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Inflation Targeting in Developing Countries

Sohn, Wook / Gathogo, Anthony G

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Abstract

This paper analyzes economic and institutional factors that affect the likelihood of adopting an inflation-targeting monetary policy regime in emerging markets and developing countries. We use a logit model for a sample that comprises both inflation-targeting and non-targeting countries for the period of 1990–2009. The results show that countries experiencing improved macroeconomic performance and stronger institutional stability have a high chance of switching to the inflation-targeting framework. In particular, central bank independence, as measured by governor turnover rate and legal independence, positively affects the decision to change regimes.

Issue Date
2015-06
Publisher
World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom
URL
https://www.world-economics-journal.com/Journal/Papers/Inflation%20Targeting%20in%20Developing%20Countries.details?ID=611
Journal Title
World Economics
Start Page
57
End Page
80
ISSN
1468-1838
Language
English
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