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Inflation Targeting, Debt, and the Brazilian Experience, 1999 to 2003 : Inflation Targeting, Debt, and the Brazilian Experience, 1999 to 2003 - Francesco Giavazzi

Inflation Targeting, Debt, and the Brazilian Experience, 1999 to 2003

Inflation Targeting, Debt, and the Brazilian Experience, 1999 to 2003

By: Francesco Giavazzi (Editor), Ilan Goldfajn (Editor), Santiago Herrera (Editor)

Hardcover Published: 1st May 2005
ISBN: 9780262072595
Number Of Pages: 336
For Ages: 18+ years old

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Inflation targeting -- when central bank policies set specific inflation rate objectives -- is widely used by both developed and developing countries around the world (although not by the United States or the European Central Bank). This collection of original essays looks at how Brazil's policy of inflation targeting, coupled with a floating exchange rate, survived a series of severe economic shocks and examines the policy lessons that can be drawn from Brazil's experience.After a successful start in early 1999, Brazil's policy regime had to manage mounting difficulties, including a sudden reversal of capital flows and its effects on the exchange rate and public debt, the contagion of Argentina's severe economic problems, a domestic energy crisis, and the political uncertainty of the 2002 presidential campaign. The contributors, prominent Brazilian and international economists, draw important lessons from Brazil's experience, including the necessity of accompanying monetary policy with fiscal improvement, the trade-offs involved in dollar-linked debt, the importance of fiscal institutions in an emerging market economy, and the importance of keeping inflation under control.

Industry Reviews

"After emerging market crises forced countries off of their exchange rate targets in the 1990s, inflation targeting became the popular alternative, with Brazil as perhaps the most important example. This book, written by some of the most eminent and relevant international economists, is a timely look at how well the new regime has performed in the face of current challenges." Jeffrey A. Frankel, Harpel Chair of Capital Formation and Growth, Kennedy School of Government, Harvard University "The second edition of this excellent text brings the book up to the present, covering many of the most important recent developments in this rapidly changing field, while retaining the breadth of coverage and clear exposition of the first edition. It will be an indispensable reference for all students of monetary economics."--Michael Woodford, John Bates Clark Professor of Political Economy, Columbia University

Contributorsp. vii
Overview: Lessons from Brazilp. ix
Economic Policy in Brazil, 1999 to 2003
Fiscal Policy, Inflation, and the Balance of Payments in Brazilp. 3
Comment on Chapter 1p. 43
Inflation Targeting and Fiscal Policy
Fiscal Dominance and Inflation Targeting: Lessons from Brazilp. 49
Comment on Chapter 2p. 81
Inflation Targeting and Debt: Lessons from Brazilp. 85
Comment on Chapter 3p. 109
Debt Management and Fiscal Institutions
Public Debt Management in Brazilp. 117
Comment on Chapter 4p. 157
A Risk Management Approach to Emerging Market's Sovereign Debt Sustainability with an Application to Brazilian Datap. 163
Comment on Chapter 5p. 189
Institutions for Debt Sustainability in Brazilp. 193
Comment on Chapter 6p. 223
Country Risk and Domestic Political Risk in Brazil
Learning to Trust Lula: Contagion and Political Risk in Brazilp. 227
Comment on Chapter 7p. 259
Credit, Interest, and Jurisdictional Uncertainty: Conjectures on the Case of Brazilp. 265
Comment on Chapter 8p. 295
Indexp. 299
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780262072595
ISBN-10: 0262072599
Series: Inflation Targeting, Debt, and the Brazilian Experience, 1999 to 2003
Audience: Professional
For Ages: 18+ years old
Format: Hardcover
Language: English
Number Of Pages: 336
Published: 1st May 2005
Publisher: MIT Press Ltd
Country of Publication: US
Dimensions (cm): 22.9 x 15.2  x 2.0
Weight (kg): 0.57

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