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Financial dynamics
Working Paper
State-dependent fiscal multipliers and financial dynamics: An impulse response analysis by local projections for South Africa

The aim of this paper is to assess South Africa’s fiscal multiplier across different states of the economy, with a focus on the financial accelerator mechanism of fiscal policy shocks, by estimating impulse response functions from both linear a...

Fiscal multipliers impulse response State-dependent
Working Paper
The impact of a higher leverage ratio on the South African economy

We employ a micro-founded and stock-and-flow-consistent model to study the impact of a higher leverage ratio on the South African economy. The model provides a rich representation of institutional balance sheets...

Computable general equilibrium Financial dynamics Leverage ratio
Working Paper
Fiscal multipliers in South Africa: The importance of financial sector dynamics

We analyse implications of financial sector dynamics for fiscal expenditure multipliers in recessionary conditions...

Financial dynamics Fiscal multipliers
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