Inflation Pressures and Monetary Policy Options in Emerging and Developing Countries—A Cross Regional Perspective


Inci Ötker ; David Vávra ; Francisco F. Vazquez ; Luis Ignacio Jácome ; Karl F Habermeier ; Kotaro Ishi ; Alessandro Giustiniani ; Turgut Kisinbay

Publication Date:

January 1, 2009

Electronic Access:

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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


This paper analyzes the monetary policy response to rising inflation in emerging and developing countries associated with the food and oil price shocks in 2007 and the first half of 2008. It reviews inflation developments in a sample of countries covering all regions and a broad range of monetary and exchange rate policy regimes; discusses the underlying causes of inflation; provides a synthesis of policy responses taken against the background of the conflicting objectives and trade-offs, the uncertainties regarding the nature of the shocks, and the additional challenges brought on by the global financial turmoil; and presents considerations for policy.


Working Paper No. 2009/001





Publication Date:

January 1, 2009



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