DOCSLIB.ORG

Standards, Governance, Bank Regulation Help to Integrate Emerging Markets in Global System

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Standards, Governance, Bank Regulation Help to Integrate Emerging Markets in Global System Brookings-Wharton conference Standards, governance, bank regulation help to integrate emerging markets in global system hat obstacles are there to the growth of emerg- Gothenburg surveyed international practice and con- Wing markets? “Round up the usual suspects,” cluded that creditor-oriented systems (the traditional advised Columbia University’s Frederic Mishkin at a U.K. practice) were effective, but so were debtor-ori- January 11–12 Brookings-Wharton conference that ented systems (the French focused on integrating emerging market countries in approach, for example, makes the global financial system. In response to Mishkin’s maintaining employment a call, presenters looked at the role of property rights, principal goal). What matters is bankruptcy law, standards and codes of best interna- enforcement and that all parties tional practice, security market development, corporate understand what will happen in governance, accounting standards, and bank regulation the bankruptcy proceeding. and supervision. Many also underscored how vital it is Ray Ball of the University of for emerging markets to be consistent in implementing Chicago discussed the closely the policies and the practices they choose to follow. related issue of corporate accounting, looking at how well Environment for enterprises various systems provide infor- A number of papers asked what steps are needed to mation on firms’ balance sheets bring the environment for enterprises in line with for the purpose of monitoring global standards. Reena Aggarwal from Georgetown and at how well they capture University talked about a paradoxical situation in changes—particularly losses— which emerging market economies thrive while their in the value of the firm. He Michael Pomerleano stock markets are in decline. She concluded that major drew an important difference between common enterprises in these emerging markets are increasingly law–based systems (the United Kingdom and the bypassing local stock markets to list themselves on United States), which are run mainly for shareholders, industrial country stock exchanges. But only the largest and those based on code law (continental Europe), in firms can do this, she said, so that the problems facing which other stakeholders have important rights. Both the remaining firms draw a great deal of attention. systems, he said, provide adequate monitoring, but Looking at corporate governance systems, Luis both fall short, in varying degrees, in terms of captur- Zingales of the University of Chicago noted that ing changes in the value of firms. Christian Leuz of the choice between a market-based “arm’s-length” the Wharton School agreed that accounting and dis- approach and a relationship-based approach depends closure systems are deeply embedded in a country’s crucially on the underlying contracting system. In institutional framework. Consequently, he observed, emerging markets, the arm’s-length model may not be traditional developing country systems, in which the optimal, he said, but it is likely to predominate in the concerned parties are limited to reasonably well long run, as it better accommodates international informed insiders, may in fact be the best option for investors. an environment with weak disclosure systems. Corporate governance reform may be important, Ball emphasized that complementary reforms are the World Bank’s Michael Pomerleano commented, indispensable for developing better accounting sys- but the risk of future crises will not be substantially tems. Legal reforms, especially those that make man- reduced until public financial sector governance— agement liable to shareholders for misrepresenting the especially that of monetary authorities—is also condition of the firm, are essential for reliable account- reformed. Governance failures in this area have played ing systems, he said. It is a waste of resources to focus a key role in a number of recent crises, he said, citing on accounting standards where the supporting infra- the failure to take timely action to avoid the collapse structure is not in place, according to Ball. As an illus- of the Thai baht; the provision of emergency bank tration, he discussed China, which has adopted liquidity in Indonesia, much of which went to fund International Accounting Standards (IAS), but where capital flight; and the hiding of foreign reserve losses company accounts remain so poor that the credibility prior to currency crises in Mexico and Korea. of IAS itself is threatened. When firms get into trouble, whether in a crisis environment or not, bankruptcy procedures become Role of local banks important, and potential creditors need to know what While the conference addressed a wide range of topics, February 5, 2001 will happen. Clas Wihlborg from the University of many participants singled out the crucial importance 51 ©International Monetary Fund. Not for Redistribution of the banking sector. As Mishkin emphasized, potential banking crises are a principal source of risk in emerging markets. Weak banks make it risky for the authorities to raise interest rates, thus limiting the tools available to defend against currency crises. This in itself can trigger a crisis that brings down the banks. Ian S. McDonald Improved banking regulation Editor-in-Chief and supervision are critical to Sara Kane maintaining a sound banking sys- Deputy Editor tem, and the World Bank’s Gerald Sheila Meehan Frederic Mishkin Gerald Caprio Senior Editor Caprio presented new cross-coun- Elisa Diehl Assistant Editor try research assessing the features of Sharon Metzger supervisory systems that contribute to strong banking The second day ended with a session led by IMF Senior Editorial Assistant systems. The study concluded, most notably, that there First Deputy Managing Director Stanley Fischer, who Lijun Li Editorial Assistant is a strong positive link between state ownership of discussed his views on exchange rate regimes and cri- Joann Wheeler banks and the likelihood of a crisis. It also found a very sis prevention. On the former, Fischer noted that the Staff Assistant robust link between the generosity of the deposit major emerging market crises of the past few years Philip Torsani Art Editor/Graphic Artist insurance system and bank fragility. While many of its had all involved the departure from a pegged exchange Jack Federici conclusions were in line with earlier research, the com- rate system, while similar countries with floating rate Graphic Artist prehensive databases (see www.worldbank.org/- systems had had problems without crises. He said that The IMF Survey (ISSN 0047- 083X) is published in English, research/interest/data.htm) that the paper draws from this had led observers to focus on the so-called corner French, and Spanish by the IMF provide a solid foundation for future research. solutions of a free float or a hard peg. Nevertheless, he 23 times a year, plus an annual Supplement on the IMF and an added, there is room for managed floats and other annual index. Opinions and View from the practitioners intermediate solutions, especially where countries are materials in the IMF Survey do not necessarily reflect official Each day’s discussion ended with a presentation from not open to international capital flows, and he views of the IMF. Any maps referred the audience to his recent discussion of used are for the convenience of a speaker active in emerging markets. The first day, readers, based on National PIMCO Emerging Market Fund’s Mohamed El-Erian exchange rate regimes at the meetings of the Geographic’s Atlas of the World, American Economic Association (see IMF Survey, Sixth Edition; the denomina- challenged the image of emerging markets as risky tions used and the boundaries and highly volatile. Noting that the volatility of January 22, page 26). shown do not imply any judg- ment by the IMF on the legal emerging markets’ security prices had declined over On crisis prevention, Fischer called attention to status of any territory or any the past year, he pointed to a range of reasons why this progress in five areas: more candid surveillance by the endorsement or acceptance of such boundaries. Material was so, mentioning improved macroeconomic policies IMF, especially with respect to countries’ vulnerabili- from the IMF Survey may be in the countries themselves, reduced participation by ties; introduction of the Financial Sector Assessment reprinted, with due credit given. Address editorial correspon- highly leveraged institutions, greater efforts at investor Program; work on developing and implementing dence to Current Publications relations by borrowing countries, and a rapid response standards and codes of good financial practice; Division, Room IS7-1100, IMF, Washington, DC 20431 by the IMF when recent crises in Argentina and increased transparency of the IMF itself; and intro- U.S.A. Tel.: (202) 623-8585; duction and reform of the IMF’s Contingent Credit or e-mail any comments to Turkey put the entire asset class at risk. [email protected]. The IMF An especially positive factor in the declining volatil- Lines, which he expected would soon begin to be used Survey is mailed first class in by member countries. Canada, Mexico, and the United ity, he said, was the more active role played by bor- States, and by airspeed else- rowers. This greater activism ranged from conference The overarching question, said Fischer, was how to where. Private firms and indi- viduals are charged $79.00 calls with investors to increased provision of data minimize the damage from vulnerabilities. Once a cri- annually. Apply for subscrip- (partly in response to IMF transparency initiatives) to sis occurs, there is a necessary choice between extend- tions to Publication Services, Box X2001, IMF, Washington, greater sophistication on the part of countries’ debt ing guarantees to the banking system or facing the DC 20431 U.S.A. Tel.: (202) managers in the timing of their market activity, collapse of the banking system. The IMF has sup- 623-7430; fax: (202) 623-7201; e-mail: [email protected]. including absorbing some of the volatility by actively ported a number of countries in recent crises when trading in their own securities.
Load more

Recommended publications
  • Comments On\Inflation Targeting in Transition Economies; Experience
    Comments on \In°ation targeting in transition economies; Experience and prospects", by Jiri Jonas and Frederic Mishkin Olivier Blanchard¤ April 2003 The paper by Jonas and Mishkin does a very good job of describing the history, the implementation, and the e®ects of in°ation targeting in Central Europe. The description is rich and informative, showing the inconsisten- cies and the adjustments in monetary policy over time, the con°icts between monetary and ¯scal policy, and the di±culty of achieving in°ation targets. The basic conclusion, which is presented with much honesty, is also convinc- ing: In°ation targeting has not done miracles. But it has led to a decline in in°ation, at an output cost which does not appear excessively high. The paper however does less good a job of discussing the many issues facing in°ation targeters in those countries. It sometimes gives the impres- sion that what remains to be worked out are details of implementation, whether for example to have a point or a band for the in°ation target, or how to choose the time horizon for in°ation targeting. I agree that these are decisions that policy makers must make. But I also believe that there are plenty of hard conceptual issues which have not been solved, and these also need to be tackled, and tackled urgently. This will be the theme of my comments. ¤Comments given at the NBER Conference on In°ation Targeting, January 2003 In°ation targeting 2 Let me start with one remark however. Many of the criticisms I raise belowapplytomuchoftheresearchonin°ationtargeting.Inthissense, singling out Jonas and Mishkin is unfair.
    [Show full text]
  • Monetary Policy Under Inflation Targeting: an Introduction
    Banco Central de Chile Documentos de Trabajo Central Bank of Chile Working Papers N° 396 Diciembre 2006 MONETARY POLICY UNDER INFLATION TARGETING: AN INTRODUCTION Frederic S. Mishkin Klaus Schmidt-Hebbel La serie de Documentos de Trabajo en versión PDF puede obtenerse gratis en la dirección electrónica: http://www.bcentral.cl/esp/estpub/estudios/dtbc. Existe la posibilidad de solicitar una copia impresa con un costo de $500 si es dentro de Chile y US$12 si es para fuera de Chile. Las solicitudes se pueden hacer por fax: (56-2) 6702231 o a través de correo electrónico: [email protected]. Working Papers in PDF format can be downloaded free of charge from: http://www.bcentral.cl/eng/stdpub/studies/workingpaper. Printed versions can be ordered individually for US$12 per copy (for orders inside Chile the charge is Ch$500.) Orders can be placed by fax: (56-2) 6702231 or e-mail: [email protected]. BANCO CENTRAL DE CHILE CENTRAL BANK OF CHILE La serie Documentos de Trabajo es una publicación del Banco Central de Chile que divulga los trabajos de investigación económica realizados por profesionales de esta institución o encargados por ella a terceros. El objetivo de la serie es aportar al debate temas relevantes y presentar nuevos enfoques en el análisis de los mismos. La difusión de los Documentos de Trabajo sólo intenta facilitar el intercambio de ideas y dar a conocer investigaciones, con carácter preliminar, para su discusión y comentarios. La publicación de los Documentos de Trabajo no está sujeta a la aprobación previa de los miembros del Consejo del Banco Central de Chile.
    [Show full text]
  • Frederic S. Mishkin Klaus Schmidt-Hebbel Working Paper
    NBER WORKING PAPER SERIES DOES INFLATION TARGETING MAKE A DIFFERENCE? Frederic S. Mishkin Klaus Schmidt-Hebbel Working Paper 12876 http://www.nber.org/papers/w12876 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 2007 We thank Kevin Cowan for valuable discussion and methodological advice. Fabian Gredig, Mauricio Larrain, and Marcelo Ochoa provided outstanding assistance and ideas to the paper. For valuable comments we thank Mario Blejer, Agnes Csermely, John Murray, Grant Spencer, Raimundo Soto and participants at the 2005 Annual Conference of the Central Bank of Chile, the South African Reserve Bank / Bank of England Center of Central Banking Studies Seminar on Inflation Targeting, the 2006 Annual Seminar of the Central Bank of Brazil, and at seminars at Ceska Narodni Banka, Bank of England, Magyar Nemzeti Bank, Norges Bank, and Reserve Bank of New Zealand. Frederic Mishkin's work on this paper was completed before he became a member of the Board of Governors of the Federal Reserve System. All remaining errors are ours and the views expressed in the paper do not necessarily represent those of the Central Bank of Chile or its Board, the Board of Governors of the Federal Reserve System, Columbia University or the National Bureau of Economic Research. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. © 2007 by Frederic S. Mishkin and Klaus Schmidt-Hebbel. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.
    [Show full text]
  • Central Bank Behavior and the Strategy of Monetary Policy: Observations from Six Industrialized Countries
    This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: NBER Macroeconomics Annual 1992, Volume 7 Volume Author/Editor: Olivier Jean Blanchard and Stanley Fischer, editors Volume Publisher: MIT Press Volume ISBN: 0-262-02348-2 Volume URL: http://www.nber.org/books/blan92-1 Conference Date: March 6-7, 1992 Publication Date: January 1992 Chapter Title: Central Bank Behavior and the Strategy of Monetary Policy: Observations from Six Industrialized Countries Chapter Author: Ben Bernanke, Frederic Mishkin Chapter URL: http://www.nber.org/chapters/c10993 Chapter pages in book: (p. 183 - 238) Ben Bernankeand FredericMishkin WOODROWWILSON SCHOOL, PRINCETONUNIVERSITY, AND NBER,AND GRADUATESCHOOL OF BUSINESS,COLUMBIA UNIVERSITY,AND NBER Central Bank Behavior and the Strategy of Monetary Policy: Observations from Six Industrialized Countries* 1. Introduction In the United States, it has long been the practice of central bankers to meet periodically with outside consultants, including academic and business economists, in order to discuss the current economic situation. In the authors' experience as invited consultants, these meetings invari- ably end with a "go-round," in which each consultant is asked to give his or her views on current monetary policy. Often the go-round is prefaced by a question of the following sort: "The Federal Open Market Committee [the group that determines U.S. monetary policy] meets next Tuesday. What actions do you recommend that we take?" We have each found it quite difficult to give a good answer to this type of question, not only because, as ivory-tower academics, we tend to have a less-detailed knowledge of current conditions than do the central bankers.
    [Show full text]
  • Will Monetary Policy Become More of a Science?
    Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Will Monetary Policy Become More of a Science? Frederic S. Mishkin 2007-44 NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the Finance and Economics Discussion Series (other than acknowledgement) should be cleared with the author(s) to protect the tentative character of these papers. Will Monetary Policy Become More of a Science? Frederic S. Mishkin Member Board of Governors of the Federal Reserve System September 2007 Prepared for the Deutsche Bundesbank conference “Monetary Policy Over Fifty Years,” held in Frankfurt am Main, Germany, September 21, 2007. The views expressed here are my own and are not necessarily those of the Board of Governors or the Federal Reserve System. I thank Michael Kiley, Andrew Levin, and Robert Tetlow for their helpful comments and assistance. Over the past three decades, we have seen a remarkable change in the performance of monetary policy. By the end of the 1970s, inflation had risen to very high levels, with many countries in the Organisation for Economic Co-operation and Development (OECD) experiencing double-digit inflation rates (figure 1). Most OECD countries today have inflation rates around the 2 percent level, which is consistent with what most economists see as price stability, and the volatility of inflation has also fallen dramatically (figure 2).
    [Show full text]
  • Frederic Mishkin Governor of the Federal Reserve System 2000 Constitution Ave Washington, DC 20551 U.S.A
    FREDERIC S. MISHKIN Prof. Frederic Mishkin Governor of the Federal Reserve System 2000 Constitution Ave Washington, DC 20551 U.S.A Frederic S. Mishkin took office at Federal Reserve System on September 5, 2006, to fill an unexpired term ending January 31, 2014. Before becoming a member of the Board, Dr. Mishkin was the Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University, from 1999 to 2006. Prior to that he was the A. Barton Hepburn Professor of Economics from 1991 to 1999 and professor at the Graduate School of Business from 1983 to 1991. He was also a research associate at the National Bureau of Economic Research (1980 to 2006) and a senior fellow at the Federal Deposit Insurance Corporation's Center for Banking Research (2003 to 2006). Dr. Mishkin has taught at the University of Chicago, Northwestern University, Princeton University, and Columbia University. Before joining the Board, Dr. Mishkin served the Federal Reserve System in several roles. From 1994 to 1997, he was Executive Vice President and Director of Research at the Federal Reserve Bank of New York and an Associate Economist of the Federal Open Market Committee of the Federal Reserve System. Dr. Mishkin was the editor of the Federal Reserve Bank of New York's Economic Policy Review and later served on that journal's editorial board. From 1997 to 2006, he also was an academic consultant to and served on the Economic Advisory Panel of the Federal Reserve Bank of New York. Dr. Mishkin has been an academic consultant to the Board of Governors and a visiting scholar at the Board's Division of International Finance.
    [Show full text]
  • Keynote: the Crisis and Criminal Justice
    University of Chicago Law School Chicago Unbound Journal Articles Faculty Scholarship 2011 Keynote: The Crisis and Criminal Justice Bernard E. Harcourt Follow this and additional works at: https://chicagounbound.uchicago.edu/journal_articles Part of the Law Commons Recommended Citation Bernard E. Harcourt, "Keynote: The Crisis and Criminal Justice," 28 Georgia State University Law Review 965 (2011). This Article is brought to you for free and open access by the Faculty Scholarship at Chicago Unbound. It has been accepted for inclusion in Journal Articles by an authorized administrator of Chicago Unbound. For more information, please contact [email protected]. KEYNOTE: THE CRISIS AND CRIMINAL JUSTICE Bernard E. Harcourt There has been a lot of recent debate over whether the economic crisis presents an opportunity to reduce prison populations and improve the state of criminal justice in this country. Some commentators suggest that the financial crisis has already triggered a move towards reducing the incarcerated population. Some claim that there is a new climate of bipartisanship on punishment. Kara Gotsch of the Sentencing Project, for example, suggests that we are now in a unique political climate embodied by the passage of the Second Chance Act under President George W. Bush-a climate that is substantially different than the era marked by President Bill Clinton's Omnibus Crime Bill.' Others, such as Jonathan Simon at Berkeley, have suggested that our prison population is a bubble that will eventually burst. In his article in Daedalus, Clearing the "Troubled Assets" of America's Punishment Bubble, Simon suggests that the crisis of mass incarceration can be mapped onto the housing crisis and argues that the analogy may reveal potential remedies to the current situation.
    [Show full text]
  • Macroeconomic Lessons from the Great Deviation by John B. Taylor
    Macroeconomic Lessons from the Great Deviation By John B. Taylor1 Stanford University Remarks at the 25th NBER Macro Annual Meeting May 2010 Congratulations to the National Bureau of Economic Research on the 25th anniversary of the Macroeconomics Annual conference series and thanks to all the editors over the years— Stanley Fischer, Olivier Blanchard, Julio Rotemberg, Ben Bernanke, Daron Acemoglu, Kenneth Rogoff, and Michael Woodford—who have consistently encouraged research with a strong empirical content and policy relevance. My remarks tonight focus on the macroeconomic aspects of the financial crisis. Most of my research over the past few years has been on the financial crisis. My approach has been empirical, examining data on interest rate spreads, money supply, consumption, investment, and simulating empirical models using the discipline of counterfactuals—basically the same approach used in the papers presented at the NBER Macro Annual conferences over the years. In these remarks I want to summarize the key findings in a few words, without the charts or tables, and then draw the implications both for macroeconomics as a field and for macroeconomics as a guide for policy. Since this is a Macroeconomics Annual meeting I will focus on macroeconomic issues and not delve into regulatory issues. Let me begin with an explanation of the title of my talk. I know economists use the word “Great” too much, but I think it is quite fitting here. We all know what the Great Moderation was and we have debated what caused it. Many have argued that good policy, especially good monetary policy, played a big role.
    [Show full text]
  • Economists' Forum
    ft.com > comment > blogs > Economists' Forum The director of ‘Inside Job’ replies October 14, 2010 12:20 pm by Financial Times By Charles Ferguson, writer and director of Inside Job In his article “The economist’s reply to the ‘Inside Job”” Prof Frederic Mishkin misrepresents both his own activities, including his interview for my film, and the widespread conflicts of interest which have distorted academic economics and its role in the financial crisis. First, Prof Mishkin alleges that I focused exclusively on his report on Iceland. But in an interview in September 2009 lasting more than an hour, and for which I can supply both video and transcript, I asked Prof Mishkin about his general views of the financial crisis and its causes, his 2006 report Financial Stability In Iceland, his activities as a governor of the Federal Reserve Board, his post-crisis views on issues ranging from financial reform to the growing inequality of income and wealth in the US and his consulting activities since returning to Columbia University. Prof Mishkin suggests that his 2006 report on Iceland identified various systemic risks, that the majority of bad behaviour in Iceland’s financial system occurred afterwards, and that Iceland’s real risks were unknowable. At the time he wrote his report, Iceland’s banking system had already borrowed $50bn, more than four times Iceland’s gross domestic product, in the preceding five years Iceland’s Financial Supervisory Authority had a total of 40 employees, including clerical staff, to monitor all of the country’s financial companies and markets, including banking, investing, and insurance and during the bubble about a third of these regulators departed to work for the banks.
    [Show full text]
  • Inflation Targeting in Emerging Market Countries
    NBER WORKING PAPER SERIES INFLATION TARGETING IN EMERGING MARKET COUNTRIES Frederic S. Mishkin Working Paper 7618 http://www.nber.org/papers/w7618 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 March 2000 Prepared for AEA Papers and Proceedings, May 2000 at the session “Inflation Targeting” held at the ASSA meetings, Boston Mass., January 7, 2000, 2:30 p.m. I thank Miguel Savastano for his helpful comments. The views expressed in this paper are exclusively those of the author and not those of Columbia University or the National Bureau of Economic Research. © 2000 by Frederic S. Mishkin. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Inflation Targeting in Emerging Market Countries Frederic S. Mishkin NBER Working Paper No. 7618 March 2000 JEL No. E5 ABSTRACT This paper outlines what inflation targeting involves for emerging market/transition countries and discusses the advantages and disadvantages of this monetary policy strategy. The discussion suggests that although inflation targeting is not a panacea and may not be appropriate for many emerging market countries, it can be a highly useful monetary policy strategy in a number of them. Frederic S. Mishkin Graduate School of Business Uris Hall 619 Columbia University New York, NY 10027 and NBER [email protected] The unhappy experience of Latin American and East Asian countries with pegged exchange rate regimes who subsequently found themselves in deep financial crises in the 1990s has led emerging market economies to search for alternative nominal anchors.
    [Show full text]
  • Inflation Targeting in Emerging Market Countries
    99aea.wpd Page 1 INFLATION TARGETING IN EMERGING MARKET COUNTRIES by Frederic S. Mishkin Graduate School of Business, Columbia University and National Bureau of Economic Research E-mail: [email protected] Draft: December 31, 1999 Forthcoming American Economic Review Papers and Proceedings, May 2000 Prepared for AEA Papers and Proceedings, May 2000 at the session “Inflation Targeting” held at the ASSA meetings, Boston Mass., January 7, 2000, 2:30 p.m. I thank Miguel Savastano for his helpful comments. The views expressed in this paper are exclusively those of the author and not those of Columbia University or the National Bureau of Economic Research. 99aea.wpd Page 2 INFLATION TARGETING IN EMERGING MARKET COUNTRIES Frederic S. Mishkin* The unhappy experience of Latin American and East Asian countries with pegged exchange rate regimes who subsequently found themselves in deep financial crises in the 1990s has led emerging market economies to search for alternative nominal anchors. (I am including transition countries in Eastern Europe and the former Soviet Union in the emerging market category.) Targeting inflation, a monetary policy strategy which has been successfully used by a number of industrialized countries, has thus become an increasingly attractive alternative that has been adopted by a growing number of emerging market countries, including Chile, Brazil, the Czech Republic, Poland and South Africa. In this paper, I outline what inflation targeting involves for these countries and discuss the advantages and disadvantages of this monetary policy strategy. The bottom line is that although inflation targeting is not a panacea and may not be appropriate for many emerging market countries, it can be a highly useful monetary policy in a number of them I.
    [Show full text]
  • June 2013 CURRICULUM VITAE Frederic S. Mishkin I. PERSONAL
    June 2013 CURRICULUM VITAE Frederic S. Mishkin I. PERSONAL Present Address: Graduate School of Business Uris Hall 817 3022 Broadway New York, NY Phone: (212) 854-3488 FAX 662-8474 E-mail: [email protected] Citizenship: U.S. II. EDUCATION Undergraduate: Massachusetts Institute of Technology, B.S. (Economics), 1973. Balliol College, Oxford, Approved Course in Economics, 1971- 72. Graduate: Massachusetts Institute of Technology, Ph.D. (Economics) 1976. III. HONORS Phi Beta Kappa, 1973. Society of the Sigma Xi, 1973. National Science Foundation Graduate Fellowship, 1973-76. Alfred P. Sloan Foundation Fellowship, 1982-1986. Harry Johnson Lecture, Money Macroeconomics and Finance Research Group Annual Conference, September 1993. Honorary Professor, Renmin (Peoples) University of China, June 1999 Homer Jones Lecture: sponsored by the Federal Reserve Bank of St. Louis, Gateway Chapter of the National Association of Business Economists, University of Missouri-St. Louis, St. Louis University, Southern Illinois University-Edwardsville and Washington University, St. Louis, March 2000. Henry George Lecture: University of Scranton, October 2004. John Kuszczak Memorial Lecture: Bank of Canada, April 2005. JMCB-FDIC Invited Lecture, September 2005. Weissman Center for International Business Distinguished Lecture, Baruch College, 2006 Beta Gamma Sigma Distinquished Lecture, College of Business, East Carolina University, 2008 Sandridge Lecture, Virginia Association of Economics and the H. Parker Willis Lecture, Washington & Lee University, 2008 Joseph L. Lucia Memorial Lecture, Villanova University, 2009 Willaim F. Butler Memorial Award, New York Association for Business Economics, 2009 IV. CURRENT POSITIONS Alfred Lerner Professor of Banking and Financial Institutions, Graduate School of Business, Columbia University, 1999 to present. National Bureau of Economic Research, Research Associate, 1980 to present.
    [Show full text]