Inflation Targeting And Country Risk

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Inflation Targeting And Country Risk

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Author : Mr.Armand Fouejieu
language : en
Publisher: International Monetary Fund
Release Date : 2013-01-23

Inflation Targeting And Country Risk written by Mr.Armand Fouejieu and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-23 with Business & Economics categories.

The sovereign debt crisis in Europe has highlighted the role of country risk premia as a link between countries’ fiscal and external balances, financial conditions and monetary policy. The purpose of this paper is to estimate how adoption of inflation targeting (IT) affects spreads. It is hypothesized that country risk premia for IT countries (especially among emerging market economies) may be lower than for other countries owing to greater policy predictability and more stable long-term inflation. The findings suggest that IT reduces the risk premium, both through adoption of the IT regime, and through the observed track record in stabilizing inflation.

The Inflation Targeting Debate

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Author : Ben S. Bernanke
language : en
Publisher: University of Chicago Press
Release Date : 2007-11-01

The Inflation Targeting Debate written by Ben S. Bernanke and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-01 with Business & Economics categories.

Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.

Inflation In Emerging And Developing Economies

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Author : Jongrim Ha
language : en
Publisher: World Bank Publications
Release Date : 2019-01-03

Inflation In Emerging And Developing Economies written by Jongrim Ha and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-03 with Business & Economics categories.

This is the first comprehensive study in the context of EMDEs that covers, in one consistent framework, the evolution and global and domestic drivers of inflation, the role of expectations, exchange rate pass-through and policy implications. In addition, the report analyzes inflation and monetary policy related challenges in LICs. The report documents three major findings: In First, EMDE disinflation over the past four decades was to a significant degree a result of favorable external developments, pointing to the risk of rising EMDE inflation if global inflation were to increase. In particular, the decline in EMDE inflation has been supported by broad-based global disinflation amid rapid international trade and financial integration and the disruption caused by the global financial crisis. While domestic factors continue to be the main drivers of short-term movements in EMDE inflation, the role of global factors has risen by one-half between the 1970s and the 2000s. On average, global shocks, especially oil price swings and global demand shocks have accounted for more than one-quarter of domestic inflation variatio--and more in countries with stronger global linkages and greater reliance on commodity imports. In LICs, global food and energy price shocks accounted for another 12 percent of core inflation variatio--half more than in advanced economies and one-fifth more than in non-LIC EMDEs. Second, inflation expectations continue to be less well-anchored in EMDEs than in advanced economies, although a move to inflation targeting and better fiscal frameworks has helped strengthen monetary policy credibility. Lower monetary policy credibility and exchange rate flexibility have also been associated with higher pass-through of exchange rate shocks into domestic inflation in the event of global shocks, which have accounted for half of EMDE exchange rate variation. Third, in part because of poorly anchored inflation expectations, the transmission of global commodity price shocks to domestic LIC inflation (combined with unintended consequences of other government policies) can have material implications for poverty: the global food price spikes in 2010-11 tipped roughly 8 million people into poverty.

Inflation Targeting In Mena Countries

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Author : Mongi Boughzala
language : en
Publisher: Springer
Release Date : 2011-07-26

Inflation Targeting In Mena Countries written by Mongi Boughzala and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-26 with Business & Economics categories.

This volume assesses the current state of play for Middle East and North African countries, in the light of wider work on inflation targeting, and provides lessons from the evolution of monetary policy in Europe.

Cross Border Exposures And Country Risk

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Author : Thomas Krayenbuehl
language : en
Publisher: Elsevier
Release Date : 2001-07-03

Cross Border Exposures And Country Risk written by Thomas Krayenbuehl and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-07-03 with Business & Economics categories.

The international financial system has come under strain several times in recent years, and analysis has shown that most crises originated from the risks built into cross-border exposures.Assessment and monitoring of cross-border exposures and country risk are essential activities for international lending agencies such as government bodies, banks, multinational corporations and other investors. Inadequate risk management could have a destabilising effect on both lender and borrower and could result in a major international financial crisis.This completely revised edition of Thomas E Krayenbuehl's classic handbook clearly shows how the various players can quantify and manage the complex factors involved in order to minimise the risk and avoid potentially catastrophic consequences. It provides both a rigorous analysis of the current situation and a guide to meeting the challenges of the future.Just some of the things you'll discover...How to succeed in cross-border lending and investment through good assessment, monitoring and hedging of country riskHow the Tequila and Asian crises came about, and the lessons learnedThe likelihood of future crises and the potential causesThe latest problems to beset the international financial systemThe recent developments in cross-border financingWhy the problem of contagion occurs between seemingly unrelated marketsThe enormous need for global capital to bring about sustainable economic development in the developing world, and the role of the major players in fulfilling itThe numerous factors that constitute and influence a specific country riskThe responsibilities of all the parties involved, from the IMF and the World Bank to the industrialised and developing nations, the regulators and the rating agenciesHow this study helps you: This lucid and authoritative handbook will help you to:Understand the problems facing the international financial systemIdentify and assess new investment opportunitiesOptimise risk composition of cross-border lending or investmentMake sound decisions, minimise risk and achieve better outcomes - The definitive study of this important topic – its purpose, practice and implications

Inflation Targeting Debt And The Brazilian Experience 1999 To 2003

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Author : Francesco Giavazzi
language : en
Publisher: MIT Press
Release Date : 2005

Inflation Targeting Debt And The Brazilian Experience 1999 To 2003 written by Francesco Giavazzi and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.

How Brazil's monetary and fiscal policies survived a series of severe economic shocks and the policy lessons for other countries. Inflation targeting -- when central bank policies set specific inflation rate objectives -- is widely used by both developed and developing countries around the world (although not by the United States or the European Central Bank). This collection of original essays looks at how Brazil's policy of inflation targeting, coupled with a floating exchange rate, survived a series of severe economic shocks and examines the policy lessons that can be drawn from Brazil's experience. After a successful start in early 1999, Brazil's policy regime had to manage mounting difficulties, including a sudden reversal of capital flows and its effects on the exchange rate and public debt, the contagion of Argentina's severe economic problems, a domestic energy crisis, and the political uncertainty of the 2002 presidential campaign. The contributors, prominent Brazilian and international economists, draw important lessons from Brazil's experience, including the necessity of accompanying monetary policy with fiscal improvement, the trade-offs involved in dollar-linked debt, the importance of fiscal institutions in an emerging market economy, and the importance of keeping inflation under control.

Hybrid Inflation Targeting Regimes

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Author : Jorge Restrepo
language : en
Publisher: International Monetary Fund
Release Date : 2009-10-01

Hybrid Inflation Targeting Regimes written by Jorge Restrepo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-01 with Business & Economics categories.

This paper uses a DSGE model to examine whether including the exchange rate explicitly in the central bank's policy reaction function can improve macroeconomic performance. It is found that including an element of exchange rate smoothing in the policy reaction function is helpful both for financially robust advanced economies and for financially vulnerable emerging economies in handling risk premium shocks. As long as the weight placed on exchange rate smoothing is relatively small, the effects on inflation and output volatility in the event of demand and cost-push shocks are minimal. Financially vulnerable emerging economies are especially likely to benefit from some exhange rate smoothing because of the perverse impact of exchange rate movements on activity.

Macroeconomic Effects Of A Potential Change In South Africa S Inflation Target

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Author : Mrs. Jana Bricco
language : en
Publisher: International Monetary Fund
Release Date : 2025-03-31

Macroeconomic Effects Of A Potential Change In South Africa S Inflation Target written by Mrs. Jana Bricco and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-03-31 with categories.

South Africa’s inflation-targeting framework has served the country well, playing a key role in reducing inflation since 2000. However, with inflation still above that of key trading partners, questions have arisen whether a potential shift from the current target band (3 to 6 percent) to a lower point target could better support macroeconomic stability over the medium term. This chapter explores the macroeconomic implications of such a shift. While medium run gains result from lower borrowing costs, the modeling analysis points to the critical role of inflation expectations and central bank credibility in minimizing near-term output costs; fiscal-monetary interactions are also important. A review of select case studies highlights the importance of close coordination among policymakers, clear communication, and gradual transitions to support the achievement of lower inflation.

Borrowing Credibility

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Author : Jana Grittersova
language : en
Publisher: University of Michigan Press
Release Date : 2017-07-28

Borrowing Credibility written by Jana Grittersova and has been published by University of Michigan Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-28 with Business & Economics categories.

Explores multinational banks' role in enhancing monetary credibility, revealing the importance of market confidence in an interconnected world

Central Bank Policy

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Author : Perry Warjiyo
language : en
Publisher: Emerald Group Publishing
Release Date : 2019-07-25

Central Bank Policy written by Perry Warjiyo and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-25 with Business & Economics categories.

Central Bank Policy: Theory and Practice analyses various policies, theories and practices adopted by central banks, as well as the institutional arrangements underlying the principles of good governance in policy-making. It is the first book to comprehensively discuss the latest theories and practices of central bank policy.