Monetary and Exchange Rate Policy in Malaysia before the Asian Crisis

Umezaki So

No 79, IDE Discussion Papers from Institute of Developing Economies, Japan External Trade Organization(JETRO)

Abstract: This paper provides a case study to characterize the monetary policy regime in Malaysia, from a medium- and long-term perspective. Specifically, we ask how the central bank of Malaysia, Bank Negara Malaysia (BNM), has structured its monetary policy regime, and how it has conducted monetary and exchange rate policy under the regime. By conducting three empirical analyses, we characterize the monetary and exchange rate policy regime in Malaysia by three intermediate solutions on three vectors: the degree of autonomy in monetary policy, the degree of variability of the exchange rate, and the degree of capital mobility.

Keywords: Monetary policy; Exchange rate; Capital control; Malaysia; Foreign exchange; Capital market; 金融政策; 為替相場; 資本規制; マレーシア; 外国為替; 資本市場 (search for similar items in EconPapers)
JEL-codes: E42 E58 F41 (search for similar items in EconPapers)
Date: 2006-12-01
New Economics Papers: this item is included in nep-cba, nep-ifn, nep-mac, nep-mon and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

Published in IDE Discussion Paper = IDE Discussion Paper, No. 79. 2006-12-01

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