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Inflation Targeting in Emerging Countries: The Case of Brazil

In: Political Economy of Brazil

Author

Listed:
  • Philip Arestis

    (University of Cambridge)

  • Luiz Fernando Paula

    (University of the State of Rio de Janeiro and CNPq)

  • Fernando Ferrari-Filho

    (Federal University of Rio Grande do Sul and CNPq)

Abstract

The purpose of this chapter is to examine Inflation Targeting (IT) in the case of emerging countries by concentrating essentially on the case of Brazil. IT is a new monetary policy regime (see, for example, Bernanke and Mishkin, 1997) that has been adopted by a significant number of countries (see, for example, Sterne, 2002). Brazil adopted this economic policy framework in June 1999. While the focus of this chapter is on Brazil, we also examine the experience of other countries both for comparative purposes and for evidence of the extent of success of this ‘new’ economic policy by other IT countries. In addition, we compare the experience of Brazil with IT and with that of non-IT countries, and ask the question of whether it makes a difference in the fight against inflation whether a country has adopted IT or not.

Suggested Citation

  • Philip Arestis & Luiz Fernando Paula & Fernando Ferrari-Filho, 2007. "Inflation Targeting in Emerging Countries: The Case of Brazil," Palgrave Macmillan Books, in: Philip Arestis & Alfredo Saad-Filho (ed.), Political Economy of Brazil, chapter 8, pages 116-140, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-39010-2_8
    DOI: 10.1057/9780230390102_8
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    Cited by:

    1. Fernando Ferrari-Filho & Luiz Fernando De Paula, 2008. "Exchange rate regime proposal for emerging countries: a Keynesian perspective," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 31(2), pages 227-248, December.
    2. Luiz Carlos Bresser-Pereira & Cleomar Gomes da Silva, 2008. "Inflation Targeting in Brazil: A Keynesian Approach," Chapters, in: L. Randall Wray & Matthew Forstater (ed.), Keynes and Macroeconomics After 70 Years, chapter 11, Edward Elgar Publishing.
    3. Fernando Ferrari Filho & Luiz Fernando de Paula, 2008. "Exchange Rate Policy and Capital Flows in Emerging Economies: a proposal based on Keynes’ ideas and keynesian approach," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200806251450360, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].

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