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
by Nombulelo Gumata, Eliphas Ndou
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?.
