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Cover -- Contents -- I. INTRODUCTION -- II. RELATED LITERATURE -- III. CHARACTERIZING MONETARY POLICY CREDIBILITY IN SOUTH AFRICA -- IV. EMPIRICAL STRATEGY AND FINDINGS -- Determinants of Monetary Policy Credibility -- Monetary Policy Credibility and Exchange Rate Pass-Through -- V. ROBUSTNESS CHECKS -- VI. CONCLUDING REMARKS -- Figures -- 1. Bank Transparency Index: South Africa and its Peers -- 2. Time-Varying Exchange Rate Pass-Through -- 3. Forecast Disagreements and Inflation -- 4. Deviation of Realized Inflation from Inflation Target -- 5. Forecast Disagreements and Inflation Volatility -- 6. Forecast Disagreements and Squared Change in the Repo Rate -- 7. Inflation and Inflation Expectations -- 8. Forecast Disagreements and Output Gap -- 9. Cumulative Credibility and Exchange Rate Pass-Through -- 10. Cumulative Credibility of Redl and Exchange Rate Pass-Through -- Tables -- 1. Inflation Expectations: Pre-2009 -- 2. Inflation Expectations: Post-2009 -- 3 Determinants of Monetary Policy Credibility -- 4. Credibility and Exchange Rate Pass-Through -- 5. Robustness Checks Using Various Measures of Credibility -- Appendix

This paper proposes a new quality of growth index (QGI) for developing countries. The index encompasses both the intrinsic nature and social dimensions of growth, and is computed for over 90 countries for the period 1990-2011. The approach is premised on the fact that not all growth is created equal in terms of social outcomes, and that it does matter how one reaches from one level of income to another for various theoretical and empirical reasons. The paper finds that the quality of growth has been improving in the vast majority of developing countries over the past two decades, although the