Franklin

Modalities of Moving to Inflation Targeting in Armenia and Georgia [electronic resource]

Author/Creator:
International Monetary Fund
Publication:
Washington, D.C. : International Monetary Fund, 2007.
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 07/133.
IMF Working Papers; Working Paper No. 07/133
Format/Description:
Government document
Book
1 online resource (36 p.)
Local subjects:
Aggregate demand.
Annual inflation.
Cash management.
Central bank.
Dated government securities.
Experience of inflation.
Foreign currency.
Foreign exchange.
Government securities.
Inflation.
Inflation forecasts.
Inflation objective.
Inflation performance.
Inflation target.
Inflation targeting.
Inflation targeting framework.
Liquidity management.
Low inflation.
Lower inflation.
Macroeconomic stability.
Monetary aggregate.
Monetary aggregates.
Monetary framework.
Monetary fund.
Monetary growth.
Monetary policy.
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 program.
Monetary programs.
Monetary regime.
Monetary regimes.
Monetary shock.
Monetary targets.
Monetary transmission.
Monetary transmission mechanism.
Monetary transmission mechanisms.
Money base.
Money demand.
Money growth.
Money markets.
Money sources.
National bank.
Open market operations.
Price level.
Price stability.
Rising inflation.
Treasury operations.
Georgia.
Summary:
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.
Notes:
Description based on print version record.
Contributor:
International Monetary Fund
Other format:
Print Version:
ISBN:
1451866976:
9781451866971
ISSN:
1018-5941
Publisher Number:
10.5089/9781451866971.001
Access Restriction:
Restricted for use by site license.
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