Browsing by Author "Van Lill, Dawid Johannes"

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    Balance sheet policies and financial stability : central banking reimagined
    (Stellenbosch : Stellenbosch University, 2016-12) Van Lill, Dawid Johannes; Du Plessis, Stan, 1972-; Reid, Monique B.; Liu, Guangling; Stellenbosch University. Faculty of Economic and Management Sciences. Dept. of Economics.
    ENGLISH SUMMARY : Balance sheet policies have become the primary policy lever of several central banks in the wake of the international financial crisis. However, with inflated central bank balance sheets, and global economic conditions returning to normal, the future of balance sheet policies needs to be considered. In this thesis I aimed to define a role for balance sheet policies in the monetary policy toolkit, especially with regard to financial stability. First, I developed an explicit definition of balance sheet policies and their channels of transmission to help resolve the confusion clearly visible in the academic literature and popular media. Second, I explored the changing nature of central bank operational frameworks, which identifies several new regimes. Third, I developed a dynamic general equilibrium model that implements supply-side financial frictions and the salient features of balance sheet policies. My first empirical chapter employed a time-varying parameter vector autoregressive (TVPVAR) model to establish the nature of the relationship between central bank liabilities and the overnight policy rate. Four countries with different monetary policy regimes were considered. It was found that a clear negative relationship between these variables exists only in the case of one regime, namely the reserve regime. This result indicates that the introduction of new operational frameworks for central banks have challenged the traditional model of monetary policy implementation. The practical implication of the decoupling of interest rates from reserves is that central bank balance sheets potentially can be used alongside conventional interest rate policy. In the last two chapters of the thesis a dynamic general equilibrium model was developed, equipped with a heterogeneous banking sector, endogenous default and collateralised lending on the part of the central bank. Within this framework, changes along the dimensions of size and composition of the central bank’s balance sheet were integrated. Increasing the size in this model significantly contributed to financial stability. However, when used in conjunction with interest rate policy, it could cause conflicting effects. Changes in its composition establish local supply effects, which means that long-term interest rates are depressed, an explicit goal of many asset purchase programmes. Changing the composition has an impact beyond that for the change in size, relaxing borrowing conditions even more than a pure injection of liquidity.
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    Jesaja 6:1-9:6 : 'n ondersoek na die gebruik van beeldspraak in die 'Denkschrift' van Jesaja
    (Stellenbosch : Stellenbosch University, 1989-01) Van Lill, Dawid Johannes; Olivier, J. P. J.; Stellenbosch University. Faculty of Theology. Dept. of Old and New Testament.
    ENGLISH ABSTRACT: No abstract available.