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Inflation Pressures and Monetary Policy Options in Emerging and Developing Countries-A Cross Regional Perspective

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Author Info

  • Inci Ötker
  • David Vávra
  • Francisco F. Vázquez
  • Luis Ignacio Jácome
  • Karl Friedrich Habermeier
  • Kotaro Ishi
  • Alessandro Giustiniani
  • Turgut Kisinbay

Abstract

This paper analyzes the monetary policy response to rising inflation in emerging and developing countries associated with the food and oil price shocks in 2007 and the first half of 2008. It reviews inflation developments in a sample of countries covering all regions and a broad range of monetary and exchange rate policy regimes; discusses the underlying causes of inflation; provides a synthesis of policy responses taken against the background of the conflicting objectives and trade-offs, the uncertainties regarding the nature of the shocks, and the additional challenges brought on by the global financial turmoil; and presents considerations for policy.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/1.

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Length: 78
Date of creation: 01 Jan 2009
Date of revision:
Handle: RePEc:imf:imfwpa:09/1

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Related research

Keywords: Emerging markets; Developing countries; Inflation targeting; Exchange rate regimes; External shocks; Oil prices;

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Citations

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Cited by:
  1. de Carvalho Filho, Irineu, 2011. "28 Months Later: How Inflation Targeters Outperformed Their Peers in the Great Recession," MPRA Paper 29100, University Library of Munich, Germany.
  2. Salas, Jorge, 2009. "¿Qué explica las fluctuaciones de la inflación en el Perú en el periodo 2002-2008? Evidencia de un análisis VAR estructural," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 16, pages 9-36.
  3. Pourroy, Marc, 2012. "Does exchange rate control improve inflation targeting in emerging economies?," Economics Letters, Elsevier, vol. 116(3), pages 448-450.
  4. Juan Carlos Berganza & Carmen Broto, 2011. "Flexible inflation targets, forex interventions and exchange rate volatility in emerging countries," Banco de Espa�a Working Papers 1105, Banco de Espa�a.
  5. International Monetary Fund, 2012. "Global Food Price Inflation and Policy Responses in Central Asia," IMF Working Papers 12/86, International Monetary Fund.
  6. Nir Klein, 2012. "Estimating the Implicit Inflation Target of the South African Reserve Bank," IMF Working Papers 12/177, International Monetary Fund.
  7. International Monetary Fund, 2012. "Inflation Responses to Commodity Price Shocks - How and Why Do Countries Differ?," IMF Working Papers 12/225, International Monetary Fund.
  8. Irineu E. Carvalho Filho, 2010. "Inflation Targeting and the Crisis: An Empirical Assessment," IMF Working Papers 10/45, International Monetary Fund.
  9. Siddig, Khalid H.A. & Grethe, Harald, 2012. "International Price Transmission In Cge Models: How To Reconcile Econometric Evidence And Endogenous Model Response?," 52nd Annual Conference, Stuttgart, Germany, September 26-28, 2012 137388, German Association of Agricultural Economists (GEWISOLA).

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