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Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries — Background Paper — Country Experiences

2015-10-27 Business & Economics
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Release : 2015-10-27
Genre : Business & Economics
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Book Rating : 054/5 ( reviews)

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Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries — Background Paper — Country Experiences by : International Monetary Fund

Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries — Background Paper — Country Experiences written by International Monetary Fund. This book was released on 2015-10-27. Available in PDF, EPUB and Kindle. Book excerpt: This background paper focuses on the experiences of evolving monetary policy frameworks in nine individual countries and three thematic groupings of countries. The country case studies are complemented by analyses of common issues faced by countries in currency unions in the CFA franc zone, selected resource rich countries, and advanced economies and emerging markets during their modernization process of monetary policy regimes. Finally, the background paper also contains a discussion on the benefits of effective communication in conducting monetary policy.

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries

2015-10-23 Business & Economics
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Release : 2015-10-23
Genre : Business & Economics
Kind : eBook
Book Rating : 062/5 ( reviews)

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Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by : International Monetary Fund

Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund. This book was released on 2015-10-23. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

Conditionality in Evolving Monetary Policy Regimes

2014-05-03 Business & Economics
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Release : 2014-05-03
Genre : Business & Economics
Kind : eBook
Book Rating : 694/5 ( reviews)

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Book Synopsis Conditionality in Evolving Monetary Policy Regimes by : International Monetary Fund

Download or read book Conditionality in Evolving Monetary Policy Regimes written by International Monetary Fund. This book was released on 2014-05-03. Available in PDF, EPUB and Kindle. Book excerpt: With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.

Monetary and Fiscal Policy Design Issues in Low-Income Countries

2005-08-08 Business & Economics
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Release : 2005-08-08
Genre : Business & Economics
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Book Rating : 297/5 ( reviews)

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Book Synopsis Monetary and Fiscal Policy Design Issues in Low-Income Countries by : International Monetary Fund. Policy Development and Review Dept.

Download or read book Monetary and Fiscal Policy Design Issues in Low-Income Countries written by International Monetary Fund. Policy Development and Review Dept.. This book was released on 2005-08-08. Available in PDF, EPUB and Kindle. Book excerpt: Considers possible adjustments in the design of Fund-supported programs, drawing on the experience of low-income countries that have successfully addressed the most apparent domestic macroeconomic imbalances.

Do Monetary Policy Frameworks Matter in Low Income Countries?

2020-07-24
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Release : 2020-07-24
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Book Rating : 671/5 ( reviews)

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Book Synopsis Do Monetary Policy Frameworks Matter in Low Income Countries? by : Alina Carare

Download or read book Do Monetary Policy Frameworks Matter in Low Income Countries? written by Alina Carare. This book was released on 2020-07-24. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, many Low-Income Countries (LICs) have implemented substantial reforms to their monetary policy frameworks, but existing economic research has not provided a clear rationale to guide those efforts. In this paper we analyze the role of monetary policy frameworks in the propagation of aggregate shocks, using a large panel dataset of 79 LICs over the period 1990-2015 as well as event study analysis for a group of 28 sub-Saharan African LICs. We find highly significant differences in the propagation of external shocks between the LICs that target monetary aggregates or inflation compared to those that maintain rigid nominal exchange rates as a nominal anchor. We also find that the large surprise devaluation of the Central African Franc (CFA) in January 1994 had highly significant effects on the GDP growth of 10 CFA countries compared to 18 similar countries that were outside the CFA zone. Our empirical analysis provides strong support for the role of monetary policy frameworks in facilitating macroeconomic stability in LICs--a conclusion that is particularly relevant as LICs now face a multitude of similar shocks associated with the global COVID-19 pandemic.

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