Choice of inflation targeting: Some international evidence

被引:7
作者
Ismailov, Shakhzod [1 ]
Kakinaka, Makoto [2 ]
Miyamoto, Hiroaki [3 ]
机构
[1] Cent Bank Uzbekistan, Int Reserves Management Dept, Uzbekistan Ave 6, Tashkent 100001, Uzbekistan
[2] Int Univ Japan, Grad Sch Int Relat, 777 Kokusai Cho, Niigata 9497277, Japan
[3] Univ Tokyo, Grad Sch Publ Policy, Bunkyo Ku, 7-3-1 Hongo, Tokyo 1138656, Japan
关键词
Inflation targeting; Exchange rate arrangements; Anti-inflation credibility; Fiscal fragility; ECONOMIES; DIFFERENCE;
D O I
10.1016/j.najef.2016.03.001
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Inflation targeting has attracted attention to researchers and policy makers since the first attempt in New Zealand in 1990. This paper discusses a country's choice of inflation targeting by examining its driving forces with the dataset of 82 countries. The empirical result shows that countries' decision of adoption of inflation targeting depends highly on their development stage. For high-income or developed countries, the significant motive of monetary authority to choose inflation targeting is the desire to keep or enhance anti-inflation credibility, and inflation targeting could be a natural option under more floats with the absence of nominal exchange rate anchor. On the other hand, low-income or developing countries with the large size of public debts are not likely to choose inflation targeting, so that fiscal fragility would discourage monetary authority to adopt restrictive monetary policy under inflation targeting. (C) 2016 Elsevier Inc. All rights reserved.
引用
收藏
页码:350 / 369
页数:20
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