real interest rates; Output gap; Real exchange rates; Africa; Global; Asia and Pacific (search for similar items in EconPapers)
Pages: 36
Date: 2011-08-25
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Citations: View citations in EconPapers (2)

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