Fiscal Policy Shocks and Macroeconomic Growth in South Africa : Missing Links and Policy Gaps

Chapter 1 Introduction -- Chapter 2 Synopsis of fiscal policy in South Africa: 1994 – 2020 -- Part 1: Government debt -- Chapter 3 Effects of government debt on output, household consumption and gross fixed capital formation: Role of the credit conditions channel -- Chapter 4 Government debt and household consumption: the influence of the wealth channel -- Chapter 5 Government debt and capital formation nexus in South Africa: The role of the debt threshold -- Chapter 6 Government debt and fixed capital formation nexus: Effects of the interest rate and monetary policy credibility channels -- Chapter 7 Inflation targeting band, the government debt and capital formation nexus in South Africa -- Chapter 8 Do high government debt-to-GDP regimes propagate the adverse macro-economic effects of high budget deficit regimes? -- Chapter 9 Debt-to-GDP ratio, investment growth and employment growth, and their response to high nominal GDP growth regimes -- Chapter 10 The impact of the debt-to-GDP ratio on investment growth -- Part 2: Fiscal budget balance deficits -- Chapter 11 Budget deficit thresholds and their macroeconomic impact -- Chapter 12 The impact of a persistent increase in the budget deficit on real interest rates -- Chapter 13 What are the effects of budget deficit regimes on inflation and inflation expectations? -- Part 3: Interest rates -- Chapter 14 Widening budget deficits and investment growth dynamics -- Chapter 15 Do high debt service costs reduce the potency of accommodative fiscal policy in South Africa? -- Chapter 16 What are the macroeconomic effects of a positive interest rate-GDP growth differential shock? -- Part 4: Economic policy uncertainty -- Chapter 17 Economic policy uncertainty and the employment dynamics in South Africa under the inflation targeting regime -- Chapter 18 Economic policy uncertainty, employment dynamics and price stability in South Africa -- Chapter 19 The role of economic and policy uncertainty on the effects of widening budget deficits on yields and the credit default swap spreads -- Chapter 20 Summary of main findings and policy implications.