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Improving the Monetary Policy Frameworks in Central America

Author

Listed:
  • Stephanie Medina Cas
  • Alejandro Carrion-Menendez
  • Florencia Frantischek

Abstract

Several Central American (CADR) countries with independent monetary policies are strengthening their monetary frameworks and some have implemented or are moving towards inflation targeting (IT) regimes. Strengthening the monetary policy frameworks of CADR is key to improving the effectiveness of monetary policy. The paper reviews the literature on the reforms needed for strengthening the monetary policy frameworks, and examines the experiences of IT countries, Chile, Peru, and Uruguay to help distill lessons for CADR. It also constructs an index to measure the relative strength of the monetary policy framework of CADR countries.

Suggested Citation

  • Stephanie Medina Cas & Alejandro Carrion-Menendez & Florencia Frantischek, 2011. "Improving the Monetary Policy Frameworks in Central America," IMF Working Papers 11/245, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:11/245
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    References listed on IDEAS

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    1. International Monetary Fund, 2010. "Weathering the Global Storm; The Benefits of Monetary Policy Reform in the LA5 Countries," IMF Working Papers 10/292, International Monetary Fund.
    2. Scott Roger, 2009. "Inflation Targeting at 20 - Achievements and Challenges," IMF Working Papers 09/236, International Monetary Fund.
    3. Leonardo Leiderman & Rodolfo Maino & Eric Parrado, 2006. "Inflation Targeting in Dollarized Economies," Working Papers Central Bank of Chile 368, Central Bank of Chile.
    4. Dramane Coulibaly & Hubert Kempf, 2010. "Does Inflation Targeting decrease Exchange Rate Pass-through in Emerging Countries ?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00497446, HAL.
    5. Carlos Garcia & Jorge Restrepo & Scott Roger, 2009. "Hybrid Inflation Targeting Regimes," IMF Working Papers 09/234, International Monetary Fund.
    6. Frederic S. Mishkin, 2011. "Monetary Policy Strategy: Lessons from the Crisis," NBER Working Papers 16755, National Bureau of Economic Research, Inc.
    7. Mishkin, Frederic S. & Savastano, Miguel A., 2001. "Monetary policy strategies for Latin America," Journal of Development Economics, Elsevier, vol. 66(2), pages 415-444, December.
    8. Jeffrey A. Frankel, 2010. "Monetary Policy in Emerging Markets: A Survey," NBER Working Papers 16125, National Bureau of Economic Research, Inc.
    9. Inci Ötker & Charles Freedman, 2010. "Important Elements for Inflation Targeting for Emerging Economies," IMF Working Papers 10/113, International Monetary Fund.
    10. Charles Freedman & Douglas Laxton, 2009. "Why Inflation Targeting?," IMF Working Papers 09/86, International Monetary Fund.
    11. Goldstein, Eli, 2002. "International Environmental Economics: A Survey of the Issues: Edited by Gunter G. Schulze and Heinrich W. Ursprung (Oxford University Press, New York, 2001)," European Journal of Political Economy, Elsevier, vol. 18(4), pages 799-801, November.
    12. Cukierman, Alex & Webb, Steven B & Neyapti, Bilin, 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," World Bank Economic Review, World Bank Group, vol. 6(3), pages 353-398, September.
    13. Inci Ötker & Charles Freedman, 2009. "Country Experiences with the Introduction and Implementation of Inflation Targeting," IMF Working Papers 09/161, International Monetary Fund.
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    Cited by:

    1. repec:ukb:journl:y:2015:i:233:p:39-53 is not listed on IDEAS
    2. -, 2016. "Centroamérica y República Dominicana: evolución económica en 2015 y perspectivas para 2016. Balance preliminar," Sede Subregional de la CEPAL en México (Estudios e Investigaciones) 39887, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    3. repec:rnp:ecopol:ep1804 is not listed on IDEAS

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