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PROPOSALS FOR STRENGTHENING THE SARB'S INFLATION TARGETING REGIME
Author(s) -
PLESSIS STAN A.
Publication year - 2005
Publication title -
south african journal of economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.502
H-Index - 31
eISSN - 1813-6982
pISSN - 0038-2280
DOI - 10.1111/j.1813-6982.2005.00021.x
Subject(s) - transparency (behavior) , economics , inflation targeting , inflation (cosmology) , monetary policy , institutional change , public economics , macroeconomics , monetary economics , political science , public administration , law , physics , theoretical physics
This paper proposes a set of criteria for efficient institutions derived form the New Institutional Economics literature and the IMF's Code of Good Practices on Transparency in Monetary and Financial Policie. These criteria are used to evaluate the institutional framework of South Africa's inflation targeting regime. A test for measuring the comprehensiveness of South Africa's inflation targeting regime is used to verify the results of the institutional evaluation. Finally, a matrix of proposed institutional reforms is constructed to address weaknesses identified by the institutional evaluation.