01693cas a2200241 a 4500 AALejournalIMF001639 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451852271 1018-5941 BD-DhAAL BD-DhAAL Kongsamut, Piyabha. Philippines : Preparations for Inflation Targeting / Piyabha Kongsamut. Washington, D.C. : International Monetary Fund, 2001. 1 online resource (20 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The Philippines is planning to shift toward adoption of an inflation targeting framework in 2001. This paper reviews key policy issues in this context, describes various operational and technical preparations, and presents an empirical analysis of the factors driving inflation. Among the key policy requirements, while central bank independence appears assured, the exchange rate has been allowed to fluctuate largely freely, and the authorities are embarking on a medium-term plan for fiscal consolidation. Empirical results suggest that the effective exchange rate (rather than a bilateral rate) and wages are important long-run influences on inflation. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2001/099 Full text available on IMF http://elibrary.imf.org/view/journals/001/2001/099/001.2001.issue-099-en.xml IMF e-Library