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Philippines: Preparations for Inflation Targeting
Author:
Ms. Piyabha Kongsamut
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Series:
IMF Working Papers
Volume/Issue:
Volume 2001: Issue 099
Language:
English
Publication Date:
01 Aug 2001
DOI:
https://doi.org/10.5089/9781451852271.001
ISBN:
9781451852271
ISSN:
1018-5941
Pages:
20
Keywords:
WP; transmission mechanism; food price; targeted inflation rate.; inflation outlook; inflation-targeting country; Philippines; inflation targeting; inflation modeling; exchange rate measure; monetary policy variable; exchange rate movement; Inflation; Exchange rates; Nominal effective exchange rate; Consumer price indexes
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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The Philippines is planning to shift toward adoption of an inflation targeting framework in 2001. This paper reviews key policy issues in this context, describes various operational and technical preparations, and presents an empirical analysis of the factors driving inflation. Among the key policy requirements, while central bank independence appears assured, the exchange rate has been allowed to fluctuate largely freely, and the authorities are embarking on a medium-term plan for fiscal consolidation. Empirical results suggest that the effective exchange rate (rather than a bilateral rate) and wages are important long-run influences on inflation.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund