Asymmetric monetary and exchange-rate policies in Latin American countries that use inflation targeting

In recent decades, Latin American countries have adopted more flexible exchange-rate regimes and set inflation targets. Several authors argue that some countries’ monetary and exchange-rate policies suffer from a procyclical bias, whereby central banks are reluctant to reduce interest rates when inf...

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Autor principal:	Libman, Emiliano
Formato:	Texto
Lenguaje:	English
Publicado:	2018
Materias:	POLITICA MONETARIA TIPOS DE CAMBIO INFLACION MODELOS ECONOMETRICOS ESTUDIOS DE CASOS MONETARY POLICY FOREIGN EXCHANGE RATES INFLATION ECONOMETRIC MODELS CASE STUDIES
Acceso en línea:	http://hdl.handle.net/11362/44318
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spelling	oai-11362-443182019-05-30T15:05:37Z Asymmetric monetary and exchange-rate policies in Latin American countries that use inflation targeting Libman, Emiliano POLITICA MONETARIA TIPOS DE CAMBIO INFLACION MODELOS ECONOMETRICOS ESTUDIOS DE CASOS MONETARY POLICY FOREIGN EXCHANGE RATES INFLATION ECONOMETRIC MODELS CASE STUDIES In recent decades, Latin American countries have adopted more flexible exchange-rate regimes and set inflation targets. Several authors argue that some countries’ monetary and exchange-rate policies suffer from a procyclical bias, whereby central banks are reluctant to reduce interest rates when inflation falls, but are willing to increase them when inflation edges up. Therefore, the exchange rate tends to appreciate a lot and depreciate little. This paper analyses the asymmetry of the monetary and exchange rate policies of the five largest Latin American countries in which inflation targets are used: Brazil, Chile, Colombia, Mexico and Peru. Nonlinear econometric techniques are used to show that there is "fear of floating", except possibly in Chile and Peru, and that the symptoms are more pronounced in Brazil and Mexico. 2018-12-18T20:14:47Z 2018-12-18T20:14:47Z 2018-08-18 Texto Sección o Parte de un Documento http://hdl.handle.net/11362/44318 LC/PUB.2018/6-P 2 en CEPAL Review CEPAL Review 125 .pdf application/pdf AMERICA LATINA BRASIL CHILE COLOMBIA MEXICO PERU BRAZIL CHILE COLOMBIA LATIN AMERICA MEXICO PERU
institution	Cepal
collection	Cepal
language	English
topic	POLITICA MONETARIA TIPOS DE CAMBIO INFLACION MODELOS ECONOMETRICOS ESTUDIOS DE CASOS MONETARY POLICY FOREIGN EXCHANGE RATES INFLATION ECONOMETRIC MODELS CASE STUDIES
spellingShingle	POLITICA MONETARIA TIPOS DE CAMBIO INFLACION MODELOS ECONOMETRICOS ESTUDIOS DE CASOS MONETARY POLICY FOREIGN EXCHANGE RATES INFLATION ECONOMETRIC MODELS CASE STUDIES Libman, Emiliano Asymmetric monetary and exchange-rate policies in Latin American countries that use inflation targeting
description	In recent decades, Latin American countries have adopted more flexible exchange-rate regimes and set inflation targets. Several authors argue that some countries’ monetary and exchange-rate policies suffer from a procyclical bias, whereby central banks are reluctant to reduce interest rates when inflation falls, but are willing to increase them when inflation edges up. Therefore, the exchange rate tends to appreciate a lot and depreciate little. This paper analyses the asymmetry of the monetary and exchange rate policies of the five largest Latin American countries in which inflation targets are used: Brazil, Chile, Colombia, Mexico and Peru. Nonlinear econometric techniques are used to show that there is "fear of floating", except possibly in Chile and Peru, and that the symptoms are more pronounced in Brazil and Mexico.
format	Texto
author	Libman, Emiliano
author_facet	Libman, Emiliano
author_sort	Libman, Emiliano
title	Asymmetric monetary and exchange-rate policies in Latin American countries that use inflation targeting
title_short	Asymmetric monetary and exchange-rate policies in Latin American countries that use inflation targeting
title_full	Asymmetric monetary and exchange-rate policies in Latin American countries that use inflation targeting
title_fullStr	Asymmetric monetary and exchange-rate policies in Latin American countries that use inflation targeting
title_full_unstemmed	Asymmetric monetary and exchange-rate policies in Latin American countries that use inflation targeting
title_sort	asymmetric monetary and exchange-rate policies in latin american countries that use inflation targeting
publishDate	2018
url	http://hdl.handle.net/11362/44318
work_keys_str_mv	AT libmanemiliano asymmetricmonetaryandexchangeratepoliciesinlatinamericancountriesthatuseinflationtargeting
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Asymmetric monetary and exchange-rate policies in Latin American countries that use inflation targeting

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