LEADER 07205oam 22012374 450 001 9910788340803321 005 20230721045636.0 010 $a1-4623-5578-1 010 $a1-4527-5815-8 010 $a9786612842245 010 $a1-282-84224-2 010 $a1-4518-7148-1 035 $a(CKB)3170000000055164 035 $a(EBL)1608105 035 $a(SSID)ssj0000941486 035 $a(PQKBManifestationID)11518168 035 $a(PQKBTitleCode)TC0000941486 035 $a(PQKBWorkID)10963805 035 $a(PQKB)11722228 035 $a(OCoLC)469082200 035 $a(MiAaPQ)EBC1608105 035 $a(IMF)WPIEE2009001 035 $a(EXLCZ)993170000000055164 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aInflation Pressures and Monetary Policy Options in Emerging and Developing Countries?A Cross Regional Perspective /$fInci Ötker, David Vávra, Francisco Vazquez, Luis Jácome, Karl Habermeier, Kotaro Ishi, Alessandro Giustiniani, Turgut Kisinbay 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (80 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1584-5 320 $aIncludes bibliographical references. 327 $aCONTENTS; I. Introduction; II. Cross Regional Developments in Inflation; Tables; 1. Sample Countries and Summary Statistics on Inflation and Monetary Policy; Figures; 1. Headline Inflation by Country Group; Jan. 2003-Jun. 2008; 2. Headline Inflation by Geographic Region; Jan. 2003-Jun. 2008; 3. Headline and Core Inflation by Geographic Region; 4. Accumulated Inflation, July 2007-June 2008, and Share of Fuel in CPI; 5. Accumulated Inflation since July 2007 and Share of Food in CPI; 6. Indicators of Excess Demand Pressures in Emerging Market Countries 327 $a7: Regional Developments in Output Gap, 2002Q1-2008Q28. Average Growth of Real Credit to Private Sector and Accumulated Inflation; III. Policy Responses to Inflation Pressures; A. Policy Actions to Date; 9. Change in Inflation by Exchange Rate Regime and Monetary Policy; 10. Average CPI Inflation in IT and non-IT Countries; Jan. 2006-Jun. 2008; 11. IT Countries: Actual versus Targeted Inflation, June 2008; 12a. IT Countries: Policy Rate Changes, July 2007-June 2008; 12b. Non-IT Countries: Policy Rate Changes, July 2007-June 2008 327 $a13. Accumulated Inflation and Nominal Effective Exchange Rate, Dec. 2006B. How Have the Measures Worked Thus Far?; 14. Accumulated Inflation and Real ST Interest Rate, Jul. 2007-Jun. 2008; 15. Inflation Expectations for 2008 and 2009 vs. Actual and Targeted Inflation; IV. Menu of Options for Policy Advice; A. Considerations for Inflation Targeting Central Banks; B. Considerations for Non-Inflation Targeting Central Banks; V. Concluding Remarks and Policy Implications; References; Appendixes; I. Cross Regional Inflation Developments; Appendix Tables 327 $a1. Fund Staff and the Authorities' Analysis on the Nature and Drivers of Inflation II. Econometric Analysis of the Drivers of Inflation; 2. List of Variables Used in the Estimations; 3. Results from the Baseline Specification; 4. A Further Look at the Pass-Through of Food and Energy Prices; 5. Are Second-Round Effects Kicking In?; 6. Speed of Transmission of Monetary Policy; 7. Is there Any Role for the Institutional Framework of Monetary Policy?; 8. Estimated Contribution of Selected Factors to Inflation, in percent; III. Policy Responses to Rising Inflation Pressures 327 $aIV. Emerging IT Countries: Policy Responses to Date 9. Emerging IT Countries: Policy Responses, as of August 2008; V. Turkey: Revision to the Inflation Target; VI. Recommendations to Foster the Effectiveness of Monetary Policy; 10. Taxonomy of Monetary Policy Regimes; 11. Selected Countries: Recent Examples of Adjustments to Reserve Requirements; VII. Use of Controls on Capital Inflows; VIII. Illustrative Simulations for Policy Responses to Oil Price Shocks; IX. Moving to Greater Exchange Rate Flexibility 330 3 $aThis paper analyzes the monetary policy response to rising inflation in emerging and developing countries associated with the food and oil price shocks in 2007 and the first half of 2008. It reviews inflation developments in a sample of countries covering all regions and a broad range of monetary and exchange rate policy regimes; discusses the underlying causes of inflation; provides a synthesis of policy responses taken against the background of the conflicting objectives and trade-offs, the uncertainties regarding the nature of the shocks, and the additional challenges brought on by the global financial turmoil; and presents considerations for policy. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/001 606 $aInflation (Finance)$zDeveloping countries 606 $aMonetary policy$zDeveloping countries 606 $aBanks and Banking$2imf 606 $aForeign Exchange$2imf 606 $aInflation$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aMonetary Policy$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aMacroeconomics$2imf 606 $aMonetary economics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aBanking$2imf 606 $aInflation targeting$2imf 606 $aExchange rates$2imf 606 $aConventional peg$2imf 606 $aPrices$2imf 606 $aMonetary policy$2imf 606 $aBanks and banking$2imf 607 $aUnited States$2imf 615 0$aInflation (Finance) 615 0$aMonetary policy 615 7$aBanks and Banking 615 7$aForeign Exchange 615 7$aInflation 615 7$aMoney and Monetary Policy 615 7$aPrice Level 615 7$aDeflation 615 7$aMonetary Policy 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aMacroeconomics 615 7$aMonetary economics 615 7$aCurrency 615 7$aForeign exchange 615 7$aBanking 615 7$aInflation targeting 615 7$aExchange rates 615 7$aConventional peg 615 7$aPrices 615 7$aMonetary policy 615 7$aBanks and banking 676 $a332.4 676 $a332.4564 700 $aÖtker$b Inci$01092773 701 $aVávra$b David$01092774 701 $aVazquez$b Francisco$0395343 701 $aJácome$b Luis$01450030 701 $aHabermeier$b Karl$01493459 701 $aIshi$b Kotaro$01493460 701 $aGiustiniani$b Alessandro$0734019 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788340803321 996 $aInflation Pressures and Monetary Policy Options in Emerging and Developing Countries?A Cross Regional Perspective$93716459 997 $aUNINA