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Inflation targeting in Korea, Indonesia, Thailand, and the Philippines : The impact on business cycle synchronization between each country and the World
- Inflation targeting in Korea, Indonesia, Thailand, and the Philippines
- Inoue, Takeshi; Toyoshima, Yuki; Hamori, Shigeyuki
- Institute of Developing Economies, JETRO
| Title |
Inflation targeting in Korea, Indonesia, Thailand, and the Philippines
Similar Titles
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|---|---|
| Sub Title | The impact on business cycle synchronization between each country and the World |
| Material Type | Articles |
| Author(English) |
Inoue, Takeshi; Toyoshima, Yuki; Hamori, Shigeyuki |
| Publisher |
[Sejong] : Institute of Developing Economies, JETRO |
| Date | 2012-03 |
| Journal Title; Vol./Issue | IDE Discussion Papers:no. 328 |
| Pages | 26 |
| Subject Country | Indonesia(Asia and Pacific) Philippines(Asia and Pacific) South Korea(Asia and Pacific) Taiwan(Asia and Pacific) |
| Language | English |
| File Type | Link |
| Original Format | |
| Subject | Economy < Others |
| Holding | IDE, JETRO |
| License |  |
Abstract
This paper is an overview of the results from a questionnaire survey and subsequent supplementary interviews of Iran’s large apparel firms This paper empirically analyzes whether and to what extent the adoption of inflation targeting (IT) in Korea, Indonesia, Thailand and the Philippines has affected their business cycle synchronization with the rest of the world. By employing the dynamic conditional correlation (DCC) model developed by Engle (2002), we find that IT in Asia has little effect on international business cycle synchronization and the effect is positive in some of the countries, if any. These findings basically seem to be consistent with the evidence from relevant literature.
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