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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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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 October 2019

Transforming Fiscal Governance

Transforming Fiscal Governance

Chapter:
(p.92) 4 Transforming Fiscal Governance
Source:
South African Economic Policy under Democracy
Author(s):

Tania Ajam

Janine Aron (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199551460.003.0004

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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