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Challenges for Central Banking
In the wake of the 2008–09 global financial crisis, central banking and monetary policy in many corners of the world came under intense pressure and entered unchartered waters. The breadth and scale of central bank operations have been modified or expanded in unprecedented and even unimaginable ways given the circumstances. Additionally, a fundamental rethinking of central banking and its policy frameworks has been taking place. This volume reflects a multilateral effort to help close the gap in our knowledge in meeting the critical challenges presented by these significant changes, in particular, those confronting central banks in Latin America. The volume’s first section provides a panoramic overview of the policy progress made to date and the challenges that lie ahead. The related issue of spillovers and monetary independence is taken up more fully in the next section. The final section presents chapters that reexamine macroprudential and monetary policies and policy frameworks from the perspective of central bank staff members from the region.
Excerpt: Challenges for Central Banking
This paper provides a regional perspective on these challenges by including chapters authored by central bankers from Latin America, as well as IMF experts. The paper also provides a panoramic overview of the policy progress made to date and the challenges that lie ahead for central banks in the region. It places the subject in historical context by looking at how central banks in the region have evolved over the past century and outlines the challenges ahead in a more financially integrated global economy. Since the global financial crisis, central banking has been undergoing a massive renovation. The crisis brought to light fundamental challenges for central bankers in terms of purpose, instruments, and what we hope to achieve. An overarching theme that connects us in both advanced and emerging market economies alike is that of setting monetary policies in an increasingly financially integrated world and addressing the underlying challenges that this presents. Looking forward, concerns have shifted to the challenges of price stability in a world of globally integrated capital markets.
Memories Before the State
Place, memory, and the postwar -- Enacting post-conflict nationhood -- Yuyanapaq doesn't fit -- "There isn't just one memory, there are many memories" -- Memory under construction -- Memory's futures.
Andean Entrepreneurs
Native to a high valley in the Andes of Ecuador, the Otavalos are an indigenous people whose handcrafted textiles and traditional music are now sold in countries around the globe. Known as weavers and merchants since pre-Inca times, Otavalos today live and work in over thirty countries on six continents, while hosting more than 145,000 tourists annually at their Saturday market. In this ethnography of the globalization process, Lynn A. Meisch looks at how participation in the global economy has affected Otavalo identity and culture since the 1970s. Drawing on nearly thirty years of fieldwork, she covers many areas of Otavalo life, including the development of weaving and music as business en...
The Rough Guide to Peru
The Rough Guide to Peru is the ultimate travel guide with clear maps and detailed coverage of all the best attractions Peru has to offer. Discover the varied and exciting country of Peru whether exploring the breathtaking Machu Picchu, traversing a rainforest canopy walkway in one of the world's richest jungles or hiking the Inca Trail, the Rough Guide to Peru makes sure you make the most out of your time in Peru. Packed with detailed, practical advice on what to see and do in Peru; this guide provides reliable, up-to-date descriptions of the best hotels in Peru, recommended restaurants in Peru, and tips on everything from shopping to festivals in Peru for all budgets. Featuring detailed coverage on a full range of attractions; from the Archbishops' Palace and Nasca Lines, to the Valley of the Pyramids and scaling the Inca temple-fortress of Sacsayhuaman, you'll find expert tips on exploring Peru's amazing attractions with an authoritative background on Peru's rich culture and history.Explore all corners of Peru with the clearest maps of any guide and practical Spanish language tips. Make the most of your holiday with The Rough Guide to Peru.
Intervention Under Inflation Targeting--When Could It Make Sense?
We investigate the motives inflation-targeting central banks in emerging markets may have for intervening in foreign exchange markets and evaluate the case for such interventions based on the existing literature. Our findings suggest that the rationale for interventions depends on initial conditions and country-specific circumstances. The case is strongest in the presence of large currency mismatches or underdeveloped markets. While interventions can have benefits in the short-term, sustained over time they could entrench unfavorable initial conditions, though more work is needed to establish this empirically. A first effort to measure the cost of interventions to the credibility of policy frameworks suggests that the negative impact may be smaller than often assumed—at least for the set of more sophisticated inflation-targeting emerging-market central banks considered here.
