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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

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  • Inflation targeting in Korea, Indonesia, Thailand, and the Philippines
  • Inoue, Takeshi; Toyoshima, Yuki; Hamori, Shigeyuki
  • Institute of Developing Economies, JETRO


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Title Inflation targeting in Korea, Indonesia, Thailand, and the Philippines
Similar Titles
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 pdf
Subject Economy < Others
Holding IDE, JETRO

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.