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Monetary Policy Strategies For Emerging Market Countries: Lessons From Latin America

Author

Listed:
  • Frederic S Mishkin

    (Graduate School of Business, Columbia University, National Bureau of Economic Research)

  • Miguel A Savastano

    (Research Department, International Monetary Fund)

Abstract

The paper examines three possible monetary policy strategies for emerging market countries — hard pegs, monetary targeting and inflation targeting — by conducting case studies of the recent Latin America experience. The track record of monetary policy in these countries provides useful clues as to which of the three strategies might be best suited to conditions in different emerging market countries. Comparative Economic Studies (2002) 44, 45–82; doi:10.1057/ces.2002.9

Suggested Citation

  • Frederic S Mishkin & Miguel A Savastano, 2002. "Monetary Policy Strategies For Emerging Market Countries: Lessons From Latin America," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 44(2-3), pages 45-82, September.
  • Handle: RePEc:pal:compes:v:44:y:2002:i:2:p:45-82
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    Citations

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    Cited by:

    1. René Cabral-Torres, "undated". "Assessing the Impact of Real Shocks on Small Dollarized Economies," Discussion Papers 05/27, Department of Economics, University of York.
    2. Jeffrey Frankel, 2011. "A Comparison Of Product Price Targeting And Other Monetary Anchor Options, For Commodity Exporters In Latin America," ECONOMIA JOURNAL, THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION - LACEA, vol. 0(Fall 2011), pages 1-70, August.
    3. Tamgac, Unay, 2013. "Duration of fixed exchange rate regimes in emerging economies," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 439-467.
    4. Lane, Philip R, 2003. "Business Cycles and Macroeconomic Policy in Emerging Market Economies," International Finance, Wiley Blackwell, vol. 6(1), pages 89-108, Spring.
    5. Jenish Nurbek & Kyrgyzbaeva Asel, 2012. "On the Possibility of Inflation Targeting in Kyrgyzstan," EERC Working Paper Series 12/10e, EERC Research Network, Russia and CIS.
    6. Albuquerque, Pedro H. & Gouvea, Solange, 2009. "Canaries and vultures: A quantitative history of monetary mismanagement in Brazil," Journal of International Money and Finance, Elsevier, vol. 28(3), pages 479-495, April.
    7. Bogdan IFTIMIE & Simona-Mihaela CHIRU, 2016. "Macroeconomic Performances Under Inflation Targeting. The Case Of Romania," ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, Faculty of Economic Cybernetics, Statistics and Informatics, vol. 50(3), pages 193-209.
    8. Marjan Petreski, 2010. "An Overhaul of a Doctrine: Has Inflation Targeting Opened a New Era in Developing-country Peggers?," FIW Working Paper series 057, FIW.
    9. Mario Nigrinis Ospina, 2004. "Es lineal la Curva de Phillips en Colombia?," Borradores de Economia 282, Banco de la Republica de Colombia.
    10. Geiger, Michael, 2006. "Monetary Policy in China (1994-2004): Targets, Instruments and their Effectiveness," W.E.P. - Würzburg Economic Papers 68, University of Würzburg, Chair for Monetary Policy and International Economics.
    11. Birdsall, Nancy & de la Torre, Augusto & Caicedo, Felipe Valencia, 2010. "The Washington consensus : assessing a damaged brand," Policy Research Working Paper Series 5316, The World Bank.
    12. Cabral, René, 2010. "Why dollarization didn't succeed: Comparing credibility and the impact of real shocks on small open economies," The North American Journal of Economics and Finance, Elsevier, vol. 21(3), pages 297-313, December.
    13. Soyoung Kim & Geunhyung Yim, 2016. "Endogeneity of Inflation Target," Working Papers 2016-18, Economic Research Institute, Bank of Korea.
    14. Petreski, Marjan & Jovanovic, Branimir, 2012. "New Approach to Analyzing Monetary Policy in China," MPRA Paper 40497, University Library of Munich, Germany.
    15. Vasco Curdia, 2008. "Optimal Monetary Policy under Sudden Stops," 2008 Meeting Papers 474, Society for Economic Dynamics.
    16. Marjan Petreski, 2009. "A Critique On Inflation Targeting," Journal Articles, Center For Economic Analyses, pages 11-24, December.
    17. 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.
    18. García-Solanes, José & Torrejón-Flores, Fernando, 2012. "Inflation targeting works well in Latin America," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    19. Sek, Siok Kun, 2008. "Interactions between monetary policy and exchange rate in inflation targeting emerging countries: the case of three East Asian countries," MPRA Paper 12034, University Library of Munich, Germany, revised 09 Dec 2008.

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