South Africa has overcome adverse initial conditions to achieve a remarkable fiscal transformation since the 1994 democratic elections, held amid uncertainty about its ability to maintain the rule of law and resist populist spending pressures. Constitutionally based, durable and credible fiscal...

Are frequents in freely floating exchange rates attributable to stabilising speculation reflecting changes in the fundamental determinants of currencies or to destabilising behaviour of various kinds, driving prices away from fundamentals, and creating 'excess' volatility? This paper, motivated...

This paper reviews the design and performance of monetary policy in South Africa since 1994. Quantitative indexes of transparency reveal a strong rise in the transparency and accountability of monetary policy between 1994 and 2004. Inflation and interest rate expectations data and forward...