01807cas a2200253 a 4500 AALejournalIMF009474 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451867572 1018-5941 BD-DhAAL BD-DhAAL Bakradze, Giorgi. Inflation Targeting in Georgia : Are We There Yet? / Giorgi Bakradze, Andreas Billmeier. Washington, D.C. : International Monetary Fund, 2007. 1 online resource (33 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 evaluates whether Georgia is ready to adopt inflation targeting (IT), a monetary policy framework that several emerging markets have adopted recently. After reviewing selected prerequisites for successfully implementing IT, the paper focuses on whether one specific precondition is in place-an empirically stable monetary transmission mechanism. Building on a baseline VAR model, it presents several extensions to explore the various channels using causality tests, impulse responses, and variance decompositions. The paper finds that once the central bank overcomes some institutional and operational weaknesses and establishes a more reliable transmission mechanism, it could adopt IT over the medium term. Mode of access: Internet Billmeier, Andreas. IMF Working Papers; Working Paper ; No. 2007/193 Full text available on IMF http://elibrary.imf.org/view/journals/001/2007/193/001.2007.issue-193-en.xml IMF e-Library