Exchange rate pass-through using highly disaggregated micro-data

Janine Aron, John Muellbauer 16 September 2014

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The pass-through of commodity prices and exchange rates to consumer prices seems to have fallen in industrialised countries since the late 1980s. Understanding the role of pass-through is of great interest to monetary policymakers – particularly in inflation targeting countries, where forecasting inflation plays a key role. Developing and emerging market (DEM) countries have been the biggest adopters of inflation targeting (or more credible monetary policy regimes) over the last two decades. Of the African countries, the key exemplar is South Africa.

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Topics:  Exchange rates

Tags:  pass-through, ERPT, South Africa

Do capital controls deflect capital flows?

Paolo Giordani, Michele Ruta, Hans Weisfeld, Ling Zhu 23 June 2014

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The size and volatility of capital flows to developing countries have increased significantly in recent years (Figure 1), leading many economists to argue that national policies and multilateral institutions are needed to govern these flows (Forbes and Klein 2013, Blanchard and Ostry 2012). The IMF itself has reviewed its position on the liberalisation and management of capital flows, while recognising that “much further work remains to be done to improve policy coordination in the financial sector” (IMF 2012, p. 28).

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Topics:  International finance

Tags:  China, capital flows, spillovers, South Africa, capital controls, Brazil, Capital inflows, international capital flows

Failure and success of economic sanctions

Peter A.G. van Bergeijk 27 March 2012

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The discussion about the effectiveness of economic sanctions as an instrument of foreign policy recently revived due to the recent oil embargo of Iran and the European embargo on equipment for the Syrian oil and gas industry. The consensus view seems to be that economic sanctions – despite the long history of and experience with this instrument – are still completely ineffective. This may have been the case, but over the last 15 years the situation has changed.

Table 1. Key characteristics of sanctions before and after 1990

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Topics:  Politics and economics

Tags:  democracy, North Korea, South Africa, economic sanctions, Iran, Iraq, Syria

Reforming global economic governance: A strategy for middle powers in the G20

Daniel D. Bradlow 13 August 2010

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The global financial crisis exposed the G7 as an outdated and ineffective forum for global economic governance. In order to reinforce their credentials and their capacity, the G7 turned to the G20 and upgraded it from merely a gathering of finance ministers and central bankers to one that includes heads of state.

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Topics:  Global crisis Global governance

Tags:  South Africa, G7, G20, global governance

South Africa and the Pittsburgh G20 leaders summit

Peter Draper, Cézanne Samuel 22 September 2009

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What a difference five months makes in the fortunes of our turbulent global economy. When G20 leaders met in London in April, the western financial system teetered on the brink of the abyss. Now, days before the third G20 leaders’ meeting in ten months, at Pittsburgh, the Governors of the US Federal Reserve and the Bank of England have purportedly declared the recession over.

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Topics:  Global governance

Tags:  South Africa, G20

What future for monetary policy in Zimbabwe?

Andreas Freytag, Peter Draper 28 February 2009

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Zimbabwe is much in the news again with its newly minted unity government. It remains to be seen whether it will cohere and drive a concerted reconstruction process. Zimbabwe’s future monetary policy is of enormous importance, given the country’s infamous inflation rate.

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Topics:  Monetary policy

Tags:  Zimbabwe, South Africa, currency board, crawling peg, Randisation, Rand

South African objectives at the G20 leaders summit

Peter Draper 14 November 2008

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To the apparent surprise of G20 finance ministers and central bank governors meeting in Washington last month, George W. Bush, the outgoing US President, proposed that a formal summit of G20 heads of state convene in Washington on November 15th. This will be the first time that the G20, established in the aftermath of the Asian financial crisis of 1997-9 has been convened at the heads of state level.

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Topics:  Global governance

Tags:  WTO, IMF, financial crisis, South Africa, G20

South Africa’s current account deficit: Are proposed cures worse than the disease?

Andreas Freytag, Peter Draper 27 September 2008

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South Africa stands at the cusp of a crucial political transition, the contours of which are slowly becoming clearer. This is taking place in a domestic context of high unemployment and social agitation driven by high crime levels, whilst economic growth stalls in the midst of global recessionary conditions. Hence economic policy is again the subject of intense debate. Of greatest concern is maintaining macroeconomic stability – rightly seen as a prerequisite for sustaining economic growth.

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Topics:  Macroeconomic policy

Tags:  South Africa, current account deficits

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