Asean-5 Cluster Report: Evolution of Monetary Policy Frameworks

International Monetary Fund

No 2016/176, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper examines the evolution of monetary policy frameworks of the Association of Southeast Asian Nations (ASEAN)-5 economies, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policies in advanced economies. Monetary policy frameworks of the ASEAN-5 economies have on the whole performed well since the crisis, delivering both price and financial stability during a period of significant domestic and regional transformation and global macroeconomic and financial turmoil. Not surprisingly, therefore, successful outcomes in most cases entailed significant changes to operating frameworks and refinement of policy objectives.

Keywords: ISCR; CR; exchange rate; monetary policy; interest rate; economy; monetary policy framework; monetary management; foreign exchange; corridor band; policy rate; economies well; monetary policy autonomy; monetary policy strategy; exchange rates corridor band; monetary policy independence; policy interest rate corridor; monetary policy response; Exchange rate flexibility; Exchange rates; Monetary policy frameworks; Capital inflows; Global; Asia and Pacific (search for similar items in EconPapers)
Pages: 58
Date: 2016-06-30
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Citations: View citations in EconPapers (5)

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