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2017 | OriginalPaper | Chapter

4. Capital Flow Episodes Shocks, Global Investor Risk and Credit Growth

Authors : Nombulelo Gumata, Eliphas Ndou

Published in: Bank Credit Extension and Real Economic Activity in South Africa

Publisher: Springer International Publishing

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Abstract

  • • Show the importance of classifying capital flow episodes, separating between foreign and domestic investor activities
  • • Understand the channels of transmission of capital waves and how they impact real economic activity and credit growth
  • • Show how changes in global risk shocks impact capital flow surges, sudden stop episodes, credit growth and real activity
  • • Demonstrate the significance of economic costs exerted by capital flow surges, sudden stops and capital flight and retrenchments
  • • Show costs associated with capital flows driven by domestic and foreign investor behavior.
  • • Examine the role of commodity prices and the exchange rate in amplifying credit growth based on the counterfactual scenarios
  • • Establish whether capital flow surges and sudden stop shocks lead to the reallocation of sectorial credit shares

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previous chapter The Impact of Capital Flows on Credit Extension: The Counterfactual Approach
next chapter Bank, Non-bank Capital Flows and Household Sector Credit Reallocation
Footnotes
1
Despite increasing financial vulnerability, they established that during episodes of global liquidity contraction, economies benefitted from capital inflows driven by domestic investors as they liquidated their foreign investments.
 
2
Refers to periods when domestic investors increased their flows abroad.
 
Literature
Forbes, K. J., & Warnock, F. E. (2011). Capital flow waves: Surges, stops, flight and retrenchments (Working paper 17351). Cambridge, MA: National Bureau of Economic Research.
Rothenberg, A. D., & Warnock, F. E. (2011). Sudden flight and true sudden stops. Review of International Economics, 19(3), 509–524.CrossRef
Metadata
Title
Capital Flow Episodes Shocks, Global Investor Risk and Credit Growth
Authors
Nombulelo Gumata
Eliphas Ndou
Copyright Year
2017
Book
Bank Credit Extension and Real Economic Activity in South Africa

Print ISBN: 978-3-319-43550-3

Electronic ISBN: 978-3-319-43551-0

Copyright Year: 2017

DOI
https://doi.org/10.1007/978-3-319-43551-0_4