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Inflation Targeting in Emerging Market and Transition Economies: Lessons After a Decade

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Author Info
Amato, Jeffery D.
Gerlach, Stefan

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Abstract

Starting in the early 1990s, several emerging market and transition economies (EMEs) have adopted inflation targeting (IT). In this Paper we discuss a number of issues that arise in this context: (a) the definition of IT, (b) the role of preconditions for IT, (c) the use of intermediate exchange rate targets and (d) the specification of inflation targets. Our overall conclusion is that, suitably modified, IT is a useful policy strategy for EMEs.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 3074.

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Date of creation: Nov 2001
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Handle: RePEc:cpr:ceprdp:3074

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Related research
Keywords: central banks; inflation targeting; monetary Policy;

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Find related papers by JEL classification:
E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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  1. Debelle, Guy & Masson, Paul & Savastano, Miguel & Sharma, Sunil, . "Inflation Targeting as a Framework for Monetary Policy," IMF Economic Issues 15, International Monetary Fund. [Downloadable!]
  2. Frederic S. Mishkin & Miguel A. Savastano, 2000. "Monetary Policy Strategies for Latin America," NBER Working Papers 7617, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. G. C. Lim & Guy Debelle, 1998. "Preliminary Considerations of an Inflation Targeting Framework for the Philippines," IMF Working Papers 98/39, International Monetary Fund.
  4. Frederic S. Mishkin & Klaus Schmidt-Hebbel, 2001. "One decade of inflation targeting in the world : What do we know and what do we need to know?," Working Papers Central Bank of Chile 101, Central Bank of Chile. [Downloadable!]
    Other versions:
  5. Mishkin, Frederic S, 1998. "The Dangers of Exchange-Rate Pegging in Emerging-Market Countries," International Finance, Blackwell Publishing, vol. 1(1), pages 81-101, October. [Downloadable!] (restricted)
  6. Roberto Chang & Andres Velasco, 2000. "Exchange-Rate Policy for Developing Countries," American Economic Review, American Economic Association, vol. 90(2), pages 71-75, May. [Downloadable!] (restricted)
  7. Paul R. Masson, 1997. "The Scope for Inflation Targeting in Developing Countries," IMF Working Papers 97/130, International Monetary Fund.
  8. Andrea Schaechter & Marc Zelmer, 2000. "Adopting Inflation Targeting: Practical Issues for Emerging Market Countries," IMF Occasional Papers 202, International Monetary Fund.
  9. Agenor, Pierre-Richard, 2000. "Monetary policy under flexible exchange rates - an introduction to inflation targeting," Policy Research Working Paper Series 2511, The World Bank. [Downloadable!]
    Other versions:
  10. leiderman, L. & Bufman, G., 1996. "Searching for Nominal Anchors in Shock-Prone Economies in the 1990s: Inflation Targets and Exchange Rate Bands," Papers 15-96, Tel Aviv.
  11. Eichengreen, B. & Masson, P. & Savastano, M. & Sharma, S., 1999. "Transition Strategies and Nominal Anchors on the Road to Greater Exchange-Rate Flexibility," Princeton Essays in International Economics 213, International Economics Section, Departement of Economics Princeton University,.
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