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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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Transforming Fiscal Governance

Transforming Fiscal Governance

(p.92) 4 Transforming Fiscal Governance
South African Economic Policy under Democracy

Tania Ajam

Janine Aron (Contributor Webpage)

Oxford University Press

This chapter reviews the policies and outcomes of South Africa's fiscal reform since 1994, and explores the main challenges it has raised. Section 2 discusses the improved governance of fiscal policy with its base in constitutional provisions. Section 3 summarizes the key fiscal reforms since 1994. Section 4 examines the performance of national fiscal policy by means of the trends of the main budget indicators, measures of the cyclically adjusted fiscal stance, a comparison of budget projections and actual outcomes, the management and sustainability of debt, and, finally, the contribution of fiscal policy to South Africa's improved macroeconomic stability. Section 5 explores the implications of the vertical fiscal imbalance created by a combination of highly centralized revenue raising powers and increased decentralization of expenditure responsibility to sub-national governments. Section 6 concludes.

Keywords:   South Africa, fiscal reform, fiscal policy, constitutional provisions, budget projections, debt, vertical fiscal inbalance

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