Inflation Targeting, Employment Creation and Economic Development: Assessing the Impacts and Policy Alternatives

Epstein, Gerald; Yeldan, Erinç

doi:10.1080/02692170801889676

Cited by 21 publications

(22 citation statements)

References 19 publications

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“…The inflation targeting framework stresses increased accountability of the central bank; the central bank must evaluate its performance in meeting the target and publicly disclose the reasons for any deviation. In some cases, the adoption of formal inflation targeting has also involved institutional and legal changes which increase the independence of the central bank (Epstein and Yeldan, 2008).…”

Section: Inflation Targeting: An Overview Of Key Issuesmentioning

confidence: 99%

Is There a Case for Formal Inflation Targeting in Sub-Saharan Africa?

Heintz¹,

Ndikumana²

2011

Journal of African Economies

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This paper examines the question of whether inflation targeting monetary policy is an appropriate framework for sub-Saharan African countries. The paper presents an overview of inflation targeting, reviews the justification for the regime, and summarizes some major critiques. Monetary policy responses to inflation depend on the source of inflationary pressures. Therefore, the determinants of inflation in African countries are investigated, using dynamic panel data, and the implications for inflation targeting are discussed. These issues are examined in greater detail for the two African countries which have formally adopted inflation targeting, South Africa and Ghana. The analysis is placed in the context of the global economic crisis. The paper concludes with a discussion of alternative approaches to monetary policies and the institutional constraints that would need to be addressed to allow central banks to play a stronger developmental role in sub-Saharan African countries.

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Section: Inflation Targeting: An Overview Of Key Issuesmentioning

confidence: 99%

Is There a Case for Formal Inflation Targeting in Sub-Saharan Africa?

Heintz¹,

Ndikumana²

2011

Journal of African Economies

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“…Other scholars have argued that the (low) inflation targeting regime that spread rapidly across the world in the 1990s was a result of the increased power of the financial sector to assert its (creditor) interests over those of households and industry (debtors), since an increase in inflation redistributes real income from creditors to debtors (Bowles and White 1994;Epstein 1992;Ingham 2004;Posen 1995). Such a view is supported by the fact that there is little empirical evidence that moderate inflation-even at 5%-actually impedes growth (Wray 2007;Epstein and Yeldan 2008). A recently published IMF working paper based on a new database of central bank laws in 150 countries found the expected negative correlation between central bank lending to government and inflation but also a positive correlation between central bank lending to government and real GDP growth in developing countries (and, unsurprisingly, inflation and real GDP growth in such countries) (Jácome et al 2012, 17).…”

Section: Critiques Of the Nmc And Cbi Frameworkmentioning

confidence: 67%

Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935-75

Ryan-Collins

2015

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in

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“…Para tal empreitada, a instituição passou a utilizar precipuamente o regime de metas inflacionárias. Nesse regime, a autoridade monetária focaliza sua política monetária em determinado patamar da inflação, por vezes, tendo uma margem de tolerância de 1% a 3%, variando conforme o país (EPSTEIN; YELDAN, 2008). A ênfase no combate à inflação é uma marca da liberalização financeira, uma vez que durante o fordismo o foco centrava em políticas para o pleno emprego (BOYER, 2000).…”

Section: Liberalização Financeiraunclassified

Os riscos da financeirização do microcrédito

Attílio¹

2017

RTEE

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ResumoAs políticas de liberalização financeira das décadas de 1970 e 1980 fizeram com que as finanças ganhassem proeminência no funcionamento de várias economias. Como um corolário, o fenômeno da financeirização emergiu e é marca do capitalismo contemporâneo. Todavia, a financeirização incorporou o microcrédito, instrumento que ganhou notoriedade na década de 1980 no combate à pobreza. Esse artigo é uma revisão da literatura que aponta riscos da entrada do microcrédito na lógica da financeirização.Palavras-chave: Microcrédito. Financeirização. Liberalização financeira. Governo.Código JEL: G21, O16, G10, G28.

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Inflation Targeting, Employment Creation and Economic Development: Assessing the Impacts and Policy Alternatives

Cited by 21 publications

References 19 publications

Is There a Case for Formal Inflation Targeting in Sub-Saharan Africa?

Is There a Case for Formal Inflation Targeting in Sub-Saharan Africa?

Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935-75

Os riscos da financeirização do microcrédito

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