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The Relative Merits and Implications of Inflation Targeting for South Africa

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  • Gunnar Jonsson

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.

Suggested Citation

  • Gunnar Jonsson, 1999. "The Relative Merits and Implications of Inflation Targeting for South Africa," IMF Working Papers 99/116, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:99/116
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    Cited by:

    1. Wai Ching Poon & Yong Shen Lee, 2014. "Inflation Targeting in ASEAN-10," South African Journal of Economics, Economic Society of South Africa, vol. 82(1), pages 141-157, March.
    2. Aerdt C.F.J. Houben, 2001. "What central banks have learned: lessons from pre-EMU Europe," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 54(218), pages 289-311.

    More about this item

    Keywords

    South Africa; Inflation Targeting; inflation; monetary policy; central bank; inflation targeting framework;

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