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Author/Editor:
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Bhundia, Ashok
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Publication Date:
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September 01, 2002
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Electronic Access:
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Free Full text
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
This paper analyzes the degree to which fluctuations in the nominal exchange rate passthrough to consumer prices in South Africa. While the average pass-through is found to be low, evidence from a structural vector autoregression suggests it is much higher for nominal (versus real) shocks. Historical decompositions suggest that the nominal exchange rate depreciation up to November 2001 is attributable primarily to negative real shocks, which explains why CPIX (consumer price index excluding interest on mortgate bonds) inflation did not increase significantly until December 2001, when positive nominal shocks began to contribute to the depreciation.
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Series:
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Working Paper No. 02/165
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Subject(s):
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Exchange rates | South Africa | Producer prices | Exchange rate instability
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Author's Keyword(s):
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Pass-through | exchange rate | producer prices | structural VAR |
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English
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Publication Date:
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September 01, 2002
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ISBN/ISSN:
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1934-7073
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Format:
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Paper
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Stock No:
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WPIEA1652002
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Pages:
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28
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Price:
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US$15.00 )
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Price Delivery Note:
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Prepayment required for individual copies. An annual subscription is $375.00 a year. It includes 12 monthly shipments and priority mail delivery. The Stock No. for the subscription is WPEA.
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