Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Africa > South Africa

You are looking at 1 - 10 of 39 items for :

  • Type: Journal Issue x
  • Central Banks and Their Policies x
Clear All Modify Search
Cover FinTech Notes
Capital Flow Management Measures in the Digital Age: Challenges of Crypto Assets
Mr. Dong He, Annamaria Kokenyne, Xavier Lavayssière, Ms. Inutu Lukonga, Nadine Schwarz, Nobuyasu Sugimoto, and Jeanne Verrier
Capital flow management measures (CFMs) can be part of the broader policy toolkit to help countries reap the benefits of capital flows while managing the associated risks. Their implementation typically requires that financial intermediaries verify the nature of transactions and the identities of transacting parties but is facing the rising challenge of crypto assets. Indeed, crypto assets have become a significant instrument for payments and speculative investments in some countries. They can be traded pseudonymously and held without identification of the residency of the asset holder. Many crypto service providers operate across borders, making supervision and enforcement by national authorities more difficult. The challenges posed by the attributes of crypto assets are compounded by gaps in the legal and regulatory frameworks. This paper aims to discuss how crypto assets could impact the effectiveness of CFMs from a structural and longer-term perspective. To preserve the effectiveness of CFMs against crypto-related challenges, policymakers need to consider a multifaceted strategy whose essential elements include clarifying the legal status of crypto assets and ensuring that CFM laws and regulations cover them; devising a comprehensive, consistent, and coordinated regulatory approach to crypto assets and applying it effectively to CFMs; establishing international collaborative arrangements for supervision of crypto assets; addressing data gaps and leveraging technology (regtech and suptech) to create anomaly-detection models and red-flag indicators that will allow for timely risk monitoring and CFM implementation.
Keywords:
capital flow management measures; CFMs; crypto assets; digital currencies; Regtech; Suptech; untraceable transactions; crypto exchanges; distributed ledger technology; Bitcoin; FINTECH note; asset holder; capital outflow restriction; crypto asset Adoption; crypto-asset exchange; Virtual currencies; Capital flow management; Blockchain and DLT; Capital flows; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global
Cover IMF Working Papers
Monetary Policy Frameworks: An Index and New Evidence
Ms. Filiz D Unsal, Mr. Chris Papageorgiou, and Hendre Garbers
We provide a multidimensional characterization of monetary policy frameworks across three pillars: Independence and Accountability, Policy and Operational Strategy, and Communications (IAPOC). We construct the IAPOC index by analyzing central banks’ laws and websites for 50 advanced economies, emerging markets, and low-income developing countries, from 2007 to 2018. Due to its scope and granularity, our index provides a holistic view of monetary policy frameworks which goes beyond existing measures of transparency or independence, as well as monetary policy or exchange rate regime classifications. Comparing the IAPOC index across countries and over time, we find that monetary policymaking is varied, fast-changing, and eclectic across the Policy and Operational Strategy and Communications pillars, especially in emerging markets and low-income developing countries.
Keywords:
Monetary Policy; Monetary Policy Regime; Exchange Rate Regime; Central Banks; Central Bank Independence; Central Bank Transparency; IAPOC index; B. II; strengthening of Independence; regime classification; novel Policy; transparency indices; Monetary policy frameworks; Exchange rate arrangements; Inflation targeting; Exchange rate flexibility; Central bank autonomy; Africa; Global
Cover The Global Informal Workforce
The Global Informal Workforce
Priorities for Inclusive Growth
International Monetary Fund

Abstract

The Global Informal Workforce is a fresh look at the informal economy around the world and its impact on the macroeconomy. The book covers interactions between the informal economy, labor and product markets, gender equality, fiscal institutions and outcomes, social protection, and financial inclusion. Informality is a widespread and persistent phenomenon that affects how fast economies can grow, develop, and provide decent economic opportunities for their populations. The COVID-19 pandemic has helped to uncover the vulnerabilities of the informal workforce.

Keywords:
shadow economy; shadow economy activity; size of the informal economy; bank competition; size of the shadow economy; Informal economy; Mobile banking; Financial inclusion; Women; Labor markets; Sub-Saharan Africa; Global; Caribbean; South America; Central America
Cover Extracto: O Trabalho Informal No Mundo
Extracto: O Trabalho Informal No Mundo
Prioridades para um Crescimento Inclusivo
International Monetary Fund

Abstract

Este é um extrato de The Global Informal Workforce: Priorities for Inclusive Growth, organizado por Corinne C. Deléchat e Leandro Medina. Esta análise da força de trabalho informal no mundo oferece uma perspectiva nova sobre a economia informal em todas as regiões e seu impacto na macroeco[1]nomia. O livro descreve as interações entre a economia informal, os mercados de trabalho e de produtos, a igualdade de gênero, as instituições fiscais e seus resultados, a proteção social e a inclusão financeira. A informalidade é um fenômeno generalizado e persistente que afeta o ritmo de crescimento e desenvolvimento das economias e sua capacidade de oferecer oportunidades econômicas dignas a suas populações. A pandemia de Covid-19 contribuiu para expor as vulnerabilidades da força de trabalho informal.

Keywords:
shadow economy; shadow economy activity; size of the informal economy; bank competition; size of the shadow economy; Informal economy; Mobile banking; Financial inclusion; Women; Labor markets; Sub-Saharan Africa; Global; Caribbean; South America; Central America
Cover IMF Working Papers
Monetary Policy, Inflation, and Distributional Impact: South Africa’s Case
Mr. Ken Miyajima
The South African Reserve Bank has continued to fulfill its constitutional mandate to protect the value of the local currency by keeping inflation low and steady. This paper provides evidence that monetary policy tightening aimed at maintaining low and stable inflation could at the same time reduce consumption inequality over a 12–18 month horizon, commonly understood as the transmission lag of monetary policy action to the real economy, and similar to the distance between survey waves used in the analysis. In response to “exogenous” monetary policy tightening, the real consumption of individuals at lower ends of the consumption distribution declines relatively modestly, or even increases. With greater reliance on government transfers, thus smaller reliance on labor income, and relatively larger food consumption, these individuals appear to benefit mainly from lower inflation. By contrast, the real consumption of individuals at higher ends of the consumption distribution is more likely to decline due to lower labor income, weaker asset price performance, and higher debt service cost.
Keywords:
Distributional effects; inflation; monetary policy; South Africa.; South Africa; consumption decile; monetary policy shock; index data; food consumption; consumption ratio; Consumption; Household consumption; Central bank policy rate; Income inequality; Africa
Cover IMF Working Papers
Effects of Emerging Market Asset Purchase Program Announcements on Financial Markets During the COVID-19 Pandemic
Can Sever, Rohit Goel, Dimitris Drakopoulos, and Mr. Evan Papageorgiou
The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets using both event studies and local projections methodology. We find that these asset purchase announcements lowered bond yields, did not lead to a depreciation of domestic currencies, and did not have much effect on equities. While the immediate effect of asset purchases appears positive, further consideration of the risks and longer-term effects of unconventional monetary policies is needed. We highlight the trade-offs involved with the implementation of these measures, and discuss their risks. This working paper adds to the debate on how asset purchase programs should be a regular part of the emerging market policy toolkit.
Keywords:
COVID-19; pandemic; asset purchase program; quantitative easing; bonds; policy announcement; policy spillover; equities; foreign exchange; central banks; emerging markets.; WP; asset purchase; QE announcement; market dynamics; EM currency; EM equity; market volatility
Cover IMF Working Papers
Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Frameworks
Mr. Nils O Maehle
This paper discusses operational issues for countries that want to reform their monetary policy frameworks. It argues that stabilizing short-term interest rates on a day-to-day basis has significant advantages, and thus that short-term interest rates, not reserve money, in most cases should be the daily operating target, including for countries relying on a money targeting policy strategy. The paper discusses how a policy formulation framework based on monetary aggregates can be combined with an operational framework that ensures more stable and predictable short-term rates to enhance policy transmission. It also discusses how to best configure an interest-rate-based operational framework when markets are underdeveloped and liqudity management capacity is weak.
Keywords:
WP; rate; central bank; interest rate; monetary policy; monetary policy operations; monetary targeting; monetary policy transmission; liqudity management; interest rate determination; policy rate; overnight interbank market rate; allotment system; trough central bank term-lending; liquidity forecasting capacity; firm interest rate corridor; interbank market interest rates; central bank credibility; market rate; targeted market rate; Interest rate spread; interbank market rate; Central bank policy rate; Short term interest rates; Interbank rates; Interbank markets; Monetary base; Africa
Cover IMF Working Papers
The Role of Board Oversight in Central Bank Governance: Key Legal Design Issues
Wouter Bossu and Arthur D. P. Rossi
This paper discusses key legal issues in the design of Board Oversight in central banks. Central banks are complex and sophisticated organizations that are challenging to manage. While most economic literature focuses on decision-making in the context of monetary policy formulation, this paper focuses on the Board oversight of central banks—a central feature of sound governance. This form of oversight is the decision-making responsibility through which an internal body of the central bank—the Oversight Board—ensures that the central bank is well-managed. First, the paper will contextualize the role of Board oversight into the broader legal structure for central bank governance by considering this form of oversight as one of the core decision-making responsibilities of central banks. Secondly, the paper will focus on a number of important legal design issues for Board Oversight, by contrasting the current practices of the IMF membership’s 174 central banks with staff’s advisory practice developed over the past 50 years.
Keywords:
WP; executive management; decision-making responsibility; Board oversight; Oversight responsibility; central bank law; public policy; boards of directors; central bank official; central bank law provision; central bank Decision-making; central bank governance; central bank decision-making structures; central bank Decision-Making responsibility; Central bank legislation; Legal support in revenue administration; Central bank organization; Central bank governance; Central bank mandate; Africa; Global