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Preliminary Considerations of an Inflation Targeting Framework for the Philippines

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  • G. C. Lim
  • Guy Debelle

Abstract

Monetary policy in the Philippines has had multiple objectives. Moreover, shifts in money demand and the money multiplier have made base money a less reliable anchor for monetary policy. Hence, on present policies, a steady reduction in inflation is not assured, and changes to the monetary policy framework should be considered. This paper reviews the benefits as well as the constraints of an inflation targeting framework and the necessary preconditions--both in terms of the institutional infrastructure and the appropriate inflation target--for its successful implementation, including the ability to forecast inflation reasonably well over policy-relevant time horizons.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 98/39.

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Length: 30
Date of creation: 01 Mar 1998
Date of revision:
Handle: RePEc:imf:imfwpa:98/39

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Cited by:
  1. Amato, Jeffery D. & Gerlach, Stefan, 2001. "Inflation Targeting in Emerging Market and Transition Economies: Lessons After a Decade," CEPR Discussion Papers 3074, C.E.P.R. Discussion Papers.
  2. Kisu Simwaka, 2004. "The feasibility of adopting inflation targeting in Malawi: an empirical analysis," Macroeconomics 0407015, EconWPA.
  3. Lamberte, Mario B., 2002. "Central Banking in the Philippines: Then, Now and the Future," Discussion Papers DP 2002-10, Philippine Institute for Development Studies.
  4. Hans Genberg, 2002. "Monetary Policy in East Asia (And Elsewhere): Does Targeting Inflation Require 'Inflation Targeting'?," Working Papers 032002, Hong Kong Institute for Monetary Research.
  5. Piyabha Kongsamut, 2001. "Philippines," IMF Working Papers 01/99, International Monetary Fund.
  6. Gochoco-Bautista, Maria Socorro & Bautista, Carlos C., 2005. "Monetary policy and exchange market pressure: The case of the Philippines," Journal of Macroeconomics, Elsevier, vol. 27(1), pages 153-168, March.

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