Description
Book SynopsisFinancial globalisation has made the formulation of monetary policy in emerging market economies increasingly complicated. This timely set of studies looks at the turmoil in global financial markets, which, coupled with volatile inflation, poses serious challenges for central banks in these countries.
The book features a number of specially commissioned new papers from both front-line policymakers and researchers in developing and emerging market economies, which tackle the difficult issues currently being debated with increasing urgency by monetary policy theorists and policymakers around the world. They address questions such as: 'What monetary policy framework is most suitable for emerging market countries to confront the new challenges while they continue to open up to trade and financial flows?', 'What are the linkages between monetary stability and financial stability?' and 'Is inflation targeting or a fixed exchange rate regime preferable for developing and emerging markets?'
Providing unique insights on the interaction between the theory and practice of monetary policy in emerging markets, this book will be of great interest to academics and students of economics, economic policy and development economics. Policymakers will also find this to be a useful and thought-provoking read.
Table of ContentsContents: PART I: FRAMEWORKS FOR MONETARY POLICY 1. Monetary Policy Challenges for Emerging Market Economies Gill Hammond, Ravi Kanbur and Eswar Prasad 2. The Pursuit of Monetary and Financial Stability in Emerging Market Economies Bandid Nijathaworn and Piti Disyatat 3. Implementation of Inflation Targets in Emerging Markets José De Gregorio 4. Whatever Became of the Monetary Aggregates? Charles Goodhart 5. Fear of Appreciation: Exchange Rate Policy as a Development Strategy Eduardo Levy-Yeyati and Federico Sturzenegger 6. Aid Reversals, Credibility and Macroeconomic Policy Edward Buffie, Christopher Adam, Stephen O’Connell and Catherine Pattillo PART II: COUNTRY EXPERIENCES 7. The Nexus between Monetary and Financial Stability: The Experience of Selected Asian Economies Sukudhew Singh 8. A Framework for Independent Monetary Policy in China Marvin Goodfriend and Eswar Prasad 9. Monetary Policy Transmission in India Rakesh Mohan and Michael Patra 10. Inflation Targeting and Exchange Rate: Notes on Brazil’s Experience Paulo Vieira da Cunha, Daniela Silva Pires and Wenersamy Ramos de Alcântara 11. Czech Experience with Inflation Targeting Ludek Niedermayer 12. Monetary and Fiscal Policy Mix in Serbia: 2002–07 Diana Dragutinovic 13. Aid Volatility, Monetary Policy Rules and the Capital Account in African Economies Christopher Adam, Stephen O’Connell and Edward Buffie 14. Regional Asymmetries in the Impact of Monetary Policy on Prices: Evidence from Africa David Fielding 15. Monetary Policy and Inflation Modeling in a More Open Economy in South Africa Janine Aron and John Muellbauer 16. Inflation Management and Monetary Policy Formulation in Ghana Nii Kwaku Sowa and Philip Abradu-Otoo 17. Monetary Policy in Zambia: Experience and Challenges Denny H. Kalyalya Index
