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Monetary Policy Strategies For Emerging Market Countries: Lessons From Latin America

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  • Frederic S Mishkin

    (Graduate School of Business, Columbia University, National Bureau of Economic Research)

  • Miguel A Savastano

    (Research Department, International Monetary Fund)

Abstract

The paper examines three possible monetary policy strategies for emerging market countries — hard pegs, monetary targeting and inflation targeting — by conducting case studies of the recent Latin America experience. The track record of monetary policy in these countries provides useful clues as to which of the three strategies might be best suited to conditions in different emerging market countries. Comparative Economic Studies (2002) 44, 45–82; doi:10.1057/ces.2002.9

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Comparative Economic Studies.

Volume (Year): 44 (2002)
Issue (Month): 2-3 (September)
Pages: 45-82

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Handle: RePEc:pal:compes:v:44:y:2002:i:2:p:45-82

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Cited by:
  1. Luis Fernando melo V. & Martha Misas A., . "Modelos Estructurales de Inflación en Colombia: Estimación a traves de Minimos Cuadrados Flexibles," Borradores de Economia 282, Banco de la Republica de Colombia.
  2. Petreski, Marjan & Jovanovic, Branimir, 2012. "New Approach to Analyzing Monetary Policy in China," MPRA Paper 40497, University Library of Munich, Germany.
  3. Tamgac, Unay, 2013. "Duration of fixed exchange rate regimes in emerging economies," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 439-467.
  4. Birdsall, Nancy & de la Torre, Augusto & Caicedo, Felipe Valencia, 2010. "The Washington consensus : assessing a damaged brand," Policy Research Working Paper Series 5316, The World Bank.
  5. Albuquerque, Pedro H. & Gouvea, Solange, 2009. "Canaries and vultures: A quantitative history of monetary mismanagement in Brazil," Journal of International Money and Finance, Elsevier, vol. 28(3), pages 479-495, April.
  6. Lane, Philip R, 2003. "Business Cycles and Macroeconomic Policy in Emerging Market Economies," International Finance, Wiley Blackwell, vol. 6(1), pages 89-108, Spring.
  7. René Cabral-Torres, . "Assessing the Impact of Real Shocks on Small Dollarized Economies," Discussion Papers 05/27, Department of Economics, University of York.
  8. Jenish Nurbek & Kyrgyzbaeva Asel, 2012. "On the Possibility of Inflation Targeting in Kyrgyzstan," EERC Working Paper Series 12/10e, EERC Research Network, Russia and CIS.
  9. Geiger, Michael, 2006. "Monetary Policy in China (1994-2004) : Targets, Instruments and their Effectiveness," W.E.P. - Würzburg Economic Papers 68, University of Würzburg, Chair for Monetary Policy and International Economics.
  10. Sek, Siok Kun, 2008. "Interactions between monetary policy and exchange rate in inflation targeting emerging countries: the case of three East Asian countries," MPRA Paper 12034, University Library of Munich, Germany, revised 09 Dec 2008.
  11. Cabral, René, 2010. "Why dollarization didn't succeed: Comparing credibility and the impact of real shocks on small open economies," The North American Journal of Economics and Finance, Elsevier, vol. 21(3), pages 297-313, December.
  12. Vasco Cúrdia, 2008. "Optimal monetary policy under sudden stops," Staff Reports 323, Federal Reserve Bank of New York.
  13. Aliyu, Shehu Usman Rano & Englama, Abwaku, 2009. "Is Nigeria Ready for Inflation Targeting?," MPRA Paper 14870, University Library of Munich, Germany, revised 26 Apr 2009.

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