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Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems


The monetary policy of the South African Reserve Bank: stance, communication and credibility

Alberto Coco, Nicola Viegi
This paper analyses the evolution of the monetary policy stance, communication and credibility of the South African Reserve Bank (SARB) since 2000, when it adopted a flexible Inflation Targeting (IT) regime to facilitate the achievement of its price stability mandate. Empirical results indicate...
Jul 2019
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Changes in the Liquidity Effect Over Time: Evidence from Four Monetary Policy Regimes

Dawid Johannes van Lill
This paper employs a time-varying parameter vector autoregressive (TVP-VAR) model to establish the nature of the relationship between central bank liabilities and the overnight policy rate. Four countries with different monetary policy regimes were considered. It was found that a clear negative...
Aug 2017
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Sources of Dualism in Modern Rationalist Thought: Implications for Islamic Economics

Abdulkader Cassim Mahomedy
This paper follows on from the previous one in this series on the incursion of rationalist thought into Christendom. In this paper, I show how the sequence of socio-political events in Europe at the turn of the 16 th century provided an opportunistic environment for rationalism to supplant religion...
Sep 2016
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Inflation Dynamics in a Dollarised Economy: The Case of Zimbabwe

William Kavila and Pierre Le Roux
This paper explores the dynamics of inflation in the dollarised Zimbabwean economy using the Autoregressive Distributed Lag Model (ARDL) with monthly data from 2009:1 to 2012:12. The main determinants of inflation were found to be the US dollar/South African rand exchange rate, international oil...
May 2016
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Talking to the inattentive public: How the media translates the Reserve Bank’s communications

Monique Reid and Stan Du Plessis
Central bank communication is widely recognised as crucial to the implementation of monetary policy. This communication should enhance a central bank’s management of the inflation expectations of the financial markets as well as the general public — the latter being a part of the central bank’s...
Nov 2011
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