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  1. Uganda
    technical assistance report : report on the prices statistics mission
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Assistance Report discusses technical advice and recommendations given by the IMF mission to the authorities of Uganda about finalizing the rebased producer price index (PPI) and developing export and import price indices (XMPI). It is... more

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    This Technical Assistance Report discusses technical advice and recommendations given by the IMF mission to the authorities of Uganda about finalizing the rebased producer price index (PPI) and developing export and import price indices (XMPI). It is proposed that the new PPI and the XMPI be compiled using a modified and enhanced version of the current PPI Excel-based processing system. Considerable time was spent with the XMPI team explaining the required functionality, and a partial compilation of the import price index was undertaken using Excel spreadsheets. For the PPI, an index structure and weighting pattern have also been derived based on the final 2009-10 supply and use tables

     
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  2. Uganda
    technical assistance report : report on the prices statistics mission
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Assistance Report discusses the technical advice and recommendations given by the IMF mission to the authorities of Uganda about the concepts and methods used to compile the consumer price index (CPI). The conceptual basis of the... more

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    This Technical Assistance Report discusses the technical advice and recommendations given by the IMF mission to the authorities of Uganda about the concepts and methods used to compile the consumer price index (CPI). The conceptual basis of the rebased CPI was extensively discussed during the IMF mission. The rebasing was considered to be an opportunity to change the conceptual basis of the CPI and to compile weights using the domestic concept. The Uganda National Household Survey (UNHS) data were compared with household consumption derived in the supply and use tables. Tobacco and beer for instance are significantly underreported in the UNHS. Adjustment of the weight for under- or overreporting by comparing the UNHS data to other sources is recommended

     
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  3. Uganda
    technical assistance report : report on the quarterly national accounts statistics mission
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Assistance Report discusses the technical advice and recommendations given by the IMF mission to the authorities of Uganda regarding compilation of quarterly national accounts statistics. The finalization of the supply and use tables... more

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    This Technical Assistance Report discusses the technical advice and recommendations given by the IMF mission to the authorities of Uganda regarding compilation of quarterly national accounts statistics. The finalization of the supply and use tables has involved incorporation of significantly revised source data for a number of industries since November 2013, as well as changes in the input data resulting from the implementation of methodological improvements. The Uganda Bureau of Statistics has also made a significant effort to finalize the source data and improve coverage of the economy over the past six months, resulting in revised data for a number of industries. The net impact has been to increase the GDP level by economic activity

     
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  4. Mongolia
    technical assistance report : report on the prices statistics mission
    Published: October 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Assistance Report discusses technical advice and recommendations given by the IMF mission to the authorities of Mongolia regarding updating and improving the consumer price index (CPI) and the industrial producer price index (IPPI).... more

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    This Technical Assistance Report discusses technical advice and recommendations given by the IMF mission to the authorities of Mongolia regarding updating and improving the consumer price index (CPI) and the industrial producer price index (IPPI). The IMF mission recommends an adjustment to the expenditure shares in the updated CPI based on alternative data sources and improvements to the compilation procedure used to estimate the monthly price change for automobiles and motorcycles. The selection of enterprises and products in the rebased IPPI should ensure appropriate coverage of exports. The mission also recommends that this process include a review of 2015 customs data to ensure that relevant enterprises and their products are selected in proportion to their significance to overall production

     
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  5. Zambia
    selected issues
    Published: October 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Selected Issues paper assesses the sustainability of Zambia's current fiscal policies and public debt. Large fiscal imbalances and rapid increase in government debt since 2011 have raised concern about the sustainability of fiscal policies in... more

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    This Selected Issues paper assesses the sustainability of Zambia's current fiscal policies and public debt. Large fiscal imbalances and rapid increase in government debt since 2011 have raised concern about the sustainability of fiscal policies in Zambia. Fueled by the rapid exchange rate depreciation in 2014-15 and the heavy reliance on external sources to finance the growing fiscal imbalances, public external debt doubled in 2015 compared with 2014. The institutional framework for the budget process and the Medium-Term Expenditure Framework need to be strengthened. Poor commitment controls, which led to significant accumulation of payment arrears, need to be addressed. A sound Medium-Term Debt Management Strategy is required to reduce public sector debt vulnerability

     
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  6. Mexico
    2017 Article IV consultation : press release; and staff report
    Published: November 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This 2017 Article IV Consultation highlights the Mexican economy's resilience in the face of a complex external environment. Output has continued to grow at a moderate pace while inflation has temporarily risen above the central bank's target. The... more

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    This 2017 Article IV Consultation highlights the Mexican economy's resilience in the face of a complex external environment. Output has continued to grow at a moderate pace while inflation has temporarily risen above the central bank's target. The flexible exchange rate is playing a key role in helping the economy adjust to external shocks. The economy is projected to grow by 2.1 percent in 2017. Private consumption remains the main driver of activity, supported by manufacturing exports, while investment has remained weak amid uncertainty about Mexico's future trade relationship with the United States. Growth is expected to slow slightly in 2018 before picking up speed as the uncertainty is resolved

     
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  7. Sweden
    2017 Article IV consultation : press release; staff report; and statement by the Executive Director for Sweden
    Published: November 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This 2017 Article IV Consultation highlights Sweden's continued strong economic growth. Real GDP is expected to rise by 3.1 percent in 2017, driven by both domestic demand and exports growing at a similar pace. Robust job creation of over 2 percent... more

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    This 2017 Article IV Consultation highlights Sweden's continued strong economic growth. Real GDP is expected to rise by 3.1 percent in 2017, driven by both domestic demand and exports growing at a similar pace. Robust job creation of over 2 percent has lowered unemployment to 6.8 percent, or just 4.5 percent excluding full-time students. Housing price increases have moderated somewhat in 2017, to 7 percent year over year in September. Aided by large increases in new dwelling construction, signs of further market cooling have emerged in recent months. Household credit growth has also eased somewhat in 2017. Unexpectedly, strong government revenues in 2016 have carried forward into 2017, with the general government fiscal surplus projected at 1 percent of GDP

     
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  8. Housing finance and real estate markets in Colombia
    Author: Roch, Francisco
    Published: August 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Colombian house prices have increased significantly between 2005 and 2016. This paper estimates the extent of misalignments in house prices relative to fundamentals and evaluates the overall risk to the economy from the housing sector. The results... more

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    Colombian house prices have increased significantly between 2005 and 2016. This paper estimates the extent of misalignments in house prices relative to fundamentals and evaluates the overall risk to the economy from the housing sector. The results suggest a moderate house price misalignment relative to fundamentals which is, however, mitigated by housing finance characteristics

     
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  9. Oil prices and inflation dynamics
    evidence from advanced and developing economies
    Author: Choi, Sangyup; Furceri, Davide; Loungani, Prakash; Mishra, Saurabh; Poplawski-Ribeiro, Marcos
    Published: September 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We study the impact of fluctuations in global oil prices on domestic inflation using an unbalanced panel of 72 advanced and developing economies over the period from 1970 to 2015. We find that a 10 percent increase in global oil inflation increases,... more

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    We study the impact of fluctuations in global oil prices on domestic inflation using an unbalanced panel of 72 advanced and developing economies over the period from 1970 to 2015. We find that a 10 percent increase in global oil inflation increases, on average, domestic inflation by about 0.4 percentage point on impact, with the effect vanishing after two years and being similar between advanced and developing economies. We also find that the effect is asymmetric, with positive oil price shocks having a larger effect than negative ones. The impact of oil price shocks, however, has declined over time due in large part to a better conduct of monetary policy. We further examine the transmission channels of oil price shocks on domestic inflation during the recent decades, by making use of a monthly dataset from 2000 to 2015. The results suggest that the share of transport in the CPI basket and energy subsidies are the most robust factors in explaining cross-country variations in the effects of oil price shocks during the this period

     
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  10. What prevents a real business cycle model from matching the U.S. data?
    decomposing the labor wedge
    Author: Plotnikov, Dmitry
    Published: June 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    I carry out a business cycle accounting exercise (Chari, Kehoe and McGrattan, 2007) on the U.S. data measured in wage units (Farmer (2010)) for the entire postwar period. In contrast to a conventional approach, this approach preserves common... more

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    I carry out a business cycle accounting exercise (Chari, Kehoe and McGrattan, 2007) on the U.S. data measured in wage units (Farmer (2010)) for the entire postwar period. In contrast to a conventional approach, this approach preserves common medium-term business cycle fluctuations in GDP, its components and the unemployment rate. Additionally, it facilitates decomposition of the labor wedge into the labor supply and the labor demand wedges. Using this business cycle accounting methodology, I find that in the transformed data, most movements in GDP are accounted for by the labor supply wedge. Therefore, I reverse a key finding of the real business cycle literature which asserts that 70% or more of economic fluctuations can be explained by TFP shocks. In other words, the real business cycle model fits the data badly because the assumption that households are on their labor supply equation is flawed. This failure is masked by data that has been filtered with a conventional approach that removes fluctuations at medium frequencies. My findings are consistent with the literature on incomplete labor markets

     
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  11. Growth breaks and growth spells in Sub-Saharan Africa
    Author: Arizala, Francisco; Gonzalez-Garcia, Jesus; Tsangarides, Charalambos; Yenice, Mustafa
    Published: September 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper examines the growth performance of sub-Saharan African countries since 1960 through the lens of growth turning points (accelerations and decelerations) and periods of sustained growth (growth spells). Growth accelerations are generally... more

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    This paper examines the growth performance of sub-Saharan African countries since 1960 through the lens of growth turning points (accelerations and decelerations) and periods of sustained growth (growth spells). Growth accelerations are generally associated with improved external conditions, increased investment and trade openness, declines in inflation, better fiscal balances, and improvements in the institutional environment. Transitioning from growth accelerations to growth spells often requires additional efforts beyond what is needed to trigger an acceleration. Growth spells are sustained by fiscal policy that prevents excessive public debt accumulation, monetary policy geared toward low inflation, outward-oriented trade policies, and structural policies that reduce market distortions, as well as supportive external environment and improvements in democratic institutions. Overall, determinants of growth spells in sub-Saharan Africa are different from those in the rest of the emerging and developing countries

     
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  12. Did the exchange rate floor prevent deflation in the Czech Republic?
    Author: Caselli, Francesca
    Published: September 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    To fight deflationary pressures at the zero lower bound, in November 2013, the Czech National Bank (CNB) introduced a one-sided floor on the exchange rate, as an additional monetary policy instrument. This paper investigates the impact of the FX... more

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    To fight deflationary pressures at the zero lower bound, in November 2013, the Czech National Bank (CNB) introduced a one-sided floor on the exchange rate, as an additional monetary policy instrument. This paper investigates the impact of the FX floor on inflation in the Czech Republic, by comparing actual inflation with counterfactuals in the absence of the exchange rate floor. Three different empirical strategies are implemented: an event study, difference-in-difference regressions and a synthetic control method. The empirical results provide evidence that the exchange rate floor was effective in fighting deflationary pressures and prevented inflation from going into negative territory. The magnitude of the effect ranges between 0.5 to 1.5 percentage points. The results are robust to different econometric specifications

     
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  13. FX intervention in the New Keynesian Model
    Author: Alla, Zineddine; Espinoza, Raphael; Ghosh, Atish R.
    Published: June 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We develop an open economy New Keynesian Model with foreign exchange intervention in the presence of a financial accelerator mechanism. We obtain closed-form solutions for the optimal interest rate policy and FX intervention under discretionary... more

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    We develop an open economy New Keynesian Model with foreign exchange intervention in the presence of a financial accelerator mechanism. We obtain closed-form solutions for the optimal interest rate policy and FX intervention under discretionary policy, in the face of shocks to risk appetite in international capital markets. The solution shows that FX intervention can help reduce the volatility of the economy and mitigate the welfare losses associated with such shocks. We also show that, when the financial accelerator is strong, the risk of multiple equilibria (self-fulfilling currency and inflation movements) is high. We determine the conditions under which indeterminacy can occur and highlight how the use of FX intervention reinforces the central bank's credibility and limits the risk of multiple equilibria

     
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  14. The adjustment to commodity price shocks in Chile, Colombia, and Peru
    Author: Roch, Francisco
    Published: September 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper presents a comparative analysis of the macroeconomic adjustment in Chile, Colombia, and Peru to commodity terms-of-trade shocks. The study is done in two steps: (i) an analysis of the impulse responses of key macroeconomic variables to... more

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    This paper presents a comparative analysis of the macroeconomic adjustment in Chile, Colombia, and Peru to commodity terms-of-trade shocks. The study is done in two steps: (i) an analysis of the impulse responses of key macroeconomic variables to terms-of-trade shocks and (ii) an event study of the adjustment to the recent decline in commodity prices. The experiences of these countries highlight the importance of flexible exchange rates to help with the adjustment to lower commodity prices, and staying vigilant in addressing depreciation pressures on inflation through tightening monetary policies. On the fiscal front, evidence shows that greater fiscal space, like in Chile and Peru, gives more room for accommodating terms-of-trade shocks

     
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  15. Republic of Mozambique
    selected issues
    Published: March 2018
    Publisher:  International Monetary Fund, Washington, D.C.

    This Selected Issues paper documents the main features of the current monetary policy regime in Mozambique, describe ongoing structural policy changes announced by the central bank, and analyze the main challenges facing the central bank in the... more

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    This Selected Issues paper documents the main features of the current monetary policy regime in Mozambique, describe ongoing structural policy changes announced by the central bank, and analyze the main challenges facing the central bank in the process to modernize its monetary policy framework. Recognizing the signaling value of interest rates to anchor inflation expectations and help influence market interest rates, the paper usefully focuses on the needed reforms to enable the central bank to successfully replace monetary aggregates by interest rate as the main instrument of monetary policy. Deepening the understanding of the obstacles on the way to a smooth monetary transmission, further building the central bank inflation forecasting capacity, strengthening the coordination between fiscal and monetary policies, enhancing central bank communications and modernizing the legal framework to ensure central bank operational autonomy are essential to the success of the new monetary regime. Importantly, the presence of a committed and strong technical team and a reform-oriented management should greatly facilitate the implementation of these vital central bank reforms

     
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  16. Nigeria
    2018 Article IV consultation : press release; staff report; and statement by the Executive Director for Nigeria
    Published: March 2018
    Publisher:  International Monetary Fund, Washington, D.C.

    This 2018 Article IV Consultation highlights that the Nigerian economy is exiting recession but remains vulnerable. New foreign exchange measures, rising oil prices, attractive yields on government securities, and a tighter monetary policy have... more

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    This 2018 Article IV Consultation highlights that the Nigerian economy is exiting recession but remains vulnerable. New foreign exchange measures, rising oil prices, attractive yields on government securities, and a tighter monetary policy have contributed to better foreign exchange availability, increased reserves to a four-year high, and contained inflationary pressures. Economic growth reached 0.8 percent in 2017, driven mainly by recovering oil production. Inflation declined to 15.4 percent year-over-year by end-December, from 18.5 percent at end-2016. Higher oil prices are supporting the near-term projections, but medium-term projections indicate that growth would remain relatively flat, with continuing declines in per capita real GDP under unchanged policies

     
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  17. Malaysia
    2018 Article IV consultation : press release; staff report; and statement by the Executive Director for Malaysia
    Published: March 2018
    Publisher:  International Monetary Fund, Washington, D.C.

    This 2018 Article IV Consultation highlights that the Malaysian economy has shown resilience in recent years despite external shocks and has continued to perform well. Progress was made toward achieving high income status and improving inclusion.... more

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    This 2018 Article IV Consultation highlights that the Malaysian economy has shown resilience in recent years despite external shocks and has continued to perform well. Progress was made toward achieving high income status and improving inclusion. Median household income has risen further and the already-low national poverty ratio declined. Real GDP growth has surprised on the upside in 2017, and is estimated at 5.8 percent for the year, driven by domestic demand and robust exports. Growth is projected to start to decelerate from its 2017 peak, remaining above potential at 5.3 percent in 2018, and converging to its potential rate of close to 5 percent in the medium term

     
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  18. Sudan
    selected issues
    Published: December 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This paper explains that in Sudan, the public information campaign should be launched as early as possible following a decision to phase out subsidies. This campaign should comprise wide-ranging consultations with all stakeholders, and should inform... more

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    This paper explains that in Sudan, the public information campaign should be launched as early as possible following a decision to phase out subsidies. This campaign should comprise wide-ranging consultations with all stakeholders, and should inform the public about the high costs and unequal distribution of the subsidy benefits. Cash transfers could be used to mitigate the impact of fuel subsidy removal on the lowest income groups. In the case of the removal of subsidies on fuel products, it is estimated that the cost of compensating the lowest income groups could be achieved at a cost of less than 1 percent of GDP a year. Two decades of economic sanctions led to the exit of most Correspondent Banking Relationships (CBRs) from Sudan, and weighed heavily on trade, investment, growth, and humanitarian relief. In 2017, the United States revoked trade and financial sanctions, while sanctions imposed by the UN, and other countries, including the EU, remain applicable

     
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  19. Sudan
    2017 Article IV consultation : press release; staff report; and statement by the Executive Director for Sudan
    Published: December 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This 2017 Article IV Consultation highlights that the economic conditions in Sudan have been challenging since the secession of South Sudan in 2011 and the loss of the bulk of oil production and exports. The authorities have implemented partial... more

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    This 2017 Article IV Consultation highlights that the economic conditions in Sudan have been challenging since the secession of South Sudan in 2011 and the loss of the bulk of oil production and exports. The authorities have implemented partial policy adjustments to help stabilize the economy and reestablish growth, most recently by allowing for greater exchange rate flexibility and reducing fuel subsidies. The current account deficit (cash basis) is expected to decline by 3.25 percentage points to 2.75 percent of GDP in 2017. Data for the first half of 2017 indicate weaker real domestic demand, partly offset by a strengthening contribution from net exports

     
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  20. Mauritius
    staff report for the 2017 Article IV consultation : press release and staff report
    Published: December 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This 2017 Article IV Consultation highlights that the international reserve buffers have improved substantially in Mauritius. The government intends to pursue an ambitious growth strategy anchored on significant public investments in infrastructure... more

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    This 2017 Article IV Consultation highlights that the international reserve buffers have improved substantially in Mauritius. The government intends to pursue an ambitious growth strategy anchored on significant public investments in infrastructure and improvements in the business environment. Growth is projected at 3.9 percent in 2017, and about 4.0 percent over the medium term. The authorities have taken steps to mitigate financial stability risks and are well-advanced in modernizing financial sector regulation. However, the vibrant Global Business Sector faces pressure from international anti-tax avoidance initiatives. Fiscal space is limited, fiscal risks are increasing, and there are signs of building inflationary pressures

     
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  21. Is credit easing viable in emerging and developing economies?
    an empirical approach
    Author: Jácome, Luis Ignacio; Saadi Sedik, Tahsin; Ziegenbein, Alexander
    Published: March 2018
    Publisher:  International Monetary Fund, [Washington, D.C.]

    During the global financial crisis, many central banks in advanced economies engaged in credit easing. These policies have been perceived as largely successful in reducing stress in financial markets, thus avoiding larger output losses. In this... more

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    During the global financial crisis, many central banks in advanced economies engaged in credit easing. These policies have been perceived as largely successful in reducing stress in financial markets, thus avoiding larger output losses. In this paper, we study empirically whether credit easing is also a viable policy tool to cope with banking crises in emerging and developing economies. We find that credit easing leads to a sharp increase in domestic currency depreciation, high inflation, and a substantial reduction in economic growth in a large panel of emerging and developing economies. For advanced economies, we find the effects to be benign. Our results suggest that emerging and developing economies should be cautious when using credit easing as it may fuel adverse macroeconomic repercussions

     
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  22. Canada's carbon price floor
    Author: Parry, Ian W. H.; Mylonas, Victor
    Published: March 2018
    Publisher:  International Monetary Fund, [Washington, D.C.]

    The pan-Canadian approach to carbon pricing, announced in October 2016, ensures that carbon pricing applies throughout Canada in 2018, with increasing stringency over time to reduce emissions. Canadian provinces and territories have the flexibility... more

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    The pan-Canadian approach to carbon pricing, announced in October 2016, ensures that carbon pricing applies throughout Canada in 2018, with increasing stringency over time to reduce emissions. Canadian provinces and territories have the flexibility to either implement an explicit price-based system-with a minimum price of CAN USD 10 per tonne of carbon dioxide equivalent in 2018, increasing to CAN USD 50 per tonne by 2022-or an equivalently scaled emissions trading system. This paper discusses the rationale for, and design of, the price floor requirement; its (provincial-level) environmental, fiscal, and economic welfare impacts; monitoring issues; and (national-level) incidence. The general conclusion is that the welfare costs and implementation issues are manageable, and pricing provides significant new revenues. A challenge is that the floor price by itself appears well short of what will be needed by 2030 for Canada's Paris Agreement pledge

     
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  23. Welfare gains from market insurance
    the case of Mexican oil price risk
    Author: Ma, Chang; Valencia, Fabian
    Published: March 2018
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Over the past two decades, Mexico has hedged oil price risk through the purchase of put options. We examine the resulting welfare gains using a standard sovereign default model calibrated to Mexican data. We show that hedging increases welfare by... more

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    Over the past two decades, Mexico has hedged oil price risk through the purchase of put options. We examine the resulting welfare gains using a standard sovereign default model calibrated to Mexican data. We show that hedging increases welfare by reducing income volatility and reducing risk spreads on sovereign debt. We find welfare gains equivalent to a permanent increase in consumption of 0.44 percent with 90 percent of these gains stemming from lower risk spreads

     
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  24. Inflation anchoring and growth
    evidence from sectoral data
    Author: Choi, Sangyup; Furceri, Davide; Loungani, Prakash
    Published: March 2018
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Central bankers often assert that low inflation and anchoring of inflation expectations are good for economic growth (Bernanke 2007, Plosser 2007). We test this claim using panel data on sectoral growth for 22 manufacturing industries for 36 advanced... more

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    Central bankers often assert that low inflation and anchoring of inflation expectations are good for economic growth (Bernanke 2007, Plosser 2007). We test this claim using panel data on sectoral growth for 22 manufacturing industries for 36 advanced and emerging market economies over the period 1990-2014. Inflation anchoring in each country is measured as the response of inflation expectations to inflation surprises (Levin and others, 2004). We find that credit constrained industries-those characterized by high external financial dependence and R and D intensity and low asset tangibility-tend to grow faster in countries with well-anchored inflation expectations. The results are robust to controlling for the interaction between these characteristics and a broad set of macroeconomic variables over the sample period, such as financial development, inflation, the size of government, overall economic growth, monetary policy counter-cyclicality and the level of inflation. Importantly, the results suggest that it is inflation anchoring and not the level of inflation per se that has a significant effect on average industry growth. Finally, the results are robust to IV techniques, using as instruments indicators of monetary policy transparency and independence

     
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  25. Disagreement about future inflation
    understanding the benefits of inflation targeting and transparency
    Author: Brito, Steve; Carrière-Swallow, Yan; Gruss, Bertrand
    Published: January 2018
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We estimate the determinants of disagreement about future inflation in a large and diverse sample of countries, focusing on the role of monetary policy frameworks. We offer novel insights that allow us to reconcile mixed findings in the literature on... more

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    We estimate the determinants of disagreement about future inflation in a large and diverse sample of countries, focusing on the role of monetary policy frameworks. We offer novel insights that allow us to reconcile mixed findings in the literature on the benefits of inflation targeting regimes and central bank transparency. The reduction in disagreement that follows the adoption of inflation targeting is entirely due to increased central bank transparency. Since the benefits of increased transparency are non-linear, the gains from inflation targeting adoption have accrued mainly to countries that started from a low level of transparency. These have tended to be developing countries

     
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