By David F. DeRosa
ISBN-10: 1934667234
ISBN-13: 9781934667231
Via an research of the writings economists and important bankers, with due attention to financial background, the writer develops a constant and logical advisor to the most questions dealing with primary bankers in emerging-markets nations.
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Additional resources for Central Banking and Monetary Policy in Emerging-Markets Nations
Example text
The answer may be inflation targeting; its promise is to be a framework sufficiently robust so as to keep a central bank on the straight and narrow path. 24 They also say it establishes an anchor for inflationary expectations. What is more, if it fails, the social and economic costs will be low—certainly lower than what emerging markets already had experienced when their fixed exchange rate pegs broke in the 1990s. Critics are concerned that inflation targeting leaves too little in the way of discretion for the central bank and, accordingly, allows too little room for growth-oriented policies.
A policy based on a monetary aggregate did not seem feasible, particularly considering the uncertainties inherent in the crisis sweeping through the Brazilian economy. Another possibility was the adoption of a fully discretionary policy with an explicit anchor. However given the degree of instability expected, a stronger and more transparent commitment was essential. To address this need, we opted for a full-fledged inflation-targeting framework. (pp. 1–2) One of the reasons for going to inflation targeting is to secure an “anchor” for monetary policy.
Hence, the high interest rate could be simply a reflection of inflationary expectations. Similarly, a low interest rate, speaking historically, could mean that recent policy has been loose or that there is almost no expectation of inflation (perhaps because of a successful prior tightening). Finally, a low nominal interest rate could simply mean that the level of economic activity is dismal, not that the monetary authority is being generous with credit. Limitations of Monetary Policy in Emerging Markets.
Central Banking and Monetary Policy in Emerging-Markets Nations by David F. DeRosa
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