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Volz, Ulrich (2015) 'On the Future of Inflation Targeting in East Asia.' Review of Development Economics, 19 (3). pp. 638-652.

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Abstract

This article analyses the problems associated with inflation targeting (IT) regimes in a number of East Asian countries. It scrutinizes the policy conflicts that can arise when a central bank that has adopted a formal inflation target to guide the conduct of monetary policy simultaneously manages the exchange rate and pursues financial stability objectives. To this end, it empirically investigates the importance of exchange rate and terms of trade movements as determinants of inflation rates across East Asian economies and discusses the role of central banks in guarding financial stability and the ways this may conflict with an IT regime. The article argues that IT never really has been a suitable monetary framework for East Asian countries and that it should hence be supplanted by transparent monetary frameworks that explicitly recognize the multiple goals that are being pursued by East Asian central banks.

Item Type: Journal Article
Keywords: Inflation Targeting; Monetary Policy; East Asia
SOAS Departments & Centres: Departments and Subunits > Department of Economics
Legacy Departments > Faculty of Law and Social Sciences > Department of Economics
Regional Centres and Institutes > Centre of South East Asian Studies
Regional Centres and Institutes > SOAS Japan Research Centre
ISSN: 13636669
DOI (Digital Object Identifier): https://doi.org/10.1111/rode.12173
Date Deposited: 29 Dec 2014 15:46
URI: http://eprints.soas.ac.uk/id/eprint/19346
Related URLs: http://onlineli ... .12173/abstract (Publisher URL)

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