The Role of the Exchange Rate in Inflation: Targeting Emerging Economies
This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation targeting, the interest rate is the main monetary policy tool...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2009
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| Schriftenreihe: | Occasional Papers
Occasional Paper No. 267 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation targeting, the interest rate is the main monetary policy tool for influencing activity and inflation, and there is little agreement about the appropriate role of the exchange rate.The exchange rate is a more important monetary policy tool for emerging economies that have adopted inflation targeting than it is for inflation-targeting advanced economies. Inflation-targeting emerging economies generally have less flexible exchange rate arrangements and intervene more frequently in the foreign exchange market than their advanced economy counterparts. The enhanced role of the exchange rate reflects these economies' greater vulnerability to exchange rate shocks and their less developed financial markets. However, their sharper focus on the exchange rate may cause some confusion about the commitment of their central banks to achieve the inflation target and may also complicate policy implementation. Global inflation pressures, greater exchange rate volatility, and the financial stresses from the global financial turmoil that began in mid-2007 are heightening these tensions |
| Beschreibung: | 1 Online-Ressource (104 p) |
| ISBN: | 1589067967 9781589067967 |
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| index_date | 2024-07-03T20:13:30Z |
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| physical | 1 Online-Ressource (104 p) |
| psigel | ZDB-1-IMF |
| publishDate | 2009 |
| publishDateSearch | 2009 |
| publishDateSort | 2009 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | Occasional Papers |
| spelling | Nordstrom, Anna Verfasser aut The Role of the Exchange Rate in Inflation Targeting Emerging Economies Nordstrom, Anna Washington, D.C International Monetary Fund 2009 1 Online-Ressource (104 p) txt rdacontent c rdamedia cr rdacarrier Occasional Papers Occasional Paper No. 267 This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation targeting, the interest rate is the main monetary policy tool for influencing activity and inflation, and there is little agreement about the appropriate role of the exchange rate.The exchange rate is a more important monetary policy tool for emerging economies that have adopted inflation targeting than it is for inflation-targeting advanced economies. Inflation-targeting emerging economies generally have less flexible exchange rate arrangements and intervene more frequently in the foreign exchange market than their advanced economy counterparts. The enhanced role of the exchange rate reflects these economies' greater vulnerability to exchange rate shocks and their less developed financial markets. However, their sharper focus on the exchange rate may cause some confusion about the commitment of their central banks to achieve the inflation target and may also complicate policy implementation. Global inflation pressures, greater exchange rate volatility, and the financial stresses from the global financial turmoil that began in mid-2007 are heightening these tensions Online-Ausg Kisinbay, Turgut Sonstige oth Restrepo, Jorge Sonstige oth Roger, Scott Sonstige oth Shimizu, Seiichi Sonstige oth Stone, Mark R. Sonstige oth http://elibrary.imf.org/view/IMF084/09735-9781589067967/09735-9781589067967/09735-9781589067967.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Nordstrom, Anna The Role of the Exchange Rate in Inflation Targeting Emerging Economies |
| title | The Role of the Exchange Rate in Inflation Targeting Emerging Economies |
| title_auth | The Role of the Exchange Rate in Inflation Targeting Emerging Economies |
| title_exact_search | The Role of the Exchange Rate in Inflation Targeting Emerging Economies |
| title_exact_search_txtP | The Role of the Exchange Rate in Inflation Targeting Emerging Economies |
| title_full | The Role of the Exchange Rate in Inflation Targeting Emerging Economies Nordstrom, Anna |
| title_fullStr | The Role of the Exchange Rate in Inflation Targeting Emerging Economies Nordstrom, Anna |
| title_full_unstemmed | The Role of the Exchange Rate in Inflation Targeting Emerging Economies Nordstrom, Anna |
| title_short | The Role of the Exchange Rate in Inflation |
| title_sort | the role of the exchange rate in inflation targeting emerging economies |
| title_sub | Targeting Emerging Economies |
| url | http://elibrary.imf.org/view/IMF084/09735-9781589067967/09735-9781589067967/09735-9781589067967.xml |
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