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Following the 2008/9 financial and economic crisis, public debt/GDP ratios in several countries rose to their highest levels in 40 years. Also in the US and the UK did the public debt/GDP ratios increase significantly, thereby putting the spotlight again on fiscal sustainability. Based on past behaviour, this article asks whether fiscal policy in these two countries is likely to be sustainable. The article investigates how the US and UK governments, by changing their deficits, react to changes in their debt positions. To do this, the article estimates fiscal reaction functions using Smooth Transition Regressions. It finds that based on past behaviour, fiscal policy in both the US and UK can be expected to remain sustainable. Based on the same past behaviour, and assuming this behaviour will continue in the future, the article also calculates the levels to which the public debt/GDP ratios in the US and UK can be expected to converge.

The background to the Postmasburg study / LOCHNER MARAIS, DEIDRÈ VAN ROOYEN, PHILIPPE BURGER, MOLEFI LENKA, JAN CLOETE, STUART DENOON-STEVENS, KGOSI MOCWAGAE, MISCHA JACOBS & JOHNICA RIET -- The literature on mining communities and mining growth and decline / LOCHNER MARAIS AND JOHN NTEMA -- Migration and mine labour in South Africa / RORY PILOSSOF AND PHILIPPE BURGER -- Section B: Governance, planning, the environment and power -- The Tsassamba Committee / ERENST DREWES AND MALÈNE CAMPBELL -- Spatial planning for Postmasburg / STUART DENOON-STEVENS, VERNA NEL AND THULISILE MPAMBUKILE -- Government, mining and community relations / LYNDON DU PLESSIS AND DIANE ABRAHAMS -- Mining and municipal finance / CHRIS HENDRIKS AND LOCHNER MARAIS -- Environmental legislation, mining and ecosystems / FALKO T. BUSCHKE, JOOST SOMMEN, MAITLAND T. SEAMAN AND RICHARD D. WILLIAMSON -- To own or to rent? -- Mineworker housing / JAN CLOETE AND STUART DENOON-STEVENS -- The Khumani approach to homeownership in Postmasburg / THOMAS STEWART AND ERENST DREWES -- Working and doing business -- Work, wages and welfare in Postmasburg / PHILIPPE BURGER AND JP GELDENHUYS -- Psychological well-being on the mine / TINA KOTZÈ AND PERTRUS NEL -- Businesses in Postmasburg : tshipe e lokile (iron is good) : but what about business? / DEIDRE VAN ROOYEN AND JOHAN VAN ZYL -- Section E: Conclusion -- The way forward for postmasburg / LOCHNER MARAIS, FIONA HASLAM MCKENZIE, ETIENNE NEL, DEIDRÈ VAN ROOYEN AND PHILIPPE BURGER.