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This paper inspects whether the South Africa Reserve Bank’s (SARB) Monetary Policy Committee (MPC) statements trigger have a causality with newspaper reports from the Mail and Guardian between 2010 and 2021. The study examines whether SARB’s post MPC statements’ readability is reciprocated in the subsequent Mail and Guardian newspaper articles. Using the Flesch Reading Ease Score and Flesch-Kincaid Grade Level score as the methodology, there is a systematic unpacking of both SARB’s MPC statements and newspaper reports from the Mail and Guardian which yield a dataset which is subsequently used to create a computation. This computation is then used to examine whether SARB’s MPC statements Granger cause the subsequent Mail and Guardian newspaper articles. Resultantly, the results show that there is no Granger causality between the SARB’s MPC statements and the Mail and Guardian’s Flesch Reading Ease Score and Flesch-Kincaid Grade Level score.

This study aims to identify the convergence of financial sector development and the effect of macroeconomic variables on each financial sector development indicator in Asia. The sample used consists of 24 countries in Asia during the period 2010-2018. Identification of convergence using ?-convergence absolute and conditional. Indicators are used to represent the development of the financial sector namely private credit, liquid liabilities, stock market capitalization, and stock market turnover. Empirical evidence was based on the Generalized Method of Moment (GMM) estimation technique. The results showed that there was convergence in Asia and that macroeconomic variables had a significant effect on the development of the financial sector.

The South African Reserve Bank (SARB) migrated to inflation targeting in 2000 and has since embarked on a trajectory of transparency. This has taken the shape of releasing Monetary Policy Committee (MPC) statements other forms of communication. This paper examines SARB’s MPC statements’ tone and sentiment between 2000 and 2021 using the Besigye-Segawa’s TextBlob polarity and subjectivity calculator which measures central bank communication tone and sentiment using the Loughran-McDonald dictionary’s word classification to gauge polarity and subjectivity. The study goes on to explore causality of SARB’s MPC statements’ tone and sentiment on inflation expectation results from the Bureau of Economic (BER) results survey. The systematic analysis shows a causality of SARB’s MPC statements’ tone and sentiment on succeeding BER’s inflation expectations results therein justifying the need for effective communication as SARB’s MPC communications’ polarity and subjectivity ultimately have a causal effect on inflation expectations. therein justifying the need for effective communication. As central bank tone and sentiment studies are only emerging in many emerging and frontier markets, this study lays a foundation for future exploration of effects of central bank communication on the expectations channel.

This study investigates the relationship between the three measures of manufacturing performance [manufacturing production growth rate (MPGR), share of manufacturing in GDP (SMGDP), capacity utilization rate (CUR)] and the variables of financial system stability [exchange rate (EXR), fiscal deficit (FD), lending rate (LR), saving rate (SR), consumer price index (CPI), bank loan to manufacturing sector (BLM)]. The study uses Johansen cointegration and Parsimonious error correction model as the estimation techniques. Findings from the results of the study reveals that there is a long-run relationship between the three measures of manufacturing performance (i.e. MPGR, SMGDP and CUR) and the variables of financial system stability in Nigeria during the period under review. Also, consumer price index (CPI) and lending rate (LR) have negative and significant impacts on manufacturing production growth rate (MPGR) in Nigeria. In addition, fiscal deficit (FD) and lending rate (LR) have significant and negative effect on share of manufacturing in GDP (SMGDP). Lastly, banks loan to manufacturing sector (BLM) has significant negative effect on capacity utilization rate (CUR) while exchange rate (EXR) has positive and significant impact on capacity utilization rate (CUR).

 This paper utilizes the Least Squares Dummy Variables (LSDV) technique in investigating the effect of financial depth on economic growth within a sample of middle-income countries, over the period 2005–2017. The research finds that financial depth has a negative impact on real GDP growth within middle-income countries. This result is robust to the use of alternative measures of financial depth, the use of per capita GDP growth as a proxy for economic growth, the inclusion of dummy variables to control for the 2007–2010 global financial crisis, the exclusion of countries with high average growth as well as across income levels. Based on its findings, this study recommends the need for robust regulations to ensure that the credit facilities of domestic financial institutions are channeled towards productive investments rather than debt servicing.

It is observed that despite the legislative endorsement of the West Africa Countries there is still a glaring divergence in economic structures, which impedes the performance to realize macroeconomic convergence and economic growth within the region. This paper investigated the effects of trade and financial indexes in WAMZ on economic growth. The paper uses three variables and a host of control measures to focus on six countries of WAMZ covering the periods of 2001-2018. Given the heterogeneous nature of the information gathered for the study, the models are cast in static and dynamic panel frameworks that provided micro-structure for the combined data analysis. The models were tested with various econometric and statistical instruments. Results from the analysis show that exported trade is highly concentrated to fewer goods, while imported trade is concentrated on more products and partners; that is, countries in WAMZ tend to shadow liberal import policy. The weak link was also noticed among financial and trade indexes and economic growth in the WAMZ economies. The implications call for short term economic plans and policies in the WAMZ economies so as to collectively monitor economic policies and growth. We equally observed that the structures of the economies in the region are heterogeneous making it rather difficult for regional trade and financial indicators to accelerate output growth in the region. Thus our basic postulations are an inter-policy approach on social, political and economic (trade and finance) arrangements that would neutralize the heterogeneity and foster institutional and attitudinal reforms, eliminate insecurity challenges, and spur political stability and responsible leadership within the regions.

An increase in MSMEs in large numbers is very instrumental in increasing economic growth in developing countries, including Indonesia. The research objective is based on identifying the effect of investment credit, interest rates, and labor on economic growth through the role of MSMEs. The design of this research is descriptive-verification to present a structured, factual and accurate picture and test hypotheses empirically through the MRA model. Empirical analysis proves that investment credit and interest rates through the role of MSMEs can influence positively and significantly on Indonesia's economic growth. In other results, it appears that the role of MSMEs is less able to mediate the effect of labor on Indonesia's economic growth. This fact is based on a negative and insignificant relationship. In a sentence or two, enter the implications and limitations of your research. In Indonesia, increasing bank lending to MSMEs in practice is undermined by lending policies by banks and by macroeconomic factors (economic growth, interest rates, investment credit, and labor).

The main purpose of this study is to investigate if determinants that we selected in our analysis have any effects on inflation rate in Western Balkans Countries[1] by using panel data for the period of 2001-2017, in yearly basis in total of 102 observation. The study used quantitative analysis approach and secondary data by applying the multivariate time series, respectively vector error correction model [VECM]. Multivariate time series was applied to investigate whether the budget deficit and other explanatory variable have any significant impact on inflation rate. The results from our analysis shows that three of four determinates that we used are significant on inflation rate. The model summaries statistics for inflation rate which shows that inflation rate has a moderate correlation with explanatory variables that we used in our model, that explanatory variables explain 45.5 percent of dependent variable and we can conclude that a model is a proper and fit. The results suggest that one percent point increase in budget deficit to GDP ratio is associated with about a 9.34 percent point increase in inflation rate.  The overall inference is that the ratios that we selected has a significant influence on the inflation rate in Western Balkans Countries.      [1] Western Balkans Countries: Albania, Bosnia & Hercegovina, Kosovo, Montenegro, North Macedonia and Serbia.

The main purpose of this study is to investigate inflation rate and its impact on the growth rate or to GDP growth for Eurozone countries, using panel data for the period 1997-2017, on an annual basis with a total of 257 observations. For conducting the study, and achieving results, a multiple linear regression model with the least squares regression is used. Moreover, multiple linear regression analysis has been applied in order to investigate whether Inflation rate, as an independent variable, has any significant impact on economic growth. Consequently, in order to test the data used in the model we have applied diagnostic tests, such as Durbin-Watson test to analyze the correlation of serial correlation, as well as the Breusch-Pagan test for heteroskedasticity. The tests’ results give us strong indications that the model has no relation between of serial correlation and there is no heteroskedasticity either. The study conducted shows results generated from the model, and according to the econometric results indicate that Inflation rate has positive impact on the economic growth rate for euro area.

<p><em>This paper gives an overview of the concept of macroeconomic stabilization and, its measurement, goals and policy instruments. It starts with a review of the concept, measurement and goals of macroeconomic policy and, the goals performance measurement. After this, the paper looks at macroeconomic policies and its instruments, and macroeconomic stabilization problems. The next section examines the applicability of the stabilization instruments under various economic conditions and, this section is followed by a conclusion.</em></p>

<p><em>The main purpose of this study is to evaluate whether the bank lending channel exist or not. Within this context, quarterly data of for the periods between 2002q1 and 2016q4 was taken into the consideration. Additionally, VAR model was used to reach the objective. According to the result of impulse response function, it was reached that</em><em> producer price index, real exchange rate and policy rate are effective determinants. Additionally, banks balance sheet has important and positive influence on total credits but industrial production index is regarded as partially effective. While considering this result, it was also found that both bank balance and macroeconomic variables used in this study is the main determinants of bank total credit.</em></p>

<p><span>Bu çalışmanın amacı, Türkiy</span><span>e Cumhuriyet Merkez Bankası’nın (TCMB) 2008 Küresel Ekonomik Kriz sonrası <span>makro ihtiyati para politikası uygulamalarını incelemek ve etkilerini değerlendirmektir.</span></span><span>Küresel krize karşı 2010 yılından itibaren TCMB’nin eski politika çerçevesinde kullanılan politika faizinin yanı sıra makro ihtiyati politikalar çerçevesinde uyguladığı başlıca para politikası araçları; zorunlu karşılıklar, faiz koridoru, likidite yönetimi ve rezerv opsiyon mekanizması gibi araçlardan oluşmaktadır. </span></p><p><span>Çok sayıda politika aracının varlığının yarattığı karmaşıklığın yanı sıra, bu araçların<span> etkinliğine ilişkin ampirik sonuçların kısıtlı olması, uygulama geçmişinin kısa süreli olması ve politik müdahaleler doğru bir değerlendirmeyi güçleştirmektedir. </span></span></p>

<p>There is a long discussion among academics and central bankers about the theories of money supply. According to the exogenous view, central banks have the full control over money supply via policy actions including the adjustments of interest rates and reserve ratios, both of which alter commercial banks’ lending decisions. However, the theory of endogenous money supply emphasizes the role of demand for bank loans in money creation. More specifically, banks create money by meeting the demand of economic agents. In this study, we investigate which of the money supply theories holds in Turkish economy for the period 2006-2015 by employing cointegration and causality tests. Our findings show that the causality runs from bank loans to money supply both in the short and long terms, which supports the endogenous view in a sense that central bank and the banks fully meet the total demand for money in Turkish economy.</p>

Both in Turkey and in the world in 1980 was a year of major structural transformations. Globalization has been accelerated in this time and countries have implemented some liberal policies for opening borders to foreign capital. Economies began to be led by export-oriented industrialization and liberalization policies after 1980 and these policies continue since then. Turkey is one of these countries that began liberalization after 1980. While decreasing trade barriers exerts a downward pressure on prices trade liberalization represents a structural break. This study aims to examine the relationship between trade openness and inflation over the period 1980-2011 for Turkey by using OLS method. The proportion of foreign trade volume (exports plus imports) to GDP and real exchange rates are used as measures of trade openness besides inflation rate. As a result of the study, it has been determined that there was a negative correlation between trade openness and inflation rate for the dedicated years in Turkey. The effects of crisis and election years in Turkey have been also tested and found statistically insignificant.

The aim of this study is to investigate impacts of monetary policy transmission mechanisms on production and prices in theoritical way and to test functioning of monetary transmission channels in Azerbaijan economy. In this article, vector error correction model (VECM) is employed for short and long run  relationships in the period of 2001:4-2014:3. Results reveal that, both interest and credit channels are important, with a bit precedence of credit channel in comparison for Azerbaijan economy.

<p><em>The link between </em><em>stock market development and economic activity has always been the subject of considerable debate in the field of economics and it raises empirical question whether stock market development influences economic activity or whether it is a consequence of increased economic activity. This study attempts to investigate the direction of causality between stock market development and economic growth in the Indian context. Using the cointegration and causality tests for the period June 1991 to June 2013, the study confirms a well defined long-run equilibrium relationship between the stock market development indicators and economic growth in India. The empirical results show bidirectional causality between market capitalisation and economic growth and unidirectional causality from turnover ratio to economic growth in the long-run and short-run. By and large, it can be inferred that the stock market development indicators viz. market capitalisation and turnover ratio have a positive influence on economic growth in India.</em><em></em></p>

<p><em>This paper employs a quarterly time series to determine the timing of structural breaks for interest rates in USA over the last 60 years. <strong>The Chow test</strong> is used for investigating the non-stationary, where the date of the potential break is assumed to be known. Moreover, we empirically examined the deviation from an assumed interest rate as given in a standard Taylor rule and consequences on financial sectors. The empirical analysis is strengthened by analysing the rule from a historical perspective and look at the effect of setting the interest rate by the central bank on financial imbalances. The empirical evidence indicates that deviation in monetary policy has a potential causal factor in the build up of financial imbalances and the subsequent crisis where macro prudential intervention could have beneficial effect. Thus, our findings tend to support the view, which states that the probable existence of central banks has been one source of global financial crisis since the past decade.</em></p>

<p><em>This article focuses on the empirical relationship between the United States’ and Japan’s yield spread of interest rates and economic growth in Japan. The yield spread is defined in this article as the difference between the Japanese government bond yield minus the US government bond yield. Some studies have tackled this issue and found a negative relationship between the yield spread and economic growth; however, recent studies have shown no or a weak relationship. This problem has not yet reached consensus in spite of its importance. As the Japanese interest rate has been quite low since the adoption of the zero interest rate policy at the end of 1990s, the situation may change the results. The empirical results show that reliability of yield spread as a leading indicator of output growth exists in Japan; however, term structure of interest rate is not related to output growth.</em><em></em></p>

<p>This paper can be described as a significant exploratory study that will provide a significant contribution to knowledge to consider crucial issues which need to be barriers to understanding or a temptation/ requirement to judge some practices as ‘better’ than others for stock market development effective approach and implement successful stock market performance and economic growth. Recent analysis of the link between financial development and growth, gained from insights acquired as a result of using the technique of endogenous growth models, has illustrated that growth without exogenous technical progress and that growth rates could be related to technology, income distribution and institutional arrangements. This provides the theoretical background that empirical studies have lacked; illustrating that financial intermediation affects the level of economic growth. Resulting models have provided new impetus to empirical research of the effects of financial development. The birth of the new endogenous growth theory has facilitated the development of improved growth models where the long-term rate could be affected by a number of elements. These included technology, education and health policies in the process of economic development, capital accumulation, government policies and institutional activities in the role of financial development in economic growth.</p>

The Great Financial Crisis has been touted to be the worst crisis since the Great Depression of 1930; its effect has profound ramifications on the global economy. The nature and the severity of the crisis provoked an unprecedented policy response from policy makers at both global and domestic levels. To address the rampaging crisis, the Bank of England implemented a number of conventional and unconventional policy measures to curtail the economic rot and to stimulate economic growth. There is a broad consensus in the empirical literature and other evidence found in this paper that a number of the policies implemented in the United Kingdom played a significant role in re-directing and stimulating the economy. This paper reviews the various policy measures adopted by the Bank of England from the inception of the financial crisis in 2008 and assesses their effectiveness in bringing back the economy from the brink of collapse. Our review shows that quantitative easing (QE) policy and the expansionary fiscal policy adopted by the Bank of England were effective policy tools used in stimulating economic growth, stemming the effect and shortening the duration of the crisis in the United Kingdom