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3 Discussant paper The Peruvian Approach to Monetary Management in a Highly Dollarized Economy: When and Why Does It Make Sense?

3 Discussant paper The Peruvian Approach to Monetary Management in a Highly Dollarized Economy: When and Why Does It Make Sense? »

Source: Challenges to Central Banking from Globalized Financial Systems

Series: Seminar Volumes

Author(s): Andrea Schaechter , Piero Ugolini , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2004

ISBN: 9781589062177

Keywords: inflation, monetary policy, central bank, financial stability, foreign currency

Key Features and Implications of the Peruvian Approach The Peruvian approach to the management of monetary policy in a highly dollarized economy, as explained by Richard Webb and Adr...

17 Discussant paper The Role of Central Banks in Currency Crises, with Special Reference to Korea’s Experience in Recovering from the Currency Crisis

17 Discussant paper The Role of Central Banks in Currency Crises, with Special Reference to Korea’s Experience in Recovering from the Currency Crisis »

Source: Challenges to Central Banking from Globalized Financial Systems

Series: Seminar Volumes

Author(s): Andrea Schaechter , Piero Ugolini , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2004

ISBN: 9781589062177

Keywords: inflation, monetary policy, central bank, financial stability, foreign currency

General Discussion Mario Blejer has provided a very clear and informative picture of the causes of financial crises, the central bank’s role, and Argentina’s experience. My remarks c...

7 Inflation Targeting Lite

7 Inflation Targeting Lite »

Source: Challenges to Central Banking from Globalized Financial Systems

Series: Seminar Volumes

Author(s): Andrea Schaechter , Piero Ugolini , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2004

ISBN: 9781589062177

Keywords: inflation, monetary policy, central bank, financial stability, foreign currency

Introduction Many emerging market countries use, but cannot maintain, an inflation target as the defining objective of their monetary policy. 1 This...

1 Introduction

1 Introduction »

Source: Challenges to Central Banking from Globalized Financial Systems

Series: Seminar Volumes

Author(s): Andrea Schaechter , Piero Ugolini , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2004

ISBN: 9781589062177

Keywords: inflation, monetary policy, central bank, financial stability, foreign currency

Financial globalization, or the increased integration of global financial markets, raises important, new challenges for central banks. What nominal anchor is appropriate for countries susceptible to shifts i...

2 Monetary Policy in a Highly Dollarized Economy: The Case of Peru

2 Monetary Policy in a Highly Dollarized Economy: The Case of Peru »

Source: Challenges to Central Banking from Globalized Financial Systems

Series: Seminar Volumes

Author(s): Andrea Schaechter , Piero Ugolini , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2004

ISBN: 9781589062177

Keywords: inflation, monetary policy, central bank, financial stability, foreign currency

Introduction How dangerous is a two-currency regime? Is it fraught with peril as bigamy is in a marriage? High levels of dollarization have persisted in many emerging mar...

Part I Introduction

Part I Introduction »

Source: Challenges to Central Banking from Globalized Financial Systems

Series: Seminar Volumes

Author(s): Andrea Schaechter , Piero Ugolini , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2004

ISBN: 9781589062177

Keywords: inflation, monetary policy, central bank, financial stability, foreign currency

...

Part II Monetary and Exchange Rate Policies Under Integrated Capital Markets

Part II Monetary and Exchange Rate Policies Under Integrated Capital Markets »

Source: Challenges to Central Banking from Globalized Financial Systems

Series: Seminar Volumes

Author(s): Andrea Schaechter , Piero Ugolini , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2004

ISBN: 9781589062177

Keywords: inflation, monetary policy, central bank, financial stability, foreign currency

...

Part III The New Challenges to Financial Stability

Part III The New Challenges to Financial Stability »

Source: Challenges to Central Banking from Globalized Financial Systems

Series: Seminar Volumes

Author(s): Andrea Schaechter , Piero Ugolini , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2004

ISBN: 9781589062177

Keywords: inflation, monetary policy, central bank, financial stability, foreign currency

...

5 Regional Monetary Arrangements: Lessons from the Euro Area

5 Regional Monetary Arrangements: Lessons from the Euro Area »

Source: Challenges to Central Banking from Globalized Financial Systems

Series: Seminar Volumes

Author(s): Andrea Schaechter , Piero Ugolini , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2004

ISBN: 9781589062177

Keywords: inflation, monetary policy, central bank, financial stability, foreign currency

Introduction It will come as no surprise that my thoughts on the prerequisites for monetary union draw heavily on the experience of Europe on its way to monetary integration over a n...

12 Should Financial Stability Be an Explicit Central Bank Objective?

12 Should Financial Stability Be an Explicit Central Bank Objective? »

Source: Challenges to Central Banking from Globalized Financial Systems

Series: Seminar Volumes

Author(s): Andrea Schaechter , Piero Ugolini , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2004

ISBN: 9781589062177

Keywords: inflation, monetary policy, central bank, financial stability, foreign currency

Against the backdrop of the wide swings in equity prices in recent years, the financial market repercussions accompanying corporate accounting scandals in the United States, and the current difficulties in k...