1. See RP 70/1984 Commission of Inquiry into the Monetary System and Monetary Policy in South Africa (1985), Final Report of the De Kock Commission, The Monetary System and Monetary Policy in South Africa (Pretoria: Government Printer), p. A3. This, however, is a rather modern conception which is perhaps more appropriately applied to central banking practice in the latter half of the period under review.
2. Issues related to the ‘mechanics’ of financial and banking institutions and their instruments, are examined in Falkena, H.B., et. al. (1986), The Mechanics of the South African Financial System: Financial Institutions, Instruments and Markets (Johannesburg, Macmillan S. A. Publishers (Pty) Ltd).
3. On the management of the activities of these institutions see Falkena H. B., et. al., (1987) The Dynamics of the South African Financial System: Financial Risk Management (Johannesburg, Macmillan S.A. Publishers (Pty) Ltd).
4. See Courtney, M.M. (1983/84) ‘South African Exchange Rate Under Managed Floating’, Finance and Trade Review, 15, 3, pp. 112–44. He draws attention to the question of an association between the rate and the variability of that rate and cites papers (p. 113) which offer empirical support for such an association.
5. Friedman, M. (1977), ‘Inflation and Unemployment: The New Dimension of Politics’ (1976 Alfred Noble Memorial Lecture), Occasional Paper No. 51 (London, Institute of Economic Affairs) explains such an association, which he postulates as an underlying cause of ‘slumpflation’, in terms of the needs of politicians to do what is politically expedient.