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Persistent link: https://www.econbiz.de/10009486234
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...
Persistent link: https://www.econbiz.de/10009621000
Despite a substantial and prolonged exchange rate depreciation, South Africa's export performance has disappointed since the global financial crisis. In this paper we focus on the role of structural factors in reducing the responsiveness of South African exports to the real exchange rate...
Persistent link: https://www.econbiz.de/10011435831
Many low-income countries do not use interest rates as their main monetary policy instrument. In East Africa, for instance, targeting money aggregates has been pretty much the rule rather than the exception. Nevertheless, these targets are seldom met and often readjusted according to the...
Persistent link: https://www.econbiz.de/10011445839
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Globally, financial institutions have increased their holdings of domestic sovereign debt, tightening the linkage between the health of the financial system and the level of sovereign debt, or the "financial sector-sovereign nexus," during the ongoing COVID-19 pandemic. In South Africa, the...
Persistent link: https://www.econbiz.de/10013170007
Cross-border capital flows are important for South Africa. They fund the nation's relatively large external financing needs and have important financial stability implications evidenced by the large capital outflows and asset price selloffs during the COVID-19 pandemic. This paper adds to the...
Persistent link: https://www.econbiz.de/10012796323
This paper applies the work of Berg and Ostry (2011) to the SACU region, to identify how inequalities have played a role in growth in each of these countries, and elaborates policy options to mitigate the effects of inequalities and foster growth. Lower income inequalities could lead to...
Persistent link: https://www.econbiz.de/10012671533