European Parliament Library

Weathering the Global Storm :, The Benefits of Monetary Policy Reform in the LA5 Countries

This paper highlights that central banks from Brazil, Chile, Colombia, Mexico, and Peru (the LA5 countries) reaped the benefits of what they sowed in successfully weathering the global crisis. The adoption of far-reaching institutional, policy, and operational reforms during the last two decades enabled central banks to build credibility about their commitment with the objective of price stability. Thus, when the 2007 - 08 supply shock and the financial crisis hit the world, the LA5 central banks reacted swiftly and effectively based on a flexible policy framework and with the support of strong macroeconomic and financial foundations. Building on the experience of the LA5 central banks and complementing with recommendations from the IMF’s technical advice, the paper provides several suggestions for countries seeking to strengthen the effectiveness of monetary policy
Table Of Contents
Contents; I. Introduction; II. Building Blocks for Increasing Monetary Policy Effectiveness; A. Enhancing Central Bank Autonomy and Accountability; Tables; 1. Key Institutional Arrangements for IT in LA5 Countries as of end-2009; 2. Central Bank Autonomy in LA5 and in Other Countries as of 2009; B. Adopting an Appropriate Monetary Policy Framework; 3. Criteria behind the CWNE Index in the LA5 and Other Groups of Countries; 4. Key Parameters About IT Regimes in LA5 Countries as of end-2009; 5. LA5 Central Banks' Transparency; C. Improving the Operational Framework; Boxes
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (58 p.)
Specific Material Designation
Form Of Item

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