The Transmission of Monetary Policy in South Africa Before and After the Global Financial Crisis

2019 ◽  
Vol 87 (4) ◽  
pp. 464-489 ◽  
Author(s):  
Alain Kabundi ◽  
Mpho Rapapali
Keyword(s):  
South Africa ◽  
Monetary Policy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Before And After ◽  
The Global Financial Crisis ◽  
Transmission Of Monetary Policy

scholarly journals Business cycle (de)synchronization in the aftermath of the global financial crisis: implications for the Euro area

2015 ◽  
Vol 19 (5) ◽  
Author(s):  
Stelios Bekiros ◽  
Duc Khuong Nguyen ◽  
Gazi Salah Uddin ◽  
Bo Sjö
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Business Cycles ◽  
Euro Area ◽  
Global Financial Crisis ◽  
Wavelet Coherence ◽  
Before And After ◽  
The Global Financial Crisis ◽  
The Cost ◽  
European Economies

AbstractThe introduction of Euro currency was a game-changing event intended to induce convergence of Eurozone business cycles on the basis of greater monetary and fiscal integration. The benefit of participating into a common currency area exceeds the cost of losing autonomy in national monetary policy only in case of cycle co-movement. However, synchronization was put back mainly due to country-specific differences and asymmetries in terms of trade and fiscal policies that became profound at the outset of the global financial crisis. As opposed to previous studies that are mostly based on linear correlation or causality modeling, we utilize the cross-wavelet coherence measure to detect and identify the scale-dependent time-varying (de)synchronization effects amongst Eurozone and the broad Euro area business cycles before and after the financial crisis. Our results suggest that the enforcement of an active monetary policy by the ECB during crisis periods could provide an effective stabilization instrument for the entire Euro area. However, as dynamic patterns in the lead-lag relationships of the European economies are revealed, (de)synchronization varies across different frequency bands and time horizons.

scholarly journals Assessing the resilience of Brazil, Russia, India, China and South Africa economies following the global financial crisis

2019 ◽  
Vol 19 (1) ◽  
Author(s):  
Aurelio Hess ◽  
Celso Campos ◽  
Tankiso Moloi
Keyword(s):  
South Africa ◽  
Economic Development ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Well Being ◽  
Decision Makers ◽  
Average Growth ◽  
Brics Countries ◽  
Before And After ◽  
The Global Financial Crisis

Orientation: Productivity is known as a good predictor of living standards, able to indicate well-being of the population and efficiency of the economy.Research purpose: To examine how the global financial crisis affected the total factor productivity (TFP) of Brazil, Russia, India, China, and South Africa (BRICS) economies.Motivation for the study: Productivity of BRICS is far below the G-7 and EU-28 countries, even though the economies of Brazil, Russia, India, China, and South Africa together are very representative of both the world gross domestic product (GDP) and population.Research design, approach and method: Observational study of a cross country panel data of five countries throughout 14 years, including the period of the 2008 crisis. Based on the Penn World Table (PWT) 9.0 database, we compared BRICS countries, from 2001 to 2014, before and after the financial crisis. Descriptive statistics, tests with Fisher–Snedecor (F) distribution, and a one-way analysis of variance (ANOVA), may bring robust evidence to construct conclusions.Main findings: Findings suggest that the TFP average growth was negatively affected. The special situation of ‘B’ and ‘S’ (Brazil and South Africa) deserves attention, with negative average growth before and after the financial crisis for Brazil, and a dramatic loss of average growth for South Africa. The global crisis seems to have separated BRICS into RIC-BS in the aftermath. Not all the TFP average growths were equal, either before or after the financial crisis.Practical/managerial implications: The TFP average growth, which is essential to economic development of the nation, is the result of managerial behaviour of companies and governments on a day to day basis. Decision makers and policymakers need to know how productivity was affected by the financial crisis.Contribution/value-add: There is a gap in economic literature about the productivity of BRICS compared, restraining the assessment of the homogeneity of the BRICS economic development, especially as an aftermath of the crisis. The main contribution to the field of business and economics is giving evidence-based information to policymakers and decision makers of the BRICS about the extension of the 2008 financial crisis’ impact, offering a new perception of the block’s resilience both individually and combined.

Conclusions

2017 ◽  
Author(s):  
Yilmaz Akyüz
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Interest Rates ◽  
Global Financial Crisis ◽  
Developing Economies ◽  
Quantitative Easing ◽  
Unconventional Monetary Policy ◽  
Advanced Economies ◽  
The Global Financial Crisis ◽  
Zero Bound

The preceding chapters have examined the deepened integration of emerging and developing economies (EDEs) into the international financial system in the new millennium and their changing vulnerabilities to external financial shocks. They have discussed the role that policies in advanced economies played in this process, including those that culminated in the global financial crisis and the unconventional monetary policy of zero-bound interest rates and quantitative easing adopted in response to the crisis, as well as policies in EDEs themselves....

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