IMF Paper: Latin American central bank reform

The IMF Working Paper "Latin American central bank reform: Progress and challenges" published June 2005 takes stock of the institutional reform of monetary policy in Latin America since the early 1990s.

It argues that strengthening the legal independence of central banks, together with macroeconomic policies, was instrumental in reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the main challenges of monetary policy today

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