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Displaying results 1 to 14 of 14.

  1. The impact of a higher leverage ratio on the South African economy
    Author: Davies, Rob; Harris, Laurence; Makrelov, Konstantin
    Published: April 2019
    Publisher:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    We employ a micro-founded and stock-and-flow-consistent model to study the impact of a higher leverage ratio on the South African economy. The model provides a rich representation of institutional balance sheets. The relationship between bank... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 248
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    We employ a micro-founded and stock-and-flow-consistent model to study the impact of a higher leverage ratio on the South African economy. The model provides a rich representation of institutional balance sheets. The relationship between bank capital, risk-taking behaviour, lending spreads, and economic activity is highlighted. The financial accelerator mechanism operates through the balance sheets of all economic institutions. The introduction of a higher leverage ratio is likely to generate negative economic impacts in the short run. The negative gross domestic product effect is greatest if the financial sector reduces leverage by reducing the value of assets. The regulatory shock leads the sector to change its perception of risk, reducing the size of the money multiplier and increasing lending spreads. Higher regulatory requirements also affect the transmission of monetary policy. Effective monetary policy requires understanding how the financial sector is likely to meet new requirements and change its perceptions of risk.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789292566692
    Other identifier:
    hdl: 10419/211265
    Series: WIDER working paper ; 2019, 35
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  2. The impact of capital flow reversal shocks in South Africa: a stock- and flow-consistent analysis
    Author: Makrelov, Konstantin; Davies, Rob; Harris, Laurence
    Published: July 2019
    Publisher:  Economic Research and Statistics Department, South African Reserve Bank, Pretoria

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: South African Reserve Bank working paper series ; WP, 19, 05
    Subjects: stock-and-flow consistent; financial dynamics; capital flows; South Africa; computable general equilibrium
    Scope: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  3. The short-term costs of reducing trend inflation in South Africa
    Author: Loewald, Christopher; Makrelov, Konstantin; Pirozhkova, Ekaterina
    Published: 2 August 2022
    Publisher:  Economic Research and Statistics Department, South African Reserve Bank, Pretoria

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    VS 655
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: South African Reserve Bank working paper series ; WP, 22, 08
    Subjects: sacrifice ratio; inflation; inflation targeting
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  4. A climate change modelling framework for financial stress testing in Southern Africa
    Author: Anvari, Vafa; Arndt, Channing; Hartley, Faaiqa; Makrelov, Konstantin; Strezepek, Kenneth; Thomas, Timothy; Gabriel, Sherwin; Merven, Bruno
    Published: 5 August 2022
    Publisher:  Economic Research and Statistics Department, South African Reserve Bank, Pretoria

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: South African Reserve Bank working paper series ; WP, 22, 09
    Subjects: climate change models; transition risk; physical risk; central banks; South Africa
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  5. Leaning against the wind with fiscal and monetary policy
    Author: Jager, Shaun de; Loewald, Christopher; Makrelov, Konstantin; Sibande, Xolani
    Published: 6 September 2022
    Publisher:  Economic Research and Statistics Department, South African Reserve Bank, Pretoria

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: South African Reserve Bank working paper series ; WP, 22, 12
    Subjects: econometric modelling; monetary policy; macroprudential policy; fiscal policy; policy coordination
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  6. Time consistency and economic growth
    a case study of South African macroeconomic policy
    Author: Loewald, Christopher; Faulkner, David; Makrelov, Konstantin
    Published: 25 November 2020
    Publisher:  Economic Research and Statistics Department, South African Reserve Bank, Pretoria

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: South African Reserve Bank working paper series ; WP, 20, 12
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  7. Stock-and-flow-consistent macroeconomic model for South Africa
    Author: Makrelov, Konstantin; Arndt, Channing; Davies, Rob; Harris, Laurence
    Published: January 2018
    Publisher:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    We develop a stock-and-flow-consistent model for South Africa with four financial instruments and detailed balance sheets for the household, government, financial, non-financial, and foreign sectors and the Reserve Bank. Though micro-founded, the... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We develop a stock-and-flow-consistent model for South Africa with four financial instruments and detailed balance sheets for the household, government, financial, non-financial, and foreign sectors and the Reserve Bank. Though micro-founded, the model departs significantly from current dynamic stochastic general equilibrium models as it assumes bounded rationality and no Ricardian equivalence. The stock and flow consistency makes it better suited to studying balance sheet dynamics and the real sector/financial sector interaction. In the model, cyclical flow changes affect the long-term real and financial behaviour of institutions through their impact on the respective institutional assets and liabilities stocks.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789292564490
    Other identifier:
    hdl: 10419/190056
    Series: WIDER working paper ; 2018, 7
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  8. Fiscal multipliers in South Africa
    the importance of financial sector dynamics
    Author: Makrelov, Konstantin; Arndt, Channing; Davies, Rob; Harris, Laurence
    Published: January 2018
    Publisher:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    We analyse implications of financial sector dynamics for fiscal expenditure multipliers in recessionary conditions. We employ a stock-and-flow-consistent model for South Africa with four financial instruments and detailed balance sheets for the... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 248 (2018,6)
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    We analyse implications of financial sector dynamics for fiscal expenditure multipliers in recessionary conditions. We employ a stock-and-flow-consistent model for South Africa with four financial instruments and detailed balance sheets for the household, government, financial, non-financial, and foreign sectors, and the Reserve Bank. The increase in government expenditure positively affects the probability of default, valuations, and perceptions of risk. Higher inflows of foreign savings can increase the multiplier further by reducing the domestic savings constraint. The size of the fiscal multipliers is also dependent on the actions of domestic and foreign monetary authorities, thus emphasizing the importance of policy co-ordination.

     
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    Volltext (kostenfrei)
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    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789292564483
    Other identifier:
    hdl: 10419/190055
    Series: WIDER working paper ; 2018, 6
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  9. Fiscal risks and their impact on banks' capital buffers in South Africa
    Author: Makrelov, Konstantin; Bell, Neryvia Pillay; Morule, Bojosi
    Published: June 2021
    Publisher:  Economic Research Southern Africa, [Cape Town]

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    VS 765
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: ERSA working paper ; 862
    Subjects: Fiscal policy; capital buffers; financial regulation; sovereign bank nexus; South Africa
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  10. Addressing low labour utilisation in South Africa
    Author: Loewald, Christopher; Makrelov, Konstantin; Wörgötter, Andreas
    Published: 1 June 2021
    Publisher:  Economic Research and Statistics Department, South African Reserve Bank, Pretoria

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    VS 655
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: South African Reserve Bank working paper series ; WP, 21, 09
    Subjects: labour policy; labour utilisation; unemployment; South Afric
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  11. Addressing low labour utilisation in South Africa
    Author: Loewald, Christopher; Makrelov, Konstantin; Wörgötter, Andreas
    Published: May 2021
    Publisher:  Economic Research Southern Africa, [Cape Town]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: ERSA policy paper ; 27
    Subjects: labour policy; labour utilisation; unemployment; South Africa
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  12. Climate change and its implications for central banks in emerging and developing economies
    Author: Arndt, Channing; Loewald, Christopher; Makrelov, Konstantin
    Published: June 2020
    Publisher:  Economic Research and Statistics Department, South African Reserve Bank, Pretoria

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: South African Reserve Bank working paper series ; WP, 20, 04
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  13. Fiscal multipliers in South Africa after the global financial crisis
    Author: Van Rensburg, Theo Janse; Jager, Shaun de; Makrelov, Konstantin
    Published: 3 May 2021
    Publisher:  Economic Research and Statistics Department, South African Reserve Bank, Pretoria

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: South African Reserve Bank working paper series ; WP, 21, 07
    Subjects: fiscal policy; fiscal multipliers; econometric model; South Africa
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  14. Time consistency and economic growth
    a case study of South African macroeconomic policy
    Author: Loewald, Christopher; Faulkner, David; Makrelov, Konstantin
    Published: November 2020
    Publisher:  Economic Research Southern Africa, [Cape Town]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 765
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: ERSA working paper ; 842
    Subjects: fiscal policy; policy mix; Monetary policy; South Africa
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen