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...

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...

An early criticism of the Stability and Growth Pact has pointed to its asymmetric nature and the weak mechanisms to prevent politically-motivated fiscal policies: its constraints would bite in downswings but not in upswings, especially if in the latter the electoral cycle increases the...

1. Introduction -- Part 1: Income inequality and GDP Growth and inflation regime -- 2. Income inequality and GDP growth nexus in South Africa: Does the 4.5 percent consumer price inflation threshold and other channels play a role? -- 3. Does the inflation rate below 4.5 percent matter for the...

An early criticism of the Stability and Growth Pact has pointed to its asymmetric nature and the weak mechanisms to prevent politically-motivated fiscal policies: its constraints would bite in downswings but not in upswings, especially if in the latter the electoral cycle increases the...

It is often claimed that tax and welfare reforms that aim at enhancing efficiency may come at the cost of cyclical stabilisation. Reducing the generosity of welfare systems and lowering taxes may boost efficiency and output, and improve market adjustment to shocks. But, by reducing the size of...