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Inflation Targeting in Emerging Countries: The Case of Brazil

Philip Arestis, Luiz Fernando Paula and Fernando Ferrari-Filho
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Luiz Fernando Paula: University of the State of Rio de Janeiro and CNPq
Fernando Ferrari-Filho: Federal University of Rio Grande do Sul and CNPq

Authors registered in the RePEc Author Service: Fernando Ferrari Filho ()

Chapter 8 in Political Economy of Brazil, 2007, pp 116-140 from Palgrave Macmillan

Abstract: Abstract The purpose of this chapter is to examine Inflation Targeting (IT) in the case of emerging countries by concentrating essentially on the case of Brazil. IT is a new monetary policy regime (see, for example, Bernanke and Mishkin, 1997) that has been adopted by a significant number of countries (see, for example, Sterne, 2002). Brazil adopted this economic policy framework in June 1999. While the focus of this chapter is on Brazil, we also examine the experience of other countries both for comparative purposes and for evidence of the extent of success of this ‘new’ economic policy by other IT countries. In addition, we compare the experience of Brazil with IT and with that of non-IT countries, and ask the question of whether it makes a difference in the fight against inflation whether a country has adopted IT or not.

Keywords: Exchange Rate; Interest Rate; Monetary Policy; Central Bank; International Monetary Fund (search for similar items in EconPapers)
Date: 2007
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DOI: 10.1057/9780230390102_8

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