The special challenges faced by central banks in emerging market economies in conducting monetary policy are examined. In addition to sharing the same problems confronted by their counterparts in advanced economies – including most profoundly time inconsistency and model uncertainty – they...

In many developing and emerging economies, central banks have begun over the past decade to place renewed emphasis on the promotion of economic development and structural transformation, looking beyond narrow mandates for macroeconomic stability. Developmental central bank policies have included...

This book, edited by J.B. Zulu, Ian S. McCarthy, Susana Almuiña, and Gabriel Sensenbrenner, presents the proceedings of the special Joint Meetings on Central Banking Technical Assistance held in St. Petersburg, Russia in 1994, and provides detailed information on important issues in central...

This paper reviews monetary transmission mechanisms in low-income countries (LICs) to identify aspects of the channels that may operate differently in LICs relative to advanced and emerging economies. Given the weak institutional frameworks, reduced role of securities markets, imperfect...