This paper documents three major and favourable inflation dynamics in emerging market economies (EMEs). First, the level of inflation has moderated in EMEs and has been broadly stable since the early 2000s. Second, inflation persistence has declined over the past decade. Third, EME exchange rate...

In this paper we analyse how fiscal policy has affected monetary policy in the emerging market economies (EMEs). We find that most EMEs have pursued countercyclical fiscal and monetary policy over the past decade, with little evidence of fiscal dominance, in contrast to earlier periods. Our...

Economic and financial integration has reshaped the monetary policy frameworks and transmission channels in the emerging market economies (EMEs) over the past two decades. Economic and financial linkages have become stronger, resulting in greater synchronization of business cycles across...

Debt securities markets in emerging market economies (EMEs) have grown over the past decade. The growth was particularly strong for domestic debt securities, which have increased from around one third of EME GDP to around one half. Although international debt securities have demonstrated slower...

A long period of high public debt-to-GDP ratios will alter the interactions between fiscal policy, monetary policy and government debt management. But opinions differ on exactly how. Four perspectives were explored in this workshop: historical analysis of policies in financial crises;...