Establishing Monetary Stability In Emerging Market Economies
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central bank independence
Central Bank Laws
Central Bank Legislation
CPI Inflation
Currency Board
Currency Money Ratio
economic reforms
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Equilibrium Real Exchange Rates
Excess Wage Tax
Federal Reserve
Federal Reserve System
Fiscal Financing
fiscal policy reform
Free Banking System
High Inflation Countries
IMF Report
inflation control strategies
institutional design for emerging markets
International Monetary Fund
Long Run Price Stability
macroeconomic policy
macroeconomic stabilization
market-oriented systems
monetary stability
Optimal Inflation Rate
political economy analysis
Political Extraction
post-communist transition economies
rampant inflation
Real Domestic Credit
RPE
Ruble Zone
Russian Central Bank
Seigniorage Revenues
Simple Monetary Policy Rule
Social Partnership Institutions
Product details
- ISBN 9780367017002
- Weight: 453g
- Dimensions: 152 x 229mm
- Publication Date: 07 Jun 2019
- Publisher: Taylor & Francis Ltd
- Publication City/Country: GB
- Product Form: Hardback
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There has been fierce debate about the optimal sequencing of economic reforms in emerging market economies. Many economists argue that for market-oriented systems to operate effectively, a reasonable degree of monetary stability is necessary. Rampant inflation, a common challenge for emerging economies, greatly reduces the chances that market-oriented reforms will be successful. In this comprehensive volume, a group of policy-oriented economists from North America, Europe, and the former Soviet Union explore the causes of monetary instability in reforming economies and evaluate alternative institutional mechanisms designed to reduce inflationary pressures. Considering the latest theoretical and empirical research–as well as the experiences of former Communist countries, including Russia and the erstwhile Soviet republics–the contributors view inflation as a political issue and make a case for the creation of strong political institutions. They argue that although government actions that stimulate inflation tend to have low costs or even benefits in the sort run, they impose heavy costs on the economy in the longer term. Consequently, there is a strong need to develop institutional mechanisms to help ensure that decision makers place appropriate emphasis on the long-run consequences of policy actions.
