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Mortgage Variables, Monetary Policy and Consumption

In: Monetary Policy and the Economy in South Africa

Author

Listed:
  • Mthuli Ncube

    (African Development Bank Group)

  • Eliphas Ndou

    (Reserve Bank of South Africa)

Abstract

This chapter builds on Chapters 4 and 5. The preceding chapters examined the importance of the indirect channel of household wealth on consumption, and how this varies with house size, and the importance of disposable income for different consumption categories. This chapter discusses the role of mortgages in South Africa and investigates the importance of the housing market including lending and credit supply shocks. We extend the study to account for the directional push effect of developments in the US housing market on their South African counterparts. To what extent are the spillovers from the US residential investment and house price important in accounting for the deterioration of the South African housing market during 2009 and thereafter?

Suggested Citation

  • Mthuli Ncube & Eliphas Ndou, 2013. "Mortgage Variables, Monetary Policy and Consumption," Palgrave Macmillan Books, in: Monetary Policy and the Economy in South Africa, chapter 6, pages 83-109, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33415-2_6
    DOI: 10.1057/9781137334152_6
    as

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