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This paper evaluates on the performance of the inflation-targeting regime in three emerging East-Asian economies that have experienced changes in monetary policy regimes, from rigidities to a flexible exchange rate and inflation targeting, after the financial crisis of 1997-98. In particular, the evaluation focuses on the inter-relationship between inflation and the output growth/gap in these emerging economies between the pre-and post-inflationtargeting periods. A bivariate GARCH (1,1) modeldoi:10.2298/pan1205599s fatcat:t5h754z2kbazraxpjhbno4oizm