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Weathering the Global Storm

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  • International Monetary Fund

Abstract

This paper highlights that central banks from Brazil, Chile, Colombia, Mexico, and Peru (the LA5 countries) reaped the benefits of what they sowed in successfully weathering the global crisis. The adoption of far-reaching institutional, policy, and operational reforms during the last two decades enabled central banks to build credibility about their commitment with the objective of price stability. Thus, when the 2007 - 08 supply shock and the financial crisis hit the world, the LA5 central banks reacted swiftly and effectively based on a flexible policy framework and with the support of strong macroeconomic and financial foundations. Building on the experience of the LA5 central banks and complementing with recommendations from the IMF’s technical advice, the paper provides several suggestions for countries seeking to strengthen the effectiveness of monetary policy.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/292.

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Length: 56
Date of creation: 01 Dec 2010
Date of revision:
Handle: RePEc:imf:imfwpa:10/292

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Keywords: Latin America; Inflation targeting; Central bank autonomy; Global Financial Crisis 2008-2009; central bank; inflation; central banks; monetary policy; monetary fund; reserve requirements; domestic currency; public debt; reserve assets; current account; government debt; public sector debt; current account balance; open market operations; monetary policy framework; reserve requirement; monetary policy frameworks; external borrowing; government securities; monetary policy decisions; external shocks; domestic currencies; external financing; monetary policy regimes; monetary framework; monetary policy regime; external debt; monetary conditions; monetary policies; monetary frameworks; liquidity management; private credit; external debts; monetary policy reaction function; reserve accumulation; marginal reserve requirements; monetary authority; monetary instruments; external public sector debt; rediscount rate; domestic public sector debt; reserve bank; external liquidity; balance sheet effects; international debt; currency board; debt ratio; public debt crises; monetary policy implementation; public external debt; current account balances; money demand; private financial institutions; currency crisis; minimum reserve requirement; monetary program; marginal reserve requirement; monetary policy instruments; external payments; balance of payments; treasury bonds; current accounts; monetary stability; expansionary monetary policies; money supply; liquidity crisis; liquidity injection; private banks; debt crises; debt burden; inflation-targeting;

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References

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  1. Marcel Peter & Scott Roger & Geoffrey Heenan, 2006. "Implementing Inflation Targeting," IMF Working Papers 06/278, International Monetary Fund.
  2. Christopher Crowe & Ellen E. Meade, 2007. "Central Bank Independence and Transparency: Evolution and Effectiveness," Working Papers 2007-20, American University, Department of Economics.
  3. Leonardo Leiderman & Rodolfo Maino & Eric Parrado, 2006. "Inflation Targeting in Dollarized Economies," Working Papers Central Bank of Chile 368, Central Bank of Chile.
  4. Eric Parrado, 2004. "Singapore's Unique Monetary Policy," IMF Working Papers 04/10, International Monetary Fund.
  5. International Monetary Fund, 2009. "Adding Latin America to the Global Projection Model," IMF Working Papers 09/85, International Monetary Fund.
  6. Turgut Kisinbay & Eric Parrado & Rodolfo Maino & Jorge Iván Canales Kriljenko, 2006. "Setting the Operational Framework for Producing Inflation Forecasts," IMF Working Papers 06/122, International Monetary Fund.
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Cited by:
  1. Jacome H., Luis I. & Saadi Sedik, Tahsin & Townsend, Simon, 2012. "Can emerging market central banks bail out banks? A cautionary tale from Latin America," Emerging Markets Review, Elsevier, vol. 13(4), pages 424-448.
  2. International Monetary Fund, 2011. "Improving the Monetary Policy Frameworks in Central America," IMF Working Papers 11/245, International Monetary Fund.
  3. International Monetary Fund, 2011. "The Policy Interest-Rate Pass-Through in Central America," IMF Working Papers 11/240, International Monetary Fund.

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