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The Relative Merits and Implications of Inflation Targeting for South Africa

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  • Gunnar Jonsson
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    Abstract

    This paper describes the main elements of inflation targeting, reviews its pros and cons, and examines the experiences thus far in countries using this framework. It discusses the implications and relative merits of such a framework for South Africa, and concludes that it would be feasible and desirable for South Africa to adopt explicit inflation targeting. Doing so could reduce uncertainties about the Reserve Bank’s objectives and enhance the transparency of monetary policy. However, further experience with the operational aspects of the repurchase system and a refinement of the inflation forecasting framework may be needed before inflation targeting is implemented.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=3255
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/116.

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    Length: 24
    Date of creation: 01 Aug 1999
    Date of revision:
    Handle: RePEc:imf:imfwpa:99/116

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    Cited by:
    1. Aerdt C.F.J. Houben, 2001. "What central banks have learned: lessons from pre-EMU Europe," BNL Quarterly Review, Banca Nazionale del Lavoro, Banca Nazionale del Lavoro, vol. 54(218), pages 289-311.
    2. Aerdt C.F.J. Houben, 2001. "What central banks have learned: lessons from pre-EMU Europe," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, Banca Nazionale del Lavoro, vol. 54(218), pages 289-311.

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