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Working Paper
The size distribution of monetary policy effects among South African manufacturing firms

Monetary policy is believed to have a disproportionate effect on firms, depending on their size. Financially constrained firms with limited access to capital markets are expected to be more sensitive to changes in interest rates; this is...

Working Paper
The asymmetric impact of economic policy uncertainty on firm-level investment in South Africa

This paper uses firm-level data and a news-based measure of economic policy uncertainty to provide empirical evidence that economic policy uncertainty has a negative impact on firm-level investment in South Africa. Firms’ investment decisions in...

Research Brief
Monetary policy and firm size in South Africa

Monetary policy affects the real economy through various channels, including the interest rate, exchange rate, credit, and asset price channels. The credit channel has recently received considerable attention. Small firms are more sensitive to...

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