South Africa: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 345

Publication date: September 2005

ISBN: 9781451966763

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Labor , Public Finance , Taxation - General , ISCR , CR , government , break , inflation expectation , sound inflation , interpreting inflation development , inflation dynamics , customs duty , backward-looking inflation component , Tariffs , Labor markets , Mortgages , Unemployment , Africa , Southern Africa

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Summary

This Selected Issues paper for South Africa presents a quantitative analysis of inflation dynamics in the country. The conduct of monetary policy has been complicated by a variety of unanticipated events that have had important effects on inflation. Exposed to exchange rate and other shocks, the model confirms that a delayed policy response to inflation shocks leads to persistently higher inflation rates and, subsequently, to a sharp real contraction of the economy.