Latin American central bank reform : progress and challenges /

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Bibliographic Details
Author / Creator:	Carstens Carstens, Agustin Guillermo, 1958- author.
Imprint:	[Washington, D.C.] : International Monetary Fund, Office of the Managing Director, 2005.
Description:	1 online resource (43 pages).
Language:	English
Series:	IMF working paper ; WP/05/114 IMF working paper ; WP/05/114.
Subject:	Banks and banking, Central -- Latin America. Inflation (Finance) -- Latin America. Monetary policy -- Latin America. Banks and banking, Central. Inflation (Finance) Monetary policy. Latin America.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12498450

Hidden Bibliographic Details
Other authors / contributors:	Jácome, Luis Ignacio, author. International Monetary Fund. Office of the Managing Director, issuing body.
Notes:	Includes bibliographical references. Print version record.
Summary:	This study takes stock of the institutional reform of monetary policy in Latin America since the early 1990s. It argues that strengthening the legal independence of central banks, together with macroeconomic policies, was instrumental in reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the main challenges of monetary policy today, namely, achieving price stability, restoring market confidence in domestic currencies, and sticking to policy consistency despite adverse effects of the volatility of capital flows. Finally, recurrent banking crises and lack of fiscal discipline are identified as the main risks for the success of monetary policy in Latin America.

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