European Parliament Library

Latin American Central Bank Reform :, Progress and Challenges

Abstract
This study takes stock of the institutional reform of monetary policy in Latin America since the early 1990s. It argues that strengthening the legal independence of central banks, together with macroeconomic policies, was instrumental in reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the main challenges of monetary policy today, namely, achieving price stability, restoring market confidence in domestic currencies, and sticking to policy consistency despite adverse effects of the volatility of capital flows. Finally, recurrent banking crises and lack of fiscal discipline are identified as the main risks for the success of monetary policy in Latin America
Table Of Contents
""Contents""; ""I. INTRODUCTION""; ""II. THE NEW INSTITUTIONAL FRAMEWORK FOR MONETARY POLICY""; ""III. LEGAL CENTRAL BANK INDEPENDENCE AND MACROECONOMIC TRENDS IN LATIN AMERICA""; ""IV. CHANGES IN THE POLICY REGIME AND INNOVATIONS IN THE OPERATING FRAMEWORK OF MONETARY POLICY""; ""V. CHALLENGES FACING LATIN AMERICA'S CENTRAL BANKS""; ""VI. CONCLUDING REMARKS""; ""REFERENCES""
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (44 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781462348824

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