Monetary Policy Frameworks in Asia: Experience, Lessons, and Issues

Peter Morgan

No 435, ADBI Working Papers from Asian Development Bank Institute

Abstract: This paper reviews the history of East Asian monetary policy frameworks since 1990; describes current monetary policy frameworks, including issue of price versus financial stability for a central bank and the policies a central bank can use to manage financial stability; the monetary policy transmission mechanism based on financial linkages and financial deepening; assesses policy outcomes including inflation targeting and responses to the “Impossible Trinity”; and makes overall conclusions. The paper finds that East Asian central banks have managed inflation and growth well over the past decade, but the difficulties faced by central banks of advanced countries in the aftermath of the GFC suggests that not all problems have been solved.

Keywords: monetary policy; macroprudential policy; inflation targeting; financial stability; currency regime; capital flows; emerging economies (search for similar items in EconPapers)
JEL-codes: E52 E58 F31 F32 G18 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2013-09-27
New Economics Papers: this item is included in nep-cba, nep-cwa, nep-mon and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

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Related works:
Working Paper: Monetary Policy Frameworks in Asia: Experience, Lessons, and Issues (2013)
Working Paper: Monetary Policy Frameworks in Asia: Experience, Lessons, and Issues (2013)
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