登入
選單
返回
Google圖書搜尋
A New Taxonomy of Monetary Regimes
Mr.Ashok Bhundia
Mr.Mark R. Stone
出版
International Monetary Fund
, 2004-10-01
主題
Business & Economics / Money & Monetary Policy
Business & Economics / Inflation
Business & Economics / Foreign Exchange
ISBN
1451859740
9781451859744
URL
http://books.google.com.hk/books?id=kl8YEAAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
This paper proposes a new taxonomy of monetary regimes defined by the choice and clarity of the nominal anchor. The regimes are as follows: (i) monetary nonautonomy, (ii) weak anchor, (iii) money anchor, (iv) exchange rate peg, (v) full-fledged inflation targeting, (vi) implicit price stability anchor, and (vii) inflation targeting lite. This taxonomy captures the commitment-discretion tradeoffs that lie at the heart of choosing a monetary regime. During the last 15 years the world has moved toward monetary regimes with less discretion. Empirical analysis suggests that country regime choices reflect the level of financial and economic development and recent inflation history.