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South Africa: Macro Policy Mix and Its Effects on Growth and the Real Exchange Rate–Empirical Evidence and GIMF Simulations

South Africa: Macro Policy Mix and Its Effects on Growth and the Real Exchange Rate–Empirical Evidence and GIMF Simulations »

Source: South Africa: Macro Policy Mix and Its Effects on Growth and the Real Exchange Rate--Empirical Evidence and GIMF Simulations

Volume: 11

Series: Departmental Papers / Policy Papers

Author(s): Jorge Canales Kriljenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 August 2011

ISBN: 9781475510157

Keywords: Economic models, Economic growth, Real effective exchange rates, Reserves accumulation

This paper examines whether a mix of tighter fiscal policy, looser monetary policy, and greater reserve build-up would increase growth and depreciate the rand in real terms. The experience of South Africa over the...

1. Executive Summary

1. Executive Summary »

Source: South Africa: Macro Policy Mix and Its Effects on Growth and the Real Exchange Rate--Empirical Evidence and GIMF Simulations

Series: Departmental Papers / Policy Papers

Author(s): Jorge Canales Kriljenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 August 2011

ISBN: 9781475510157

Keywords: Economic models, Economic growth, Real effective exchange rates, Reserves accumulation

Would a tighter fiscal, looser monetary, and greater reserve buildup increase growth and depreciate the rand in real terms? The existing empirical and theoretical literature would say “maybe.” Such a policy...

2. Cross-Country Evidence

2. Cross-Country Evidence »

Source: South Africa: Macro Policy Mix and Its Effects on Growth and the Real Exchange Rate--Empirical Evidence and GIMF Simulations

Series: Departmental Papers / Policy Papers

Author(s): Jorge Canales Kriljenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 August 2011

ISBN: 9781475510157

Keywords: Economic models, Economic growth, Real effective exchange rates, Reserves accumulation

The external environment strongly affects emerging markets. Yet, some countries grow faster than others over the same period. Most would accept that economies with lower income levels are gradually catching...

3. Simulations Using the IMF’s Global Integrated Monetary and Fiscal Model

3. Simulations Using the IMF’s Global Integrated Monetary and Fiscal Model »

Source: South Africa: Macro Policy Mix and Its Effects on Growth and the Real Exchange Rate--Empirical Evidence and GIMF Simulations

Series: Departmental Papers / Policy Papers

Author(s): Jorge Canales Kriljenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 August 2011

ISBN: 9781475510157

Keywords: Economic models, Economic growth, Real effective exchange rates, Reserves accumulation

The IMF’s GIMF model is a useful tool for analyzing the interaction among macroeconomic policies. It is a dynamic general equilibrium model in which consumers react to incentives created by policy decisions....

4. Insights from the Experience of South Africa

4. Insights from the Experience of South Africa »

Source: South Africa: Macro Policy Mix and Its Effects on Growth and the Real Exchange Rate--Empirical Evidence and GIMF Simulations

Series: Departmental Papers / Policy Papers

Author(s): Jorge Canales Kriljenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 August 2011

ISBN: 9781475510157

Keywords: Economic models, Economic growth, Real effective exchange rates, Reserves accumulation

How would a change in the policy mix affect South Africa? Although the cross-country experience and theoretical simulations provide useful context, the question can only be answered properly by exploring the...

5. Conclusions

5. Conclusions »

Source: South Africa: Macro Policy Mix and Its Effects on Growth and the Real Exchange Rate--Empirical Evidence and GIMF Simulations

Series: Departmental Papers / Policy Papers

Author(s): Jorge Canales Kriljenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 August 2011

ISBN: 9781475510157

Keywords: Economic models, Economic growth, Real effective exchange rates, Reserves accumulation

What are the effects of fiscal tightening, monetary loosening, and reserve buildup on growth and the real exchange rate? Cross-country evidence and policy simulations with a dynamic general equilibrium model...

Back Matter

Back Matter »

Source: South Africa: Macro Policy Mix and Its Effects on Growth and the Real Exchange Rate--Empirical Evidence and GIMF Simulations

Series: Departmental Papers / Policy Papers

Author(s): Jorge Canales Kriljenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 August 2011

ISBN: 9781475510157

Keywords: Economic models, Economic growth, Real effective exchange rates, Reserves accumulation

This paper examines whether a mix of tighter fiscal policy, looser monetary policy, and greater reserve build-up would increase growth and depreciate the rand in real terms. The experience of South Africa over the...

South Africa: Macro Policy Mix and Its Effects on Growth and the Real Exchange Rate--Empirical Evidence and GIMF Simulations

South Africa: Macro Policy Mix and Its Effects on Growth and the Real Exchange Rate--Empirical Evidence and GIMF Simulations »

Volume: 11

Series: Departmental Papers / Policy Papers

Author(s): Jorge Canales Kriljenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 August 2011

DOI: http://dx.doi.org/10.5089/9781475510157.087

ISBN: 9781475510157

Keywords: Economic models, Economic growth, Real effective exchange rates, Reserves accumulation

This paper examines whether a mix of tighter fiscal policy, looser monetary policy, and greater reserve build-up would increase growth and depreciate the rand in real terms. The experience of South Africa over the...

Macroeconomic Consequences of Remittances

Macroeconomic Consequences of Remittances »

Series: Occasional Papers

Author(s): Connel Fullenkamp , Thomas Cosimano , Michael Gapen , Ralph Chami , Peter Montiel , and Adolfo Barajas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2008

DOI: http://dx.doi.org/10.5089/9781589067011.084

ISBN: 9781589067011

Keywords: Debt sustainability, Capital inflows, Economic models, Economic growth, Real effective exchange rates, Income, Migration, Labor markets, Workers remittances, remittances

Given the large size of aggregate remittance flows (billions of dollars annually), they should be expected to have significant macroeconomic effects on the economies that receive them. This paper directly addresses...

I Introduction

I Introduction »

Source: Macroeconomic Consequences of Remittances

Series: Occasional Papers

Author(s): Connel Fullenkamp , Thomas Cosimano , Michael Gapen , Ralph Chami , Peter Montiel , and Adolfo Barajas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2008

ISBN: 9781589067011

Keywords: Debt sustainability, Capital inflows, Economic models, Economic growth, Real effective exchange rates, Income, Migration, Labor markets, Workers remittances, remittances

Immigrant remittances are truly a force to be reckoned with in the global economy. These private, unrequited transfers of money from migrants to the family members they leave behind, often sent a few hundred...