Philippines [electronic resource] : Preparations for Inflation Targeting / Piyabha Kongsamut.
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TextSeries: IMF Working Papers; Working Paper ; No. 01/99Publication details: Washington, D.C. : International Monetary Fund, 2001Description: 1 online resource (20 p.)ISBN: 1451852274 :ISSN: 1018-5941Subject(s): Business Fluctuations | Central Bank | Inflation Modeling | Inflation Target | Inflation Targeting | Inflation | PhilippinesAdditional physical formats: Print Version:: Philippines : Preparations for Inflation TargetingOnline resources: IMF e-Library | IMF Book Store Abstract: The Philippines is planning to shift toward adoption of an inflation targeting framework in 2001. This paper reviews key policy issues in this context, describes various operational and technical preparations, and presents an empirical analysis of the factors driving inflation. Among the key policy requirements, while central bank independence appears assured, the exchange rate has been allowed to fluctuate largely freely, and the authorities are embarking on a medium-term plan for fiscal consolidation. Empirical results suggest that the effective exchange rate (rather than a bilateral rate) and wages are important long-run influences on inflation.
The Philippines is planning to shift toward adoption of an inflation targeting framework in 2001. This paper reviews key policy issues in this context, describes various operational and technical preparations, and presents an empirical analysis of the factors driving inflation. Among the key policy requirements, while central bank independence appears assured, the exchange rate has been allowed to fluctuate largely freely, and the authorities are embarking on a medium-term plan for fiscal consolidation. Empirical results suggest that the effective exchange rate (rather than a bilateral rate) and wages are important long-run influences on inflation.
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