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Table of Contents
Cover; Half-Title; Title; Copyright; Contents; List of Figures; List of Tables; Preface; Acknowledgements; 1 Introduction; 1.1 Stylised facts; 1.1.1 What happens to the exchange rate and asset prices at peak and low levels of global risk aversion?; 1.2 Do foreign and South African asset prices move together?; 1.3 The relationship between G7 economic growth and South African growth; 1.4 Correlation between South African trade variables and G7 economic growth; 1.5 Are South Africa's export shares following global economic growth dynamics?; Part I Growth Spillover Effects.
2 Positive Economic Growth Spillovers of G8 Countries into South Africa2.1 Introduction; 2.2 Recent growth spillovers evidence; 2.2.1 Evidence on the regional sources of growth spillovers; 2.2.2 Evidence of various channels of transmission; 2.3 Brief discussions of various economic linkages; 2.3.1 Trade patterns; 2.3.2 Foreign inward and outward investment; 2.3.3 The real effective exchange rate movements and implications for competitiveness; 2.4 The methodology; 2.4.1 The modified Poirson and Weber growth spillover framework; 2.5 The empirical analysis.
2.5.1 How does South African economic growth respond to positive GDP shocks from G8 countries?2.5.2 Evolution of South African growth before, during and after the recession in 2009Q1-Q3?; 2.5.3 The role of different transmission channels; 2.5.4 To what extent are US growth shocks transmitted via third countries?; 2.6 Conclusion; 3 Growth Spillovers from BRIC Countries into South Africa; 3.1 Introduction; 3.2 Dissecting the role of China on South African trade dynamics; 3.2.1 The South African exports to China; 3.2.2 The South African imports from China; 3.3 The methodology; 3.4 The data.
3.5 Empirical results3.5.1 How did BRIC countries contribute to South African GDP growth during the recession in 2009Q1-Q3 and beyond?; 3.5.2 The role of different transmission channels; 3.5.2.1 The counterfactual analysis of various channels and third country effects; 3.6 Conclusion; Appendix A3; Ordering sequence; Part II Spillovers of Foreign Financial Shocks; 4 The Spillovers of Financial Shocks from the United States into the South African Economy; 4.1 Introduction; 4.1.1 The relationship between US and SA financial variables; 4.1.2 The relationship between US trade with SA.
4.2 Recent studies4.3 VAR methodology; 4.4 The results; 4.5 Discussion of the results; 4.5.1 Robustness analysis: does the sample size alter the responses?; 4.5.2 Historical contributions; 4.6 Conclusion; Appendix A4; Appendix B4; 5 Spillovers from Euro Area Bond Yields into the South African Macro Economy; 5.1 Introduction; 5.2 Stylised facts on trade relations between South Africa and the euro area; 5.3 A brief review of the portfolio balance model of the exchange rate determination; 5.4 VAR methodology and the data; 5.5 Findings.
2 Positive Economic Growth Spillovers of G8 Countries into South Africa2.1 Introduction; 2.2 Recent growth spillovers evidence; 2.2.1 Evidence on the regional sources of growth spillovers; 2.2.2 Evidence of various channels of transmission; 2.3 Brief discussions of various economic linkages; 2.3.1 Trade patterns; 2.3.2 Foreign inward and outward investment; 2.3.3 The real effective exchange rate movements and implications for competitiveness; 2.4 The methodology; 2.4.1 The modified Poirson and Weber growth spillover framework; 2.5 The empirical analysis.
2.5.1 How does South African economic growth respond to positive GDP shocks from G8 countries?2.5.2 Evolution of South African growth before, during and after the recession in 2009Q1-Q3?; 2.5.3 The role of different transmission channels; 2.5.4 To what extent are US growth shocks transmitted via third countries?; 2.6 Conclusion; 3 Growth Spillovers from BRIC Countries into South Africa; 3.1 Introduction; 3.2 Dissecting the role of China on South African trade dynamics; 3.2.1 The South African exports to China; 3.2.2 The South African imports from China; 3.3 The methodology; 3.4 The data.
3.5 Empirical results3.5.1 How did BRIC countries contribute to South African GDP growth during the recession in 2009Q1-Q3 and beyond?; 3.5.2 The role of different transmission channels; 3.5.2.1 The counterfactual analysis of various channels and third country effects; 3.6 Conclusion; Appendix A3; Ordering sequence; Part II Spillovers of Foreign Financial Shocks; 4 The Spillovers of Financial Shocks from the United States into the South African Economy; 4.1 Introduction; 4.1.1 The relationship between US and SA financial variables; 4.1.2 The relationship between US trade with SA.
4.2 Recent studies4.3 VAR methodology; 4.4 The results; 4.5 Discussion of the results; 4.5.1 Robustness analysis: does the sample size alter the responses?; 4.5.2 Historical contributions; 4.6 Conclusion; Appendix A4; Appendix B4; 5 Spillovers from Euro Area Bond Yields into the South African Macro Economy; 5.1 Introduction; 5.2 Stylised facts on trade relations between South Africa and the euro area; 5.3 A brief review of the portfolio balance model of the exchange rate determination; 5.4 VAR methodology and the data; 5.5 Findings.