Capital Flows and Controls in Brazil: What Have We Learned?

This paper analyzes the relationship between capital account liberalization and macroeconomic volatility using Brazil as a case study. The paper provides several stylized facts regarding the evolution of capital flows and controls in Brazil in the last three decades. We conclude that, notwithstanding the financial crises and macroeconomic volatility of the recent past, capital account liberalization and the floating exchange regime have led to a more resilient economy. Further liberalization of the capital account is warranted and should be accompanied by a broad range of reforms to improve and foster stronger institutions.

Inflation Targeting in Emerging Market Economies

This paper assesses inflation targeting in emerging market economies (EMEs), and develops applied prescriptions for the conduct of monetary policy and inflation-targeting design in EMEs. We verify that EMEs have faced more acute trade-offs higher output and inflation volatility and worse performance than developed economies. These results stem from more pronounced external shocks, lower credibility, and lower level of development of institutions in these countries. In order to improve their performance, we recommend high levels of transparency and communication with the public and the development of more stable institutions. At an operational level, we propose a procedure that a central bank under inflation targeting can apply and communicate when facing strong supply shocks, and suggest a monitoring structure for an inflation-targeting regime under an IMF program.

Inflation Targeting in Emerging Market Economies

This paper assesses inflation targeting in emerging market economies (EMEs), and develops applied prescriptions for the conduct of monetary policy and inflation-targeting design in EMEs. We verify that EMEs have faced more acute trade-offs - higher output and inflation volatility - and worse performance than developed economies. These results stem from more pronounced external shocks, lower credibility, and lower level of development of institutions in these countries. In order to improve their performance, we recommend high levels of transparency and communication with the public and the development of more stable institutions. At an operational level, we propose a procedure that a central bank under inflation targeting can apply and communicate when facing strong supply shocks, and suggest a monitoring structure for an inflation-targeting regime under an IMF program.

Brazil: taming inflation expectations

This paper analyzes monetary policy implementation and convergence of inflation and inflation expectations to the targets in Brazil after the crisis in 2002. It covers the initial disinflation and subsequent economic recovery, followed by the inflation rebound and corresponding policy response, and finally the consolidation of disinflation in 2005-06. Monetary policy implementation and the overall improvement in macroeconomic fundamentals have contributed substantially to create a more stable and predictable environment, evidenced by signs of reduction in inflation uncertainty. Furthermore, econometric exercises indicate the critical role played by the targets as attractors for inflation expectations.

Sistem Informasi Kepegawaian Studi Kasus di Perusahaan Daerah Air Minum Surakarta

Perusahaan Daerah Air Minum Surakarta merupakan perusahaan yang bergerak dalam bidang pelayanan air minum dan pengelolaan air limbah. Pada saat ini perusahaan ingin mengembangkan sistem kepegawaian dalam hal penggajian dan absensi karyawan. Karena dilihat seiring dengan berkembangnya perusahaan, sistem yang sudah berjalan selama ini ternyata tidak memberikan hasil yang cukup baik. Hal ini terbukti dengan sering timbulnya suatu permasalahan yang berkaitan dengan penggajian karyawan. Permasalahan yang sering timbul dikarenakan belum adanya suatu program khusus yang dapat menangani sistem pengolahan penggajian karyawan dan masih menggunakan program biasa yaitu Microsoft Excel. Solusi dari permasalahan diatas, pihak perusahaan menginginkan adanya satu perubahan dengan cara merancang sistem dan membuat program khusus yang dapat menangani sistem pengolahan penggajian yang nantinya dapat menghasilkan suatu sistem yang lebih baik dari sebelumnya. Suatu sistem pengolahan informasi yang dapat membantu kewajiban para operator dalam menghasilkan informasi yang akurat sehingga dapat memudahkan dalam mencari, memodifikasi, mengolah serta menyediakan informasi bagi orang yang membutuhkan dalam jangka waktu tertentu. Dalam hal ini Software yang digunakan untuk membuat aplikasi program tersebut adalah dengan menggunakan Delphi 7.0 dan database MySQL

Monetary and Exchange Rate Policies for the Perfect Storm: The Case of The Bahamas, Barbados, Guyana, Haiti, Jamaica, Suriname, and Trinidad & Tobago

This study provides a set of tools to analyze the monetary and exchange rate policy issues in the seven countries of the Inter-American Development Bank’s Caribbean region (The Bahamas, Barbados, Jamaica, Haiti, Guyana, Suriname, and Trinidad and Tobago). It then applies some of them to the analysis of the impact of the global turmoil on these economies in the last quarter of 2008. The paper also discusses, in light of both recent theoretical developments and key aspects of these economies, the monetary and exchange policy responses to the initial phase of the global turmoil.Caribbean countries, Global crisis, Monetary policy