The main purpose of this paper is to describe South Africa's money supply process along several competing, but not mutually exclusive, theoretical paradigms over the period 1966-1997. The most important conclusion to be drawn from the empirical results is that irrespective of the monetary system...

The main purpose of this paper is to determine whether inflation in South Africa has been caused by excessive monetary expansion over the period 1966-1997, or whether the money supply has merely been passive in the inflationary process. The analysis first draws on Friedman and Schwartz's (1982)...

The main purpose of this paper is to describe South Africa's money supply process along several competing, but not mutually exclusive, theoretical paradigms over the period 1966-1997. The most important conclusion to be drawn from the empirical results is that irrespective of the monetary system...

This report is one of the first studies discussing monetary base analysis and control model, a concept even today is alive and more developed by, for example, by IMF to use its analysis. The study presents monetary base approach to control of money flows and the links between monetary base,...

The rise of inflation in 2021 and 2022 surprised many macroeconomists who ignored the earlier surge in money growth because past instability in the demand for simple-sum monetary aggregates had made these aggregates unreliable indicators. We find that the demand for more theoretically-based...

In the mainstream monetary policy consensus that prevailed prior to the global crisis, there was increasing de-emphasis on money and credit aggregates in the conduct of monetary policy, because of the overwhelming faith on the interest rate, both as an instrument of policy and as an indicator of...

This paper demonstrates how a target for money growth can be beneficial for an inflation targeting central bank acting under discretion. Because the growth rate of money is closely related to the change in the interest rate and he growth of real output, delegating a money growth target to the...

The advent of stablecoins offers new and innovative ways to improve financial inclusion, reduce transaction costs, and increase the efficiency of the global financial system. The following paper explores the assets and process necessary for creating a central bank digital currency (CBDC) on the...