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Dr David Fowkes on QE and central bank balance sheet policies: Does South Africa have ‘magic money’?

Shortly after the Governor of the SARB gave his speech about the future of Monetary Policy in South Africa, ERSA’s host Margaux G met up with Dr David Fowkes, a Senior Economist at the South African Reserve Bank to understand which policies the Reserve Bank is using and why traditional textbooks get it wrong. Where advanced economies can use standard monetary policy tools to meet their inflation targets, it is more complicated in emerging markets. In this podcast, we unpack what the terms ‘asset purchase’, ‘quantitative easing’ and ‘zero-lower bound’ mean and shed some light on why ‘quantitative easing’ is the buzz word globally. For anyone with the slightest interest in monetary policy, this podcast is not to be missed.


The beat used in this production, called ‘Resolutions’, is royalty free and can be found at and the photo is by Josh Appel and can be found on Unsplash.