Abstract:
This paper constructs a from-whom-to-whom matrix of financial stock positions for the South African economy and analyses the resulting data to illuminate its evolving financial structure over the last decade. Focusing on seven institutional sectors and multiple financial instruments over the last decade, we detail the dataset's construction before highlighting the key findings. From-whom-to-whom positions reveal a deeply interconnected financial system in which each sector fulfils distinct but interdependent roles. The time-series analysis captures recent trends in financial deepening, financialization, and growing global linkages. Overall, this from-whom-to-whom analysis offers new insights into the structure of South Africa's financial network and the conditions under which it can fund key investments for sustainable long-term growth.
