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South African Economic Policy under Democracy$
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Janine Aron, Brian Kahn, and Geeta Kingdon

Print publication date: 2009

Print ISBN-13: 9780199551460

Published to Oxford Scholarship Online: May 2009

DOI: 10.1093/acprof:oso/9780199551460.001.0001

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The Development of Transparent and Effective Monetary and Exchange Rate Policy

The Development of Transparent and Effective Monetary and Exchange Rate Policy

Chapter:
(p.58) 3 The Development of Transparent and Effective Monetary and Exchange Rate Policy
Source:
South African Economic Policy under Democracy
Author(s):

Janine Aron (Contributor Webpage)

John Muellbauer

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199551460.003.0003

This chapter examines the monetary policy legacy of the last decade. It argues that the inflation targeting framework introduced in February 2000 improved the credibility and effectiveness of macroeconomic policy. The criticism the new framework has received is largely misconceived. Moreover, the fiscal consolidation, and improved transparency and predictability of fiscal policy, have supported monetary policy.

Keywords:   South Africa, monetary policy, inflation, macroeconomic policy, fiscal policy

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