| TÃtulo : |
Exchange Rate, Second Round Effects and Inflation Processes : Evidence From South Africa |
| Tipo de documento: |
documento electrónico |
| Autores: |
Ndou, Eliphas, ; Gumata, Nombulelo, ; Tshuma, Mthokozisi Mncedisi, |
| Mención de edición: |
1 ed. |
| Editorial: |
[s.l.] : Springer |
| Fecha de publicación: |
2019 |
| Número de páginas: |
XXVIII, 416 p. 208 ilustraciones, 22 ilustraciones en color. |
| ISBN/ISSN/DL: |
978-3-030-13932-2 |
| Nota general: |
Libro disponible en la plataforma SpringerLink. Descarga y lectura en formatos PDF, HTML y ePub. Descarga completa o por capítulos. |
| Idioma : |
Inglés (eng) |
| Palabras clave: |
Relaciones Económicas Internacionales Macroeconómica Finanzas Público Finanzas internacionales EconomÃa Internacional MacroeconomÃa y economÃa monetaria EconomÃa pública Finanza pública EconomÃa africana |
| Clasificación: |
337 Economía internacional |
| Resumen: |
Este libro se centra en el traspaso del tipo de cambio (ERPT), los efectos de segunda ronda y el proceso de inflación en Sudáfrica. Los autores demuestran que las magnitudes de los efectos de segunda ronda de la depreciación del tipo de cambio y los shocks de los precios del petróleo dependen de los regÃmenes de inflación. El impacto de los shocks positivos de los precios del petróleo sobre la inflación se ve debilitado por la credibilidad de la polÃtica monetaria. La evidencia muestra que la influencia del precio del petróleo en los costos laborales unitarios y la correlación entre las variaciones del tipo de cambio y la inflación se ha debilitado. Además, el ERPT se ve reducido por la baja confianza de las empresas y los consumidores, la alta apertura comercial, la baja inflación y la alta volatilidad del tipo de cambio que debilitan la actividad económica real. Tanto la credibilidad de la polÃtica monetaria como la fiscal reducen el tamaño del ERPT respecto de la inflación y las expectativas de inflación. La polÃtica fiscal a través de impuestos a los combustibles, precios administrados y canal de inflación del transporte público impacta las respuestas de la polÃtica monetaria a los shocks inflacionarios. Los autores muestran que los efectos de segunda ronda contribuyen muy poco a la inflación salarial después de un shock de depreciación del tipo de cambio. Tanto la tasa de interés activa como el consumo de los hogares responden de manera asimétrica a los cambios en las tasas de recompra. Este libro atraerá a formuladores de polÃticas, estudiantes, académicos y analistas. |
| Nota de contenido: |
Part I: The changing size of second-round effects -- 1. Introduction. 2. Policy implications of ERPT and ongoing debates -- 3. Second round effects, exchange rate depreciation, inflation and average wage settlements -- 4. Second round effects, remuneration per worker, exchange rate depreciation shock and inflation expectations -- 5. Second-round effects, private sector wage inflation and exchange rate depreciation shocks -- 6. Second round effects of oil price shocks to consumer price inflation and the unit labour costs channel -- Part II: Monetary and fiscal policy credibility and changing exchange rate pass-through -- 7. Monetary policy credibility and the time varying exchange rate pass-through to inflation -- 8. Monetary policy credibility and the exchange rate pass-through to inflation -- 9. Does the monetary policy channel impact the transmission of exchange rate depreciation shocks to inflation? -- 10. Does monetary policy credibility impact the responses of unit labour costs to exchange rate depreciation shocks? -- 11. Does monetary policy credibility play a role in transmission of oil price shocks to inflation expectations? -- 12. Does monetary policy credibility affect market-based inflation expectations? -- Part III: Trade openness, Consumer and business confidence and exchange rate pass-through -- 13. Does the consumer confidence channel affect the response of inflation to exchange rate depreciation shocks? -- 14. Does weak business confidence impact the pass-through of the exchange rate depreciation shocks to inflation? -- 15. Does exchange rate volatility impact the pass-through of the exchange rate depreciation shocks to inflation? -- 16. Does trade openness matter for the response of inflation to exchange rate depreciation shocks? -- Part IV: Fiscal policy credibility and changing exchange rate pass-through -- 17. Does fiscal policy credibility matter for the exchange rate pass-through to inflation in South Africa? -- 18. Fiscal policy credibility and time varying exchange rate pass-through to consumer price inflation -- 19. Is the impact of high monetary policy credibility on inflation and the ERPT reinforced by fiscal policy credibility? -- Part V: Regulated price, inflation process and monetary policy influence -- 20. What is the role and cost of administered prices? Evidence from monetary policy responses to positive inflation shocks -- 21. Monetary and fiscal policy interactions in inflation process: The role of fuel levies channel -- 22. Monetary and fiscal policy interactions in inflation process: The role of public transport inflation channel -- 23. The distributive effects of monetary policy: Evidence form inflation rates by deciles and rural areas -- Part VI: Asymmetric interest rate pass-through -- 24. Is there any evidence of the amount and adjustment asymmetries of lending rate reaction to the repo rate changes? -- 25 Is there evidence of rigidity in the corporate lending rate adjustment following repo rate changes? -- 26. Does the flexible mortgage rate exhibit asymmetrical response to changes in the repo rate? -- 27. What is the role of competition in the banking sector on the interest rate pass-through and loan intermediation mark-up? -- 28. Does consumption growth respond asymmetrically to positive and negative repo rate changes? -- 29. Does the household financial wealth explain the asymmetric response of consumption to monetary policy shock in South Africa?. |
| Tipo de medio : |
Computadora |
| Summary : |
This book focuses on the exchange rate pass-through (ERPT), second round effects and the inflation process in South Africa. The authors demonstrate that magnitudes of the second round effects of the exchange rate depreciation and oil price shocks depend on inflation regimes. The impact of positive oil price shocks on inflation is weakened by monetary policy credibility. Evidence shows the influence of oil price on unit labour costs and correlation between exchange rate changes and inflation has weakened. In addition, ERPT is reduced by low business and consumer confidence, high trade openness, low inflation and high exchange rate volatility which weaken real economic activity. Both monetary and fiscal policy credibility lowers the sizes of ERPT to inflation and inflation expectations. Fiscal policy via fuel levies, administered prices and public transport inflation channel impacts the responses of monetary policy to inflation shocks. The authors show that second round effects contribute very little to wage inflation following an exchange rate depreciation shock. Both lending rate and household consumption responds asymmetrical to repo rate changes. This book will appeal to policymakers, students, academics and analysts. |
| Enlace de acceso : |
https://link-springer-com.biblioproxy.umanizales.edu.co/referencework/10.1007/97 [...] |
Exchange Rate, Second Round Effects and Inflation Processes : Evidence From South Africa [documento electrónico] / Ndou, Eliphas, ; Gumata, Nombulelo, ; Tshuma, Mthokozisi Mncedisi, . - 1 ed. . - [s.l.] : Springer, 2019 . - XXVIII, 416 p. 208 ilustraciones, 22 ilustraciones en color. ISBN : 978-3-030-13932-2 Libro disponible en la plataforma SpringerLink. Descarga y lectura en formatos PDF, HTML y ePub. Descarga completa o por capítulos. Idioma : Inglés ( eng)
| Palabras clave: |
Relaciones Económicas Internacionales Macroeconómica Finanzas Público Finanzas internacionales EconomÃa Internacional MacroeconomÃa y economÃa monetaria EconomÃa pública Finanza pública EconomÃa africana |
| Clasificación: |
337 Economía internacional |
| Resumen: |
Este libro se centra en el traspaso del tipo de cambio (ERPT), los efectos de segunda ronda y el proceso de inflación en Sudáfrica. Los autores demuestran que las magnitudes de los efectos de segunda ronda de la depreciación del tipo de cambio y los shocks de los precios del petróleo dependen de los regÃmenes de inflación. El impacto de los shocks positivos de los precios del petróleo sobre la inflación se ve debilitado por la credibilidad de la polÃtica monetaria. La evidencia muestra que la influencia del precio del petróleo en los costos laborales unitarios y la correlación entre las variaciones del tipo de cambio y la inflación se ha debilitado. Además, el ERPT se ve reducido por la baja confianza de las empresas y los consumidores, la alta apertura comercial, la baja inflación y la alta volatilidad del tipo de cambio que debilitan la actividad económica real. Tanto la credibilidad de la polÃtica monetaria como la fiscal reducen el tamaño del ERPT respecto de la inflación y las expectativas de inflación. La polÃtica fiscal a través de impuestos a los combustibles, precios administrados y canal de inflación del transporte público impacta las respuestas de la polÃtica monetaria a los shocks inflacionarios. Los autores muestran que los efectos de segunda ronda contribuyen muy poco a la inflación salarial después de un shock de depreciación del tipo de cambio. Tanto la tasa de interés activa como el consumo de los hogares responden de manera asimétrica a los cambios en las tasas de recompra. Este libro atraerá a formuladores de polÃticas, estudiantes, académicos y analistas. |
| Nota de contenido: |
Part I: The changing size of second-round effects -- 1. Introduction. 2. Policy implications of ERPT and ongoing debates -- 3. Second round effects, exchange rate depreciation, inflation and average wage settlements -- 4. Second round effects, remuneration per worker, exchange rate depreciation shock and inflation expectations -- 5. Second-round effects, private sector wage inflation and exchange rate depreciation shocks -- 6. Second round effects of oil price shocks to consumer price inflation and the unit labour costs channel -- Part II: Monetary and fiscal policy credibility and changing exchange rate pass-through -- 7. Monetary policy credibility and the time varying exchange rate pass-through to inflation -- 8. Monetary policy credibility and the exchange rate pass-through to inflation -- 9. Does the monetary policy channel impact the transmission of exchange rate depreciation shocks to inflation? -- 10. Does monetary policy credibility impact the responses of unit labour costs to exchange rate depreciation shocks? -- 11. Does monetary policy credibility play a role in transmission of oil price shocks to inflation expectations? -- 12. Does monetary policy credibility affect market-based inflation expectations? -- Part III: Trade openness, Consumer and business confidence and exchange rate pass-through -- 13. Does the consumer confidence channel affect the response of inflation to exchange rate depreciation shocks? -- 14. Does weak business confidence impact the pass-through of the exchange rate depreciation shocks to inflation? -- 15. Does exchange rate volatility impact the pass-through of the exchange rate depreciation shocks to inflation? -- 16. Does trade openness matter for the response of inflation to exchange rate depreciation shocks? -- Part IV: Fiscal policy credibility and changing exchange rate pass-through -- 17. Does fiscal policy credibility matter for the exchange rate pass-through to inflation in South Africa? -- 18. Fiscal policy credibility and time varying exchange rate pass-through to consumer price inflation -- 19. Is the impact of high monetary policy credibility on inflation and the ERPT reinforced by fiscal policy credibility? -- Part V: Regulated price, inflation process and monetary policy influence -- 20. What is the role and cost of administered prices? Evidence from monetary policy responses to positive inflation shocks -- 21. Monetary and fiscal policy interactions in inflation process: The role of fuel levies channel -- 22. Monetary and fiscal policy interactions in inflation process: The role of public transport inflation channel -- 23. The distributive effects of monetary policy: Evidence form inflation rates by deciles and rural areas -- Part VI: Asymmetric interest rate pass-through -- 24. Is there any evidence of the amount and adjustment asymmetries of lending rate reaction to the repo rate changes? -- 25 Is there evidence of rigidity in the corporate lending rate adjustment following repo rate changes? -- 26. Does the flexible mortgage rate exhibit asymmetrical response to changes in the repo rate? -- 27. What is the role of competition in the banking sector on the interest rate pass-through and loan intermediation mark-up? -- 28. Does consumption growth respond asymmetrically to positive and negative repo rate changes? -- 29. Does the household financial wealth explain the asymmetric response of consumption to monetary policy shock in South Africa?. |
| Tipo de medio : |
Computadora |
| Summary : |
This book focuses on the exchange rate pass-through (ERPT), second round effects and the inflation process in South Africa. The authors demonstrate that magnitudes of the second round effects of the exchange rate depreciation and oil price shocks depend on inflation regimes. The impact of positive oil price shocks on inflation is weakened by monetary policy credibility. Evidence shows the influence of oil price on unit labour costs and correlation between exchange rate changes and inflation has weakened. In addition, ERPT is reduced by low business and consumer confidence, high trade openness, low inflation and high exchange rate volatility which weaken real economic activity. Both monetary and fiscal policy credibility lowers the sizes of ERPT to inflation and inflation expectations. Fiscal policy via fuel levies, administered prices and public transport inflation channel impacts the responses of monetary policy to inflation shocks. The authors show that second round effects contribute very little to wage inflation following an exchange rate depreciation shock. Both lending rate and household consumption responds asymmetrical to repo rate changes. This book will appeal to policymakers, students, academics and analysts. |
| Enlace de acceso : |
https://link-springer-com.biblioproxy.umanizales.edu.co/referencework/10.1007/97 [...] |
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