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Autor Gumata, Nombulelo |
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TÃtulo : Accelerated Land Reform, Mining, Growth, Unemployment and Inequality in South Africa : A Case for Bold Supply Side Policy Interventions Tipo de documento: documento electrónico Autores: Gumata, Nombulelo, ; Ndou, Eliphas, Mención de edición: 1 ed. Editorial: [s.l.] : Springer Fecha de publicación: 2019 Número de páginas: LXII, 642 p. 387 ilustraciones ISBN/ISSN/DL: 978-3-030-30884-1 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: Macroeconómica Desarrollo economico EconomÃa del trabajo EconomÃa africana MacroeconomÃa y economÃa monetaria Crecimiento económico economÃa agrÃcola Clasificación: 330.96 Resumen: El objetivo general del Plan Nacional de Desarrollo (PND) de Sudáfrica es eliminar la pobreza, reducir la desigualdad, reducir el desempleo y aumentar la participación laboral. Este libro contribuye a los esfuerzos académicos y polÃticos para lograr estos objetivos del PND. Consideramos que los sectores del carbón, los minerales metálicos y las materias primas del grupo del platino sustentarán la minerÃa como una industria "amanecer". La estrategia de crecimiento impulsado por las exportaciones es necesaria para la creación intensiva de empleo, pero debe complementarse con otras polÃticas micro, macroeconómicas e industriales. Una estrategia de beneficio de minerales es importante para la creación intensiva de empleo. La reforma agraria acelerada es una herramienta de intervención polÃtica de reforma estructural o del lado de la oferta destinada a aumentar la producción potencial, cambiar los patrones de propiedad en la economÃa, aumentar el espÃritu empresarial, la absorción de mano de obra, la inclusión económica y reducir la desigualdad de ingresos. La evidencia muestra que el canal del balance, los auges y caÃdas de los precios de las materias primas están estrechamente relacionados con la dinámica del tipo de cambio, la incertidumbre polÃtica, la confianza y los efectos de las sequÃas (también sÃntomas del cambio climático). Los shocks de crecimiento de la productividad y la inversión son importantes para la producción, el empleo y la estabilidad de precios. La evidencia indica que un crecimiento del PIB nominal superior al 10 por ciento y mantener la inflación dentro de la banda meta conduce a un aumento significativo del empleo y una disminución del desempleo, sin presiones inflacionarias, especialmente cuando la inflación está por debajo del 4,5 por ciento. Para hacer operativos los objetivos del PND, alinear y coordinar polÃticas, el mandato del Banco de la Reserva de Sudáfrica (SARB) puede ampliarse para incluir el máximo empleo. Esto debe complementarse con una reducción de la banda objetivo de inflación y un ajuste de los marcos regulatorio financiero, macroprudencial y de polÃtica monetaria. Esto mejorará la conducta y la credibilidad de las polÃticas de estabilidad monetaria y financiera para lograr los objetivos fijados. Estos objetivos hacen que la coordinación de polÃticas sea pertinente y vinculante. Nota de contenido: 1. Introduction -- Part I: Global real interest rates, economic and trade growth uncertainty shock effects on the South African economy -- 2. Is BRICS GDP growth a source of shocks or an amplifier of global growth responses? What are the policy implications for South Africa? -- 3. Global economic and policy uncertainty shock effects on the South African economy: Do these reinforce each other? -- 4. Heightened foreign policy uncertainty shocks effects: Transmission via capital flows, credit conditions and business confidence -- 5. In which direction is there a momentum effect in the changes in the spread between the repo rate and federal funds rate? -- 6. How do global real policy rates impact the South African GDP growth and labor market conditions? -- Part II: The Taylor curve, external shocks, labour market conditions and inflation expectations -- 7. The output-gap, nominal wage and consumer price inflation volatility trade-off -- 8. Output and inflation volatility trade-off: Do external shocks and inflation expectations shift the Taylor curve -- 9. Do adverse global trade developments shocks impact the trade-off between the inflation and output volatilities -- 10. Does the labour market conditions shock impact the trade-off between the inflation and output volatilities? -- 11. Output-inflation trade off and the issue of policy ineffectiveness -- 12. Do inflation regimes affect the transmission of nominal demand shocks to the price level? -- 13. What is the nature of the output-employment-unemployment nexus in South Africa? Evidence from various approaches to Okun's Law -- 14. Does the consideration of nominal wage growth imply a high level of inflation inertia or persistence compared to consumer price inflation? -- 15. Wage and consumer price inflation during exchange rate appreciation and depreciation episodes -- 16. Is there a case for nominal GDP growth targeting in South Africa? -- Part III: Policy uncertainty, mining sector charter, exchange rate volatility, commodity price booms and busts, binding minimum wage increases and the mining sector -- 17. How has the intensity of the ability of commodity specific output growth to create jobs evolved? Implications for the mining sector as a "sunrise industry" -- 18. Is export-led growth a necessary but insufficient condition for job creation in the mining sector? Does this mean that there is a strong case for beneficiation? -- 19 The impact of mining commodity price booms and sharp exchange rate depreciation episodes on mining output and employment growth -- 20. The role of the exchange rate on investment growth in the mining sector: Evidence from the balance sheet hypothesis -- 21. The role of the exchange rate volatilities on the mining sector -- 22. The role of policy uncertainty low confidence and the mining charter in the transmission of positive shocks to commodity prices in the mining sector -- 23. What are the mechanisms and channels through which the mining sector adjusted to an increase in the binding minimum wage in 2014? -- Part IV: Accelerated land reform, the agricultural sector and implications for macro-economic policies -- 24. The impact of structural change on the South African economy: Evidence from the structural change indices and McMillan and Rodrick (2011) labour productivity decomposition approach -- 25. Land reform, redistribution and agricultural investment growth: What are the implications for the NDP output and employment targets? -- 26. What is the role of food commodity price booms and busts in the agricultural sector? Implications for monetary policy -- 27. What is the role of trade liberalisation and food commodity price booms in the agricultural sector? Implications for the export-led growth strategy -- 28. Is the agricultural sector sensitive to the exchange rate depreciation and volatility: Evidence from the balance sheet channel -- 29. How are the interest rates and credit supply shocks transmitted to the agricultural sector? -- 30. What is the impact of a binding minimum wage on the agricultural sector? -- 31. Can land reform help reduce poverty and inequality? -- Part V: The transmission of sovereign debt downgrades into the credit markets and the real economy -- 32. What role does business confidence play in transmitting sovereign credit ratings upgrade and downgrades shocks to the real economy? -- 33. Are sovereign credit ratings shock transmitted via economic growth to impact credit growth dynamics? -- 34. Does the cost of government borrowing transmit the sovereign credit downgrade shocks to credit growth? -- Part VI: Capital flow surges, sudden stops and elevated portfolio volatility shocks: what is the nature of their interaction with GDP growth and credit and economic costs? -- 35. What are the economic costs of capital flow waves in South Africa? -- 36. Capital flow surges, sudden stops and elevated portfolio volatility shocks: What is the nature of their interaction with GDP growth and credit? -- 37.Do bank and non-bank capital flows induce sectorial reallocation of credit away from the household sector? -- 38. Do banking and non-banking capital flows induce sectorial reallocation of credit away from companies? -- 39. Do equity and debt inflows matter in the attainment of the price stability mandate? -- 40. Do local investors play a stabilizing role relative to foreign investors after economic shocks -- 41. Do investors' net purchases and capital retrenchment activities impact the monetary policy response to positive inflation shocks?. Tipo de medio : Computadora Summary : The overarching goal of South Africa's National Development Plan (NDP) is to eliminate poverty, reduce inequality, lower unemployment and increase the labour participation.This book contributes to academic and policy efforts to achieve these NDP goals. We establish that the coal, metal ores and the platinum group commodity sectors will underpin the mining as a "sunrise" industry. The export-led growth strategy is necessary for intensive employment creation but must be complemented by other micro, macroeconomic and industrial policies. A strategy of minerals beneficiation is important for intensive employment creation. Accelerated land reform is a supply side or structural reform policy intervention tool aimed at increasing potential output, changing ownership patterns in the economy, increasing entrepreneurship, labour absorption, economic inclusion and lowering income inequality. Evidence shows that the balance sheet channel, commodity price booms and busts are intricately linked with the exchange rate dynamics, policy uncertainty, confidence and the effects of droughts (also symptoms of climate change). Productivity and investment growth shocks matter for output, employment and price stability. Evidence indicates that nominal GDP growth above 10 percent and keeping inflation within the target band leads to significant increase in employment and decline in unemployment, without inflationary pressures, especially when inflation is below 4.5 percent. To operationalise the NDP targets, align and co-ordinate policies, the South African Reserve Bank (SARB) mandate can be expanded to include maximum employment. This must be complemented by lowering the inflation target band, adjusting the financial regulatory, macro-prudential and monetary policy frameworks. This will enhance the conduct and credibility of monetary and financial stability policies to achieve the set objectives. These objectives make policy co-ordination pertinent and binding. Enlace de acceso : https://link-springer-com.biblioproxy.umanizales.edu.co/referencework/10.1007/97 [...] Accelerated Land Reform, Mining, Growth, Unemployment and Inequality in South Africa : A Case for Bold Supply Side Policy Interventions [documento electrónico] / Gumata, Nombulelo, ; Ndou, Eliphas, . - 1 ed. . - [s.l.] : Springer, 2019 . - LXII, 642 p. 387 ilustraciones.
ISBN : 978-3-030-30884-1
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: Macroeconómica Desarrollo economico EconomÃa del trabajo EconomÃa africana MacroeconomÃa y economÃa monetaria Crecimiento económico economÃa agrÃcola Clasificación: 330.96 Resumen: El objetivo general del Plan Nacional de Desarrollo (PND) de Sudáfrica es eliminar la pobreza, reducir la desigualdad, reducir el desempleo y aumentar la participación laboral. Este libro contribuye a los esfuerzos académicos y polÃticos para lograr estos objetivos del PND. Consideramos que los sectores del carbón, los minerales metálicos y las materias primas del grupo del platino sustentarán la minerÃa como una industria "amanecer". La estrategia de crecimiento impulsado por las exportaciones es necesaria para la creación intensiva de empleo, pero debe complementarse con otras polÃticas micro, macroeconómicas e industriales. Una estrategia de beneficio de minerales es importante para la creación intensiva de empleo. La reforma agraria acelerada es una herramienta de intervención polÃtica de reforma estructural o del lado de la oferta destinada a aumentar la producción potencial, cambiar los patrones de propiedad en la economÃa, aumentar el espÃritu empresarial, la absorción de mano de obra, la inclusión económica y reducir la desigualdad de ingresos. La evidencia muestra que el canal del balance, los auges y caÃdas de los precios de las materias primas están estrechamente relacionados con la dinámica del tipo de cambio, la incertidumbre polÃtica, la confianza y los efectos de las sequÃas (también sÃntomas del cambio climático). Los shocks de crecimiento de la productividad y la inversión son importantes para la producción, el empleo y la estabilidad de precios. La evidencia indica que un crecimiento del PIB nominal superior al 10 por ciento y mantener la inflación dentro de la banda meta conduce a un aumento significativo del empleo y una disminución del desempleo, sin presiones inflacionarias, especialmente cuando la inflación está por debajo del 4,5 por ciento. Para hacer operativos los objetivos del PND, alinear y coordinar polÃticas, el mandato del Banco de la Reserva de Sudáfrica (SARB) puede ampliarse para incluir el máximo empleo. Esto debe complementarse con una reducción de la banda objetivo de inflación y un ajuste de los marcos regulatorio financiero, macroprudencial y de polÃtica monetaria. Esto mejorará la conducta y la credibilidad de las polÃticas de estabilidad monetaria y financiera para lograr los objetivos fijados. Estos objetivos hacen que la coordinación de polÃticas sea pertinente y vinculante. Nota de contenido: 1. Introduction -- Part I: Global real interest rates, economic and trade growth uncertainty shock effects on the South African economy -- 2. Is BRICS GDP growth a source of shocks or an amplifier of global growth responses? What are the policy implications for South Africa? -- 3. Global economic and policy uncertainty shock effects on the South African economy: Do these reinforce each other? -- 4. Heightened foreign policy uncertainty shocks effects: Transmission via capital flows, credit conditions and business confidence -- 5. In which direction is there a momentum effect in the changes in the spread between the repo rate and federal funds rate? -- 6. How do global real policy rates impact the South African GDP growth and labor market conditions? -- Part II: The Taylor curve, external shocks, labour market conditions and inflation expectations -- 7. The output-gap, nominal wage and consumer price inflation volatility trade-off -- 8. Output and inflation volatility trade-off: Do external shocks and inflation expectations shift the Taylor curve -- 9. Do adverse global trade developments shocks impact the trade-off between the inflation and output volatilities -- 10. Does the labour market conditions shock impact the trade-off between the inflation and output volatilities? -- 11. Output-inflation trade off and the issue of policy ineffectiveness -- 12. Do inflation regimes affect the transmission of nominal demand shocks to the price level? -- 13. What is the nature of the output-employment-unemployment nexus in South Africa? Evidence from various approaches to Okun's Law -- 14. Does the consideration of nominal wage growth imply a high level of inflation inertia or persistence compared to consumer price inflation? -- 15. Wage and consumer price inflation during exchange rate appreciation and depreciation episodes -- 16. Is there a case for nominal GDP growth targeting in South Africa? -- Part III: Policy uncertainty, mining sector charter, exchange rate volatility, commodity price booms and busts, binding minimum wage increases and the mining sector -- 17. How has the intensity of the ability of commodity specific output growth to create jobs evolved? Implications for the mining sector as a "sunrise industry" -- 18. Is export-led growth a necessary but insufficient condition for job creation in the mining sector? Does this mean that there is a strong case for beneficiation? -- 19 The impact of mining commodity price booms and sharp exchange rate depreciation episodes on mining output and employment growth -- 20. The role of the exchange rate on investment growth in the mining sector: Evidence from the balance sheet hypothesis -- 21. The role of the exchange rate volatilities on the mining sector -- 22. The role of policy uncertainty low confidence and the mining charter in the transmission of positive shocks to commodity prices in the mining sector -- 23. What are the mechanisms and channels through which the mining sector adjusted to an increase in the binding minimum wage in 2014? -- Part IV: Accelerated land reform, the agricultural sector and implications for macro-economic policies -- 24. The impact of structural change on the South African economy: Evidence from the structural change indices and McMillan and Rodrick (2011) labour productivity decomposition approach -- 25. Land reform, redistribution and agricultural investment growth: What are the implications for the NDP output and employment targets? -- 26. What is the role of food commodity price booms and busts in the agricultural sector? Implications for monetary policy -- 27. What is the role of trade liberalisation and food commodity price booms in the agricultural sector? Implications for the export-led growth strategy -- 28. Is the agricultural sector sensitive to the exchange rate depreciation and volatility: Evidence from the balance sheet channel -- 29. How are the interest rates and credit supply shocks transmitted to the agricultural sector? -- 30. What is the impact of a binding minimum wage on the agricultural sector? -- 31. Can land reform help reduce poverty and inequality? -- Part V: The transmission of sovereign debt downgrades into the credit markets and the real economy -- 32. What role does business confidence play in transmitting sovereign credit ratings upgrade and downgrades shocks to the real economy? -- 33. Are sovereign credit ratings shock transmitted via economic growth to impact credit growth dynamics? -- 34. Does the cost of government borrowing transmit the sovereign credit downgrade shocks to credit growth? -- Part VI: Capital flow surges, sudden stops and elevated portfolio volatility shocks: what is the nature of their interaction with GDP growth and credit and economic costs? -- 35. What are the economic costs of capital flow waves in South Africa? -- 36. Capital flow surges, sudden stops and elevated portfolio volatility shocks: What is the nature of their interaction with GDP growth and credit? -- 37.Do bank and non-bank capital flows induce sectorial reallocation of credit away from the household sector? -- 38. Do banking and non-banking capital flows induce sectorial reallocation of credit away from companies? -- 39. Do equity and debt inflows matter in the attainment of the price stability mandate? -- 40. Do local investors play a stabilizing role relative to foreign investors after economic shocks -- 41. Do investors' net purchases and capital retrenchment activities impact the monetary policy response to positive inflation shocks?. Tipo de medio : Computadora Summary : The overarching goal of South Africa's National Development Plan (NDP) is to eliminate poverty, reduce inequality, lower unemployment and increase the labour participation.This book contributes to academic and policy efforts to achieve these NDP goals. We establish that the coal, metal ores and the platinum group commodity sectors will underpin the mining as a "sunrise" industry. The export-led growth strategy is necessary for intensive employment creation but must be complemented by other micro, macroeconomic and industrial policies. A strategy of minerals beneficiation is important for intensive employment creation. Accelerated land reform is a supply side or structural reform policy intervention tool aimed at increasing potential output, changing ownership patterns in the economy, increasing entrepreneurship, labour absorption, economic inclusion and lowering income inequality. Evidence shows that the balance sheet channel, commodity price booms and busts are intricately linked with the exchange rate dynamics, policy uncertainty, confidence and the effects of droughts (also symptoms of climate change). Productivity and investment growth shocks matter for output, employment and price stability. Evidence indicates that nominal GDP growth above 10 percent and keeping inflation within the target band leads to significant increase in employment and decline in unemployment, without inflationary pressures, especially when inflation is below 4.5 percent. To operationalise the NDP targets, align and co-ordinate policies, the South African Reserve Bank (SARB) mandate can be expanded to include maximum employment. This must be complemented by lowering the inflation target band, adjusting the financial regulatory, macro-prudential and monetary policy frameworks. This will enhance the conduct and credibility of monetary and financial stability policies to achieve the set objectives. These objectives make policy co-ordination pertinent and binding. Enlace de acceso : https://link-springer-com.biblioproxy.umanizales.edu.co/referencework/10.1007/97 [...]
TÃtulo : Achieving Price, Financial and Macro-Economic Stability in South Africa : The Role of the Central Bank Balance Sheet, Macro-Prudential Tools, Financial Regulations and Analysis Tipo de documento: documento electrónico Autores: Gumata, Nombulelo, ; Ndou, Eliphas, Mención de edición: 1 ed. Editorial: [s.l.] : Springer Fecha de publicación: 2021 Número de páginas: XLIV, 556 p. 361 ilustraciones, 69 ilustraciones en color. ISBN/ISSN/DL: 978-3-030-66340-7 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: EconomÃa africana Clasificación: 330.96 Resumen: Este libro explora los efectos macrofinancieros de los balances de los bancos centrales, las herramientas macroprudenciales y la regulación financiera en Sudáfrica. Se examina cómo se puede maximizar el empleo manteniendo la inflación baja y estable en relación con los cambios estructurales necesarios para alterar la composición de los balances de los bancos sudafricanos. Se utilizan métodos y enfoques cuantitativos para resaltar el impacto de las polÃticas sugeridas. Este libro tiene como objetivo delinear estrategias e intervenciones polÃticas que pueden ayudar a lograr el Plan Nacional de Desarrollo en Sudáfrica. Será de interés para investigadores y formuladores de polÃticas que trabajan en economÃa del desarrollo, economÃa africana, finanzas para el desarrollo y polÃtica financiera. Nota de contenido: 1. Introduction -- 2. Do capital inflows relieve banks' credit constraints and boost credit growth? Evidence from credit conditions and bank credit risk -- 3. Credit conditions and the amplification of macroeconomic responses to unexpected shocks: Implications for monetary policy -- 4. Output and inflation responses to single and double credit threshold effects in South Africa -- 5. Do contractionary fiscal shocks transmitted via GDP growth dampen credit growth? -- 6. Do synchronised credit and house price booms impact the monetary policy reaction to inflationary pressures? -- 7. Do synchronised boom and non-boom episodes in credit, commodity and equity prices impact the response of the repo rate to positive inflation shocks? -- 8. To what extent do capital inflows impact response of South African economic growth to positive SA-US interest rate differential shocks? -- 9. Is there a compelling case to increase the SARB holdings of government securities to supplement interest income and neutralize loses due foreign investments and foreign currency reserves accumulation? -- 10. Are the amplification effects of positive shocks to SARB assets and forex reserves on long-term yields dependent on government debt regimes? -- 11. Foreign Currency Reserves: Do they contribute to GDP and employment growth? -- 12. What is the impact of large-scale asset purchases and banks' balance sheets? -- 13. Is the interest rate corridor an effective instrument to dampen the accumulation of excess reserves and inter-bank rate volatility? -- 14. Is the impact of the unexpected positive required reserves ratio shock on inflation expectations different to that due to positive excess LAH and forex reserves shock? -- 15. How potent is the required reserves impact tightening shock on funding and consumer interest rates? -- 16. The impact of large-scale asset purchases on non-resident purchases of South African assets -- 17. Large scale asset purchases and activity in the primary and secondary share and bond markets -- 18. The stock and flow effects of large-scale asset purchases: Evidence from persistent vs transitory shocks -- 19. Has the inflation target band impacted the natural rate of unemployment in South Africa? Evidence from the accelerationist Philips curve -- 20. Do regulatory tools impact the transmission of capital inflow shocks into credit extension and induce the reallocation of sectoral credit shares? -- 21. What role do non-performing loans play in propagating the excess LAH shock effects on sectoral credit re-allocation? -- 22. Is excess CAR beneficial in neutralising excessive credit growth and inflationary pressures? What are the implications for monetary and financial policy? -- 23. Do non-performing loans propagate the transmission of monetary policy tightening shocks to sectorial credit? -- 24. How effective is the relaxation of the countercyclical capital buffer at a time when other residential macro-prudential tools are tight? -- 25. Revisiting the role of money demand function: Does the short fall in money demand impact the inflation responses of rand depreciation shocks? -- 26. Do the shortfalls and overhangs derived from money demand in South Africa augmented with portfolio balances impact inflation dynamics? -- 27. Do the exchange rate depreciation and volatility shocks impact money demand in South Africa? -- 28. Does economic policy uncertainty impact real money demand in South Africa? -- 29. Is a single sectorial credit growth threshold too restrictive? Evidence from the output and inflation -- 30. Does the threshold for household debt growth matter for GDP growth and response of monetary policy to inflation shocks? -- 31. How does a positive repo rate shock affect the household sector intermediation? Evidence from households' flow-of-funds data -- 32. To what extent are the public and private's sector financial asset flows impacted by monetary policy tightening shock?. Tipo de medio : Computadora Summary : This book explores the macro-financial effects of central bank balance sheets, macro-prudential tools, and financial regulation in South Africa. How employment can be maximised while keeping inflation low and stable is examined in relation to the structural changes required to alter the composition of South African bank balance sheets. Quantitative methods and approaches are utilised to highlight the impact of suggested policies. This book aims to outline strategies and policy interventions that can help achieve the National Development Plan in South Africa. It will be of interest to researchers and policymakers working within development economics, African economics, development finance, and financial policy. Enlace de acceso : https://link-springer-com.biblioproxy.umanizales.edu.co/referencework/10.1007/97 [...] Achieving Price, Financial and Macro-Economic Stability in South Africa : The Role of the Central Bank Balance Sheet, Macro-Prudential Tools, Financial Regulations and Analysis [documento electrónico] / Gumata, Nombulelo, ; Ndou, Eliphas, . - 1 ed. . - [s.l.] : Springer, 2021 . - XLIV, 556 p. 361 ilustraciones, 69 ilustraciones en color.
ISBN : 978-3-030-66340-7
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: EconomÃa africana Clasificación: 330.96 Resumen: Este libro explora los efectos macrofinancieros de los balances de los bancos centrales, las herramientas macroprudenciales y la regulación financiera en Sudáfrica. Se examina cómo se puede maximizar el empleo manteniendo la inflación baja y estable en relación con los cambios estructurales necesarios para alterar la composición de los balances de los bancos sudafricanos. Se utilizan métodos y enfoques cuantitativos para resaltar el impacto de las polÃticas sugeridas. Este libro tiene como objetivo delinear estrategias e intervenciones polÃticas que pueden ayudar a lograr el Plan Nacional de Desarrollo en Sudáfrica. Será de interés para investigadores y formuladores de polÃticas que trabajan en economÃa del desarrollo, economÃa africana, finanzas para el desarrollo y polÃtica financiera. Nota de contenido: 1. Introduction -- 2. Do capital inflows relieve banks' credit constraints and boost credit growth? Evidence from credit conditions and bank credit risk -- 3. Credit conditions and the amplification of macroeconomic responses to unexpected shocks: Implications for monetary policy -- 4. Output and inflation responses to single and double credit threshold effects in South Africa -- 5. Do contractionary fiscal shocks transmitted via GDP growth dampen credit growth? -- 6. Do synchronised credit and house price booms impact the monetary policy reaction to inflationary pressures? -- 7. Do synchronised boom and non-boom episodes in credit, commodity and equity prices impact the response of the repo rate to positive inflation shocks? -- 8. To what extent do capital inflows impact response of South African economic growth to positive SA-US interest rate differential shocks? -- 9. Is there a compelling case to increase the SARB holdings of government securities to supplement interest income and neutralize loses due foreign investments and foreign currency reserves accumulation? -- 10. Are the amplification effects of positive shocks to SARB assets and forex reserves on long-term yields dependent on government debt regimes? -- 11. Foreign Currency Reserves: Do they contribute to GDP and employment growth? -- 12. What is the impact of large-scale asset purchases and banks' balance sheets? -- 13. Is the interest rate corridor an effective instrument to dampen the accumulation of excess reserves and inter-bank rate volatility? -- 14. Is the impact of the unexpected positive required reserves ratio shock on inflation expectations different to that due to positive excess LAH and forex reserves shock? -- 15. How potent is the required reserves impact tightening shock on funding and consumer interest rates? -- 16. The impact of large-scale asset purchases on non-resident purchases of South African assets -- 17. Large scale asset purchases and activity in the primary and secondary share and bond markets -- 18. The stock and flow effects of large-scale asset purchases: Evidence from persistent vs transitory shocks -- 19. Has the inflation target band impacted the natural rate of unemployment in South Africa? Evidence from the accelerationist Philips curve -- 20. Do regulatory tools impact the transmission of capital inflow shocks into credit extension and induce the reallocation of sectoral credit shares? -- 21. What role do non-performing loans play in propagating the excess LAH shock effects on sectoral credit re-allocation? -- 22. Is excess CAR beneficial in neutralising excessive credit growth and inflationary pressures? What are the implications for monetary and financial policy? -- 23. Do non-performing loans propagate the transmission of monetary policy tightening shocks to sectorial credit? -- 24. How effective is the relaxation of the countercyclical capital buffer at a time when other residential macro-prudential tools are tight? -- 25. Revisiting the role of money demand function: Does the short fall in money demand impact the inflation responses of rand depreciation shocks? -- 26. Do the shortfalls and overhangs derived from money demand in South Africa augmented with portfolio balances impact inflation dynamics? -- 27. Do the exchange rate depreciation and volatility shocks impact money demand in South Africa? -- 28. Does economic policy uncertainty impact real money demand in South Africa? -- 29. Is a single sectorial credit growth threshold too restrictive? Evidence from the output and inflation -- 30. Does the threshold for household debt growth matter for GDP growth and response of monetary policy to inflation shocks? -- 31. How does a positive repo rate shock affect the household sector intermediation? Evidence from households' flow-of-funds data -- 32. To what extent are the public and private's sector financial asset flows impacted by monetary policy tightening shock?. Tipo de medio : Computadora Summary : This book explores the macro-financial effects of central bank balance sheets, macro-prudential tools, and financial regulation in South Africa. How employment can be maximised while keeping inflation low and stable is examined in relation to the structural changes required to alter the composition of South African bank balance sheets. Quantitative methods and approaches are utilised to highlight the impact of suggested policies. This book aims to outline strategies and policy interventions that can help achieve the National Development Plan in South Africa. It will be of interest to researchers and policymakers working within development economics, African economics, development finance, and financial policy. Enlace de acceso : https://link-springer-com.biblioproxy.umanizales.edu.co/referencework/10.1007/97 [...]
TÃtulo : Bank Credit Extension and Real Economic Activity in South Africa : The Impact of Capital Flow Dynamics, Bank Regulation and Selected Macro-prudential Tools Tipo de documento: documento electrónico Autores: Gumata, Nombulelo, ; Ndou, Eliphas, Mención de edición: 1 ed. Editorial: [s.l.] : Springer Fecha de publicación: 2017 Número de páginas: XLVII, 582 p. ISBN/ISSN/DL: 978-3-319-43551-0 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: Industria de servicios financieros Macroeconómica Relaciones Económicas Internacionales Servicios financieros MacroeconomÃa y economÃa monetaria EconomÃa Internacional Clasificación: 332.17 Resumen: Este libro presenta evidencia empÃrica que respalda y facilita un enfoque práctico e integrado sobre cómo la regulación bancaria y las herramientas macroprudenciales seleccionadas interactúan con la polÃtica monetaria para lograr la estabilidad financiera y de precios. Los resultados empÃricos contenidos en varios capÃtulos acompañan un análisis histórico en profundidad y escenarios contrafactuales que permiten una evaluación adecuada de las polÃticas y la interacción de las herramientas de polÃtica monetaria, macroprudencial y regulatoria bancaria en Sudáfrica. La evidencia presentada también identifica episodios de auge y caÃda de los activos financieros y las costosas pérdidas de producción asociadas. Además, los autores exploran la amplificación de la dinámica del crédito por los precios de las materias primas y la reasignación del crédito sectorial debido a shocks en las entradas de capital. El análisis empÃrico del libro utiliza una amplia gama de enfoques estadÃsticos y econométricos sobre datos granulares y variables económicas para derivar implicaciones y recomendaciones de polÃticas. Este análisis cuantitativo en profundidad incluye la determinación de la transmisión inversa de la liquidez global, asà como los efectos de los flujos de capital, los márgenes de las tasas de préstamo, la incertidumbre regulatoria financiera, la Ley Nacional de Crédito, los Ãndices de adecuación de capital de los bancos, las provisiones para pérdidas de préstamos bancarios, las ratios valor-valor y ratios reembolso-ingresos en la macroeconomÃa. Nota de contenido: Chapter 1) Introduction -- Chapter 2)The inverse transmission of positive global liquidity shocks into the South African economy -- Chapter 3) The impact of capital flows on credit extension: the counterfactual approach -- Chapter 4) Capital flow episode shocks, global risk and credit growth -- Chapter 5) Do bank and non-bank capital flows induce sectorial reallocation of credit away from the household sector? -- Chapter 6) Do components of capital flows induce sectorial reallocation of credit away from companies? -- Chapter 7) Stock returns, volatility and bust effects on economic growth -- Chapter 8) The interaction between credit conditions, monetary policy and economic activity -- Chapter 9) Credit conditions and the amplification of exchange rate depreciation and other unexpected macroeconomic shocks -- Chapter 10) What does the adjustment of the lending-deposit rate spread tell us about collusive behaviour pricing, transaction costs and adverse customer reaction? -- Chapter 11) Adverse credit supply shocks and weak economic growth -- Chapter 12) Credit supply shocks and real economic activity -- Chapter 13) Credit growth threshold and the nonlinear transmission of credit shocks -- Chapter 14) Credit regimes and the balance sheet effects -- Chapter 15) The banking risk-taking channel of monetary policy in South Africa -- Chapter 16) Financial regulation policy uncertainty and the sluggish recovery in credit growth -- Chapter 17) Excess capital adequacy and liquid asset holdings and credit -- Chapter 18) Credit loss provisions as a macro-prudential tool -- Chapter 19) The National Credit Act, monetary policy and credit growth -- Chapter 20) Loan-to-value ratios, contractionary monetary policy and inflation expectations -- Chapter 21) Repayment-to-income and loan-to-value ratios shocks on the housing market. Tipo de medio : Computadora Summary : This book presents empirical evidence that supports and facilitates a practical, integrated approach to how bank regulatory and selected macro-prudential tools interact with monetary policy to achieve price and financial stability. The empirical results contained in various chapters accompany in-depth historical analysis and counterfactual scenarios that enable proper policy evaluation and the interaction of bank regulatory, macro-prudential and monetary policy tools in South Africa. The presented evidence also identifies financial asset boom and bust episodes and the associated costly output losses. In addition, the authors explore the amplification of credit dynamics by commodity prices and sector credit re-allocation due to capital inflows shocks. The book's empirical analysis uses a wide range of statistical and econometric approaches on granular data and economic variables to derive policy implications and recommendations. This in-depth quantitative analysis includes determining inverse transmission of global liquidity, as well as the effects of capital flows, lending-rate margins, financial regulatory uncertainty, the National Credit Act, bank capital-adequacy ratios, bank loan loss provisions, loan-to-value ratios and repayment-to-income ratios on the macro-economy. Enlace de acceso : https://link-springer-com.biblioproxy.umanizales.edu.co/referencework/10.1007/97 [...] Bank Credit Extension and Real Economic Activity in South Africa : The Impact of Capital Flow Dynamics, Bank Regulation and Selected Macro-prudential Tools [documento electrónico] / Gumata, Nombulelo, ; Ndou, Eliphas, . - 1 ed. . - [s.l.] : Springer, 2017 . - XLVII, 582 p.
ISBN : 978-3-319-43551-0
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: Industria de servicios financieros Macroeconómica Relaciones Económicas Internacionales Servicios financieros MacroeconomÃa y economÃa monetaria EconomÃa Internacional Clasificación: 332.17 Resumen: Este libro presenta evidencia empÃrica que respalda y facilita un enfoque práctico e integrado sobre cómo la regulación bancaria y las herramientas macroprudenciales seleccionadas interactúan con la polÃtica monetaria para lograr la estabilidad financiera y de precios. Los resultados empÃricos contenidos en varios capÃtulos acompañan un análisis histórico en profundidad y escenarios contrafactuales que permiten una evaluación adecuada de las polÃticas y la interacción de las herramientas de polÃtica monetaria, macroprudencial y regulatoria bancaria en Sudáfrica. La evidencia presentada también identifica episodios de auge y caÃda de los activos financieros y las costosas pérdidas de producción asociadas. Además, los autores exploran la amplificación de la dinámica del crédito por los precios de las materias primas y la reasignación del crédito sectorial debido a shocks en las entradas de capital. El análisis empÃrico del libro utiliza una amplia gama de enfoques estadÃsticos y econométricos sobre datos granulares y variables económicas para derivar implicaciones y recomendaciones de polÃticas. Este análisis cuantitativo en profundidad incluye la determinación de la transmisión inversa de la liquidez global, asà como los efectos de los flujos de capital, los márgenes de las tasas de préstamo, la incertidumbre regulatoria financiera, la Ley Nacional de Crédito, los Ãndices de adecuación de capital de los bancos, las provisiones para pérdidas de préstamos bancarios, las ratios valor-valor y ratios reembolso-ingresos en la macroeconomÃa. Nota de contenido: Chapter 1) Introduction -- Chapter 2)The inverse transmission of positive global liquidity shocks into the South African economy -- Chapter 3) The impact of capital flows on credit extension: the counterfactual approach -- Chapter 4) Capital flow episode shocks, global risk and credit growth -- Chapter 5) Do bank and non-bank capital flows induce sectorial reallocation of credit away from the household sector? -- Chapter 6) Do components of capital flows induce sectorial reallocation of credit away from companies? -- Chapter 7) Stock returns, volatility and bust effects on economic growth -- Chapter 8) The interaction between credit conditions, monetary policy and economic activity -- Chapter 9) Credit conditions and the amplification of exchange rate depreciation and other unexpected macroeconomic shocks -- Chapter 10) What does the adjustment of the lending-deposit rate spread tell us about collusive behaviour pricing, transaction costs and adverse customer reaction? -- Chapter 11) Adverse credit supply shocks and weak economic growth -- Chapter 12) Credit supply shocks and real economic activity -- Chapter 13) Credit growth threshold and the nonlinear transmission of credit shocks -- Chapter 14) Credit regimes and the balance sheet effects -- Chapter 15) The banking risk-taking channel of monetary policy in South Africa -- Chapter 16) Financial regulation policy uncertainty and the sluggish recovery in credit growth -- Chapter 17) Excess capital adequacy and liquid asset holdings and credit -- Chapter 18) Credit loss provisions as a macro-prudential tool -- Chapter 19) The National Credit Act, monetary policy and credit growth -- Chapter 20) Loan-to-value ratios, contractionary monetary policy and inflation expectations -- Chapter 21) Repayment-to-income and loan-to-value ratios shocks on the housing market. Tipo de medio : Computadora Summary : This book presents empirical evidence that supports and facilitates a practical, integrated approach to how bank regulatory and selected macro-prudential tools interact with monetary policy to achieve price and financial stability. The empirical results contained in various chapters accompany in-depth historical analysis and counterfactual scenarios that enable proper policy evaluation and the interaction of bank regulatory, macro-prudential and monetary policy tools in South Africa. The presented evidence also identifies financial asset boom and bust episodes and the associated costly output losses. In addition, the authors explore the amplification of credit dynamics by commodity prices and sector credit re-allocation due to capital inflows shocks. The book's empirical analysis uses a wide range of statistical and econometric approaches on granular data and economic variables to derive policy implications and recommendations. This in-depth quantitative analysis includes determining inverse transmission of global liquidity, as well as the effects of capital flows, lending-rate margins, financial regulatory uncertainty, the National Credit Act, bank capital-adequacy ratios, bank loan loss provisions, loan-to-value ratios and repayment-to-income ratios on the macro-economy. Enlace de acceso : https://link-springer-com.biblioproxy.umanizales.edu.co/referencework/10.1007/97 [...]
TÃtulo : Capital Flows, Credit Markets and Growth in South Africa : The Role of Global Economic Growth, Policy Shifts and Uncertainties Tipo de documento: documento electrónico Autores: Gumata, Nombulelo, ; Ndou, Eliphas, Mención de edición: 1 ed. Editorial: [s.l.] : Springer Fecha de publicación: 2019 Número de páginas: XLIII, 385 p. 257 ilustraciones ISBN/ISSN/DL: 978-3-030-30888-9 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: Macroeconómica Desarrollo economico EconomÃa del trabajo EconomÃa africana MacroeconomÃa y economÃa monetaria Crecimiento económico economÃa agrÃcola Clasificación: 330.96 Resumen: Este libro examina la dinámica de los flujos de capital, los mercados de crédito y el crecimiento en Sudáfrica. Los autores exploran el papel del crecimiento económico global, los cambios de polÃticas y diversas incertidumbres en materia de polÃtica económica. Los bancos centrales de las economÃas avanzadas utilizan herramientas de polÃtica monetaria no convencionales, como polÃticas de balance, tasas de interés negativas y orientación prospectiva ampliada para ayudarlos a cumplir sus objetivos de precios, estabilidad financiera y macroeconómica. Este libro determina si el crecimiento del PIB de los BRICS es una fuente de shocks o un amplificador de los shocks del crecimiento global. Los autores encuentran que el crecimiento económico global y la incertidumbre polÃtica se refuerzan mutuamente a través de los flujos de capital, las condiciones crediticias y la confianza empresarial en la economÃa nacional. Además, demuestran que hay impulso en los cambios en el diferencial entre la tasa de recompra y la tasa de los fondos federales. Además, las tasas oficiales reales globales impactan el crecimiento del PIB interno y las condiciones del mercado laboral. Los autores examinan los costos económicos de los aumentos repentinos de los flujos de capital, las paradas repentinas y los shocks de elevada volatilidad de las carteras y su interacción con el crecimiento del PIB y el crédito. Muestran que las entradas de capital y deuda son importantes para el cumplimiento del mandato de estabilidad de precios. Además, la confianza empresarial transmite las mejoras y reducciones de las calificaciones crediticias soberanas a la economÃa real a través del crecimiento del PIB, el costo de la deuda pública y el endeudamiento para impactar el crecimiento del crédito. Un alto crecimiento del PIB aumenta la probabilidad de que se mejoren las calificaciones crediticias soberanas, por lo que las autoridades deberÃan implementar polÃticas favorables al crecimiento. Los regÃmenes inflacionarios impactan la transmisión de shocks positivos de demanda nominal al nivel de precios. Una inflación baja y estable (inflación inferior al 4,5 por ciento) reduce la transmisión de shocks positivos de demanda nominal a la inflación. . Nota de contenido: 1 Introduction -- Part I Global Economic Growth, Economic Policy Uncertainty and The Influence of Trade Dynamics -- 2 Is BRICS GDP Growth a Source of Shocks or an Amplifier of Global Growth Responses? What Are the Policy Implications for South Africa? -- 3 Does the Trade-Openness Channel Impact the Effects of Business Confidence Shocks on Investment Growth? -- 4 Trade-Openness, Consumer Price Inflation and Exchange Rate Depreciation Shocks -- 5 Global Growth and Economic Policy Uncertainty Shock Effects on the South African Economy: Do These Reinforce Each Other? -- 6. Heightened Foreign Economic Policy Uncertainty Shock Effects on the South African Economy: Transmission via Capital Flows, Credit Conditions and Business Confidence Channels -- Part II Global Policy Rates and The South African Economy -- 7 In Which Direction Is There a Momentum Effect in the Changes in the Spread Between the Repo Rate and Federal Funds Rate? -- 8 How Do Global Real Policy Rates Impact the South African GDP Growth and Labour Market Conditions? -- 9 To What Extent Do Capital Inflows Impact the Response of the South African Economic Growth to Positive SA-US Interest Rate Differential Shocks? -- Part III Capital Flow Surges, Sudden Stops and Elevated Portfolio Inflows Volatility Effects -- 10 Economic Costs of Capital Flow Episodes in South Africa -- 11 Capital Flow Surges, Sudden Stops and Elevated Portfolio Inflow Volatility Shocks: What is the Nature of Their Interaction with GDP Growth and Credit? -- 12 Bank and Non-bank Capital Flows and The Sectorial Reallocation of Credit Away from the Household Sector -- 13 Banking and Non-banking Capital Flows and The Sectorial Reallocation of Credit Away from Companies -- 14 Equity, Debt Inflows and the Price Stability Mandate -- 15 Do Local Investors Play a Stabilising Role Relative to Foreign Investors After Economic Shocks? -- 16 Do Investors' Net Purchases and Capital Retrenchment Activities Impact the Monetary Policy Response to Positive Inflation Shocks? -- Part IV The Transmission of Sovereign Debt Credit Ratings Downgrades and Upgrades into the Credit Markets and the Real Economy -- 17 What Role Does Business Confidence Play in Transmitting Sovereign Debt Credit Ratings Upgrades and Downgrades Shocks into the Real Economy? -- 18 Are Sovereign Debt Credit Ratings Shocks Transmitted Via Economic Growth to Impact Credit Growth? -- 19 Does the Cost of Government Borrowing Transmit Sovereign Debt Credit Ratings Downgrades Shocks to Credit Growth? -- Part V The Output–Inflation Trade-off, External Shocks, Labour Market Conditions and Inflation Expectations -- 20 The Output-gap, Nominal Wage and Consumer Price Inflation Volatility Trade-off -- 21 The Output-Gap and Inflation Volatility Trade-off: Do External Shocks and Inflation Expectations Shift the Taylor Curve -- 22 Do Adverse Global Trade Shocks Impact the Trade-off Between the Inflation and Output-Gap Volatilities -- 23 Do the Labour Market Conditions Shocks Impact the Trade-off Between the Inflation and Output-Gap Volatilities? -- Part VI The Policy Ineffectiveness Issues -- 24 The Output Gap–Inflation Trade-off and the Policy Ineffectiveness -- 25 Inflation Regimes and the Transmission of Positive Nominal Demand Shocks to the Price Level. Tipo de medio : Computadora Summary : This book examines the dynamics in capital flows, credit markets and growth in South Africa. The authors explore the role of global economic growth, policy shifts and various economic policy uncertainties. Central banks in advanced economies are engaged in unconventional monetary policy tools such as balance sheet policies, negative interest rates and extended forward guidance to assist them to meet their price, financial and macro-economic stability objectives. This book determines whether BRICS GDP growth is a source of shocks or an amplifier of global growth shocks. The authors find that global economic growth and policy uncertainty reinforce each other via capital flows, credit conditions and business confidence on the domestic economy. Furthermore, they demonstrate that there is momentum in the changes in the spread between the repo rate and federal funds rate. In addition, global real policy rates impact domestic GDP growth and labor market conditions. The authors examine the economic costs of capital flow surges, sudden stops and elevated portfolio volatility shocks and their interaction with GDP growth and credit. They show that equity and debt inflows matter in the attainment of the price stability mandate. Moreover, business confidence transmits sovereign credit ratings upgrades and downgrades shocks to the real economy via GDP growth, the cost of government debt and borrowing to impact credit growth. High GDP growth increases the likelihood of sovereign credit ratings upgrades, hence policymakers should implement pro-growth policies. Inflation regimes impact the transmission of positive nominal demand shocks to the price level. Low and stable inflation (inflation below 4.5 per cent) reduces the pass-through of positive nominal demand shocks to inflation. . Enlace de acceso : https://link-springer-com.biblioproxy.umanizales.edu.co/referencework/10.1007/97 [...] Capital Flows, Credit Markets and Growth in South Africa : The Role of Global Economic Growth, Policy Shifts and Uncertainties [documento electrónico] / Gumata, Nombulelo, ; Ndou, Eliphas, . - 1 ed. . - [s.l.] : Springer, 2019 . - XLIII, 385 p. 257 ilustraciones.
ISBN : 978-3-030-30888-9
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: Macroeconómica Desarrollo economico EconomÃa del trabajo EconomÃa africana MacroeconomÃa y economÃa monetaria Crecimiento económico economÃa agrÃcola Clasificación: 330.96 Resumen: Este libro examina la dinámica de los flujos de capital, los mercados de crédito y el crecimiento en Sudáfrica. Los autores exploran el papel del crecimiento económico global, los cambios de polÃticas y diversas incertidumbres en materia de polÃtica económica. Los bancos centrales de las economÃas avanzadas utilizan herramientas de polÃtica monetaria no convencionales, como polÃticas de balance, tasas de interés negativas y orientación prospectiva ampliada para ayudarlos a cumplir sus objetivos de precios, estabilidad financiera y macroeconómica. Este libro determina si el crecimiento del PIB de los BRICS es una fuente de shocks o un amplificador de los shocks del crecimiento global. Los autores encuentran que el crecimiento económico global y la incertidumbre polÃtica se refuerzan mutuamente a través de los flujos de capital, las condiciones crediticias y la confianza empresarial en la economÃa nacional. Además, demuestran que hay impulso en los cambios en el diferencial entre la tasa de recompra y la tasa de los fondos federales. Además, las tasas oficiales reales globales impactan el crecimiento del PIB interno y las condiciones del mercado laboral. Los autores examinan los costos económicos de los aumentos repentinos de los flujos de capital, las paradas repentinas y los shocks de elevada volatilidad de las carteras y su interacción con el crecimiento del PIB y el crédito. Muestran que las entradas de capital y deuda son importantes para el cumplimiento del mandato de estabilidad de precios. Además, la confianza empresarial transmite las mejoras y reducciones de las calificaciones crediticias soberanas a la economÃa real a través del crecimiento del PIB, el costo de la deuda pública y el endeudamiento para impactar el crecimiento del crédito. Un alto crecimiento del PIB aumenta la probabilidad de que se mejoren las calificaciones crediticias soberanas, por lo que las autoridades deberÃan implementar polÃticas favorables al crecimiento. Los regÃmenes inflacionarios impactan la transmisión de shocks positivos de demanda nominal al nivel de precios. Una inflación baja y estable (inflación inferior al 4,5 por ciento) reduce la transmisión de shocks positivos de demanda nominal a la inflación. . Nota de contenido: 1 Introduction -- Part I Global Economic Growth, Economic Policy Uncertainty and The Influence of Trade Dynamics -- 2 Is BRICS GDP Growth a Source of Shocks or an Amplifier of Global Growth Responses? What Are the Policy Implications for South Africa? -- 3 Does the Trade-Openness Channel Impact the Effects of Business Confidence Shocks on Investment Growth? -- 4 Trade-Openness, Consumer Price Inflation and Exchange Rate Depreciation Shocks -- 5 Global Growth and Economic Policy Uncertainty Shock Effects on the South African Economy: Do These Reinforce Each Other? -- 6. Heightened Foreign Economic Policy Uncertainty Shock Effects on the South African Economy: Transmission via Capital Flows, Credit Conditions and Business Confidence Channels -- Part II Global Policy Rates and The South African Economy -- 7 In Which Direction Is There a Momentum Effect in the Changes in the Spread Between the Repo Rate and Federal Funds Rate? -- 8 How Do Global Real Policy Rates Impact the South African GDP Growth and Labour Market Conditions? -- 9 To What Extent Do Capital Inflows Impact the Response of the South African Economic Growth to Positive SA-US Interest Rate Differential Shocks? -- Part III Capital Flow Surges, Sudden Stops and Elevated Portfolio Inflows Volatility Effects -- 10 Economic Costs of Capital Flow Episodes in South Africa -- 11 Capital Flow Surges, Sudden Stops and Elevated Portfolio Inflow Volatility Shocks: What is the Nature of Their Interaction with GDP Growth and Credit? -- 12 Bank and Non-bank Capital Flows and The Sectorial Reallocation of Credit Away from the Household Sector -- 13 Banking and Non-banking Capital Flows and The Sectorial Reallocation of Credit Away from Companies -- 14 Equity, Debt Inflows and the Price Stability Mandate -- 15 Do Local Investors Play a Stabilising Role Relative to Foreign Investors After Economic Shocks? -- 16 Do Investors' Net Purchases and Capital Retrenchment Activities Impact the Monetary Policy Response to Positive Inflation Shocks? -- Part IV The Transmission of Sovereign Debt Credit Ratings Downgrades and Upgrades into the Credit Markets and the Real Economy -- 17 What Role Does Business Confidence Play in Transmitting Sovereign Debt Credit Ratings Upgrades and Downgrades Shocks into the Real Economy? -- 18 Are Sovereign Debt Credit Ratings Shocks Transmitted Via Economic Growth to Impact Credit Growth? -- 19 Does the Cost of Government Borrowing Transmit Sovereign Debt Credit Ratings Downgrades Shocks to Credit Growth? -- Part V The Output–Inflation Trade-off, External Shocks, Labour Market Conditions and Inflation Expectations -- 20 The Output-gap, Nominal Wage and Consumer Price Inflation Volatility Trade-off -- 21 The Output-Gap and Inflation Volatility Trade-off: Do External Shocks and Inflation Expectations Shift the Taylor Curve -- 22 Do Adverse Global Trade Shocks Impact the Trade-off Between the Inflation and Output-Gap Volatilities -- 23 Do the Labour Market Conditions Shocks Impact the Trade-off Between the Inflation and Output-Gap Volatilities? -- Part VI The Policy Ineffectiveness Issues -- 24 The Output Gap–Inflation Trade-off and the Policy Ineffectiveness -- 25 Inflation Regimes and the Transmission of Positive Nominal Demand Shocks to the Price Level. Tipo de medio : Computadora Summary : This book examines the dynamics in capital flows, credit markets and growth in South Africa. The authors explore the role of global economic growth, policy shifts and various economic policy uncertainties. Central banks in advanced economies are engaged in unconventional monetary policy tools such as balance sheet policies, negative interest rates and extended forward guidance to assist them to meet their price, financial and macro-economic stability objectives. This book determines whether BRICS GDP growth is a source of shocks or an amplifier of global growth shocks. The authors find that global economic growth and policy uncertainty reinforce each other via capital flows, credit conditions and business confidence on the domestic economy. Furthermore, they demonstrate that there is momentum in the changes in the spread between the repo rate and federal funds rate. In addition, global real policy rates impact domestic GDP growth and labor market conditions. The authors examine the economic costs of capital flow surges, sudden stops and elevated portfolio volatility shocks and their interaction with GDP growth and credit. They show that equity and debt inflows matter in the attainment of the price stability mandate. Moreover, business confidence transmits sovereign credit ratings upgrades and downgrades shocks to the real economy via GDP growth, the cost of government debt and borrowing to impact credit growth. High GDP growth increases the likelihood of sovereign credit ratings upgrades, hence policymakers should implement pro-growth policies. Inflation regimes impact the transmission of positive nominal demand shocks to the price level. Low and stable inflation (inflation below 4.5 per cent) reduces the pass-through of positive nominal demand shocks to inflation. . Enlace de acceso : https://link-springer-com.biblioproxy.umanizales.edu.co/referencework/10.1007/97 [...]
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
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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 [...]
