Intro -- Contents -- I. INTRODUCTION -- II. A CROSS-SECTIONAL LOOK AT CENTRAL BANK ACCOUNTS -- III. SOURCES AND USES OF SEIGNIORAGE -- IV. WHAT DETERMINES CENTRAL BANKS' OPERATING EXPENDITURES? -- V. CONCLUSIONS -- SAMPLE COUNTRIES -- NOTATION -- VALUATION ADJUSTMENTS -- REFERENCES.

This paper applies a state-space approach to estimate the implicit inflation target of the South African Reserve Bank (SARB) since the adoption of the Inflation Targeting (IT) framework. The paper's findings are two. First, although the official inflation target range is 3.6 percent, in...

Intro -- Contents -- I. INTRODUCTION -- II. DEBT SUSTAINABILITY ANALYSIS AND RISK -- III. DEBT DYNAMICS AND THE CONDUCT OF FISCAL POLICY -- IV. RISKS TO DEBT SUSTAINABILITY IN FIVE EMERGING MARKET ECONOMIES -- V. CONCLUSION -- Appendix -- REFERENCES.

This paper examines the role of the derivatives market in South Africa and provides policy options for promoting the development of derivatives markets in sub-Saharan Africa. South Africa's derivatives market has grown rapidly in recent years, supporting capital inflows and helping market...