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Philippines: Preparations for Inflation Targeting

Author/Editor: Kongsamut, Piyabha
Authorized for Distribution: August 1, 2001
Electronic Access: Free Full Text (PDF file size is 586KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: The Philippines is planning to shift toward adoption of an inflation targeting framework in 2001. This paper reviews key policy issues in this context, describes various operational and technical preparations, and presents an empirical analysis of the factors driving inflation. Among the key policy requirements, while central bank independence appears assured, the exchange rate has been allowed to fluctuate largely freely, and the authorities are embarking on a medium-term plan for fiscal consolidation. Empirical results suggest that the effective exchange rate (rather than a bilateral rate) and wages are important long-run influences on inflation.
 
Series: Working Paper No. 01/99
Subject(s): Inflation targeting | Philippines | Economic models
Author's keyword(s): Philippines | targeting | inflation modeling
 
English  
    Published:   August 1, 2001        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA0992001   Pages:   20
    Price:   US$15.00
       
     
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