Financial development and economic growth in Southern Africa
- Authors: Aziakpono, Meshach J
- Date: 2005
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/469812 , vital:77297
- Description: In the last two decades the link between financial intermediation (FI) and economic growth has generated a great deal of interest among academics, policy makers and economists around the world. Several studies have addressed the potential links between financial development and economic growth (see Levine 1997 for a detailed review). However, despite the rapidly growing literature, the debate concerning the role played by the development of financial intermediaries in economic growth is far from settled. Moreover, much of the empirical evidence on the links between financial development and economic growth comes from a period when cross-border capital movements were very limited and as such were ignored in most analyses. The increasing international interest in economic integration and monetary union has spawned new regional initiatives in every continent. As a result global financial markets are becoming increasingly open and integrated, and international capital mobility has increased. For instance, private capital flows to emerging market economies have grown from close to nothing in the 1970s, to $170 billion in the 1980s, and to $1.3 trillion by the late 1990s (Guiso et al., 2002: 2). The question is: how will this development affect the effectiveness.
- Full Text:
- Date Issued: 2005
- Authors: Aziakpono, Meshach J
- Date: 2005
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/469812 , vital:77297
- Description: In the last two decades the link between financial intermediation (FI) and economic growth has generated a great deal of interest among academics, policy makers and economists around the world. Several studies have addressed the potential links between financial development and economic growth (see Levine 1997 for a detailed review). However, despite the rapidly growing literature, the debate concerning the role played by the development of financial intermediaries in economic growth is far from settled. Moreover, much of the empirical evidence on the links between financial development and economic growth comes from a period when cross-border capital movements were very limited and as such were ignored in most analyses. The increasing international interest in economic integration and monetary union has spawned new regional initiatives in every continent. As a result global financial markets are becoming increasingly open and integrated, and international capital mobility has increased. For instance, private capital flows to emerging market economies have grown from close to nothing in the 1970s, to $170 billion in the 1980s, and to $1.3 trillion by the late 1990s (Guiso et al., 2002: 2). The question is: how will this development affect the effectiveness.
- Full Text:
- Date Issued: 2005
The transmission of monetary policy under the repo system in South Africa: An empirical analysis
- De Angelis, Catherine H, Aziakpono, Meshach J, Faure, Alexander P
- Authors: De Angelis, Catherine H , Aziakpono, Meshach J , Faure, Alexander P
- Date: 2005
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/469797 , vital:77295 , https://doi.org/10.1111/j.1813-6982.2005.00045.x
- Description: The study examines the influence of the repo rate on the interbank rate and analyses whether the transmission channels of interest rates have changed since the adjustment to the repo system in September 2001. The paper employs the Granger causality test using the ECM framework. The results suggest that the influence of the repo rate on the interbank rate was stronger before the adjustments to the system were made. The interbank rate and the repo rate were found to “reverse” roles in the period after the adjustments to the system. Our results show that the changes to the repo system in 2001 did not lead to the achievement of the intended transmission channel; instead it was found that the system in place before the changes were made was in fact already achieving the transmission path that the authorities hoped to accomplish by changing the system.
- Full Text:
- Date Issued: 2005
- Authors: De Angelis, Catherine H , Aziakpono, Meshach J , Faure, Alexander P
- Date: 2005
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/469797 , vital:77295 , https://doi.org/10.1111/j.1813-6982.2005.00045.x
- Description: The study examines the influence of the repo rate on the interbank rate and analyses whether the transmission channels of interest rates have changed since the adjustment to the repo system in September 2001. The paper employs the Granger causality test using the ECM framework. The results suggest that the influence of the repo rate on the interbank rate was stronger before the adjustments to the system were made. The interbank rate and the repo rate were found to “reverse” roles in the period after the adjustments to the system. Our results show that the changes to the repo system in 2001 did not lead to the achievement of the intended transmission channel; instead it was found that the system in place before the changes were made was in fact already achieving the transmission path that the authorities hoped to accomplish by changing the system.
- Full Text:
- Date Issued: 2005
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