Modalities of Moving to Inflation Targeting in Armenia and Georgia
AbstractThis 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 InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 07/133.
Date of creation: 01 Jun 2007
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-06-23 (All new papers)
- NEP-CBA-2007-06-23 (Central Banking)
- NEP-MAC-2007-06-23 (Macroeconomics)
- NEP-MON-2007-06-23 (Monetary Economics)
- NEP-TRA-2007-06-23 (Transition Economics)
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- 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.
- 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.
- Giorgi Bakradze & Andreas Billmeier, 2007. "Inflation Targeting in Georgia: Are We There Yet?," IMF Working Papers 07/193, International Monetary Fund.
- International Monetary Fund, 2011. "The Policy Interest-Rate Pass-Through in Central America," IMF Working Papers 11/240, International Monetary Fund.
- Rania A. Al-Mashat & Andreas Billmeier, 2007.
"The Monetary Transmission Mechanism in Egypt,"
IMF Working Papers
07/285, International Monetary Fund.
- Marek Dabrowski, 2008. "Policy Challenges Faced by Low-Income CIS Economies," CASE Network Studies and Analyses 0375, CASE-Center for Social and Economic Research.
- International Monetary Fund, 2010. "The Transmission Mechanism in Armenia: New Evidence from a Regime Switching VAR Analysis," IMF Working Papers 10/270, International Monetary Fund.
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