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|z 9781589065888
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Goel, Rohit.
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|a Analyzing Capital Flow Drivers Using the 'At-Risk' Framework :
|b South Africa's Case /
|c Rohit Goel, Ken Miyajima.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2021.
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|a 1 online resource (37 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Cross-border capital flows are important for South Africa. They fund the nation's relatively large external financing needs and have important financial stability implications evidenced by the large capital outflows and asset price selloffs during the COVID-19 pandemic. This paper adds to the literature on the drivers of South Africa's capital flows by applying the 'at-risk' framework--which differentiates between the likelihood of "extreme" inflows (surges) and outflows (reversals) and of "typical" flows--to both nonresident and resident capital flows. Estimated results show that among nonresident flows, the portfolio debt component is most sensitive to changes in external risk sentiment particularly during reversals. This applies to flows to the sovereign sector. Nonresident equity flows, both portfolio and FDI, are most sensitive to domestic economic activity especially during surges. This applies to flows to the corporate and banking sectors. Results also suggest that resident flows, in particular the FDI component, tend to offset nonresident flows, thus acting as buffers against funding withdrawal during periods of global risk aversion.
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|a Mode of access: Internet
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|a Diffusion Processes
|2 imf
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|a Dynamic Quantile Regressions
|2 imf
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|a Dynamic Treatment Effect Models
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|a International Investment
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|a Long-Term Capital Movements
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|a Time-Series Models
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|a Miyajima, Ken.
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|a IMF Working Papers; Working Paper ;
|v No. 2021/253
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2021/253/001.2021.issue-253-en.xml
|z IMF e-Library
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