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100   $a20020129d2006      uf             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aInflation Targeting in Dollarized Economies /$fLeonardo Leiderman, Rodolfo Maino, Eric Parrado
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2006.
215   $a1 online resource (22 p.)
225 1 $aIMF Working Papers
300   $a"June 2006."
311   $a1-4518-6417-5 
320   $aIncludes bibliographical references.
327   $a""Contents""; ""I. INTRODUCTION""; ""II. HOW DOES DOLLARIZATION AFFECT MONETARY POLICY?""; ""III. THE RECENT MONETARY EXPERIENCES OF PERU AND BOLIVIA""; ""IV. MONETARY POLICY TRANSMISSION""; ""V. REACTION FUNCTIONS""; ""VI. CONCLUDING REMARKS""; ""REFERENCES""
330 3 $aThe shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies although, as noted by many economists, the preconditions required for a successful implementation were not in place. The existence of managed exchange rate regimes, a narrow base of domestic nominal financial assets, the lack of market instruments to hedge exchange rate risks, together with fear of floating and dollarization, have been stressed as factors that might weaken the efficacy of monetary policy. By examining various aspects of monetary transmission and policy formulation in two highly dollarized economies (Peru and Bolivia) vis-à-vis two economies with low levels of dollarization (Chile and Colombia), we found that, while dollarization imposes differences in both the transmission capacity of monetary policy and its impact on real and financial sectors, it does not preclude the use of inflation targeting as a policy regime.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2006/157
606   $aAnti-inflationary policies$zDeveloping countries
606   $aCurrency substitution$zDeveloping countries
606   $aMonetary policy$zDeveloping countries
606   $aBanks and Banking$2imf
606   $aForeign Exchange$2imf
606   $aInflation$2imf
606   $aPrice Level$2imf
606   $aDeflation$2imf
606   $aMonetary Policy$2imf
606   $aCurrency$2imf
606   $aForeign exchange$2imf
606   $aMacroeconomics$2imf
606   $aBanking$2imf
606   $aExchange rates$2imf
606   $aReal exchange rates$2imf
606   $aInternational reserves$2imf
606   $aForeign exchange intervention$2imf
606   $aPrices$2imf
606   $aForeign exchange reserves$2imf
607   $aPeru$2imf
615  0$aAnti-inflationary policies
615  0$aCurrency substitution
615  0$aMonetary policy
615  7$aBanks and Banking
615  7$aForeign Exchange
615  7$aInflation
615  7$aPrice Level
615  7$aDeflation
615  7$aMonetary Policy
615  7$aCurrency
615  7$aForeign exchange
615  7$aMacroeconomics
615  7$aBanking
615  7$aExchange rates
615  7$aReal exchange rates
615  7$aInternational reserves
615  7$aForeign exchange intervention
615  7$aPrices
615  7$aForeign exchange reserves
700   $aLeiderman$b Leonardo$0240295
701   $aMaino$b Rodolfo$01462067
701   $aParrado$b Eric$01462066
712 02$aInternational Monetary Fund.$bMonetary and Financial Systems Dept.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788689503321
996   $aInflation Targeting in Dollarized Economies$93823229
997   $aUNINA