Challenges for Inflation Targeting in Emerging Market Countries

Frederic S. Mishkin

58 citations0/0 files storedEmerging Markets Finance and Trade

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Monetary Policy and Economic Impact Global Financial Crisis and Policies European Monetary and Fiscal Policies

Abstract

In the past decade, numerous emerging market countries have adopted inflation targeting as their basic monetary policy strategy. The institutional framework in many emerging market countries that affects monetary policy outcomes has generally differed from that in advanced countries. This paper first outlines what traditionally has made emerging market and other developing economies different from advanced countries and what challenges these differences have presented to those that adopted inflation targeting. The paper then examines whether, given these challenges, inflation targeting has been a success in emerging market countries.

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References

2000Fear of Floating 1997Inflation forecast targeting: Implementing and monitoring inflation targets 1984Some Unpleasant Monetarist Arithmetic 1992Central Bank Strategy, Credibility, and Independence: Theory and Evidence 1997Inflation Targeting: A New Framework for Monetary Policy?1999Inflation targeting: lessons from the international experience 2004When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies 1994Monetary policy and price level determinacy in a cash-in-advance economy

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