Inflation targeting in low‐income countries: Does IT work?

Autor:	Michael Bleaney, Zakari Mumuni, Atsuyoshi Morozumi
Rok vydání:	2020
Předmět:	Inflation Government Inflation targeting media_common.quotation_subject Geography Planning and Development Developing country Limiting Monetary economics Development Work (electrical) Central bank Economics Emerging market economies media_common
Zdroj:	Review of Development Economics. 24:1529-1550
ISSN:	1467-9361 1363-6669
DOI:	10.1111/rode.12690
Popis:	Previous research on inflation targeting (IT) has focused on high‐income countries and emerging market economies (EMEs). Only recently have sufficient data accumulated for the performance of IT in low‐income countries (LICs) to be assessed. We show that IT has not so far been as effective in reducing inflation in LICs as in EMEs. Relatively low central banks’ instrument independence in LICs, associated with weak restrictions limiting a central bank’s lending to the government, helps explain this result.
Databáze:	OpenAIRE
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