Daniel Mminele: Underpinnings of sustainable growth in Africa Address by Mr Daniel Mminele, Deputy Governor of the South African Reserve Bank, at the IIF Africa Financial Summit, Sandton, 11 November 2013.
The extent to which a global downturn in the credit cycle affects the real economies in different parts of the world obviously varies according to a country’s direct and indirect exposure, the degree of overvaluation in housing and mortgage markets, the structure of its banking system, its macroeconomic imbalances and other factors.