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Is Inflation Targeting Successful in Emerging Economies?

In: Recent Developments in Asian Economics International Symposia in Economic Theory and Econometrics

Author

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  • Vidhi Agarwal
  • Taniya Ghosh

Abstract

Inflation targeting started in 1990 and since then, many industrial and emerging market economies have adopted it. This chapter attempts to study the impact of adoption of inflation targeting on major macroeconomic outcomes across the emerging market countries, by running a panel data study from 1980 to 2018. This chapter obtains mixed results with respect to different macroeconomic indicators. The empirical results indicate that inflation targeting has been successful in bringing down inflation, inflation volatility and GDP growth rate volatility, while inconclusive results are obtained for volatility in exchange rates.

Suggested Citation

  • Vidhi Agarwal & Taniya Ghosh, 2021. "Is Inflation Targeting Successful in Emerging Economies?," International Symposia in Economic Theory and Econometrics, in: Recent Developments in Asian Economics International Symposia in Economic Theory and Econometrics, volume 28, pages 143-155, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:isetez:s1571-038620210000028008
    DOI: 10.1108/S1571-038620210000028008
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    More about this item

    Keywords

    Inflation targeting; exchange rate volatility; emerging economies; economic growth; monetary policy; inflation; E31; E52; E58; F31;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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