Inflation in South Africa: 1921 to 2006

This overview of inflation in South Africa covers
developments between 1921 and 2006. The main
contribution of this research is the development of
an inflation credibility barometer that can be used
for the measurement and comparison of inflation
credibility. The barometer measures out of 100 the
degree of acceptance of the accuracy of historic
inflation figures. The methodology can be used for
the international measurement (and comparison between
countries) of the credibility of inflation figures
and sets a benchmark for the future measurement of
inflation credibility. Countries targeting inflation
by 2006 are considered in detail. A cluster of 23
countries was identified as inflation-targeting
countries in 2006: Australia, Brazil, Canada, Chile,
Colombia, Czech Republic, Hungary, Iceland,
Indonesia, Israel, Mexico, New Zealand, Norway, Peru,
Philippines, Poland, Romania, Slovakia, South Africa,
South Korea, Sweden, Thailand and United Kingdom.
Subsequently (in 2007) Ghana joined this cluster of
countries, although the inclusion or exclusion of
certain countries as inflation targeters in this
cluster is still the topic of some debate.

Autorentext

Jannie Rossouw studied at the University of Pretoria andcompleted a PhD at the University of KwaZulu-Natal. He is aDeputy General Manager of the SA Reserve Bank in Pretoria, SouthAfrica, and a part-time lecturer in economics at the Universityof Pretoria. His research interests cover inflation credibilityand convergence in the SADC region.

Klappentext

This overview of inflation in South Africa coversdevelopments between 1921 and 2006. The maincontribution of this research is the development ofan inflation credibility barometer that can be usedfor the measurement and comparison of inflationcredibility. The barometer measures out of 100 thedegree of acceptance of the accuracy of historicinflation figures. The methodology can be used forthe international measurement (and comparison betweencountries) of the credibility of inflation figuresand sets a benchmark for the future measurement ofinflation credibility. Countries targeting inflationby 2006 are considered in detail. A cluster of 23countries was identified as inflation-targetingcountries in 2006: Australia, Brazil, Canada, Chile,Colombia, Czech Republic, Hungary, Iceland,Indonesia, Israel, Mexico, New Zealand, Norway, Peru,Philippines, Poland, Romania, Slovakia, South Africa,South Korea, Sweden, Thailand and United Kingdom. Subsequently (in 2007) Ghana joined this cluster ofcountries, although the inclusion or exclusion ofcertain countries as inflation targeters in thiscluster is still the topic of some debate.