Brazil has put in place an inflation-targeting framework for monetary policy in mid-1999, less than six months after moving to a floating exchange rate system. This paper presents the macroeconomic background that has led to the shift in monetary policy regime, and describes the general...

The Brazilian position on the issue of private sector participation in the efforts to forestall and resolve emerging markets crises is that there should be an approach of contacting and convincing a large number, but not the totality, of private creditors. They should be convinced that the...

The paper studies the relationship between exchange rate depreciations and inflation using a sample of 71 countries in the period 1980-1998. The main determinants of the extent of inflationary pass-through of the depreciations (appreciations) are the cyclical component of output, the extent of...

A growing number of countries are anchoring their monetary policy through explicit inflation targeting. This policy has already scored remarkable successes in several countries, establishing central bank credibility, and reining in inflation where it had long been stubbornly high. But...