Is Inflation Targeting Successful in Emerging Economies?

Vidhi Agarwal and Taniya Ghosh

A chapter in Recent Developments in Asian Economics International Symposia in Economic Theory and Econometrics, 2021, vol. 28, pp 143-155 from Emerald Group Publishing Limited

Abstract: Inflation targeting started in 1990 and since then, many industrial and emerging market economies have adopted it. This chapter attempts to study the impact of adoption of inflation targeting on major macroeconomic outcomes across the emerging market countries, by running a panel data study from 1980 to 2018. This chapter obtains mixed results with respect to different macroeconomic indicators. The empirical results indicate that inflation targeting has been successful in bringing down inflation, inflation volatility and GDP growth rate volatility, while inconclusive results are obtained for volatility in exchange rates.

Keywords: Inflation targeting; exchange rate volatility; emerging economies; economic growth; monetary policy; inflation; E31; E52; E58; F31 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eme:isetez:s1571-038620210000028008

DOI: 10.1108/S1571-038620210000028008

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