Modalities of Moving to Inflation Targeting in Armenia and Georgia [electronic resource]
- Washington, D.C. : International Monetary Fund, 2007.
- IMF eLibrary
IMF Working Papers; Working Paper No. 07/133.
IMF Working Papers; Working Paper No. 07/133
- Government document
1 online resource (36 p.)
- Local subjects:
- Aggregate demand.
Dated government securities.
Experience of inflation.
Inflation targeting framework.
Monetary policy decisions.
Monetary policy framework.
Monetary policy frameworks.
Monetary policy implementation.
Monetary policy instruments.
Monetary policy objectives.
Monetary policy regime.
Monetary policy transmission mechanisms.
Monetary policy transparency.
Monetary transmission mechanism.
Monetary transmission mechanisms.
Open market operations.
- This paper reviews the current monetary and exchange rate policy frameworks in Armenia and Georgia, and the challenges associated with the choice of a credible nominal anchor in the context of large nominal and real shocks. The paper makes a case for a gradual transition to full-fledged inflation targeting (FFIT) in both countries in the medium term. The implications of this option are examined from various angles. In particular, the monetary transmission mechanisms and compliance with major institutional prerequisites for successful FFIT adoption are analyzed. Based on this analysis, the paper identifies a series of short- and medium-term recommendations, drawing on the experience of emerging market countries that successfully moved to FFIT.
- Description based on print version record.
- International Monetary Fund
- Other format:
- Print Version:
- Publisher Number:
- Access Restriction:
- Restricted for use by site license.
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