Ekaterina Pirozhkova University of Pretoria and South African Reserve Bank   Department of Economics Private bag X20 Hatfield Pretoria, Gauteng 0028 South Africa   ekaterina.pirozhkova01@gmail.com             JEL Areas: E5 : Monetary Policy, Central Banking, and the Supply of Money and Credit: General F4 : Macroeconomic Aspects of International Trade and Finance: General