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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Alternative definitions of the budget deficit and its impact on the sustainability of fiscal policy in South Africa
Authors:Jacobs, DavinaISNI
Schoeman, N.J.ISNI
Van Heerden, J.H.ISNI
Year:2002
Periodical:South African Journal of Economics
Volume:70
Issue:3
Pages:543-559
Language:English
Geographic term:South Africa
Subjects:budget deficits
fiscal policy
External link:https://onlinelibrary.wiley.com/doi/10.1111/j.1813-6982.2002.tb01303.x/pdf
Abstract:Throughout the 1980s and 1990s, fiscal deficits were a major weapon in macroeconomic adjustment policies in developing and industrial countries, not always with resounding success. Unless interpreted with caution, the conventially defined budget deficit might cause misleading conclusions about fiscal-policy stance and possible policy prescriptions. During the last few years, policy makers in South Africa have placed increasing emphasis on limiting the role of government in the economy and lowering the budget deficit as policy goals of the Growth, Employment and Redistribution strategy (GEAR). In 1997, the development of a Medium Term Expenditure Framework (MTEF) in South Africa once more raised questions about the efficacy of the conventional budget deficit. In this study various alternatives to (and variations of) the budget deficit are identified on the basis of Jacobs' 2001 study. Cogently, not researched were a comprehensive balance sheet for government and concepts like the net worth of government. There were also certain problems with the availability of data on the evaluation of (non-financial) government assets and the verification of certain government liabilities. These will only be removed if comprehensive reforms in fiscal accounting are carried out in South Africa. Certain alternative budget balance norms, the so-called domestic and external budget balances, were also not fully developed. Bibliogr. [ASC Leiden abstract]
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