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Displaying results 1 to 4 of 4.

  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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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 248
    Inter-library loan:
    No inter-library loan

     

    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

    Location:
    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. 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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 248 (2018,7)
    Inter-library loan:
    No inter-library loan

     

    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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    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    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
  4. 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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 248 (2018,6)
    Inter-library loan:
    No inter-library loan

     

    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.

     
    Export to reference management software   RIS file
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    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    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