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Preliminary Considerations of an Inflation Targeting Framework for the Philippines

Author

Listed:
  • G. C. Lim
  • Guy Debelle

Abstract

Monetary policy in the Philippines has had multiple objectives. Moreover, shifts in money demand and the money multiplier have made base money a less reliable anchor for monetary policy. Hence, on present policies, a steady reduction in inflation is not assured, and changes to the monetary policy framework should be considered. This paper reviews the benefits as well as the constraints of an inflation targeting framework and the necessary preconditions--both in terms of the institutional infrastructure and the appropriate inflation target--for its successful implementation, including the ability to forecast inflation reasonably well over policy-relevant time horizons.

Suggested Citation

  • G. C. Lim & Guy Debelle, 1998. "Preliminary Considerations of an Inflation Targeting Framework for the Philippines," IMF Working Papers 98/39, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:98/39
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    Cited by:

    1. 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.
    2. Adel Boughrara & Mongi Boughzala & Hassouna Moussa, 2008. "Credibility of Inflation Targeting in Morocco and Tunisia," Working Papers 448, Economic Research Forum, revised 09 Jan 2008.
    3. Piyabha Kongsamut, 2001. "Philippines; Preparations for Inflation Targeting," IMF Working Papers 01/99, International Monetary Fund.
    4. repec:eco:journ1:2017-03-58 is not listed on IDEAS
    5. Kisu Simwaka, 2004. "The feasibility of adopting inflation targeting in Malawi: an empirical analysis," Macroeconomics 0407015, EconWPA.
    6. Lamberte, Mario B., 2002. "Central Banking in the Philippines: Then, Now and the Future," Discussion Papers DP 2002-10, Philippine Institute for Development Studies.
    7. 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.
    8. Ahmed M. Khalid, 2006. "Is Inflation Targeting the Best Policy Choice for Emerging Economies? A Survey of Emerging Market Experiences and Lessons for Pakistan," SBP Research Bulletin, State Bank of Pakistan, Research Department, vol. 2, pages 145-165.
    9. Gochoco-Bautista, Maria Socorro & Bautista, Carlos C., 2005. "Monetary policy and exchange market pressure: The case of the Philippines," Journal of Macroeconomics, Elsevier, vol. 27(1), pages 153-168, March.

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