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2017 | OriginalPaper | Chapter

3. The Impact of Capital Flows on Credit Extension: The Counterfactual Approach

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

∙ See the effects of capital flow shocks on credit growth, economic growth and the real effective exchange rate.
∙ Use the counterfactual analysis to show the extent to which credit growth, economic growth and changes in the REER would have evolved in the absence of capital flows.
∙ Show the importance the amplification effects of commodity prices on the responses of credit growth to capital flow shocks.

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previous chapter The Inverse Transmission of Positive Global Liquidity Shocks into the South African Economy

next chapter Capital Flow Episodes Shocks, Global Investor Risk and Credit Growth

See Tillman (2013) for details.

See Kara (2013) and Aysan et al. (2014) for further details.

Aysan, A. F., Fendoglu, S., & Kilinc, M. (2014). Managing short-term capital flows in new central banking: Unconventional monetary policy framework in Turkey (Working papers 1403). Research and Monetary Policy Department, Central Bank of the Republic of Turkey. http://www.tcmb.gov.tr/wps/wcm/connect/532c8ee4-d21a-4237-afaf-4b6282e552e7/WP1403.pdf?MOD=AJPERES&CACHEID=532c8ee4-d21a-4237-afaf-4b6282e552e7

Bruno, V. & Shin, H. S. (2013). Capital flows and the risk-taking channel of monetary policy (NBER working paper 18942). http://www.nber.org/papers/w18942

Kara, H. (2013). Safeguarding macroeconomic and price stability amid capital flow volatility. Note prepared for the BIS Meeting of Central Bank Chief Economists. Basel: BIS, Central Bank of the Republic of Turkey.

Tillman, P. (2013). Capital inflows and asset prices: Evidence from emerging Asia. Journal of Banking & Finance, 37(3), 717–729.CrossRef

Title: The Impact of Capital Flows on Credit Extension: The Counterfactual Approach
Authors: Nombulelo Gumata
Eliphas Ndou
Publisher: Springer International Publishing
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_3