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Inflation Targeting in Developing Countries

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  • Anthony Gathogo
  • Wook Sohn

Abstract

This paper analyzes economic and institutional factors that affect the likelihood of adopting an inflation-targeting monetary policy regime in emerging markets and developing countries. We use a logit model for a sample that comprises both inflation-targeting and non-targeting countries for the period of 1990–2009. The results show that countries experiencing improved macroeconomic performance and stronger institutional stability have a high chance of switching to the inflation-targeting framework. In particular, central bank independence, as measured by governor turnover rate and legal independence, positively affects the decision to change regimes.

Suggested Citation

  • Anthony Gathogo & Wook Sohn, 2015. "Inflation Targeting in Developing Countries," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 16(2), pages 57-80, April.
    • Handle: RePEc:wej:wldecn:611
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    File URL: https://www.worldeconomics.com/Journal/Papers/Article.details?ID=611
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    Cited by:

    1. Ali, Amjad & Khokhar, Bilal & Sulehri, Fiaz Ahmad, 2023. "Financial Dimensions of Inflationary Pressure in Developing Countries: An In-depth Analysis of Policy Mix," MPRA Paper 119364, University Library of Munich, Germany.

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