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Working Paper 161 - The Impact of Euro Area Monetary and Bond Yield Shocks on the South African Economy: Structural Vector Autoregression Model Evidence
This paper investigates the various channels through which an unexpected positive shock in euro area bond yields and expansion monetary policy are transmitted to South Africa using structural vector autoregression (SVAR) models. This investigation is motivated by the adoption of largescale balance-sheet tools used by various central banks and the ongoing sovereign debt problems in the euro area. It is important for South African policymakers to understand how these effects are transmitted domestic economic conditions.