Credibility Without Rules
December 23, 1997
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During the last 25 years, monetary practice in most countries has increasingly been characterized by the attempt to achieve credibility of purpose while expanding the freedom of monetary authorities in controlling policy instruments. Thus, the world has moved toward monetary frameworks in which, through appropriate institutional devices, a better trade-off between credibility of goals and flexibility of instruments could be achieved. This attempt, surveyed in this paper, has taken many forms, depending on the countries economic, institutional, and cultural specificities.
Subject: Balance of payments, Banking, Capital controls, Central bank autonomy, Central banks, Exchange rate arrangements, Exchange rates, Foreign exchange, Inflation, Prices
Keywords: Africa, Bretton Woods system, capital control, Capital controls, Caribbean, Central bank autonomy, country, country data, credibility-flexibility trade-off, Eastern Europe, Europe, exchange rate, Exchange rate arrangements, exchange rate peg, exchange rate regime, exchange rate target, Exchange rates, Global, IMF program, Inflation, monetary policy process, OP, West Africa
Pages:
101
Volume:
1997
DOI:
Issue:
007
Series:
Occasional Paper No. 1997/007
Stock No:
S154EA0000000
ISBN:
9781557756442
ISSN:
0251-6365
