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Factors Leading to Inflation Targeting – The Impact of Adoption

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Abstract

This paper examines how the analysis of inflation targeting (IT) adoption is affected by allowing for a structural change after adoption, using panel probit models for 60 countries over the period 1985-2008. Our findings suggest that there is a structural change after IT adoption. Including the post-adoption period when estimating the factors of IT adoption leads to biased results when interested in the question as of what drives countries’ decision to adopt IT.

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Paper provided by KOF Swiss Economic Institute, ETH Zurich in its series KOF Working papers with number 13-346.

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Length: 13 pages
Date of creation: Nov 2013
Date of revision:
Handle: RePEc:kof:wpskof:13-346

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Keywords: inflation targeting; panel probit;

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  1. Rose, Andrew K., 2007. "A stable international monetary system emerges: Inflation targeting is Bretton Woods, reversed," Journal of International Money and Finance, Elsevier, vol. 26(5), pages 663-681, September.
  2. Jeffrey A. Frankel & Andrew K. Rose, 1996. "The Endogeneity of the Optimum Currency Area Criteria," NBER Working Papers 5700, National Bureau of Economic Research, Inc.
  3. Yifan Hu, 2006. "The choice of inflation targeting—an empirical investigation," International Economics and Economic Policy, Springer, vol. 3(1), pages 27-42, April.
  4. Samarina, Anna & Sturm, Jan-Egbert, 2013. "Factors leading to inflation targeting - the impact of adoption," Research Report 13013-EEF, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  5. Frederic S. Mishkin & Klaus Schmidt-Hebbel, 2001. "One Decade of Inflation Targeting in the World: What Do We Know and What Do We Need to Know?," NBER Working Papers 8397, National Bureau of Economic Research, Inc.
  6. Mukherjee, Bumba & Singer, David Andrew, 2008. "Monetary Institutions, Partisanship, and Inflation Targeting," International Organization, Cambridge University Press, vol. 62(02), pages 323-358, April.
  7. Hanna Samaryna & Jakob de Haan, 2011. "Right on Target: Exploring the Determinants of Inflation Targeting Adoption," DNB Working Papers 321, Netherlands Central Bank, Research Department.
  8. Andrew K. Rose, 2000. "One money, one market: the effect of common currencies on trade," Economic Policy, CEPR & CES & MSH, vol. 15(30), pages 7-46, 04.
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Cited by:
  1. Jan-Egbert Sturm & Anna Samarina, 2013. "Factors Leading to Inflation Targeting – The Impact of Adoption," KOF Working papers 13-346, KOF Swiss Economic Institute, ETH Zurich.

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