IMF Working Papers Volume 2011 Issue 245: Improving the Monetary Policy Frameworks in Central America (2011)

Improving the Monetary Policy Frameworks in Central America

Author:

Mr. Alejandro Carrion-Menendez

Mr. Alejandro Carrion-Menendez
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and

Ms. Florencia Frantischek

Ms. Florencia Frantischek
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Series:: IMF Working Papers

Volume/Issue:: Volume 2011: Issue 245

Publication Date:: 01 Oct 2011

DOI:: https://doi.org/10.5089/9781463923242.001

ISBN:: 9781463923242

ISSN:: 1018-5941

Pages:: 38

Keywords:: WP; recapitalization plan; CADR country; instrument independence; government inflation-indexed bond; benchmark yield curves; monetary policy; inflation targeting; Central America; Latin America; central bank of Guatemala; central bank governor; central bank recapitalization plan; central bank instrument independence; Monetary policy frameworks; Exchange rate flexibility; Inflation; Central bank autonomy; Price stabilization; South America

Legal-disclaimer:: 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.

Series:: IMF Working Papers

Volume/Issue:: Volume 2011: Issue 245

Language:: English

Publication Date:: 01 Oct 2011

DOI:: https://doi.org/10.5089/9781463923242.001

ISBN:: 9781463923242

ISSN:: 1018-5941

Pages:: 38

Keywords:: WP; recapitalization plan; CADR country; instrument independence; government inflation-indexed bond; benchmark yield curves; monetary policy; inflation targeting; Central America; Latin America; central bank of Guatemala; central bank governor; central bank recapitalization plan; central bank instrument independence; Monetary policy frameworks; Exchange rate flexibility; Inflation; Central bank autonomy; Price stabilization; South America

Legal-disclaimer:: 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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Several Central American (CADR) countries with independent monetary policies are strengthening their monetary frameworks and some have implemented or are moving towards inflation targeting (IT) regimes. Strengthening the monetary policy frameworks of CADR is key to improving the effectiveness of monetary policy. The paper reviews the literature on the reforms needed for strengthening the monetary policy frameworks, and examines the experiences of IT countries, Chile, Peru, and Uruguay to help distill lessons for CADR. It also constructs an index to measure the relative strength of the monetary policy framework of CADR countries.

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IMF Working Papers

ISSN:: 1018-5941

Publisher:: International Monetary Fund

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