Macro-financial implications of public debt in South Africa: The role of financial regimes

Theshne Kisten

No wp-2023-76, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: This paper examines the role of financial frictions in the public debt-growth nexus, documenting that a public debt shock has different macro-financial implications dependent on the state of financial markets in South Africa. A non-linear vector autoregression model is estimated which allows the transmission mechanism to be characterized by two distinct financial regimes: stressful versus normal.

Keywords: Public debt; South Africa; Regression analysis; Financial dynamics (search for similar items in EconPapers)
Date: 2023
New Economics Papers: this item is included in nep-afr
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