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Guy Debelle, Mr. Miguel A Savastano, Mr. Paul R Masson, and Mr. Sunil Sharma

Abstract

Inflation distorts prices, erodes savings, discourages investment, stimulates capital flight, inhibits growth, and makes economic planning a nightmare. During the past decade, several advanced economies have taken a new approach to the age-old problem of controlling inflation through monetary policy known as "inflation targeting." This pamphlet explains the requirements of putting the new policy in place, the experience of the countries that have tried it, and whether it has applicability to developing countries.

International Monetary Fund

Abstract

Inflation is bad news. Besides distorting prices, it erodes savings, discourages investment, stimulates capital flight (into foreign assets, precious metals, or unproductive real estate), inhibits growth, makes economic planning a nightmare, and, in its extreme form, evokes social and political unrest. Governments consequently regard inflation as a plague and try to squelch it by adopting conservative and sustainable fiscal and monetary policies. Experience and convenience have induced most of them to conduct their monetary policy by relying on intermediate targets such as monetary aggregates or exchange rates. During the past decade, however, seven small and medium-sized advanced economies have broken with this tradition of using such intermediate targets and have begun to focus on the inflation rate itself. This new approach to the age-old problem of controlling inflation through monetary policy is known as inflation targeting.

Guy Debelle, Mr. Miguel A Savastano, Mr. Paul R Masson, and Mr. Sunil Sharma

Abstract

Inflation is bad news. Besides distorting prices, it erodes savings, discourages investment, stimulates capital flight (into foreign assets, precious metals, or unproductive real estate), inhibits growth, makes economic planning a nightmare, and, in its extreme form, evokes social and political unrest. Governments consequently regard inflation as a plague and try to squelch it by adopting conservative and sustainable fiscal and monetary policies. Experience and convenience have induced most of them to conduct their monetary policy by relying on intermediate targets such as monetary aggregates or exchange rates. During the past decade, however, seven small and medium-sized advanced economies have broken with this tradition of using such intermediate targets and have begun to focus on the inflation rate itself. This new approach to the age-old problem of controlling inflation through monetary policy is known as inflation targeting.

International Monetary Fund

Abstract

Inflation distorts prices, erodes savings, discourages investment,stimulates capital flight, inhibits growth, and makes economic planning anightmare. During the past decade, several advanced economies have takena new approach to the age-old problem of controlling inflation throughmonetary policy known as "inflation targeting." This pamphlet explainsthe requirements of putting the new policy in place, the experience of the countries that have tried it, and whether it has applicability todeveloping countries.

International Monetary Fund

Abstract

Systemic bank restructing aims to improve bank performance - that is, restore solvency and profitability, improve the banking system's capacity to provide financial intermediation between savers and borrowers, and restore public confidence. The authors of this studyanalyzed the experiences of 24 countries that initiated reforms in the1980s and early 1990s.

International Monetary Fund

Abstract

In recent decades, many countries have experienced banking problems requiring a major—and expensive—overhaul of their banking systems. Often, the problems have domestic causes, such as weak banking supervision, political interference, and inadequate capital. Or a country’s banking system may be outmoded and in need of rebuilding, as in the case of many developing countries and all countries moving from centrally planned to market economies. Outside forces, such as a fall in the price of a key export product or commodity, can ignite or worsen a crisis.