TY  - BOOK
AU  - Zanello,Alessandro
AU  - Berg,Andrew
AU  - Jarvis,Christopher J.
AU  - Stone,Mark R.
AU  - Zanello,Alessandro
TI  - Re-Establishing Credible Nominal Anchors After a Financial Crisis: A Review of Recent Experience 
T2  - IMF Working Papers; Working Paper
SN  - 1451849893 :
SN  - 1018-5941
PY  - 2003///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Central Bank
KW  - imf
KW  - Foreign Exchange
KW  - Inflation Targeting
KW  - Inflation
KW  - Nominal Anchor
KW  - Studies of Particular Policy Episodes
KW  - Bulgaria
KW  - Korea, Republic of
KW  - Mexico
KW  - Thailand
N2  - This paper studies the question of how to achieve monetary policy credibility and price stability after a financial crisis. We draw stylized facts and conclusions from ten recent cases: Brazil (1999); Bulgaria (1997); Ecuador (2000); Indonesia (1997); Korea (1997); Malaysia (1997); Mexico (1994), Russia (1998); Thailand (1997); and Turkey (2001). Among our conclusions, highlights include: (i) monetary policy alone cannot stabilize; (ii) floats bring nominal stability quickly in countries with low pre-crisis inflation and hard pegs have been at least narrowly successful for countries in deeper disarray; (iii) in floats, early and determined tightening brings nominal stability and does not appear more costly for output; (iv) monetary aggregate targeting rarely serves as a coherent framework for floats; informal or full-fledged inflation targeting offers more promise
UR  - http://elibrary.imf.org/view/IMF001/05538-9781451849899/05538-9781451849899/05538-9781451849899.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451849899
ER  -