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Inflation targeting has come under sharp attack in the aftermath of the global financial crisis. In this paper we compare the macroeconomic performances of advanced and developing inflation targeting countries before and after the global financial crisis. Using a panel data methodology, we assess the effectiveness of the inflation targeting framework in both country groups when confronting a serious shock. Our results demonstrate that developing inflation targeting countries seem to have performed better in handling the global financial crisis and to have outperformed their advanced peers in the aftermath of the crisis. We argue that the performance of developing inflation targeting countries has arisen from an inflation targeting framework and countercyclical fiscal policy. The global financial crisis also reveals that price stability is not enough to secure financial stability and growth. The main issue for the future of inflation targeting is to incorporate financial stability.

Does the Global Financial Crisis Matter for the Macro Economic Performance of Inflation Targeting in Advanced and Developing Countries?: A Panel Study