Latin American Central Bank Reform

Author by : International Monetary Fund
Languange : en
Publisher by : International Monetary Fund
Format Available : PDF, ePub, Mobi
Total Read : 69
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File Size : 51,7 Mb
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Description : This study takes stock of the institutional reform of monetary policy in Latin America since the early 1990s. It argues that strengthening the legal independence of central banks, together with macroeconomic policies, was instrumental in reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the main challenges of monetary policy today, namely, achieving price stability, restoring market confidence in domestic currencies, and sticking to policy consistency despite adverse effects of the volatility of capital flows. Finally, recurrent banking crises and lack of fiscal discipline are identified as the main risks for the success of monetary policy in Latin America.


Latin American Central Bank Reform Progress And Challenges Epub

Author by : International Monetary Fund
Languange : en
Publisher by : International Monetary Fund
Format Available : PDF, ePub, Mobi
Total Read : 28
Total Download : 417
File Size : 53,5 Mb
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Description : This study takes stock of the institutional reform of monetary policy in Latin America since the early 1990s. It argues that strengthening the legal independence of central banks, together with macroeconomic policies, was instrumental in reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the main challenges of monetary policy today, namely, achieving price stability, restoring market confidence in domestic currencies, and sticking to policy consistency despite adverse effects of the volatility of capital flows. Finally, recurrent banking crises and lack of fiscal discipline are identified as the main risks for the success of monetary policy in Latin America.


Latin American Central Banks Reform

Author by : Agustin Carstens
Languange : en
Publisher by :
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Total Read : 88
Total Download : 377
File Size : 49,6 Mb
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Description :


Any Link Between Legal Central Bank Independence And Inflation Evidence From Latin America And The Caribbean

Author by : Luis Ignacio Jácome
Languange : en
Publisher by : International Monetary Fund
Format Available : PDF, ePub, Mobi
Total Read : 41
Total Download : 684
File Size : 48,5 Mb
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Description : This paper reviews central bank legislation in 24 countries in Latin America and the Caribbean during the 1990s. Using panel regressions, we find a negative relationship between legal central bank independence (CBI) and inflation. This result holds for three alternative measures of CBI and after controlling for international inflation, banking crises, and exchange regimes. The result is also robust to the inclusion of a broader indicator of structural reforms that usually go along with changes in central bank legislation, illustrating the complementary nature of various aspects of economic reform. The paper fails, however, to find a causal relationship running from CBI to inflation.


Legal Central Bank Independence And Inflation In Latin America During The 1990 S

Author by : Mr. Luis Ignacio Jácome
Languange : en
Publisher by : International Monetary Fund
Format Available : PDF, ePub, Mobi
Total Read : 20
Total Download : 972
File Size : 49,7 Mb
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Description : This paper reviews central banks’ legal reform in Latin America during the 1990s and discusses the status of central bank independence in the region. Based on this information, it builds a simplified index of central bank independence which, in addition to the commonly used criteria of political and economic independence, incorporates provisions of central banks’ financial autonomy, accountability, and lender-of-last-resort. The paper finds a moderate negative correlation between increased central bank independence and inflation during 1999–2001 in 14 Latin American countries. Dissagregating the index, the same analysis suggests that economic independence is the key component driving the observed negative correlation between legal central bank independence and inflation.


Dismantling The Populist State

Author by : Shahid Javed Burki
Languange : en
Publisher by : World Bank Publications
Format Available : PDF, ePub, Mobi
Total Read : 43
Total Download : 482
File Size : 42,6 Mb
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Description : "Well-written paper discusses institutional reforms needed for dismantling the populist State. Contends that such reforms, no matter how painful, must be made immediately to consolidate gains from earlier reforms"--Handbook of Latin American Studies, v. 57.


Weathering The Global Storm

Author by : International Monetary Fund
Languange : en
Publisher by : International Monetary Fund
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Total Read : 95
Total Download : 182
File Size : 50,5 Mb
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Description : This paper highlights that central banks from Brazil, Chile, Colombia, Mexico, and Peru (the LA5 countries) reaped the benefits of what they sowed in successfully weathering the global crisis. The adoption of far-reaching institutional, policy, and operational reforms during the last two decades enabled central banks to build credibility about their commitment with the objective of price stability. Thus, when the 2007 - 08 supply shock and the financial crisis hit the world, the LA5 central banks reacted swiftly and effectively based on a flexible policy framework and with the support of strong macroeconomic and financial foundations. Building on the experience of the LA5 central banks and complementing with recommendations from the IMF’s technical advice, the paper provides several suggestions for countries seeking to strengthen the effectiveness of monetary policy.


The Quest For Price Stability In Central America And The Dominican Republic

Author by : Mr. Eric Parrado
Languange : en
Publisher by : International Monetary Fund
Format Available : PDF, ePub, Mobi
Total Read : 45
Total Download : 732
File Size : 54,7 Mb
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Description : This paper addresses the question of why inflation has not yet converged to price stability in Central America and the Dominican Republic and is currently relatively high by Latin American standards. It suggests that despite the institutional strengthening of monetary policy, important flaws remain in most central banks, in particular a lack of a clear policy mandate and little political autonomy, which are adversely affecting the consistency of policy implementation. Empirical analysis reveals that all central banks raise interest rates to curtail inflation but only some of them increase it sufficiently to effectively tackle inflation pressures. It also shows that some central banks care simultaneously about exchange rate stability. The potential policy conflict arising from a dual central bank mandate and the unpredictable policy response is probably undermining markets'' confidence in central banks'' commitment to price stability, thereby perpetuating an inflation bias.


Imf Research Bulletin September 2005

Author by : International Monetary Fund
Languange : en
Publisher by : International Monetary Fund
Format Available : PDF, ePub, Mobi
Total Read : 39
Total Download : 840
File Size : 51,9 Mb
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Description : The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF's operational work.


Latin American Economy Business

Author by :
Languange : en
Publisher by :
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Total Read : 49
Total Download : 186
File Size : 47,5 Mb
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Description :