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| Author: | Fielding, D. Bleaney, M. |
| Title: | Monetary discipline and inflation in developing countries: the role of the exchange rate regime |
| Journal: | Oxford Economic Papers
2000 : JUL, VOL. 52:3, p. 521-538 |
| Index terms: | Developing countries Exchange rates Inflation Monetary control |
| Language: | eng |
| Abstract: | Adherence to a pegged exchange rate regime has the potential to affect inflation in two ways: by instilling monetary discipline and by altering the relationship between money and prices, because shocks to the money stock are absorbed partly by changes in the balance of payments. Providing that inflation is low in industrialised countries, one of the potential advantages of a pegged rate is that it provides a nominal anchor which encourages the private sector to anticipate low domestic inflation and set prices accordingly. |
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