Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/190055 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
WIDER Working Paper No. 2018/6
Verlag: 
The United Nations University World Institute for Development Economics Research (UNU-WIDER), Helsinki
Zusammenfassung: 
We analyse implications of financial sector dynamics for fiscal expenditure multipliers in recessionary conditions. We employ a stock-and-flow-consistent model for South Africa with four financial instruments and detailed balance sheets for the household, government, financial, non-financial, and foreign sectors, and the Reserve Bank. The increase in government expenditure positively affects the probability of default, valuations, and perceptions of risk. Higher inflows of foreign savings can increase the multiplier further by reducing the domestic savings constraint. The size of the fiscal multipliers is also dependent on the actions of domestic and foreign monetary authorities, thus emphasizing the importance of policy co-ordination.
Schlagwörter: 
stock-and-flow consistent
financial dynamics
fiscal multipliers
South Africa
JEL: 
C68
D53
D58
E44
E62
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-9256-448-3
Dokumentart: 
Working Paper

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