Bank Credit Extension and Real Economic Activity in South Africa The
This book presents empirical evidence that supports and facilitates a practical, integrated approach to how bank regulatory and selected macro-prudential tools interact with monetary policy to achieve price and financial stability. The empirical results c
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The Impact of Capital Flow Dynamics, Bank Regulation and Selected Macro-prudential Tools
Bank Credit Extension and Real Economic Activity in South Africa
Nombulelo Gumata • Eliphas Ndou
Bank Credit Extension and Real Economic Activity in South Africa The Impact of Capital Flow Dynamics, Bank Regulation and Selected Macro-prudential Tools
Nombulelo Gumata Economist South African Reserve Bank, South Africa
Eliphas Ndou Economist South African Reserve Bank, South Africa
ISBN 978-3-319-43550-3 ISBN 978-3-319-43551-0 (eBook) DOI 10.1007/978-3-319-43551-0 Library of Congress Control Number: 2016958293 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: © Ben Oliver / Alamy Stock Phot Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
The four parts of this book examine a variety of issues. Among them are establishing the strength of links between credit supply dynamics and the real economy and determining if they are responsible for fragile economic growth recovery. We also assess the impacts of financial regulation uncertainty, regulator excesses and bank risk-taking channels in South Africa. We use simple scatterplot analysis cross-correlation to examine the leadlag relationship and then apply advanced econometric analysis to show linkages that could not be shown using simple basic statistical techniques. Unconventional Monetary Policies Since the onset of the US subprime crisis, which translated into global financial crisis and recession followed by serious economic uncertainties, the South African economy has experienced a fragile recovery. To deal with domestically wea
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