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Monetary Policy Challenges for Emerging Market Economies

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  • Hammond, Gill
  • Kanbur, Ravi
  • Prasad, Eswar

Abstract

This paper introduces a significant new collection of papers on monetary policy in emerging market economies, written by leading analysts and policy makers. Does existing economic theory provide lessons that are pertinent for designing effective monetary policy frameworks in emerging markets? What can be learned from cross-country studies and from experiences of individual countries that have adopted different approaches? While country-specific circumstances and initial conditions matter a great deal in formulating suitable frameworks, are there clear general principles that can serve as a guide in this process? These are among the issues addressed in the dialogue between academics and policy makers represented in this volume. In this paper, we provide an overview of the main issues, linking them to broader debates in the academic literature as well as an assessment of how individual countries have chosen to respond to specific policy challenges and what the consequences have been. We discuss many controversies where there are still sharp differences in views between and amongst theorists and practitioners. We also delineate a few key analytical issues where there is still a yawning gap between theory and practice. In the process, we set out a broad agenda for further research in this area.

Suggested Citation

  • Hammond, Gill & Kanbur, Ravi & Prasad, Eswar, 2009. "Monetary Policy Challenges for Emerging Market Economies," Working Papers 48925, Cornell University, Department of Applied Economics and Management.
  • Handle: RePEc:ags:cudawp:48925
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    File URL: http://purl.umn.edu/48925
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    1. repec:ilo:ilowps:487892 is not listed on IDEAS
    2. repec:bla:ecorec:v:93:y:2017:i:300:p:67-88 is not listed on IDEAS
    3. Amr Sadek HOSNY, 2014. "Is Monetary Policy in Egypt Backward or Forward-Looking?," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 14(2).
    4. Bhattacharyya, Nikhilesh., 2012. "Monetary policy and employment in developing Asia," ILO Working Papers 994685223402676, International Labour Organization.
    5. Gregor Heinrich, 2010. "El fortalecimiento institucional de los bancos centrales," Boletín, Centro de Estudios Monetarios Latinoamericanos, vol. 0(1), pages 18-27, Enero-mar.
    6. Khou, Vouthy. & Cheng, Oudom. & Leng, Soklong. & Meng, Channarith., 2015. "Role of the Central Bank in supporting economic diversification and productive employment in Cambodia," ILO Working Papers 994878923402676, International Labour Organization.
    7. Alexandru TRIFU & Ina CROITORU, 2013. "Workforce/Manpower, Determining Factor Of Production Within A Firm," Business Excellence and Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 3(4), pages 70-83, December.
    8. repec:ilo:ilowps:468522 is not listed on IDEAS
    9. Jagjit Chadha & Young-Kwan Kang, 2016. "Finance and Credit in a Model of Monetary Policy," National Institute of Economic and Social Research (NIESR) Discussion Papers 471, National Institute of Economic and Social Research.

    More about this item

    Keywords

    Emerging Markets; Monetary Policy; Economies; International Development; International Relations/Trade; Political Economy; Public Economics;

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