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Monetary Policy in East Asia (And Elsewhere): Does Targeting Inflation Require 'Inflation Targeting'?

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  • Hans Genberg

    (Graduate Institute of International Studies
    Hong Kong Institute of Monetary Research)

Abstract

This paper argues that inflation targeting should not be defined too narrowly. The principal objective of a sound monetary policy, namely to provide a credible nominal anchor for the economy, can be achieved with a variety of institutional structures and operational frameworks. It is essential, however, that the objectives of monetary policy be clearly stated and broadly accepted, and that other macroeconomic policies are consistent with the pursuit of price stability. Within these constraints there is room for a number of alternative monetary policy strategies. Countries are well advised to search for policy strategies that are most appropriate for their own economies rather than copying what has worked well in other contexts.

Suggested Citation

  • Hans Genberg, 2002. "Monetary Policy in East Asia (And Elsewhere): Does Targeting Inflation Require 'Inflation Targeting'?," Working Papers 032002, Hong Kong Institute for Monetary Research.
  • Handle: RePEc:hkm:wpaper:032002
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    References listed on IDEAS

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    1. de Grauwe, Paul & Grimaldi, Marianna, 2001. "Exchange Rates, Prices and Money: A Long-Run Perspective," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 6(4), pages 289-313, October.
    2. Torsten Persson, 2001. "Currency unions and trade: how large is the treatment effect?," Economic Policy, CEPR;CES;MSH, vol. 16(33), pages 433-462, October.
    3. Miguel A Savastano & Paul R Masson & Sunil Sharma, 1997. "The Scope for Inflation Targeting in Developing Countries," IMF Working Papers 97/130, International Monetary Fund.
    4. Amato, Jeffery D. & Gerlach, Stefan, 2002. "Inflation targeting in emerging market and transition economies: Lessons after a decade," European Economic Review, Elsevier, vol. 46(4-5), pages 781-790, May.
    5. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
    6. Carare, Alina & Stone, Mark R., 2006. "Inflation targeting regimes," European Economic Review, Elsevier, vol. 50(5), pages 1297-1315, July.
    7. G. C. Lim & Guy Debelle, 1998. "Preliminary Considerations of an Inflation Targeting Framework for the Philippines," IMF Working Papers 98/39, International Monetary Fund.
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