02142cam a22002417 4500001000700000003000500007005001700012008004100029100002500070245011000095260006600205490004200271500001500313520105900328530006101387538007201448538003601520690011701556690007001673710004201743830007701785856003801862w10646NBER20131220065912.0131220s2004 mau||||fs|||| 000 0 eng d1 aMishkin, Frederic S.10aCan Inflation Targeting Work in Emerging Market Countries?h[electronic resource] /cFrederic S. Mishkin. aCambridge, Mass.bNational Bureau of Economic Researchc2004.1 aNBER working paper seriesvno. w10646 aJuly 2004.3 aThis paper explores issues in emerging market countries to make inflation targeting work for them. It starts by outlining why emerging market economies are so different from advanced economies and then discuss why developing strong fiscal, financial and monetary institutions is so critical to the success of inflation targeting in emerging market countries. Then it discusses two emerging market countries which illustrate what it takes to make inflation targeting work well, Chile and Brazil. It then addresses a particularly complicated issue for central banks in emerging market countries who engage in inflation targeting: how they deal with exchange rate fluctuations. The next topic focuses on the IMF's role in promoting the success of inflation targeting in emerging market countries. The conclusion from this analysis is that inflation targeting is more complicated in emerging market countries and is thus not a panacea. However, inflation targeting done right can be a powerful tool to help promote macroeconomic stability in these countries. aHardcopy version available to institutional subscribers. aSystem requirements: Adobe [Acrobat] Reader required for PDF files. aMode of access: World Wide Web. 7aE5 - Monetary Policy, Central Banking, and the Supply of Money and Credit2Journal of Economic Literature class. 7aF3 - International Finance2Journal of Economic Literature class.2 aNational Bureau of Economic Research. 0aWorking Paper Series (National Bureau of Economic Research)vno. w10646.4 uhttp://www.nber.org/papers/w10646