Adjustment of commercial bank's interest rates and the effectiveness of monetary policy in South Africa
- Aziakpono, Meshach J, Wilson, Magdalene K, Manuel, Jason
- Authors: Aziakpono, Meshach J , Wilson, Magdalene K , Manuel, Jason
- Date: 2007
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/469676 , vital:77277 , https://hdl.handle.net/10520/EJC33833
- Description: The study uses the asymmetric error correction model as in Scholnick (1996) and two wholesale bank interest rates (prime interbank lending and the negotiable certificate of deposit rates), to examine how market interest rates adjust to changes in the SARB official rate under different policy regimes in South Africa. The study covered the period between 1973 and 2004, which was divided into six sub-periods to reflect the different monetary policy regimes in South Africa. The results indicate a varying degree of adjustment under the different regimes, but clearly show that there was greater speed of adjustment under regimes that stress more market-oriented policies as opposed to control measures. The response of market Interest rates to monetary policy was quick and with high magnitude which suggest a fairly efficient money market. The evidence on the asymmetric adjustment was weak. On the whole, the results of this study suggest that a market-oriented policy would be more effective in transmitting the effects of the Bank's monetary policy stance to the rest of the economy.
- Full Text:
- Date Issued: 2007
- Authors: Aziakpono, Meshach J , Wilson, Magdalene K , Manuel, Jason
- Date: 2007
- Subjects: To be catalogued
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/469676 , vital:77277 , https://hdl.handle.net/10520/EJC33833
- Description: The study uses the asymmetric error correction model as in Scholnick (1996) and two wholesale bank interest rates (prime interbank lending and the negotiable certificate of deposit rates), to examine how market interest rates adjust to changes in the SARB official rate under different policy regimes in South Africa. The study covered the period between 1973 and 2004, which was divided into six sub-periods to reflect the different monetary policy regimes in South Africa. The results indicate a varying degree of adjustment under the different regimes, but clearly show that there was greater speed of adjustment under regimes that stress more market-oriented policies as opposed to control measures. The response of market Interest rates to monetary policy was quick and with high magnitude which suggest a fairly efficient money market. The evidence on the asymmetric adjustment was weak. On the whole, the results of this study suggest that a market-oriented policy would be more effective in transmitting the effects of the Bank's monetary policy stance to the rest of the economy.
- Full Text:
- Date Issued: 2007
What matters in economics teaching and learning? A case study of an introductory macroeconomics course in South Africa
- Snowball, Jeanette D, Wilson, Magdalene K
- Authors: Snowball, Jeanette D , Wilson, Magdalene K
- Date: 2006
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68500 , vital:29270 , https://doi.org/10.19030/tlc.v3i11.1659
- Description: Publisher version , In many universities, economics lecturers now face the challenge of dealing with large, diverse classes, especially at undergraduate level. A common concern is the non-attendance at lectures of unmotivated (conscript) students. Poor lecture quality, as reflected in student evaluations of teaching (SETs), is often blamed for lack of attendance and consequent poor performance. This paper presents the results of a student assessment of a macroeconomics 1 course, coupled with a self-assessment of their own input into the course. The results obtained, using econometric models, suggest that students inputs and attitudes to the course are equally, or more, important than lecture attendance itself.
- Full Text:
- Date Issued: 2006
- Authors: Snowball, Jeanette D , Wilson, Magdalene K
- Date: 2006
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68500 , vital:29270 , https://doi.org/10.19030/tlc.v3i11.1659
- Description: Publisher version , In many universities, economics lecturers now face the challenge of dealing with large, diverse classes, especially at undergraduate level. A common concern is the non-attendance at lectures of unmotivated (conscript) students. Poor lecture quality, as reflected in student evaluations of teaching (SETs), is often blamed for lack of attendance and consequent poor performance. This paper presents the results of a student assessment of a macroeconomics 1 course, coupled with a self-assessment of their own input into the course. The results obtained, using econometric models, suggest that students inputs and attitudes to the course are equally, or more, important than lecture attendance itself.
- Full Text:
- Date Issued: 2006
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