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Stuck in low GEAR? South African Macroeconomic Policy, 1996-1998

Weeks, John (1999) 'Stuck in low GEAR? South African Macroeconomic Policy, 1996-1998.' Cambridge Journal of Economics, 23 (6). pp. 795-811.

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Abstract

Despite its ideology while in opposition, once in power the ANC government implemented an orthodox macroeconomic policy which stressed deficit reduction and a tight monetary policy, combined with trade liberalisation. The stated purpose of this package (the Growth, Employment, and Redistribution programme, or GEAR) was to increase economic growth, with a 4.2% rate programmed for 1996-2000. At mid-term of the programme, growth remained far below this target. The GEAR's lack of success cannot be explained by unfavourable external factors; rather, the disappointing performance seemed the result of fiscal contraction and excessively high interest rates.

Item Type: Articles
SOAS Departments & Centres: Faculty of Law and Social Sciences > Department of Development Studies
ISSN: 0309166X
Depositing User: Huei-Lan Liu
Date Deposited: 24 Feb 2009 11:55
URI: http://eprints.soas.ac.uk/id/eprint/6502

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