South Africa

Seminar: Monetary Policy in Emerging Markets


Monetary Policy in Emerging Markets
organised by the OECD Economics Department and CCBS/Bank of England
OECD, Paris, 28 February 2007


Inaugural Session and Thematic Papers

Chair: Jean-Philippe Cotis (Economics Department, OECD)

Welcome remarks 

9:35-10:15 Overview of monetary policy regimes in emerging-market economies and issues for discussion
Speaker: Prof. Leonardo Leiderman (Tel Aviv University)
Monetary policy in emerging markets: Key current IT themes
Discussant: Mr. Niels Thygesen (Economic and Development Review Committee, OECD)
Key themes for IT central banks

10:15-10:35 Challenges for inflation targeters: the experience of industrial countries
Speaker: Ms. Gill Hammond (CCBS, Bank of England)
Inflation targeting; challenges facing industrialised countries

Floor discussions

11:10-11:45 Monetary policymaking and inflation expectations: the experience of Latin America
Speakers: Messrs. Luiz de Mello and Diego Moccero (Economics Department, OECD)
Monetary policymaking and inflation expectations: The experience of Latin America
Discussant: Mr. Ramón Moreno (BIS)

11:45-12:10: Asset and commodity prices: implications for monetary policy
Speaker: Mr. Mario Blejer (CCBS, Bank of England)
Asset and commodity prices: Implications for monetary policy

Floor discussions

Country Experiences

14:30-16:15: Brazil, Chile, Indonesia and South Africa
Moderator: Mr. Mario Blejer (CCBS, Bank of England)
Mr. André Minella (Central Bank of Brazil)
Brazil: Taming inflation expectations
Mr. Rodrigo Valdés (Central Bank of Chile)
Inflation targeting in Chile: Experience and issues
Mr. Hartadi Sarwono (Bank Indonesia)
Monetary policy in emerging markets: Indonesia's case
Mr. Monde Mnyande (South African Reserve Bank)
South Africa's experiences of monetary policy within an inflation targeting policy framework

Floor discussions

16:30-18:00: Czech Republic, Mexico and Turkey
Moderator: Mr. Val Koromzay (Economics Department, OECD)
Ms. Kateřina Šmídková (Czech National Bank)
Inflation targeting: Czech experience
Mr. Manuel Ramos Francia (Bank of Mexico)
Monetary policy in Mexico
Ms. Gülbin Şahinbeyoglu (Central Bank of Turkey)
From exchange rate stabilization to inflation targeting: The case of Turkey

Floor discussions and closing remarks

Further information can be obtained from the South America Desk at the OECD Economics Department at


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