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The Choice of Inflation Targeting

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Author Info
Gustavo Leyva

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Abstract

This paper assesses empirically the contribution of key macroeconomic and institutional variables in shaping the likelihood of choosing the Inflation Targeting (IT) regime in a sample that comprises countries working under such a regime and covers the period 1975-2005. I find inflation rate, financial development, GDP per capita and trade openness relevant for driving the choice of IT by estimating a discrete choice panel data model. Also, my results suggest that the initial conditions at the moment of IT adoption do matter because countries have different exposure to the likelihood of choosing IT as a result of their specific macroeconomic and institutional fundamentals and unobservable idiosyncratic factors.

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Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 475.

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Date of creation: Jul 2008
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Handle: RePEc:chb:bcchwp:475

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  1. Arminio Fraga & Ilan Goldfajn & Andre Minella, 2003. "Inflation Targeting in Emerging Market Economies," NBER Working Papers 10019, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Marco Vega & Diego Winkelried, 2005. "Inflation Targeting and Inflation Behavior: A Successful Story?," Macroeconomics 0502026, EconWPA. [Downloadable!]
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  3. Schmidt-Hebbel, Klaus & Tapia, Matias, 2002. "Inflation targeting in Chile," The North American Journal of Economics and Finance, Elsevier, vol. 13(2), pages 125-146, August. [Downloadable!] (restricted)
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