東アジア諸国のインフレターゲットと日本への示唆

This paper examines the performance of inflation targeting (IT) focusing on East Asian emerging market economies, by estimating policy reaction functions for verifying the linkage between IT adoption and monetary policy, and also estimating impulse responses of prices to policy shock. Our findings are: Korea has taken an inflation-responsive and forward-looking policy rule under IT adoption, which also has had price stabilizing effect; Indonesia and Thailand have conducted inflation-responsive but backward-looking policy rules under IT adoption, which have had no effect on price stabilization; The Philippines and Malaysia have represented neither inflation-responsive rules nor price stabilizing effect.