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　　分類: 图书,进口原版书,经管与理财 Business & Investing ,

作者： Francesco Giavazzi 著

出 版 社：

出版时间： 2005-5-1字数：版次： 1页数： 303印刷时间： 2005/05/01开本： 16开印次： 1纸张： 胶版纸I S B N ： 9780262072595包装： 精装内容简介

Inflation targeting -- when central bank policies set specific inflation rate objectives -- is widely used by both developed and developing countries around the world (although not by the United States or the European Central Bank). This collection of original essays looks at how Brazil's policy of inflation targeting, coupled with a floating exchange rate, survived a series of severe economic shocks and examines the policy lessons that can be drawn from Brazil's experience.

After a successful start in early 1999, Brazil's policy regime had to manage mounting difficulties, including a sudden reversal of capital flows and its effects on the exchange rate and public debt, the contagion of Argentina's severe economic problems, a domestic energy crisis, and the political uncertainty of the 2002 presidential campaign. The contributors, prominent Brazilian and international economists, draw important lessons from Brazil's experience, including the necessity of accompanying monetary policy with fiscal improvement, the trade-offs involved in dollar-linked debt, the importance of fiscal institutions in an emerging market economy, and the importance of keeping inflation under control.

作者简介

Francesco Giavazzi is Professor of Economics at Bocconi University and Visiting Professor at MIT. He is the coauthor (with Alberto Giovannini) of Limiting Exchange Rate Flexibility: The European Monetary System (MIT Press, 1989).

目录

Contributors

Overview: Lessons from Brazil

Francesco Giavazzi, Ilan Goldfajn, and Santiago Herrera

Ⅰ Economic Policy in Brazil, 1999 to 2003

1 Fiscal Policy, Inflation, and the Balance of Payments in Brazil

Affonso Celso Pastore and Maria Cristina Pinotti

Comment on Chapter 1

Pedro S. Malan

Ⅱ Inflation Targeting and Fiscal Policy

2 Fiscal Dominance and Inflation Targeting: Lessons from

Brazil

Olivier Blanchard

Comment on Chapter 2

Eduardo Loyo

3 Inflation Targeting and Debt: Lessons from Brazil

Carlo A. Favero and Francesco Giavazzi

Comment on Chapter 3

Eliana Cardoso

Ⅲ Debt Management and Fiscal Institutions

4 Public Debt Management in Brazil

Alessandro Missale and Francesco Giavazzi

Comment on Chapter 4

5 A Risk Management Approach to Emerging Market's Sovereign Debt Sustainability with an Application to Brazilian Data

Comment on Chapter 5

6 Institutions for Debt Sustainability in Brazil

Comment on Chapter 6

Ⅳ Country Risk and Domestic Political Risk in Brazil

7 Learning to Trust Lula: Contagion and Political Risk in Brazil

Comment on Chapter 7

8 Credit, Interest, and Jurisdictional Uncertainty: Conjectures on the Case of Brazil

Comment on Chapter 8

Arminio Fraga

Index

 

 

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