Globalisation and monetary policy in emerging markets

Bank for International Settlements

No 23 in BIS Papers from Bank for International Settlements

Abstract: Global financial integration has substantially increased in recent decades. Initially, it manifested itself in growing capital flows between developed countries. In response to the removal of capital controls, financial innovation and technological progress, financial integration has subsequently spread to emerging market countries. Gross and net capital flows between developed and emerging economies have increased. Financial integration has also been evident in frequently high correlations between asset yields or prices, particularly for certain asset classes such as high-yield corporate bonds and sovereign bonds and equities in developed and emerging markets.

Date: 2005 Written 2005-05
ISBN: 92-9131-686-5
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Chapters in this book:

Financial integration: an overview , pp 1-8

Palle Andersen and Ramon Moreno

The increased role of foreign bank entry in emerging markets , pp 9-16

Ramon Moreno and Agustin Villar

Has globalisation reduced monetary policy independence? , pp 17-58

Madhusudan Mohanty and Michela Scatigna

Globalisation and monetary operations in emerging economies , pp 59-80

John Hawkins

Local complications of global economic integration: privatisation receipts and volatile export earnings , pp 81-90

Dubravko Mihaljek

International capital flows in Argentina , pp 91-97

Pedro Lacoste

Brazil’s stress test of inflation targeting , pp 98-108

Afonso S Bevilaqua and Eduardo Loyo

Monetary policy and financial integration: the case of Chile , pp 109-23

Rodrigo Cifuentes and Jorge Desormeaux

Challenges to China’s monetary policy , pp 124-27

People’s Bank of China

Capital controls and foreign exchange market intervention in Colombia , pp 128-40

José Darío Uribe

Conducting monetary policy in a small open economy under globalised capital markets: the experience of the Czech Republic , pp 141-49

Jiri Böhm and Vladimir Zdarsky

The recent appreciation of the Hong Kong dollar , pp 150-55

Research Department

Monetary policy issues in Hungary on the eve of EU membership , pp 156-60

Gergely Kiss

Globalisation, financial markets and the operation of monetary policy in India , pp 161-70

Rakesh Mohan

Indonesian policy on non-residents’ participation in the money market: the restriction of rupiah transactions by non-residents and foreign currency credit offered by banks to non-residents , pp 171-75

Hartadi A Sarwono

Globalisation and its effects on monetary policy: the case of Israel , pp 176-85

Meir Sokoler

The effects of financial globalization on the Korean financial markets and monetary policy , pp 186-208

Kyuyung Chung

Globalisation and the operation of monetary policy in Malaysia , pp 209-15

Latifah Merican Cheong

Policies for international reserve accumulation under a floating exchange rate regime:the experience of Mexico (1995-2003) , pp 216-29

José Julián Sidaoui

Challenges of financial globalisation and dollarisation for monetary policy: the case of Peru , pp 230-41

Julio Velarde

The composition and management of capital flows in the Philippines , pp 242-59

Amando M Tetangco

Globalisation, financial markets and the operation of monetary policy: the experience of Saudi Arabia , pp 260-62

Muhammad Al-Jasser and Ahmed Banafe

The impact of globalisation on the formulation and implementation of monetary policy in Singapore , pp 263-68

Ong Chong Tee

Globalisation, financial markets and the operation of monetary policy: the case of Thailand , pp 269-74

Thirachai Phuvanatnaranubala

High public debt, multiple equilibria and inflation targeting in Turkey , pp 275-79

Fatih Ozatay

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