This paper analyzes the monetary policy response to rising inflation in emerging and developing countries associated with the food and oil price shocks in 2007 and the first half of 2008. It reviews inflation developments in a sample of countries covering all regions and a broad range of...

Intro -- Contents -- I. INTRODUCTION -- II. THE GLOBAL AND HISTORICAL CONTEXT -- III. Balance of Payments Impact -- IV. FISCAL IMPACT -- V. LOOKING FORWARD-POSSIBLE VULNERABILITIES -- VI. CONCLUSIONS AND IMPLICATIONS FOR DEMAND FOR IMF RESOURCES -- APPENDIX I-COMPARISON TO OIL SHOCKS OF THE...