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Monetary Policy Strategies in the Asia and Pacific Region: What Way Forward?

dc.contributor.authorAndrew Filardo
dc.contributor.authorHans Genberg
dc.date.accessioned2015-04-10T10:16:52Z
dc.date.available2015-04-10T10:16:52Z
dc.date.issued2010-02-15
dc.identifier.urihttp://hdl.handle.net/11540/3783
dc.description.abstractMonetary policy frameworks in the Asia and Pacific region have performed well in the past decade as judged by inflation outcomes. We argue that this is due to three principal factors: (i) central banks have focused on price stability as the primary objective of monetary policy, (ii) institutional setups have been put in place that are supportive of the central banks’ abilities to carry out their objectives, and (iii) economic policies in general have been supportive of the pursuit of price stability, in particular the adoption of prudent fiscal policies that have reduced concerns of fiscal dominance. The financial systems in the region have also held up well in the face of the current crisis, notwithstanding more adverse liquidity conditions in several markets and pressures on certain exchange rates that spilled over from the West. It may nevertheless be useful to ask whether changes in monetary policy frameworks should be contemplated. This paper concludes that: (i) for economies with well developed financial markets, there may be little value in using unconventional monetary policies in the absence of financial crises, because in normal times such policies are not likely to be effective and may further reduce the efficiency of the financial market; (ii) a good case can be made for elevating the role of the misalignment of asset prices (including exchange rates) and financial imbalances in the conduct of monetary policy; and (iii) financial stability should take on greater importance as an objective for public policy. Whether and how much of the financial stability objective should be assigned to the central bank is still an open question.
dc.languageEnglish
dc.publisherAsian Development Bank
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.titleMonetary Policy Strategies in the Asia and Pacific Region: What Way Forward?
dc.typeWorking Papers
dc.subject.expertDevelopment Planning
dc.subject.expertDevelopment Research
dc.subject.expertTechnology Development
dc.subject.expertAid And Development
dc.subject.expertAsian Development Bank
dc.subject.expertComprehensive Development Framework
dc.subject.expertDevelopment Cooperation
dc.subject.expertDevelopment Management
dc.subject.expertDevelopment Planning
dc.subject.expertDevelopment Strategies
dc.subject.adbDevelopment strategy
dc.subject.adbDevelopment models
dc.subject.adbEconomic development
dc.subject.adbNew technology
dc.subject.adbRural planning
dc.subject.adbAid coordination
dc.subject.adbIndustrial projects
dc.subject.adbInfrastructure projects
dc.subject.adbNatural resources policy
dc.subject.adbEducational development
dc.subject.adbAbsorptive capacity
dc.subject.naturalRural planning
dc.subject.naturalRegional development bank
dc.subject.naturalProject finance
dc.subject.naturalStrategic planning
dc.subject.naturalInfrastructure projects
dc.subject.naturalGovernment programs
dc.subject.naturalPublic finance
dc.subject.naturalPublic enterprises
dc.subject.naturalDevelopment
dc.subject.naturalEconomics
dc.subject.naturalDevelopment In East Asia
dc.subject.naturalDevelopment Planning
dc.subject.naturalDevelopment Research
dc.subject.naturalTechnology Development
dc.subject.naturalAid And Development
dc.subject.naturalAsian Development Bank
dc.subject.naturalComprehensive Development Framework
dc.subject.naturalDevelopment Cooperation
dc.subject.naturalDevelopment Management
dc.subject.naturalDevelopment Planning
dc.subject.naturalDevelopment Strategies Development strategy
dc.subject.naturalDevelopment models
dc.subject.naturalEconomic development
dc.subject.naturalNew technology
dc.subject.naturalRural planning
dc.subject.naturalAid coordination
dc.subject.naturalIndustrial projects
dc.subject.naturalInfrastructure projects
dc.subject.naturalNatural resources policy
dc.subject.naturalEducational development
dc.subject.naturalAbsorptive capacity
dc.subject.naturalEconomic development projects
dc.subject.naturalEconomic forecasting
dc.subject.naturalEconomic development projects
dc.subject.naturalMunicipal government
dc.subject.naturalTechnology transfer
dc.subject.naturalExchanges of patents and technical information
dc.subject.naturalTechnical education
dc.subject.naturalTechnology
dc.subject.naturalCommunication in rural development
dc.subject.naturalCommunication in community development
dc.subject.naturalEconomic development projects
dc.subject.naturalDevelopment banks
dc.subject.naturalEconomic forecasting
dc.subject.naturalEnvironmental auditing
dc.subject.naturalCumulative effects assessment
dc.subject.naturalHuman rights and globalization
dc.subject.naturalTransfer Technocracy
dc.subject.naturalAbsorptive capacity
dc.title.seriesADBI Working Paper Series
dc.title.volume195
dc.contributor.imprintAsian Development Bank
oar.themeDevelopment
oar.themeEconomics
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji Islands
oar.countryKiribati
oar.countryMarshall Islands
oar.countryFederated States of Micronesia
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-004194
oar.authorFilardo, Andrew
oar.authorGenberg, Hans
oar.importtrue
oar.googlescholar.linkpresenttrue


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    The Asian Development Bank Institute (ADBI) Working Paper series is a continuation of the formerly named Discussion Paper series which began in January 2003. The numbering of the papers continued without interruption or change. ADBI was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in Asia and the Pacific.

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