Coverart for item
The Resource Capital Flows, Credit Markets and Growth in South Africa : The Role of Global Economic Growth, Policy Shifts and Uncertainties, by Nombulelo Gumata, Eliphas Ndou, (electronic resource)

Capital Flows, Credit Markets and Growth in South Africa : The Role of Global Economic Growth, Policy Shifts and Uncertainties, by Nombulelo Gumata, Eliphas Ndou, (electronic resource)

Label
Capital Flows, Credit Markets and Growth in South Africa : The Role of Global Economic Growth, Policy Shifts and Uncertainties
Title
Capital Flows, Credit Markets and Growth in South Africa
Title remainder
The Role of Global Economic Growth, Policy Shifts and Uncertainties
Statement of responsibility
by Nombulelo Gumata, Eliphas Ndou
Creator
Contributor
Author
Subject
Language
eng
Summary
This book examines the dynamics in capital flows, credit markets and growth in South Africa. The authors explore the role of global economic growth, policy shifts and various economic policy uncertainties. Central banks in advanced economies are engaged in unconventional monetary policy tools such as balance sheet policies, negative interest rates and extended forward guidance to assist them to meet their price, financial and macro-economic stability objectives. This book determines whether BRICS GDP growth is a source of shocks or an amplifier of global growth shocks. The authors find that global economic growth and policy uncertainty reinforce each other via capital flows, credit conditions and business confidence on the domestic economy. Furthermore, they demonstrate that there is momentum in the changes in the spread between the repo rate and federal funds rate. In addition, global real policy rates impact domestic GDP growth and labor market conditions. The authors examine the economic costs of capital flow surges, sudden stops and elevated portfolio volatility shocks and their interaction with GDP growth and credit. They show that equity and debt inflows matter in the attainment of the price stability mandate. Moreover, business confidence transmits sovereign credit ratings upgrades and downgrades shocks to the real economy via GDP growth, the cost of government debt and borrowing to impact credit growth. High GDP growth increases the likelihood of sovereign credit ratings upgrades, hence policymakers should implement pro-growth policies. Inflation regimes impact the transmission of positive nominal demand shocks to the price level. Low and stable inflation (inflation below 4.5 per cent) reduces the pass-through of positive nominal demand shocks to inflation.--
Assigning source
Provided by publisher
http://library.link/vocab/creatorName
Gumata, Nombulelo
Image bit depth
0
Literary form
non fiction
Nature of contents
dictionaries
http://library.link/vocab/relatedWorkOrContributorName
Ndou, Eliphas
Series statement
Springer eBooks.
http://library.link/vocab/subjectName
  • Africa—Economic conditions
  • Macroeconomics
  • Economic growth
  • Agricultural economics
  • Labor economics
Label
Capital Flows, Credit Markets and Growth in South Africa : The Role of Global Economic Growth, Policy Shifts and Uncertainties, by Nombulelo Gumata, Eliphas Ndou, (electronic resource)
Link
https://eui.idm.oclc.org/login?url=https://doi.org/10.1007/978-3-030-30888-9
Instantiates
Publication
Antecedent source
mixed
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
not applicable
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
1 Introduction -- Part I Global Economic Growth, Economic Policy Uncertainty and The Influence of Trade Dynamics -- 2 Is BRICS GDP Growth a Source of Shocks or an Amplifier of Global Growth Responses? What Are the Policy Implications for South Africa? -- 3 Does the Trade-Openness Channel Impact the Effects of Business Confidence Shocks on Investment Growth? -- 4 Trade-Openness, Consumer Price Inflation and Exchange Rate Depreciation Shocks -- 5 Global Growth and Economic Policy Uncertainty Shock Effects on the South African Economy: Do These Reinforce Each Other? -- 6. Heightened Foreign Economic Policy Uncertainty Shock Effects on the South African Economy: Transmission via Capital Flows, Credit Conditions and Business Confidence Channels -- Part II Global Policy Rates and The South African Economy -- 7 In Which Direction Is There a Momentum Effect in the Changes in the Spread Between the Repo Rate and Federal Funds Rate? -- 8 How Do Global Real Policy Rates Impact the South African GDP Growth and Labour Market Conditions? -- 9 To What Extent Do Capital Inflows Impact the Response of the South African Economic Growth to Positive SA-US Interest Rate Differential Shocks? -- Part III Capital Flow Surges, Sudden Stops and Elevated Portfolio Inflows Volatility Effects -- 10 Economic Costs of Capital Flow Episodes in South Africa -- 11 Capital Flow Surges, Sudden Stops and Elevated Portfolio Inflow Volatility Shocks: What is the Nature of Their Interaction with GDP Growth and Credit? -- 12 Bank and Non-bank Capital Flows and The Sectorial Reallocation of Credit Away from the Household Sector -- 13 Banking and Non-banking Capital Flows and The Sectorial Reallocation of Credit Away from Companies -- 14 Equity, Debt Inflows and the Price Stability Mandate -- 15 Do Local Investors Play a Stabilising Role Relative to Foreign Investors After Economic Shocks? -- 16 Do Investors’ Net Purchases and Capital Retrenchment Activities Impact the Monetary Policy Response to Positive Inflation Shocks? -- Part IV The Transmission of Sovereign Debt Credit Ratings Downgrades and Upgrades into the Credit Markets and the Real Economy -- 17 What Role Does Business Confidence Play in Transmitting Sovereign Debt Credit Ratings Upgrades and Downgrades Shocks into the Real Economy? -- 18 Are Sovereign Debt Credit Ratings Shocks Transmitted Via Economic Growth to Impact Credit Growth? -- 19 Does the Cost of Government Borrowing Transmit Sovereign Debt Credit Ratings Downgrades Shocks to Credit Growth? -- Part V The Output–Inflation Trade-off, External Shocks, Labour Market Conditions and Inflation Expectations -- 20 The Output-gap, Nominal Wage and Consumer Price Inflation Volatility Trade-off -- 21 The Output-Gap and Inflation Volatility Trade-off: Do External Shocks and Inflation Expectations Shift the Taylor Curve -- 22 Do Adverse Global Trade Shocks Impact the Trade-off Between the Inflation and Output-Gap Volatilities -- 23 Do the Labour Market Conditions Shocks Impact the Trade-off Between the Inflation and Output-Gap Volatilities? -- Part VI The Policy Ineffectiveness Issues -- 24 The Output Gap–Inflation Trade-off and the Policy Ineffectiveness -- 25 Inflation Regimes and the Transmission of Positive Nominal Demand Shocks to the Price Level
Control code
978-3-030-30888-9
Dimensions
unknown
Edition
1st ed. 2019.
Extent
1 online resource (XLIII, 385 pages)
File format
multiple file formats
Form of item
  • online
  • electronic
Governing access note
Use of this electronic resource may be governed by a license agreement which restricts use to the European University Institute community. Each user is responsible for limiting use to individual, non-commercial purposes, without systematically downloading, distributing, or retaining substantial portions of information, provided that all copyright and other proprietary notices contained on the materials are retained. The use of software, including scripts, agents, or robots, is generally prohibited and may result in the loss of access to these resources for the entire European University Institute community
Isbn
9783030308889
Level of compression
uncompressed
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1007/978-3-030-30888-9
Other physical details
257 illustrations
Quality assurance targets
absent
Reformatting quality
access
Specific material designation
remote
System control number
(OCoLC)1134073251
Label
Capital Flows, Credit Markets and Growth in South Africa : The Role of Global Economic Growth, Policy Shifts and Uncertainties, by Nombulelo Gumata, Eliphas Ndou, (electronic resource)
Link
https://eui.idm.oclc.org/login?url=https://doi.org/10.1007/978-3-030-30888-9
Publication
Antecedent source
mixed
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
not applicable
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
1 Introduction -- Part I Global Economic Growth, Economic Policy Uncertainty and The Influence of Trade Dynamics -- 2 Is BRICS GDP Growth a Source of Shocks or an Amplifier of Global Growth Responses? What Are the Policy Implications for South Africa? -- 3 Does the Trade-Openness Channel Impact the Effects of Business Confidence Shocks on Investment Growth? -- 4 Trade-Openness, Consumer Price Inflation and Exchange Rate Depreciation Shocks -- 5 Global Growth and Economic Policy Uncertainty Shock Effects on the South African Economy: Do These Reinforce Each Other? -- 6. Heightened Foreign Economic Policy Uncertainty Shock Effects on the South African Economy: Transmission via Capital Flows, Credit Conditions and Business Confidence Channels -- Part II Global Policy Rates and The South African Economy -- 7 In Which Direction Is There a Momentum Effect in the Changes in the Spread Between the Repo Rate and Federal Funds Rate? -- 8 How Do Global Real Policy Rates Impact the South African GDP Growth and Labour Market Conditions? -- 9 To What Extent Do Capital Inflows Impact the Response of the South African Economic Growth to Positive SA-US Interest Rate Differential Shocks? -- Part III Capital Flow Surges, Sudden Stops and Elevated Portfolio Inflows Volatility Effects -- 10 Economic Costs of Capital Flow Episodes in South Africa -- 11 Capital Flow Surges, Sudden Stops and Elevated Portfolio Inflow Volatility Shocks: What is the Nature of Their Interaction with GDP Growth and Credit? -- 12 Bank and Non-bank Capital Flows and The Sectorial Reallocation of Credit Away from the Household Sector -- 13 Banking and Non-banking Capital Flows and The Sectorial Reallocation of Credit Away from Companies -- 14 Equity, Debt Inflows and the Price Stability Mandate -- 15 Do Local Investors Play a Stabilising Role Relative to Foreign Investors After Economic Shocks? -- 16 Do Investors’ Net Purchases and Capital Retrenchment Activities Impact the Monetary Policy Response to Positive Inflation Shocks? -- Part IV The Transmission of Sovereign Debt Credit Ratings Downgrades and Upgrades into the Credit Markets and the Real Economy -- 17 What Role Does Business Confidence Play in Transmitting Sovereign Debt Credit Ratings Upgrades and Downgrades Shocks into the Real Economy? -- 18 Are Sovereign Debt Credit Ratings Shocks Transmitted Via Economic Growth to Impact Credit Growth? -- 19 Does the Cost of Government Borrowing Transmit Sovereign Debt Credit Ratings Downgrades Shocks to Credit Growth? -- Part V The Output–Inflation Trade-off, External Shocks, Labour Market Conditions and Inflation Expectations -- 20 The Output-gap, Nominal Wage and Consumer Price Inflation Volatility Trade-off -- 21 The Output-Gap and Inflation Volatility Trade-off: Do External Shocks and Inflation Expectations Shift the Taylor Curve -- 22 Do Adverse Global Trade Shocks Impact the Trade-off Between the Inflation and Output-Gap Volatilities -- 23 Do the Labour Market Conditions Shocks Impact the Trade-off Between the Inflation and Output-Gap Volatilities? -- Part VI The Policy Ineffectiveness Issues -- 24 The Output Gap–Inflation Trade-off and the Policy Ineffectiveness -- 25 Inflation Regimes and the Transmission of Positive Nominal Demand Shocks to the Price Level
Control code
978-3-030-30888-9
Dimensions
unknown
Edition
1st ed. 2019.
Extent
1 online resource (XLIII, 385 pages)
File format
multiple file formats
Form of item
  • online
  • electronic
Governing access note
Use of this electronic resource may be governed by a license agreement which restricts use to the European University Institute community. Each user is responsible for limiting use to individual, non-commercial purposes, without systematically downloading, distributing, or retaining substantial portions of information, provided that all copyright and other proprietary notices contained on the materials are retained. The use of software, including scripts, agents, or robots, is generally prohibited and may result in the loss of access to these resources for the entire European University Institute community
Isbn
9783030308889
Level of compression
uncompressed
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1007/978-3-030-30888-9
Other physical details
257 illustrations
Quality assurance targets
absent
Reformatting quality
access
Specific material designation
remote
System control number
(OCoLC)1134073251

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