Can Emerging Markets Float? Should They Inflation Target?

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Monetary Policy in Emerging Markets (2010, background): “102 Eichengreen and Mody (2000, 2004) estimated econometrically the determinants of interest rate spreads on individual issues. 103 See Adler and Song (2009) and Ranciere (2002).”
Keynes at the periphery: Currency hierarchy and challenges for economic policy in emerging economies (2017, background): “…denominated in external currency (original sin), creating a problem of “fear of floating,” and (4) the credibility problem of many emerging economies regarding monetary policy, which is at least partially interdependent with these structural features (Eichengreen, 2002; Mishkin, 2008).”