Credibility Without Rules

Carlo Cottarelli and Curzio Giannini

No 1997/007, IMF Occasional Papers from International Monetary Fund

Abstract: During the last 25 years, monetary practice in most countries has increasingly been characterized by the attempt to achieve credibility of purpose while expanding the freedom of monetary authorities in controlling policy instruments. Thus, the world has moved toward monetary frameworks in which, through appropriate institutional devices, a better trade-off between credibility of goals and flexibility of instruments could be achieved. This attempt, surveyed in this paper, has taken many forms, depending on the countries economic, institutional, and cultural specificities.

Keywords: OP; exchange rate regime; IMF program; country; capital control; exchange rate; exchange rate peg; exchange rate target; monetary policy process; country data; credibility-flexibility trade-off; Exchange rate arrangements; Capital controls; Exchange rates; Inflation; Central bank autonomy; Africa; West Africa; Caribbean; Europe; Eastern Europe; Global; Bretton Woods system (search for similar items in EconPapers)
Pages: 101
Date: 1997-12-23
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