IMF Working Papers Volume 2016 Issue 197: Central Banking in Latin America: The Way Forward (2016)

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Central Banking in Latin America: The Way Forward

Author:

Mr. Yan Carriere-Swallow

Mr. Yan Carriere-Swallow
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Mr. Luis Ignacio Jácome

Mr. Luis Ignacio Jácomenull

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Mr. Nicolas E Magud

Mr. Nicolas E Magud
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Alejandro M. Werner

Alejandro M. Wernernull

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Series:: IMF Working Papers

Volume/Issue:: Volume 2016: Issue 197

Language:: English

Publication Date:: 30 Sep 2016

DOI:: https://doi.org/10.5089/9781475543353.001

ISBN:: 9781475543353

ISSN:: 1018-5941

Pages:: 43

Keywords:: WP; financial crisis; central bank independence; interest rate; output gap; reaction function; Central Banking; Monetary Policy; Macroprudential Policy; Latin America; inflation expectation; a number of central banks; exchange rate volatility; inflation-targeting regime; volatility issue; Inflation; Foreign exchange intervention; Exchange rates; Financial sector stability; Central bank autonomy; Global; Central 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 2016: Issue 197

Language:: English

Publication Date:: 30 Sep 2016

DOI:: https://doi.org/10.5089/9781475543353.001

ISBN:: 9781475543353

ISSN:: 1018-5941

Pages:: 43

Keywords:: WP; financial crisis; central bank independence; interest rate; output gap; reaction function; Central Banking; Monetary Policy; Macroprudential Policy; Latin America; inflation expectation; a number of central banks; exchange rate volatility; inflation-targeting regime; volatility issue; Inflation; Foreign exchange intervention; Exchange rates; Financial sector stability; Central bank autonomy; Global; Central 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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Latin America’s central banks have made substantial progress towards delivering an environment of price stability that is supportive of sustainable economic growth. We review these achievements, and discuss remaining challenges facing central banking in the region. Where inflation remains high and volatile, achieving durable price stability will require making central banks more independent. Where inflation targeting regimes are well-established, remaining challenges surround assessments of economic slack, the communication of monetary policy, and clarifying the role of the exchange rate. Finally, macroprudential policies must be coordinated with existing objectives, and care taken to preserve the primacy of price stability.

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IMF Working Papers

ISSN:: 1018-5941

Publisher:: International Monetary Fund

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