Research Brief
Monetary policy and firm size in South Africa
Monetary policy affects the real economy through various channels, including the interest rate, exchange rate, credit, and asset price channels. The credit channel has recently received considerable attention. Small firms are more sensitive to...
Working Paper
The size distribution of monetary policy effects among South African manufacturing firms
Monetary policy is believed to have a disproportionate effect on firms, depending on their size. Financially constrained firms with limited access to capital markets are expected to be more sensitive to changes in interest rates; this is...