ABSTRACT The interim and final reports of the De Kock Commission (Republic of South Africa 1985) brought monetary policy in South Africa closer to the international consensus of the 1980s, where explicit nominal anchors supporting a policy commitment were widely shared principles. A nominal anchor for monetary policy was introduced for the first time in South Africa in 1986. Despite the adoption of a nominal achor, the 1980s were characterized by sustained high inflation and financial instability. This paper assesses the role of politics and policies in the period running up to and following the announcement of a nominal monetary policy anchor for South Africa. It is shown that all politics and policies contributed to financial instability and to sustained inflation in the 1980s.

中文翻译：

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政治与政策：1980年代南非货币政策问题的决定因素

摘要De Kock委员会的中期报告和最终报告（南非共和国，1985年）使南非的货币政策更接近1980年代的国际共识，在该共识中，支持政策承诺的明确名义上的锚点是广泛共享的原则。1986年，南非首次引入了货币政策的名义锚点。尽管采用了名义名义，但1980年代的特点是持续的高通货膨胀和金融不稳定。本文评估了在宣布南非名义货币政策锚之前和之后的时期内政治和政策的作用。结果表明，所有政治和政策都导致了1980年代的金融不稳定和持续的通货膨胀。