Financial globalisation has made the formulation of monetary policy
in emerging market economies increasingly complicated. This timely
set of studies looks at the turmoil in global financial markets,
which, coupled with volatile inflation, poses serious challenges
for central banks in these countries. The book features a number of
specially commissioned new papers from both front-line policymakers
and researchers in developing and emerging market economies, which
tackle the difficult issues currently being debated with increasing
urgency by monetary policy theorists and policymakers around the
world. They address questions such as: 'What monetary policy
framework is most suitable for emerging market countries to
confront the new challenges while they continue to open up to trade
and financial flows?', 'What are the linkages between monetary
stability and financial stability?' and 'Is inflation targeting or
a fixed exchange rate regime preferable for developing and emerging
markets?' Providing unique insights on the interaction between the
theory and practice of monetary policy in emerging markets, this
book will be of great interest to academics and students of
economics, economic policy and development economics. Policymakers
will also find this to be a useful and thought-provoking read.
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