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Sunday, July 26, 2020 | History

2 edition of Inflation targeting in dollarized economies found in the catalog.

Inflation targeting in dollarized economies

Leonardo Leiderman

Inflation targeting in dollarized economies

by Leonardo Leiderman

  • 273 Want to read
  • 40 Currently reading

Published by International Monetary Fund, Monetary and Financial Systems Dept. in Washington, D.C .
Written in English

    Subjects:
  • Anti-inflationary policies -- Developing countries.,
  • Currency substitution -- Developing countries.,
  • Monetary policy -- Developing countries.

  • About the Edition

    The shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies although, as noted by many economists, the preconditions required for a successful implementation were not in place. The existence of managed exchange rate regimes, a narrow base of domestic nominal financial assets, the lack of market instruments to hedge exchange rate risks, together with fear of floating and dollarization, have been stressed as factors that might weaken the efficacy of monetary policy. By examining various aspects of monetary transmission and policy formulation in two highly dollarized economies (Peru and Bolivia) vis-à-vis two economies with low levels of dollarization (Chile and Colombia), we found that, while dollarization imposes differences in both the transmission capacity of monetary policy and its impact on real and financial sectors, it does not preclude the use of inflation targeting as a policy regime.

    Edition Notes

    Statementprepared by prepared by Leonardo Leiderman, Rodolfo Maino, and Eric Parrado.
    SeriesIMF working paper -- WP/06/157
    ContributionsMaino, Rodolfo, 1961-, Parrado, Eric., International Monetary Fund. Monetary and Financial Systems Dept.
    The Physical Object
    Pagination20 p. :
    Number of Pages20
    ID Numbers
    Open LibraryOL19664770M

    targeting inflation in a dollarized economy: the peruvian experience Published on Sep 1, this discusses the unique experience of peru's central bank with inflation targeting in an economy. Dollarization, Inflation and Growth Sebastian Edwards, I. Igal Magendzo. NBER Working Paper No. Issued in December NBER Program(s):International Finance and Macroeconomics, Monetary Economics In this paper we analyze the macroeconomic record of dollarized economies.

    INFLATION TARGETING IN EASTERN EUROPE: An Extended Model of Currency Options Applicable as Policy Tool for Central Banks with Inflation Targeting and Dollarized Economies: Trade liberalisation in Mexico: rhetoric and reality: Inflation Targeting in Practice: A Survey: Book Review: The Future of Higher Education: Rhetoric, Reality, and the Risks. the complexity and effectiveness of monetary policy in dollarized economies. To this end, the pass-through of nominal exchange rates on prices are analyzed, the monetary aggregates that should be used as intermediate targets are discussed, and the alternative of inflation targeting in dollarized economies .

    Economic Policy Institutes Network Working Paper Series To learn more about the network please visit Adopting Inflation Targeting in Dollarized Transition Economies: Impact on Credit to Real Economy Dzmitry Kruk IPM Research Center1 November, Minsk, Belarus. Monetary Policies and Inflation Targeting in Emerging Economies [Luiz de Mello] on *FREE* shipping on qualifying offers. Inflation targeting (IT) is an economic policy in which a country's central bank sets a target inflation rate.


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Inflation targeting in dollarized economies by Leonardo Leiderman Download PDF EPUB FB2

Implementation in a typical emerging market economy. Inflation targeting would seem even more difficult in a highly financially dollarized economy. Consider an emerging market country where debts are denominated in dollars while firms depend on local. The shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies although, as noted by many economists, the preconditions required for a successful implementation were not in place.

The existence of managed exchange rate regimes, a narrow base of domestic nominal financial assets, the lack of market instruments to hedge exchange rate. Abstract. An increasing number of emerging market economies have been adopting IT as their monetary policy regime.

There is reason to believe that this shift has contributed to the relatively low inflation observed in these economies. 2 This outcome has surprised those who maintained that these economies are far away from the preconditions required for implementing by: Inflation targeting in dollarized economies [electronic resource] / prepared by prepared by Leonardo Leiderman, Rodolfo Maino, and Eric Parrado.

Main author: Leiderman, Leonardo, According to the literature mentioned previously, most of the high-dollarized economies have adopted inflation-targeting 9. Inflation Targeting in Dollarized Economies. The shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies although, as noted by many economists, the preconditions required for a.

Abstract. The shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies although, as noted by many economists, the preconditions required for a successful implementation were not in by: Downloadable.

The shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies although, as noted by many economists, the preconditions required for a successful implementation were not in place.

The existence of managed exchange rate regimes, a narrow base of domestic nominal financial assets, the lack of market instruments to hedge Cited by: Inflation Targeting in Dollarized Economies Leonardo Leiderman, Rodolfo Maino, and Eric Parrado Abstract The shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies although, as noted by many economists, the preconditions required for a successful implementation were not in place.

The shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies although, as noted by many economists, the preconditions required for a successful implementation were not in place. The existence of managed exchange rate regimes, a narrow base of domestic nominal financial assets, the lack of market instruments to hedge exchange Cited by: Inflation Targeting in Dollarized Economies The shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies although, as noted by many economists, the preconditions required for a successful implementation were not in place.

the inflation targeting framework in a financially dollarized economy like Peru differ in many ways. The differences have to do with the inflation target, the operational target, the inflation forecasting system, and the Central Bank’s responses for dealing with financial dollarization risks.

the monetary aggregates that should be used as intermediate targets are discussed, and the alternative of inflation targeting in dollarized economies is explored. Section 5 reviews some successful cases of de-dollarization with special attention to the conduct of monetary policy. Get this from a library.

Inflation targeting in dollarized economies. [Leonardo Leiderman; Rodolfo Maino; Eric Parrado; International Monetary Fund. Monetary and Financial Systems Department.] -- The shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies although, as noted by many economists, the preconditions required for a.

Indeed, inflation targeters have argued that symmetrical inflation targeting helps central banks to stabilize real output, because in the face of a weak economy, an inflation targeter can ease more aggressively without being worried that the easing will cause inflation expectations to rise.

This volume provides a rigorous and balanced perspective on the causes and implications of dollarization, and the basic policies and options to deal with it: the adaptation of the monetary and prudential frameworks, the development of local-currency substitutes, and the scope for limiting dollarization through administrative restrictions.

Peru stands out among Latin American countries as an example of successful economic reforms over the past decade. This comprehensive look at Peru's economy traces that country's journey from a debt crisis in the s to having buffers in place that allowed it to emerge unscathed from the global financial crisis.

The book examines the steps Peru undertook to achieve these results and extracts. Inflation Targeting in Dollarized Economies.

By Leonardo Leiderman, Rodolfo Maino and Eric Parrado. Abstract. The shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies although, as noted by many economists, the preconditions required for a successful implementation were not in.

"A groundbreaking study that will be likely to have a major impact on the debate over the right monetary strategy for the coming years. As many countries currently think of adopting inflation targeting in one form or another, the arrival of this book could not be more timely.", Weltwirtschaftliches Archiv, Review of World Economics "Bernanke et al.

provide a coherent and well-structured Cited by:. According to this IMF Working Paper, the shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies Inflation targeting in dollarized economies - .For economies that are not highly dollarized, rules-based intervention helped contain financial instability and build international reserves while preserving inflation targets.

The Latin American experience can help other countries in the design and implementation of their policies.Section 4 discusses the complexity and effectiveness of monetary policy in dollarized economies. To this end, the pass-through of nominal exchange rates on prices are analyzed, the monetary aggregates that should be used as intermediate targets are discussed, and the alternative of inflation targeting in dollarized economies is explored.