Before the Global Financial Crisis, a drive towards greater central-bank autonomy and transparency, as part of the achievement of greater central-bank credibility that had begun in the advanced economies (AE), spread to the emerging market economies (EME). This process was greatly enhanced by the adoption of inflation targeting (IT), as analyzed in Bordo and Siklos (2014). Moreover, the adoption of best practices was viewed as a way for emerging market countries especially to “tie their hands” to deliver lower and more stable inflation rates without undue fiscal and/or political influence.

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