UID:
almafu_9958108235602883
Format:
1 online resource (58 p.)
ISBN:
1-4983-5138-7
,
1-4843-4215-1
Series Statement:
IMF Working Papers
Content:
This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financial crisis period. The paper distinguishes three periods in Latin America’s central bank history: the early years, when central banks endorsed the gold standard and coped with the collapse of this monetary system; a second period, in which central banks turned into development banks under the aegis of governments at the expense of increasing inflation; and the “golden years,” when central banks succeeded in preserving price stability in an environment of political independence. The paper concludes by cautioning against overburdening central banks in Latin America with multiple mandates as this could end up undermining their hard-won monetary policy credibility.
Note:
Description based upon print version of record.
,
Cover; Abstract; Contents; I. Introduction; II. The Early Years; Figures; 1. Brazil, Chile, Colombia, and Peru: 100 Years of Inflation; A. Central Banking During the Gold Standard; Boxes; 1. Key "Mandates" of Central Banks in Latin America at the Time of Creation; 2. Monetary Policy During and Immediately After the Gold Standard Years; 3a. Chile: Gold and Bank Notes in the 1920s; 3b. Chile: Money Base and Rediscount Rate in the 1920s; B. The Great Depression and its Aftermath; 2. The Response of Latin American Central Banks to the Great Depression; III. The Developmental Phase
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4a. Chile: Central Bank Assets 1931-444b. Peru: Central Bank Assets 1931-44; A. The Bretton Woods Years; 3. Key Mandates of Latin American Central Banks During the ""Developmental Phase""; 5. Monetary Policy During and After the Bretton Woods Years; 6a. Argentina: Composition of Central Bank Domestic Assets; 6b. Peru: Composition of Central Bank Domestic Assets; 7. Money Growth and Inflation in Brazil and Chile 1946-70; 8. Money Growth, Devaluation and Inflation in Argentina and Chile; B. The Demise of Bretton Woods and its Aftermath; Tables
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1. Inflation in Latin America in the 1960s and 1970s9. Banking Crises in Latin America-Output Losses Compared to Pre-crisis Trends; IV. The Golden Age; A. New Institutional Foundations; 4. A New Mandate for Latin American Central Banks; 10. Central Bank Independence in Argentina and Chile since Their Creation; 11. Inflation and Central Bank Independence Legislation in Latin America; B. The Early Policy Framework; 12. Monetary Policy since the 1990s; C. A New Round of Banking Crises; D. Moving to Inflation Targeting; 2. Key Parameters of Current Inflation Targeting Regimes in the LA5
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13. Inflation Deviation from Target in Inflation Targeting Emerging MarketsE. Weathering the Financial Crisis: This Time was Different; 14. Level and Volatility of Inflation in the LA5 and the U.S.; F. The Aftermath of the Global Crisis; 5. The Collapse of Lehman Brothers and the LA5 Response; 15. Capital Flows to the LA5 in the 2000s; 16. Bank Credit Growth in the LA5 in the 2000s; V. The Way Forward; References
Additional Edition:
ISBN 1-4843-0318-0
Language:
English
