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Modalities of Moving to Inflation Targeting in Armenia and Georgia

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  • International Monetary Fund

Abstract

This paper reviews the current monetary and exchange rate policy frameworks in Armenia and Georgia, and the challenges associated with the choice of a credible nominal anchor in the context of large nominal and real shocks. The paper makes a case for a gradual transition to full-fledged inflation targeting (FFIT) in both countries in the medium term. The implications of this option are examined from various angles. In particular, the monetary transmission mechanisms and compliance with major institutional prerequisites for successful FFIT adoption are analyzed. Based on this analysis, the paper identifies a series of short- and medium-term recommendations, drawing on the experience of emerging market countries that successfully moved to FFIT.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/133.

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Length: 36
Date of creation: 01 Jun 2007
Date of revision:
Handle: RePEc:imf:imfwpa:07/133

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Related research

Keywords: Inflation targeting; inflation; monetary policy; central bank; monetary fund; foreign exchange; inflation objective; price stability; monetary program; inflation target; government securities; money demand; monetary transmission; national bank; foreign currency; monetary policy transmission mechanisms; monetary aggregates; liquidity management; monetary policy implementation; monetary policy instruments; monetary aggregate; monetary policy objectives; money markets; monetary transmission mechanisms; inflation performance; low inflation; inflation forecasts; monetary policy frameworks; monetary policy framework; monetary policy transparency; open market operations; aggregate demand; monetary transmission mechanism; monetary targets; price level; monetary growth; monetary regimes; treasury operations; monetary shock; money base; monetary regime; lower inflation; cash management; inflation targeting framework; monetary framework; rising inflation; money sources; monetary policy regime; macroeconomic stability; monetary programs; dated government securities; annual inflation; experience of inflation; monetary policy decisions; money growth;

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Cited by:
  1. Rania A. Al-Mashat & Andreas Billmeier, 2007. "The Monetary Transmission Mechanism in Egypt," IMF Working Papers 07/285, International Monetary Fund.
  2. 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.
  3. International Monetary Fund, 2011. "The Policy Interest-Rate Pass-Through in Central America," IMF Working Papers 11/240, International Monetary Fund.
  4. Marek Dabrowski, 2008. "Policy Challenges Faced by Low-Income CIS Economies," CASE Network Studies and Analyses, CASE-Center for Social and Economic Research 0375, CASE-Center for Social and Economic Research.
  5. Ara Stepanyan & Era Dabla-Norris & Ashot Anatolii Mkrtchyan, 2009. "A New Keynesian Model of the Armenian Economy," IMF Working Papers 09/66, International Monetary Fund.
  6. 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.
  7. International Monetary Fund, 2010. "The Transmission Mechanism in Armenia," IMF Working Papers 10/270, International Monetary Fund.
  8. Giorgi Bakradze & Andreas Billmeier, 2007. "Inflation Targeting in Georgia," IMF Working Papers 07/193, International Monetary Fund.

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