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 existence of managed exchange rate regimes, a narrow ba...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2006
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 06/157 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | 1 Online-Ressource (20 p) |
| ISBN: | 1451864175 9781451864175 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:26Z |
| indexdate | 2024-07-10T09:35:35Z |
| institution | BVB |
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| series2 | IMF Working Papers |
| spelling | Leiderman, Leonardo Verfasser aut Inflation Targeting in Dollarized Economies Leiderman, Leonardo Washington, D.C International Monetary Fund 2006 1 Online-Ressource (20 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 06/157 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 Online-Ausg Maino, Rodolfo Sonstige oth Parrado, Eric Sonstige oth http://elibrary.imf.org/view/IMF001/03570-9781451864175/03570-9781451864175/03570-9781451864175.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Leiderman, Leonardo Inflation Targeting in Dollarized Economies |
| title | Inflation Targeting in Dollarized Economies |
| title_auth | Inflation Targeting in Dollarized Economies |
| title_exact_search | Inflation Targeting in Dollarized Economies |
| title_exact_search_txtP | Inflation Targeting in Dollarized Economies |
| title_full | Inflation Targeting in Dollarized Economies Leiderman, Leonardo |
| title_fullStr | Inflation Targeting in Dollarized Economies Leiderman, Leonardo |
| title_full_unstemmed | Inflation Targeting in Dollarized Economies Leiderman, Leonardo |
| title_short | Inflation Targeting in Dollarized Economies |
| title_sort | inflation targeting in dollarized economies |
| url | http://elibrary.imf.org/view/IMF001/03570-9781451864175/03570-9781451864175/03570-9781451864175.xml |
| work_keys_str_mv | AT leidermanleonardo inflationtargetingindollarizedeconomies AT mainorodolfo inflationtargetingindollarizedeconomies AT parradoeric inflationtargetingindollarizedeconomies |