“…Moreover, as for the inflation-targeting (IT) countries, the implementation of the latter monetary framework seems to have contributed to the decrease in inflation volatility persistence (Broto, 2008). Other Latin American country-specific studies are in line with these findings (Della Mea and Pena, 1995;Baillie et al, 1996;Ma, 1998;Vale, 2005;Grier and Grier, 2006;Castilho et al, 2007;Thornton, 2008).…”