To examine whether a country's exchange rate regime has any impact on inflation and growth performance in transition economies, the authors develop an empirical framework that addresses some of the main problems plaguing empirical work in this strand of the literature: the Lucas critique, the...

Spatial models whose weighting matrices have blocks of equal elements might be considered if units are viewed as equally distant within certain neighborhoods, but unrelated between neighborhoods. We give exact small sample results for such models that contain a spatially lagged-dependent...

The author provides a descriptive analysis of credit and monetary policies in Malaysia and investigates the distributional consequences of monetary policy there by focusing on small and medium-size industries and large manufacturing firms. The author suggests that"payoff"or"default"risk - as...

The growing adoption of an inflation targeting framework in emerging market economies has increased the importance of understanding inflation dynamics and forecasting its future path in these countries. The author considers the case of Turkey and investigates the performance of models that have...

This paper examines the performance of nominal income targeting as a possible direction for monetary policy. The existing literature consists of historical counterfactual simulations to determine how economic performance might have differed if this policy had been adopted. To provide better...

The salient characteristics of emerging market economies coupled with the increasing adoption of inflation targeting in these countries has stimulated much debate about the role of the exchange rate in inflation targeting regimes. The authors aim at shedding more light on this issue by...

The authors investigate the links between banking crises, and exchange rate regimes, using a comprehensive data set that includes developed, and developing countries over the last two decades. In particular, they examine whether the choice of exchange rate regime affects the likelihood, cost,...

Emerging market economies (EMEs) have experienced a noticeable decline in inflation since the mid-1990s. Whether this stable price environment in EMEs is likely to endure and what kind of policies need to be followed to ensure price stability, however, still continue to be questions of...