Inflation targeting under political pressure

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dc.contributor.authorHalac, Marina
dc.contributor.authorYared, Pierre
dc.date.accessioned2021-10-19T16:29:31Z
dc.date.available2021-10-19T16:29:31Z
dc.date.issued2021-10
dc.descriptionHistorically, many emerging economies, particularly in Latin America, battled against persistently high and volatile inflation. Today, emerging economies continue to experience higher inflation than developed ones, and their central banks deviate more frequently from inflation targets. These patterns partly reflect the added political pressure and a lower degree of independence faced by central banks in emerging markets. For example, Aisen and Veiga (2006, 2008) find that inflation is higher and more volatile in countries with a lower quality of political institutions and a higher degree of political instability. By using a narrative approach, Binder (2018) finds that, on average, ten percent of central banks face political pressure and that this pressure is associated with higher inflation and inflation persistence.es
dc.description.abstractHistorically, many emerging economies, particularly in Latin America, battled against persistently high and volatile inflation. Today, emerging economies continue to experience higher inflation than developed ones, and their central banks deviate more frequently from inflation targets. These patterns partly reflect the added political pressure and a lower degree of independence faced by central banks in emerging markets. For example, Aisen and Veiga (2006, 2008) find that inflation is higher and more volatile in countries with a lower quality of political institutions and a higher degree of political instability. By using a narrative approach, Binder (2018) finds that, on average, ten percent of central banks face political pressure and that this pressure is associated with higher inflation and inflation persistence.es
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 123-144
dc.identifier.isbn978-956-7421-69-5
dc.identifier.isbn978-956-7421-70-1 (pdf)
dc.identifier.issn0717-6686
dc.identifier.urihttps://hdl.handle.net/20.500.12580/6140
dc.language.isoenes
dc.publisherBanco Central de Chilees
dc.relation.ispartofseriesSeries on Central Banking Analysis and Economic Policies; no. 28
dc.relation.ispartofseriesSerie Banca Central, análisis y políticas económicas; no. 28
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectINFLACIÓNes
dc.subjectPOLÍTICA MONETARIAes
dc.titleInflation targeting under political pressurees
dc.type.docArtículo

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