Monetary policy credibility and exchange rate pass-through in south africa

Jan 17, 2016 rate pass-through (ERPT) to tradable prices in South Africa. The monetary policy exchange rate channel is of paramount importance mostly for small and Through the Pass-Through: Measuring Central Bank Credibility. Jun 17, 2009 attempt to gain policy credibility, many countries have opted for extremely The degree of exchange rate pass through is estimated using an Pass-through and the Monetary Regime in Sub-Saharan Africa and Latin America The Common Monetary Area (CMA) consists of the Republic of South Africa,. This paper investigates the key factors that explain the documented decline in the exchange rate pass-through in South Africa over the past two decades, which coincides with the adoption of the inflation-targeting regime. The paper conjectures, in line with the literature, that this outcome is largely due to improved monetary policy credibility.

Jan 17, 2016 rate pass-through (ERPT) to tradable prices in South Africa. The monetary policy exchange rate channel is of paramount importance mostly for small and Through the Pass-Through: Measuring Central Bank Credibility. Jun 17, 2009 attempt to gain policy credibility, many countries have opted for extremely The degree of exchange rate pass through is estimated using an Pass-through and the Monetary Regime in Sub-Saharan Africa and Latin America The Common Monetary Area (CMA) consists of the Republic of South Africa,. This paper investigates the key factors that explain the documented decline in the exchange rate pass-through in South Africa over the past two decades, which coincides with the adoption of the inflation-targeting regime. The paper conjectures, in line with the literature, that this outcome is largely due to improved monetary policy credibility. between monetary policy credibility and the exchange rate pass-through in South Africa. Section IV discusses the empirical results, focusing first on determinants of monetary policy credibility, and then the relationship between monetary policy credibility and the exchange rate pass-through. Section V undertakes several robustness checks. Downloadable! This paper investigates the key factors that explain the documented decline in the exchange rate pass-through in South Africa over the past two decades, which coincides with the adoption of the inflation-targeting regime. The paper conjectures, in line with the literature, that this outcome is largely due to improved monetary policy credibility. Request PDF | On Jan 1, 2018, Alain Kabundi and others published Monetary Policy Credibility and Exchange Rate Pass-Through in South Africa | Find, read and cite all the research you need on 1. Introduction. Following the finding in Kabundi and Mbelu (2018) that exchange rate pass-through to consumer inflation has declined considerably in South Africa since the adoption of the inflation targeting framework in the early 2000, this paper proposes to examine the role of monetary policy credibility in explaining this outcome. There is growing literature which argues that this may be

Request PDF | On Jan 1, 2018, Alain Kabundi and others published Monetary Policy Credibility and Exchange Rate Pass-Through in South Africa | Find, read and cite all the research you need on

Jan 17, 2016 rate pass-through (ERPT) to tradable prices in South Africa. The monetary policy exchange rate channel is of paramount importance mostly for small and Through the Pass-Through: Measuring Central Bank Credibility. Jun 17, 2009 attempt to gain policy credibility, many countries have opted for extremely The degree of exchange rate pass through is estimated using an Pass-through and the Monetary Regime in Sub-Saharan Africa and Latin America The Common Monetary Area (CMA) consists of the Republic of South Africa,. This paper investigates the key factors that explain the documented decline in the exchange rate pass-through in South Africa over the past two decades, which coincides with the adoption of the inflation-targeting regime. The paper conjectures, in line with the literature, that this outcome is largely due to improved monetary policy credibility. between monetary policy credibility and the exchange rate pass-through in South Africa. Section IV discusses the empirical results, focusing first on determinants of monetary policy credibility, and then the relationship between monetary policy credibility and the exchange rate pass-through. Section V undertakes several robustness checks. Downloadable! This paper investigates the key factors that explain the documented decline in the exchange rate pass-through in South Africa over the past two decades, which coincides with the adoption of the inflation-targeting regime. The paper conjectures, in line with the literature, that this outcome is largely due to improved monetary policy credibility.

that combine flexible exchange rate regimes and credible inflation targets. Keywords: Inflation; foreign exchange; monetary policy; exchange rate pass through. “Has the Exchange Rate Pass-Through Changed in South Africa?” South.

Exchange Rate Pass-Through and Monetary Policy in South Africa adjust to exchange rates helps anticipate inflation effects and monetary policy responses. This in turn reduces the exchange rate pass-through. This finding is important from a monetary policy perspective not only for South Africa but other emerging  Downloadable (with restrictions)! Considering external constraints on monetary policy in emerging countries, we propose a semi-structural vector autoregressive   Apr 24, 2019 Does Fiscal Policy Credibility Matter for the Exchange Rate Pass-Through to Consumer Price Inflation in South Africa? Authors; Authors and  Monetary Policy Credibility and Exchange Rate Pass-Through in South Africa. by Montfort Mlachila and Alain Kabundi. Paper: 1804, 01.08.2018. JEL: E31, E52  Exchange rate pass-through to prices in South Africa receives a fair amount of High exchange rate pass-through poses serious monetary policy challenges, bank is credible then shocks to the nominal exchange rate on inflation would be 

pass-through profile over the period 2000 to 2001, when monetary policy had the South Africa's exchange rate policies and the behaviour of the Rand and inflation: credible inflation targeting framework, in the face of market determined 

Exchange Rate Pass-Through and Monetary Policy in South Africa adjust to exchange rates helps anticipate inflation effects and monetary policy responses. This in turn reduces the exchange rate pass-through. This finding is important from a monetary policy perspective not only for South Africa but other emerging  Downloadable (with restrictions)! Considering external constraints on monetary policy in emerging countries, we propose a semi-structural vector autoregressive   Apr 24, 2019 Does Fiscal Policy Credibility Matter for the Exchange Rate Pass-Through to Consumer Price Inflation in South Africa? Authors; Authors and  Monetary Policy Credibility and Exchange Rate Pass-Through in South Africa. by Montfort Mlachila and Alain Kabundi. Paper: 1804, 01.08.2018. JEL: E31, E52 

AbstractUnderstanding how import prices adjust to exchange rates helps anticipate inflation effects and monetary policy responses. This article examines exchange rate pass-through to the monthly import price index in South Africa during 1980–2009. Short-horizon pass-through estimates are calculated using both single equation equilibrium correction models and systems (Johansen) models

Our econometric model for South Africa regarding the exchange rate and the Rigabon evaluates how credible the SARB's inflation targeting is to shocks to Exchange rate pass-through to import prices and monetary policy in South Africa. Keywords: exchange rate pass-through, inflation, VAR, Cholesky fixed exchange rate to credible foreign currency represent a crucial role for understanding adjustments of monetary policy framework and exchange rate regime accompanied key targeting versus flexible currency board in Ghana, South Africa and the. Apr 15, 2019 As regards the second pillar – on policy credibility, the exchange rate, and inflation – the a lower ERPT is associated with a credible monetary policy aiming at and Mlachila (2018) for South Africa and by Winkelried (2014) for Peru. credibility matters for reducing the pass-through on inflation of market  pass-through profile over the period 2000 to 2001, when monetary policy had the South Africa's exchange rate policies and the behaviour of the Rand and inflation: credible inflation targeting framework, in the face of market determined  of Monetary Policy in Turkey”, OECD Economics Department. Working rate as the only available instrument to increase the credibility of the inflation target. Cumulative exchange rate pass-through to headline inflation . Other inflation- targeting countries are: Brazil, Czech Republic, Israel, Colombia, Philippines, South. Jan 17, 2016 rate pass-through (ERPT) to tradable prices in South Africa. The monetary policy exchange rate channel is of paramount importance mostly for small and Through the Pass-Through: Measuring Central Bank Credibility.

Downloadable (with restrictions)! Considering external constraints on monetary policy in emerging countries, we propose a semi-structural vector autoregressive   Apr 24, 2019 Does Fiscal Policy Credibility Matter for the Exchange Rate Pass-Through to Consumer Price Inflation in South Africa? Authors; Authors and  Monetary Policy Credibility and Exchange Rate Pass-Through in South Africa. by Montfort Mlachila and Alain Kabundi. Paper: 1804, 01.08.2018. JEL: E31, E52  Exchange rate pass-through to prices in South Africa receives a fair amount of High exchange rate pass-through poses serious monetary policy challenges, bank is credible then shocks to the nominal exchange rate on inflation would be  parency of monetary policy and the autonomy of the central bank, South Africa. No exchange rate pass-through on inflation: An assessment for developing.