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Fachbereich Sozialökonomie - Lehrstuhl Finanzwissenschaft und Public Governance, Universität Hamburg >
Arbeitspapiere für Staatswissenschaften - Working Papers on Economic Governance, FB Sozialökonomie der Universität Hamburg >
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http://hdl.handle.net/10419/27090
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| Title: | | How to create a growth-oriented market constellation for South Africa  |
| Authors: | | Heise, Arne |
| Issue Date: | | 2007 |
| Series/Report no.: | | Arbeitspapiere für Staatswissenschaft 22 |
| Abstract: | | Post-apartheid South Africa is facing three major economic problems: (1) slack economic growth, (2) high and growing unemployment and (3) among the world's highest income inequality and poverty indices. South Africa is currently caught in a macro-economic straight-jacket of tight monetary, restrictive fiscal and a wage policy stance that raises NAIRU. The persistence of a sub-optimal 'market constellation' is created by an institutional setting of a non-accommodative Reserve Bank, a sectoral-regional and company level noncoordinated collective bargaining system, an austere 'sound finance regime' of public budgeting and the lack of any institution to co-ordinate macro-economic policy. To tailor a better fitting constellation, a social contract involving major reforms in macro-economic governance in South Africa is proposed. |
| Subjects: | | Monetary Policy fiscal policy wage policy macro-economic co-ordination |
| JEL: | | E12 E24 E6 O1 O23 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Arbeitspapiere für Staatswissenschaften - Working Papers on Economic Governance, FB Sozialökonomie der Universität Hamburg
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