Does inflation targeting make a difference in developing countries?

• 成果类型: Article
• 署名作者: Lin, Shu; Ye, Haichun
• 署名单位: University of Colorado System; University of Colorado Denver; University of Colorado Anschutz Medical Campus; Children's Hospital Colorado
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/j.jdeveco.2008.04.006
• 发表日期: 2009
• 页码: 118-123
• 关键词: Inflation targeting; treatment effect; Propensity score matching; Developing countries

摘要

We evaluate the treatment effect of inflation targeting in thirteen developing countries that have adopted this policy by the end of 2004. Using a variety of propensity score matching methods, we show that, on average inflation targeting has large and significant effects on lowering both inflation and inflation variability in these thirteen countries. However, the effectiveness of inflation targeting on lowering inflation is found to be quite heterogeneous. The performance of a given inflation targeting regime can be affected by country characteristics such as government's fiscal position, central bank's desire to limit the movements of exchange rate, its willingness to meet the preconditions of policy adoption and the time length since the policy adoption. (C) 2008 Elsevier B.V. All rights reserved.