This paper shows the equivalence between different approaches to the inflationary objective. Defining a range and the percentage of time expected to be within such range is the same as defining a target for inflation projection in a given horizon. Both forms are similar to defining a target in...

Latin American performance during the global financial crisis was unprecedented. Many developing and emerging countries successfully weathered the worst crisis since the Great Depression. Was it good luck? Was it good policies? This paper compares growth during the Asian and global financial...

Why has the economy of Latin America responded more positively than Asia, Europe or the United States after being hit by the recent global financial crisis? Three years after the worst of the crisis, Latin America's GDP is 25 percent higher than its precrisis level. José De Gregorio, Governor...

It was not until the recent global crisis that financial stability was recognized as a central objective of central banks among advanced economies. However, the concerns for financial stability in emerging markets economies are much more long dated, and come from repeated experiences dealing...