Introduction / Iraj Abedian -- Sect. 1. Policy Environment. Ch. 1. Economic globalization: the consequences for fiscal management / Iraj Abedian. 2. Growth, democracy, and expectations in South Africa / Nicoli Nattrass and Jeremy Seekings. 3. The evolution of devolution: fiscal decentralization in South Africa / Tania Ajam -- Sect. 2. Taxation. 4. Taxation and economic growth / Richard Simson, Victoria Newport-Gwilt and Annabel Reinhardt. 5. Tax competition in South Africa: are we prepared? / Zurika Clausen. 6. Inflation and government revenues / Iraj Abedian and Michael Biggs -- Sect. 3. Debt and the Deficit. 7. Alternate budget-deficit measures and fiscal stance / Tania Ajam. 8. Deficits and economic growth: lessons from developing countries / Michael Biggs. 9. Deficit financing and the public debt in South Africa: some unpleasant fiscal arithmetic / Adrian Cronje. 10. Managing public debt in South Africa / Iraj Abedian and Haim Abraham.

Sect. 4. Expenditure and the Budget System. 11. Government spending in an international perspective / Krige Siebrits. 12. The institutional placing of social security: an option analysis / Conrad Barberton. 13. Government employment and remuneration: a fiscal analysis / Krige Siebrits. 14. Budgeting-system reform: a precondition for effective fiscal management / Iraj Abedian. 15. Efficiency in the public sector: lessons for South Africa / John Stuart and Rejane Woodroffe -- Sect. 5. Summary and Policy Implications. 16. Epilogue: rising to the real challenges of fiscal policy in a globalized economic order / Iraj Abedian.