Can inflation targeting promote institutional quality in developing countries

Alexandru Minea · Patrick Villieu

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Fiscal Policies and Political Economy

Abstract

In a recent paper, Huang & Wei (2006, Journal of International Economics 70, 239-252) analyze the role of institutional quality in an Alesina-Tabellini setup with a Rogoff- style conservative banker. In particular, they …cast doubts on the notion that a low inflationary framework can induce governments to improve public institutions (p.239). Using a similar setup, but reversing the timing of the game, we show that inflation targeting does produce an incentive for governments to improve institutional quality. Some basic stylized facts support our theoretical results.

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References

2015Globalization and Its Discontents 1985The Optimal Degree of Commitment to an Intermediate Monetary Target 1983Rules, discretion and reputation in a model of monetary policy 1993Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence 2001African Economies and the Politics of Permanent Crisis, 1979–1999 2001The impact of inflation on financial sector performance 1995Optimal contracts for central bankers 2004An Evaluation of the Swedish System of Active Labor Market Programs in the 1990s

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