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

  • Stephen Gelb
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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 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Economic Commission for Latin America and the Caribbean 2006

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  • Stephen Gelb

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