Do inflation targeting handcuffs restrain leviathan? Hard pegs vs. inflation targets for fiscal discipline in emerging markets
Miles, William
Miles, William
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Advisors
Original Date
Digitization Date
Issue Date
7/1/2007
Type
Article
Genre
Keywords
Exchange-rates
Subjects (LCSH)
Citation
William Miles (2007) Do inflation targeting handcuffs restrain leviathan? Hard
pegs vs. inflation targets for fiscal discipline in emerging markets, Applied Economics Letters, 14:9,
647-651
Abstract
Inflation targeting has been increasingly adopted in emerging markets as fixed exchange rates have fallen in popularity. An important question is whether inflation targeting provides the same level of fiscal discipline as a hard peg. Using the methodology of Fatas and Rose (2001), results here indicate that multilateral currency unions and currency boards lead to tighter fiscal policy than inflation targets.
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Publisher
Taylor & Francis
Journal
Book Title
Series
Applied Economics Letters;v.14:no.9
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Archival Collection
PubMed ID
DOI
ISSN
1350-4851