Monetary Policy Frameworks for Emerging Markets (Hardcover)

Edited by Gill Hammond, Director, CCBS, Bank of England,
UK, RaviKanbur, T.H. Lee Professor of World Affairs, Cornell University, US and
Eswar Prasad, Tolani Senior Professor of Trade Policy, CornellUniversity, US

• Hardcover: 358 pages
• Publisher: Edward Elgar Publishing (August 9, 2009)
• Language: English

Financial globalization has made monetary policy formulation inemerging market economies increasingly complicated. This timely set ofstudies looks at the turmoil in global financial markets, which coupledwith volatile inflation poses serious challenges for central banks inthese countries. Featuring papers from the research frontier andfront-line policymakers in developing and emerging market economies,the book address questions such as ‘What monetary policy framework ismost suitable for these countries to confront the new challenges whilethey continue to open up to trade and financial flows?’, ‘What are thelinkages between monetary stability and financial stability?’ and ‘Isinflation targeting or a fixed exchange rate regime preferable fordeveloping and emerging markets?’

Contents:

PART I: FRAMEWORKS FOR MONETARY POLICY
1. Monetary Policy Challenges for Emerging Market Economies
Gill Hammond, Ravi Kanbur and Eswar Prasad

2. The Pursuit of Monetary and Financial Stability in Emerging Market Economies
Bandid Nijathaworn and Piti Disyatat

3. Implementation of Inflation Targets in Emerging Markets
José De Gregorio

4. Whatever Became of the Monetary Aggregates?
Charles Goodhart

5. Fear of Appreciation: Exchange Rate Policy as a Development Strategy
Eduardo Levy-Yeyati and Federico Sturzenegger

6. Aid Reversals, Credibility and Macroeconomic Policy
Edward Buffie, Christopher Adam, Stephen O’Connell and Catherine Pattillo

PART II: COUNTRY EXPERIENCES
7. The Nexus between Monetary and Financial Stability: The Experience of Selected Asian Economies
Sukudhew Singh

8. A Framework for Independent Monetary Policy in China
Marvin Goodfriend and Eswar Prasad

9. Monetary Policy Transmission in India
Rakesh Mohan and Michael Patra

10. Inflation Targeting and Exchange Rate: Notes on Brazil’s Experience
Paulo Vieira da Cunha, Daniela Silva Pires and Wenersamy Ramos de Alcântara

11. Czech Experience with Inflation Targeting
Ludek Niedermayer

12. Monetary and Fiscal Policy Mix in Serbia: 2002–07
Diana Dragutinovic

13. Aid Volatility, Monetary Policy Rules and the Capital Account in African Economies
Christopher Adam, Stephen O’Connell and Edward Buffie

14. Regional Asymmetries in the Impact of Monetary Policy on Prices: Evidence from Africa
David Fielding

15. Monetary Policy and Inflation Modeling in a More Open Economy in South Africa
Janine Aron and John Muellbauer

16. Inflation Management and Monetary Policy Formulation in Ghana
Nii Kwaku Sowa and Philip Abradu-Otoo

17. Monetary Policy in Zambia: Experience and Challenges
Denny H. Kalyalya

Index