Suchergebnisse

CHAPTER 1 Monetary Policy in East Asia: Implementation Matters .-PART I:The Framework of Monetary Policy Implementation -- CHAPTER 2China's Monetary Policy Re-visited: Institutional Setting, Main Tools, Challenges -- CHAPTER 3The Operation of Inflation Targeting in Korea -- PART II:Central Banks in Foreign Exchange Markets -- CHAPTER 4Exchange-Rate Management in East -- Asia: Words and Deeds -- CHAPTER 5Taiwan's Foreign Exchange Policy and its Current Challenges -- CHAPTER 6 Monetary Policy Implementation in Singapore -- PART III:Dimensions of Monetary Policy Implementation -- CHAPTER 7The Asset Purchase Programmes of the Eurosystem in the Courts -- CHAPTER 8Bank of Japan Exchange Traded Fund Purchases under Quantitative and Qualitative Monetary Easing with Yield Curve Control -- INDEX .

This paper surveys institutional arrangements for macroprudential policy in Asia. Central banks in Asia typically have a financial stability mandate, and play a key role in the macroprudential framework. Smaller and more open economies with prudential regulation inside the central bank tend to have institutional arrangements that give the central bank a leading role. In larger and more complex economies where prudential regulation is outside the central bank, the financial stability mandate is usually shared with other agencies and the government tends to play a leading role. Domestic policy c

This book makes concrete macroeconomic policy recommendations for Asian economies aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional exchange rate cooperation; and ways to ease the constraints on policy resulting from the so-called 'impossible trinity' of fixed exchange rates, open capital accounts and independent monetary policy.

This paper analyzes the evolution of East Asian monetary policy frameworks over the past two decades, chiefly in response to shocks from the Asian financial crisis of 1997 - 1998 and the global financial crisis (GFC) of 2007 - 2009. The Asian financial crisis showed the importance of exchange rate flexibility and credible policy frameworks, leading to increased central bank independence, greater focus on inflation policy and more flexible exchange rates. A key lesson of the GFC was the importance of containing systemic financial risk and the need for a "macroprudential" approach to surveillance and regulation that can identify system-wide risks and take appropriate actions to maintain financial stability. Emerging economies face particular challenges because of their underdeveloped financial systems and vulnerability to volatile international capital flows, especially "sudden stops" or reversals of capital inflows. The 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 generally 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 yet.

Bank Indonesia and the Bank for International Settlements (BIS) co-hosted a research conference on "Expanding the boundaries of monetary policy in Asia and the Pacific" on 20-21 August 2015 in Jakarta. The event was the wrap-up conference of a research programme of the BIS Representative Office for Asia and the Pacific that had been approved by the Asian Consultative Council of central bank Governors in February 2014. The topic was motivated by the increased importance of financial stability in the conduct of monetary policy and the expanding set of monetary policy tools being employed. Within this overall theme, the following issues for the Asia-Pacific region were identified: (i) monetary policy objectives and strategies; (ii) instruments to manage monetary conditions; (iii) the assessment of monetary conditions; and (iv) transmission mechanisms. The conference brought together senior officials and researchers from central banks, international organisations and academia. This volume is a collection of the speeches, papers and prepared discussant remarks from the conference. This foreword summarises the contents of the conference and provides a synopsis of the discussions for time-constrained readers.

This volume looks at East Asia's monetary and financial integration from both Asian and European perspectives. It analyses the Euro area's framework for monetary policy implementation, introduced in 1999, and reviews the efforts to foster regional monetary and financial integration and relates them to Europe's own evolution