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 For full Report: South Africa
capital, profit- ability and relative returns to investment in physical capital, and indicators of uncertainty and instability. We explore further the determinants of investment by focusing on the factors that are most directly related to macroeconomic poli...
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capital, profit- ability and relative returns to investment in physical capital, and indicators of uncertainty and instability. We explore further the determinants of investment by focusing on the factors that are most directly related to macroeconomic policy. Mac- roeconomic policy may affect investment through the cost of capital. We decompose the cost of capital to investigate the factors that are most pertinent in driving private investment. We explore the interest rate and exchange rate channels of the
68
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http://www.undp-povertycentre.org/publications/reports/South%20Africa.pdf#page=68
www.undp-povertycentre.org/publications/reports/South%20Africa.pdf#page=6...
35Supply-Side Perspectives <span class="highlight">on</span> Employment Expansion rise in worker morale associated with a higher wage standard. In light <span class="highlight">of</span> the current discussion, it is also important to recognize that this same efficiency wage effect will operate in reverse. That is, a strategy <span class="highlight">of</span> wage cutting will en- gender reduced efficiency—more turnover, more absenteeism, lower morale <span class="highlight">on</span> the job. Thus, through this negative efficiency wage <span class="highlight">channel</span> as well, a wage- cutting strategy would seem to be a viable strategy for reducing
83
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http://www.undp-povertycentre.org/publications/reports/South%20Africa.pdf#page=83
www.undp-povertycentre.org/publications/reports/South%20Africa.pdf#page=8...
will work in South Africa. One effect is that the lower interest rates will en- courage consumers to borrow more, <span class="highlight">and</span> thereby increase their purchases <span class="highlight">of</span> homes, cars, <span class="highlight">and</span> consumer durables. The other effect will be to lower the payments households have to make <span class="highlight">on</span> their existing debts, since payments <span class="highlight">on</span> most debts vary with changes in interest rates. Through this <span class="highlight">channel</span>, even if consumers do not borrow more money due to the fall in interest rates, they will still have more income to spend, since it will
180
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http://www.undp-povertycentre.org/publications/reports/South%20Africa.pdf#page=180
www.undp-povertycentre.org/publications/reports/South%20Africa.pdf#page=1...
capital, profit- ability <span class="highlight">and</span> relative returns to investment in physical capital, <span class="highlight">and</span> indicators <span class="highlight">of</span> uncertainty <span class="highlight">and</span> instability. We explore further the determinants <span class="highlight">of</span> investment by focusing <span class="highlight">on</span> the factors that are most directly related to macroeconomic policy. Mac- roeconomic policy may affect investment through the cost <span class="highlight">of</span> capital. We decompose the cost <span class="highlight">of</span> capital to investigate the factors that are most pertinent in driving private investment. We explore the interest rate <span class="highlight">and</span> exchange rate <span class="highlight">channels</span> <span class="highlight">of</span> the
South Africa: Soil Erosion
erosion (dongas) Dongas usually occur near the bottom of slopes and are caused by the removal of soil and soft rock as a result of concentrated runoff that forms a deep channel or gully. On steep land, there is often the danger of gullies for...
An Employment-targeted Economic Programme for South Africa
ew here around 3.6 percent over a five year policy tim efram e. The resulting effects on inflation and the exchange rate w ould rem ain relatively m odest. H ow ever, the four percentage point decline in lending rates w ould not, by itself, induce an adequate increase in...
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ew here around 3.6 percent over a five year policy tim efram e. The resulting effects on inflation and the exchange rate w ould rem ain relatively m odest. H ow ever, the four percentage point decline in lending rates w ould not, by itself, induce an adequate increase in econom ic grow th for the 75–80 percent of the econom y that is not receiving credit subsidies. But in our judgm ent, allow ing the fiscal deficit to rise to roughly three percent of GDP should provide the rem aining stim ulus to m
9
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http://www.undp-povertycentre.org/pub/IPCCountryStudy1.pdf#page=9
www.undp-povertycentre.org/pub/IPCCountryStudy1.pdf#page=9
ew here around 3.6 percent <span class="highlight">over</span> a five year policy tim efram e. The resulting effects <span class="highlight">on</span> inflation <span class="highlight">and</span> the exchange rate w ould rem ain relatively <span class="highlight">m</span> odest. H ow ever, the four percentage point decline in lending rates w ould not, by itself, induce an adequate increase in econom ic grow th for the 75–80 percent <span class="highlight">of</span> the econom y that is not receiving credit subsidies. But in our judgm ent, allow ing the fiscal deficit to rise to roughly three percent <span class="highlight">of</span> GDP should provide the rem aining stim ulus to <span class="highlight">m</span>
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