Exchange Rate Policy under Inflation Targeting : A Case Study of Thailand

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This study conducts a theoretical analysis to attest the proposition asserted in previous literature (Kamil, 2008; Geršl and Holub, 2006; Domaç and Mendoza, 2004; Ho and McCauley, 2003) that coherence between exchange rate policy and inflation target is a crucial factor in determining the effectiveness of the monetary authorities' macroeconomic management in the inflation targeting regime. An empirical analysis of Thailand's experience reveals that the monetary autho rities' operation to target exchange rate stability (i.e., stem currency appreciation) is consistent with monetary policy goal of inflation targeting during the period of declining inflation (June 2001-July 2004) but incompatible with the objective of containing inflation during the period of overheating economy (August 2004-December 2006). The findings in this paper agree with those of the previous literature and provide more support to the aforementioned notion.

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  • 経営研究

    経営研究 60 (4), 63-90, 2010-02

    大阪市立大学経営学会

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