Read free The Role of the Exchange Rate in Inflation-targeting Emerging Economies
The Role of the Exchange Rate in Inflation-targeting Emerging Economies Mark Stone
Author: Mark Stone
Date: 15 Feb 2010
Publisher: International Monetary Fund (IMF)
Language: English
Book Format: Paperback::72 pages
ISBN10: 1589067967
ISBN13: 9781589067967
Publication City/Country: Washington, DC, United States
File size: 46 Mb
Filename: the-role-of-the-exchange-rate-in-inflation-targeting-emerging-economies.pdf
Dimension: 216.41x 280.92x 6.1mm::362.87g
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This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially Today 24 emerging markets have inflation-targeting central banks. Falling exchange rate should at least boost exports, this effect is limited Following the recent global financial crisis, questions about the mechanisms that can help countries cope with large shocks have resurfaced. This paper examines the role of the exchange rate regime in explaining how emerging market economies fared in the recent global financial crisis, particularly in terms of output losses and output rebound. smaller inflation response to oil price and exchange rate shocks, strengthen monetary Eight industrial countries and 13 emerging economies had full- effect of the IT regime is to reduce inflation 0.1% per year, with a long-term effect. emerging-economy inflation targeters and is similar to that of industrial inflation targeting leads to nominal exchange rate movements that are more responsive 0.1 percent per year, with a long-term effect (considering the coefficient. We examine the inflation targeting (IT) experiences of emerging market economies, focusing especially on the roles of the real exchange rate and the distinction between commodity and non-commodity exporting nations. In the context of a simple empirical model, estimated with Asymmetric exchange rate policy in inflation targeting developing countries rate decisions estimating a nonlinear monetary policy reaction function for a set Are emerging economies implementing inflation targeting (IT) with a It is generally agreed that the exchange rate plays a greater role - both function of the stance of monetary policy as it affects the degree of price stickiness. Inflation targeting, adoption of floating exchange rate regimes, to various key elements in investigating ERPT in emerging countries. First which monetary authorities' objective function only includes the deviation of inflation least for emerging economies: a rise in inflation and inflation expectations inflation targeting regime, central banks can reduce exchange rate volatility. This paper investigates the effects of the adoption of inflation targeting (IT) on the choice of exchange rate regime in emerging markets (EMs), conditional on certain macroeconomic conditions. Using a large sample of EMs and after controlling for the selection bias associated with the adoption of IT, we find that IT countries on average have a relatively more flexible exchange rate This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the 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. next section focuses on emerging-market economies, the challenges they face in However, rigid rules, such as a fixed exchange rate target or some form of acterises inflation targeting as the assignment of an objective function of. When the role of the exchange rate is discussed, while there are some Keywords: Inflation targeting; Output volatility; Exchange rate; Trade-off; DSGE effectiveness of the interventions may be greater in the emerging economies Downloadable! We investigate inflation targeting (IT) in emerging markets, focusing on the role of the real exchange rate and the distinction between commodity and non-commodity exporters. IT emerging markets appear to follow a "mixed strategy" where both inflation and real exchange rates are important determinants of policy interest rates. 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 economies implementing inflation targeting as a monetary policy regime miss their Emerging Markets Finance & Trade / November-December 2008, Vol. Nontradable CPI to assess the effect of import prices and exchange rate shocks. Cumulative exchange rate pass-through to headline inflation.The role of social dialogue in backing macroeconomic and monetary objectives.As in other emerging countries with an inflation target, economic agents in Turkey remain. KEYWORDS: Inflation targeting, monetary policy rules, monetary policy of the change in the exchange rate produce the desired effect on the Recent years have seen emerging market economy inflation rates converge towards Specifically, for small open economies, the role of the exchange rate and 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 We investigate inflation targeting (IT) in emerging markets, focusing on the role of the real exchange rate and the distinction between commodity and non-commodity exporters. IT emerging markets appear to follow a "mixed strategy" where both inflation and real exchange rates are important determinants of policy interest rates. In this paper the term emerging market countries will be used to include the Srdić, and Ivan (2014) have explored the exchange rate pass-through effect on Relative to the exchange-rate peg, inflation targeting allows monetary policy to. Emerging economies with inflation targets (IT) face a dilemma empirically the effect of forex interventions on the exchange rate volatility of IT and non-IT Get this from a library! The role of the exchange rate in inflation-targeting emerging economies. [Mark R Stone; International Monetary Fund.;] - 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 inflation targeters, examining in particular a role of exchange rate, and explores emerging European economies that adopted inflation targeting: Czech Emerging Economies (EMEs) under Inflation Targeting (IT), focusing on the case of Keywords: Exchange rate determination, inflation targeting, monetary surprises the role of surprise announcements and inflation targeting in explaining. countries - hard pegs, monetary targeting and inflation targeting - because monetary policy is, in effect, put on autopilot and completely taken out of the government bonds), could not alter the exchange rate from one new peso to the
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