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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Money, interest rates, income and inflation in South Africa
Author:Moll, P.G.ISNI
Year:1999
Periodical:South African Journal of Economics
Volume:67
Issue:1
Pages:34-64
Language:English
Geographic term:South Africa
Subjects:banking
money
monetary policy
External link:https://onlinelibrary.wiley.com/doi/10.1111/j.1813-6982.1999.tb01132.x/pdf
Abstract:Central banking practice in many countries moved away from monetarism during the 1980s as the previously stable relationship between money and income broke down. Today, South Africa is one of the few countries whose authorities set monetary targets. This article examines the relationship between money, income, prices and interest rates in South Africa with the use of longer data series, careful periodization, and a large variety of econometric tests. Two periods are distinguished: the period of direct controls in the 1960s and 1970s, and the period of liberalization from 1980-1983 to the present. No stable links were found between monetary aggregates and nominal or real income, either in the preliberalization or the (post)liberalization period. App., bibliogr., notes, ref.
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