01943cas a2200241 a 4500 AALejournalIMF006935 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455211739 1018-5941 BD-DhAAL BD-DhAAL International Monetary Fund. Weathering the Global Storm : The Benefits of Monetary Policy Reform in the LA5 Countries. Washington, D.C. : International Monetary Fund, 2010. 1 online resource (56 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 This paper highlights that central banks from Brazil, Chile, Colombia, Mexico, and Peru (the LA5 countries) reaped the benefits of what they sowed in successfully weathering the global crisis. The adoption of far-reaching institutional, policy, and operational reforms during the last two decades enabled central banks to build credibility about their commitment with the objective of price stability. Thus, when the 2007 - 08 supply shock and the financial crisis hit the world, the LA5 central banks reacted swiftly and effectively based on a flexible policy framework and with the support of strong macroeconomic and financial foundations. Building on the experience of the LA5 central banks and complementing with recommendations from the IMF's technical advice, the paper provides several suggestions for countries seeking to strengthen the effectiveness of monetary policy. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2010/292 Full text available on IMF http://elibrary.imf.org/view/journals/001/2010/292/001.2010.issue-292-en.xml IMF e-Library