GIM - Central Bank Credibility Pays Off In Times Of Stress
By Rudolfs Bems, Senior Economist at the Research Department of the IMF, Francesca Caselli, Economist in the World Economic Studies Division of the IMF Research Department, Francesco Grigoli, Economist in the World Economic Studies Division of the IMF’s Research Department, Bertrand Gruss, Senior Economist in the Research Department of the International Monetary Fund ((IMF)), and Weicheng Lian, Economist in the IMF’s Research Department
Since the mid-2000s, inflation in emerging market economies has been remarkably low and stable, in sharp contrast to the 1990s. But rising interest rates in advanced economies