Bank Credit Extension And Real Economic Activity In South Africa
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Bank Credit Extension And Real Economic Activity In South Africa
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Author : Nombulelo Gumata
language : en
Publisher: Springer
Release Date : 2017-03-13
Bank Credit Extension And Real Economic Activity In South Africa written by Nombulelo Gumata and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-13 with Business & Economics categories.
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.
Capital Flows Credit Markets And Growth In South Africa
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Author : Nombulelo Gumata
language : en
Publisher: Springer Nature
Release Date : 2019-12-11
Capital Flows Credit Markets And Growth In South Africa written by Nombulelo Gumata and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-11 with Business & Economics categories.
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.
Annual Economic Report
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Author : South African Reserve Bank
language : en
Publisher:
Release Date : 2002
Annual Economic Report written by South African Reserve Bank and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Banks and banking categories.
A Financial Conditions Index For South Africa
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Author : Mr.Nombulelo Gumata
language : en
Publisher: International Monetary Fund
Release Date : 2012-08-01
A Financial Conditions Index For South Africa written by Mr.Nombulelo Gumata and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-01 with Business & Economics categories.
The main purpose of this paper is to construct a financial conditions index (FCI) for South Africa. The analysis extracts the index by applying two alternative approaches (principal component analysis and Kalman filter), which identify an unobservable common factor from a group of external and domestic financial indicators. The alternative estimated FCIs, which share a similar trajectory over time, seem to have a powerful predictive information for the near-term GDP growth (up to four quarters), and they outperform the South African Reserve Bank’s (SARB) leading indicator as well as individual financial variables. Their recent dynamics suggest that following a strong recovery in late-2009 and 2010, reflecting in part domestic factors such as systematic reductions in the policy rate, the rebound in real economic activity, and a benign inflationary environment, the financial conditions have deteriorated in recent months, though not as sharply as in end-2008. Given their relatively high predictive power regarding GDP growth, a further deterioration may imply that economic activity is likely to slow in the period ahead.
Evolving Banking Trends In Sub Saharan Africa
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Author : Mr. Mauro Mecagni
language : en
Publisher: International Monetary Fund
Release Date : 2015-09-16
Evolving Banking Trends In Sub Saharan Africa written by Mr. Mauro Mecagni and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-09-16 with Business & Economics categories.
Banking in SSA has undergone very significant changes over the last two decades. Financial liberalization and related reforms, upgrades in institutional and more recently the expansion of cross-border banking activities and the rapid development of Pan-African banking groups are signaling greater financial integration and significant changes in the African banking and financial landscape. Nonetheless, excess liquidity in many countries reflects limited lending opportunities and, despite improvements, asset quality and provisioning remain comparatively low. Dollarization has also been a persistent characteristic in several natural resource-dependent economies. This paper discusses key stylized facts and trends of banking development in SSA, looking at a variety of dimensions such as size, depth, soundness, and efficiency. It also assess the rapid expansion of pan-African banking groups, which have overtaken the role of the European and U.S. banks that had traditionally dominated banking activities in SSA, creating significant cross-border networks and becoming the largest participants in new syndicates and large bilateral loans to finance infrastructure development.
Achieving Price Financial And Macro Economic Stability In South Africa
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Author : Nombulelo Gumata
language : en
Publisher: Springer Nature
Release Date : 2021-05-27
Achieving Price Financial And Macro Economic Stability In South Africa written by Nombulelo Gumata and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-27 with Business & Economics categories.
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.
Credit Expansion In Emerging Markets
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Author : Ms.Mercedes Garcia-Escribano
language : en
Publisher: International Monetary Fund
Release Date : 2015-09-29
Credit Expansion In Emerging Markets written by Ms.Mercedes Garcia-Escribano and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-09-29 with Business & Economics categories.
This paper explores the contribution of credit growth and the composition of credit portfolio (corporate, consumer, and housing credit) to economic growth in emerging market economies (EMs). Using cross-country panel regressions, we find significant impact of credit growth on real GDP growth, with the magnitude and transmission channel of the impact of credit on real activity depending on the specific type of credit. In particular, the results show that corporate credit shocks influence GDP growth mainly through investment, while consumer credit shocks are associated with private consumption. In addition, taking Brazil as a case study, we use a time series model to examine the role that the expansion and composition of credit played in driving real GDP growth in the past. The results of the case study are consistent with those found in the cross-country panel regressions.
Inequality Output Inflation Trade Off And Economic Policy Uncertainty
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Author : Eliphas Ndou
language : en
Publisher: Springer
Release Date : 2019-08-13
Inequality Output Inflation Trade Off And Economic Policy Uncertainty written by Eliphas Ndou and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-13 with Business & Economics categories.
This book focuses on income inequality, output-inflation trade-off and economic policy uncertainty in South Africa. Tight monetary and macroprudential policies raise income inequality. Income inequality transmits monetary policy and macroprudential policy shocks to real economic activity. Economic policy uncertainty influences the dynamics in the lending rate margins, inflation expectations, credit, pass-through of the repo rate to bank lending rates and companies’ cash holdings. The trade-off between output and inflation and output growth persistence vary with inflation regimes. Stimulatory demand policy shocks are less effective in high inflation regime. High income inequality raises consumption inequality, which raises demand for credit, but price stability matters in this link. Increased bank concentration raises income inequality, lowers economic growth and employment rate. Elevated economic policy uncertainty lowers output growth, lowers capital formation, reduces credit and raises companies’ cash holdings. Increased companies’ cash holdings reduce capital formation and impact the transmission of expansionary monetary policy shocks to real economic activity. This book shows there is an inflation level within the target band below it which lowers income inequality, while raising GDP growth and employment. Thus price stability, economic policy uncertainty and income inequality matter for the efficient transmission of policy shocks.
The Future Of The South African Political Economy Post Covid 19
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Author : Mzukisi Qobo
language : en
Publisher: Springer Nature
Release Date : 2022-10-31
The Future Of The South African Political Economy Post Covid 19 written by Mzukisi Qobo and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-10-31 with Political Science categories.
This book examines the COVID-19 pandemic through socioeconomic lens that draw on history, approaches to state-market relations, and public policy perspectives In 2020, the world experienced the worst pandemic since the outbreak of the Spanish Flu of 1918, which continues to have far[1]reaching implications for the global economy and triggered macro-economic dislocations that severely affected the most vulnerable countries and segments of society. This book was conceived as a response to the disruptive shifts induced by the pandemic, with a particular focus on South Africa. International experience has shown that countries and societies that have gone through tough economic times, either as a consequence of wars or economic depressions, have responded to crises by enacting unpopular policy measures based on difficult tradeoffs, which often made way for innovation. The authors outline policy responses to the COVID-19 crisis and propose several interventions to mitigate its effects. These include developing innovative approaches to fiscal and monetary policies, labour market policies, industrial policies, as well as social policies. Building state capabilities, improving the governance and performance of state institutions, and managing digital change are some of the clear policy interventions that are laid out in this book.
Fiscal Policy Shocks And Macroeconomic Growth In South Africa
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Author : Eliphas Ndou
language : en
Publisher: Springer Nature
Release Date : 2023-09-16
Fiscal Policy Shocks And Macroeconomic Growth In South Africa written by Eliphas Ndou and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-16 with Business & Economics categories.
This book explores the disconnect between fiscal policy and macroeconomic development in South Africa. It analyses the factors that have contributed to the lack of economic growth in the country over recent decades and outlines an improved fiscal policy framework that increases investment and employment. Particular attention is given to the impact of government debt and its relationship with GDP, the connection between budget deficits and interest rates, and how economic policy uncertainty affects employment dynamics and inflation. This book provides practical fiscal policy suggestions to increase economic growth in South Africa and Africa more generally. It will be relevant to researchers and policymakers interested in African economics and economic policy.