Weathering the global storm : the benefits of monetary policy reform in the LA5 countries /
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| Imprint: | [Washington, DC] : International Monetary Fund, ©2010. |
|---|---|
| Description: | 1 online resource (56 pages) : color illustrations |
| Language: | English |
| Series: | IMF working paper, 2227-8885 ; WP/10/292 IMF working paper ; WP/10/292. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12498856 |
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| 050 | 4 | |a HG3881.5.I58 |b W67 No. 292eb | |
| 245 | 0 | 0 | |a Weathering the global storm : |b the benefits of monetary policy reform in the LA5 countries / |c prepared by Jorge Ivan Canales-Kriljenko [and others]. |
| 260 | |a [Washington, DC] : |b International Monetary Fund, |c ©2010. | ||
| 300 | |a 1 online resource (56 pages) : |b color illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper, |x 2227-8885 ; |v WP/10/292 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed Feb. 23, 2011). | ||
| 500 | |a At head of title: Monetary and Capital Markets and Western Hemisphere Department. | ||
| 500 | |a "December 2010." | ||
| 504 | |a Includes bibliographical references. | ||
| 520 | 0 | |a This paper highlights that central banks from Brazil, Chile, Colombia, Mexico, and Peru (the LA5 countries) reaped the benefits of what they sowed in successfully weathering the global crisis. The adoption of far-reaching institutional, policy, and operational reforms during the last two decades enabled central banks to build credibility about their commitment with the objective of price stability. Thus, when the 2007 - 08 supply shock and the financial crisis hit the world, the LA5 central banks reacted swiftly and effectively based on a flexible policy framework and with the support of strong macroeconomic and financial foundations. Building on the experience of the LA5 central banks and complementing with recommendations from the IMF́s technical advice, the paper provides several suggestions for countries seeking to strengthen the effectiveness of monetary policy. | |
| 505 | 0 | |a I. Introduction; II. Building Blocks for Increasing Monetary Policy Effectiveness; A. Enhancing Central Bank Autonomy and Accountability; Tables; 1. Key Institutional Arrangements for IT in LA5 Countries as of end-2009; 2. Central Bank Autonomy in LA5 and in Other Countries as of 2009; B. Adopting an Appropriate Monetary Policy Framework; 3. Criteria behind the CWNE Index in the LA5 and Other Groups of Countries; 4. Key Parameters About IT Regimes in LA5 Countries as of end-2009; 5. LA5 Central Banks' Transparency; C. Improving the Operational Framework; Boxes. | |
| 505 | 8 | |a 1. The Transition from a Quantity to a Price Operational Target in Mexico and PeruIII. The New Monetary Framework at Work; A. Lower Macro-financial Vulnerabilities; B. Coping with the Surge in Commodity and Food Prices; Figures; 1. LA5 Financial Soundness Indicators; 2. Inflation and Policy Rates in the Wake of the Supply and Financial Shocks; 3. Monetary Policy Transmission, Policy and Bank Interest Rates; 4. Monetary Policy Transmission, Policy and Real Bank Interest Rates; 5. Commodity Prices and Consumer Price Indices; 6. Inflation and Central Banks' Interest Rates in Latin America. | |
| 505 | 8 | |a 2. Other Measures Aimed at Coping with the Rise in Commodity and Food PricesC. Dealing with the Global Financial Crisis Following the Lehman Collapse; 7. Inflation in Latin America and the Caribbean; 8. Central Bank Assets in LA5 and Selected Industrial Countries; 9. LA5 External Adjustment after Lehman's Collapse; 10. Exchange Rate Passthrough, Consumer Price Inflation and Currency Depreciation; 6. Policy Rate Cuts by LA5 Central Banks in 2009; 11. Consumer Prices and Money Growth; 12. Monetary Developments and Private Credit Growth; 3. Panel Vector Autoregression. | |
| 505 | 8 | |a 13. LA5-Policy Reaction Functions14. LA5-Policy Rates and Inflation, 2005-2009; 15. LA5-Policy Rates and GDP Growth; D. Relative Inflation Performance of Flexible Frameworks; 16. LA5 Inflation Rates and Inflation Expectations; IV. Suggestions for Enhancing Credibility and Moving toward Increased Monetary Policy Flexibility; Appendices; I. Key Institutional and Policy Provisions in LA5 Central Banks; II. Expanded CWN Index; III. LA5, Selected Economic Indicators; IV. Summary of Latin American Central Bank Responses to the Global Financial Crisis. | |
| 650 | 0 | |a Monetary policy |z South America. | |
| 650 | 0 | |a Monetary policy |z Mexico. | |
| 650 | 0 | |a Banks and banking, Central |z South America. | |
| 650 | 0 | |a Banks and banking, Central |z Mexico. | |
| 650 | 0 | |a Inflation (Finance) |z South America. | |
| 650 | 0 | |a Inflation (Finance) |z Mexico. | |
| 650 | 6 | |a Politique monétaire |z Amérique du Sud. | |
| 650 | 6 | |a Politique monétaire |z Mexique. | |
| 650 | 6 | |a Banques centrales |z Amérique du Sud. | |
| 650 | 6 | |a Banques centrales |z Mexique. | |
| 650 | 6 | |a Inflation |z Amérique du Sud. | |
| 650 | 6 | |a Inflation |z Mexique. | |
| 650 | 7 | |a Banks and banking, Central. |2 fast |0 (OCoLC)fst00827036 | |
| 650 | 7 | |a Inflation (Finance) |2 fast |0 (OCoLC)fst00972450 | |
| 650 | 7 | |a Monetary policy. |2 fast |0 (OCoLC)fst01025230 | |
| 651 | 7 | |a Mexico. |2 fast |0 (OCoLC)fst01211700 | |
| 651 | 7 | |a South America. |2 fast |0 (OCoLC)fst01244515 | |
| 655 | 0 | |a Electronic books. | |
| 655 | 4 | |a Electronic books. | |
| 700 | 1 | |a Canales-Kriljenko, Jorge Iván, |e author. |0 http://id.loc.gov/authorities/names/n2002107499 | |
| 710 | 2 | |a International Monetary Fund. |b Monetary and Capital Markets Department, |e issuing body. |0 http://id.loc.gov/authorities/names/no2006113696 | |
| 710 | 2 | |a International Monetary Fund. |b Western Hemisphere Department, |e issuing body. |0 http://id.loc.gov/authorities/names/n82237138 | |
| 830 | 0 | |a IMF working paper ; |v WP/10/292. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2010/292/001.2010.issue-292-en.xml |y INTERNATIONAL MONETARY FUND |
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