Perspectives on inflation targeting, financial stability and the global crisis

This BIS Paper discusses lessons provided by the global financial crisis for inflation targeting and financial stability. It contains selected presentations from the BIS-sponsored sessions at two Latin American and Caribbean Economic Association (LACEA) annual meetings: November 2008, in Rio de Janeiro, and October 2009, in Buenos Aires. The 2008 papers in this volume are by José de Gregorio, Governor of the Central Bank of Chile, and Guillermo Calvo, professor of economics at Columbia University; the 2009 presentations are by Vittorio Corbo, former Governor of the Central Bank of Chile, and Michael Dooley, professor of economics at the University of California, Santa Cruz.

JEL-classification: E42, E52, E58, F31, F41, G28

Keywords: inflation targeting, financial stability, global financial crisis, bank regulation, foreign reserves, BIS, LACEA