Proposals for strengthening the Sarb's inflation targeting regime

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 Trans are g 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.