Monetary Policy in East Asia: Implementation Matters

Frank Rövekamp (), Moritz Bälz () and Hanns Günther Hilpert ()
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Frank Rövekamp: East Asia Institute, Ludwigshafen University of Business and Society
Moritz Bälz: Faculty of Law/Interdisciplinary Centre for East Asian Studies, Goethe University
Hanns Günther Hilpert: Research Division Asia, German Institute for International and Security Affairs (SWP)

Chapter Chapter 1 in Monetary Policy Implementation in East Asia, 2020, pp 1-9 from Springer

Abstract: Abstract When monetary policy was still largely confined to the setting of interest rates and conventional open market operations, monetary policy implementationMonetary policy implementation could be considered a technical issue beyond the scope for academic analysis. This has changed with the advent of the so-called unconventional monetary policiesUnconventional monetary policy such as Quantitative EasingQuantitative Easing (QE) (QE). The exact way of conducting such policies has a huge influence not only on financial markets, but also on the real economyReal economy and on fiscal affairs. Meanwhile, central bank communicationCentral bank communication has proven to be a major factor for the efficiency of monetary policy pathsMonetary policy paths, and in this field, too, success depends to a large degree on proper implementation.

Date: 2020
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DOI: 10.1007/978-3-030-50298-0_1

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