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The ASEAN Way
Policies for Price and Financial Stability

by Ana Corbacho and Shanaka J. Peiris
ISBN 9781513558905
Code: #MCASEAN5EA

Publication year: 2018

Cdn: $32.50; US: $25.00
Paperback
Language: English
311 pages
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Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets, but many facets of this tool remain limited, especially in the context of flexible exchange rate regimes. The Latin American experience can be informative because some of its largest countries adopted floating exchange rate regimes and inflation targeting while continuing to intervene in foreign exchange markets. This edited volume reviews detailed accounts from several Latin American countries’ central banks, and it provides insight into how and with what aim many interventions were decided and implemented. This book documents the effectiveness of intervention and pays special attention to the role of foreign exchange intervention policy within inflation-targeting monetary frameworks. The main lesson from Latin America’s foreign exchange interventions, in the context of inflation targeting, is that the region has had a considerable degree of success. Transparency and a clear communication policy have been key. For economies that are not highly dollarized, rules-based intervention helped contain financial instability and build international reserves while preserving inflation targets. The Latin American experience can help other countries in the design and implementation of their policies.
The ASEAN Way
Cdn: $32.50; US: $25.00
International Monetary Fund (IMF) BookID: 120677 Added: 2017.9.9