The role of inflation targeting in international debt denomination in developing countries
The role of inflation targeting in international debt denomination in developing countries
复制标题
通货膨胀目标制在发展中国家国际债务计价中的作用
DOI：
10.1016/j.jinteco.2018.06.002
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发表时间：
2018
影响因子：
3.3
通讯作者：
Cesar M. Rodriguez
中科院分区：
文献类型：
--
作者：
Olena Ogrokhina;Cesar M. Rodriguez
本文分析了发展中国家的通货膨胀目标制经验，将其作为一种有效的货币政策框架，以促进其国际债务货币构成的变化。使用差值匹配来解决自我选择偏差，我们发现，与非目标国家相比，通胀目标制导致目标国家国际债务的外币份额减少了3-6个百分点。此外，从单个货币份额的分析中，我们发现通胀目标制导致目标国家的美元在国际债务中的份额比非目标国家低10个百分点；而对欧元和其他外币份额的影响可以忽略不计。这不仅证明了国际金融市场的结构特征很重要，而且表明货币政策可以帮助发展中国家减少对外币债务的依赖。
This paper analyzes the inflation targeting experience of developing countries as an effective monetary policy framework to promote changes in the currency composition of their international debt. Using matching with difference-in-differences to address the self-selection bias, we find that in inflation targeting has led to a 3-6 percentage point reduction in the foreign currency share of international debt in targeting countries when compared to non-targeting countries. Furthermore, from the analysis of the individual currency shares, we find that inflation targeting has contributed to a 10 percentage points lower US dollar share in international debt in targeting countries compared to non-targeting countries; while the effects on the euro and other foreign currencies shares are negligible. This not only provides evidence that the structural features of international financial markets matter, but also that monetary policy can help developing countries reduce their reliance on foreign currency debt.