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Special Occasional Bulletin of Economic Notes 24/01 Resilience in the face of large shocks challenges that await central banks in emerging economies February 2024
Published Date:
2024-02-26
Author:
Pierre Siklos
Last Modified Date:
2024-02-26, 11:46 AM
Category:
Publications > Special Occasional Bulletin Of Economic Notes | What's New
A series of large shocks since 2008 have upended the previous era’s macroeconomic stability. Policymakers, among others, yearn for a return to the so-called Great Moderation that saw lower and less volatile inflation together with consistently positive economic growth. Central banks and other institutions can deal with threats of greater instability by seeking to become more resilient to shocks, both small and large. This note provides a definition of resilience and explains how central banks, especially in emerging market economies such as South Africa, can deliver economic resilience. That said, other challenges remain that may well test a country’s resilience to future economic and financial shocks.