Are central bank balance sheets in Asia too large?

Bank for International Settlements

No 66 in BIS Papers from Bank for International Settlements

Abstract: This volume is a collection of the speeches, background papers and presentations from a conference on "Central bank balance sheets in Asia and the Pacific: the policy challenges ahead". The event was co-hosted by the Bank of Thailand (BOT) and the Bank for International Settlements (BIS) and was held on 12-13 December 2011 in Chiang Mai, Thailand. Senior officials from central banks, as well as academic scholars and economists from the BIS attended the conference. The formal addresses included those from Prasarn Trairatvorakul, Governor of the Bank of Thailand, and Jaime Caruana, General Manager of the BIS. The conference marked the culmination of a two-year research programme at the BIS Representative Office for Asia and the Pacific focused on central bank balance sheets, addressing the domestic and international implications of the large expansion of central bank balance sheets worldwide, with particular emphasis on Asia. This two-year research programme is a flagship activity of the BIS Representative Office; the activities in the office are guided by the Asian Consultative Council, comprising the Governors of the 12 BIS shareholding central banks in the region.

Date: 2012 Written 2012-10
ISBN: 92-9131-147-2
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (34)

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http://www.bis.org/publ/bppdf/bispap66.pdf Full PDF document (application/pdf)
http://www.bis.org/publ/bppdf/bispap66.htm (text/html)

Chapters in this book:

Welcome remarks , pp 1

Prasarn Trairatvorakul

Why central bank balance sheets matter , pp 2-9

Jaime Caruana

Key facts on central bank balance sheets in Asia and the Pacific , pp 10-29

Andrew Filardo and James Yetman

Expanding central bank balance sheets in emerging Asia: a compendium of risk and some evidence , pp 30-75

David Cook and James Yetman

Central bank balance sheets and foreign exchange rate regimes: understanding the nexus in Asia , pp 76-110

Andrew Filardo and Stephen Grenville

On the use of sterilisation bonds in emerging Asia , pp 111-131

Aaron Mehrotra

Central bank balance sheet expansion: Japan's experience , pp 132-159

Kazumasa Iwata and Shinji Takenaka

Comments on Kazumasa Iwata and Shinji Takenaka's paper "Central bank balance sheets expansion: Japan's experience" , pp 160-163

Shinji Takagi

Mark M Spiegel Comments on Kazumasa Iwata and Shinji Takenaka's paper "Central bank balance sheets expansion: Japan's experience" , pp 164-167

Mark Spiegel

Global imbalances and foreign asset expansion by developing-economy central banks , pp 168-185

Joseph Gagnon

Comments on Joseph Gagnon's paper "Global imbalances and foreign asset expansion by developing-economy central banks" , pp 186-188

Chris Aylmer

Comments on Joseph Gagnon's paper "Global imbalances and foreign asset expansion by developing-economy central banks" , pp 189-192

Ooi Sang Kuang

Central Bank balance sheets as policy tools , pp 193-213

Alain Durré and Huw Pill

Comments on A Durré and H Pill's paper "Central bank balance sheets as policy tools" , pp 214-217

Hernando Vargas-Herrera

Comments on A Durré and H Pill's paper "Central bank balance sheets as policy tools" , pp 218-219

Budianto Soenaryo Mukasan

International spillovers of central bank balance sheet policies , pp 220-264

Qianying Chen, Andrew Filardo, Dong He and Feng Zhu

Comments on Qianying Chen, Andrew Filardo, Dong He and Feng Zhu's paper "The impact of central bank balance sheet policies on the emerging economies" , pp 265-284

Jonathan Batten and Peter Szilagyi

Comments on Qianying Chen, Andrew Filardo, Dong He and Feng Zhu's paper "International spillovers of central bank balance sheet policies" , pp 285-287

Roong Mallikamas

Changes in central bank balance sheets in response to the crisis: Dinner address for the BOT-BIS research conference , pp 288-293

Randall Kroszner

Reserves, liquidity and money: an assessment of balance sheet policies , pp 294-347

Jagjit Chadha, Luisa Corrado and Jack Meaning

Sovereign debt management and the central bank: an emerging market perspective , pp 348-351

Sanjay K Hansda

Debt and monetary policy: comments on Jagjit S Chadha, Luisa Corrado and Jack Meaning's paper "Reserves, liquidity and money: an assessment of balance sheet policies", and further thoughts , pp 352-369

Alec Chrystal

Dealing with volatile capital flows in Korea , pp 370-373

Myung Hun Kang

Policy panel: Regional challenges ahead - dealing with capital flows, prolonged exchange rate intervention and their consequences in Asia and the Pacific , pp 374-376

Prasarn Trairatvorakul

Notes for wrap-up panel discussion , pp 377-387

Andrew Sheng

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