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Commodity Prices and Monetary Policy in Emerging East Asia

dc.contributor.authorHsiao Chink Tang
dc.date.accessioned2015-04-29T14:29:33Z
dc.date.available2015-04-29T14:29:33Z
dc.date.issued2008-12-15
dc.identifier.urihttp://hdl.handle.net/11540/4202
dc.description.abstractIn the first-half of the global financial turmoil, rising inflation was a major concern for emerging East Asian central banks. Coupled with a slowing US economy, regional central banks faced an inevitable monetary policy choice of either addressing higher inflation or supporting moderate growth. Higher food and fuel prices were the major drivers of headline inflation. Their causes, however, were a confluence of factors—whether cyclical or structural, domestic or global, supply or demand—all reinforcing each other and contributing to widespread price escalations in all classes of commodities. In response, a raft of fiscal and administrative measures of questionable effectiveness was widely implemented. Understandably, different economies faced different balance of risks between price stability and growth, but to attribute the causes of inflation to supply shocks alone was misleading and probably explained why many central banks were reluctant and/or slow to raise interest rates. This was all the more puzzling given that inflation and inflation expectations were on the rise, and central bank credibility was not in abundance. Without much credibility, inflation expectations cannot be well-anchored. To gain credibility, a central bank must “walk-the-talk” and this is only possible if it has the autonomy to do so.
dc.languageEnglish
dc.publisherAsian Development Bank
dc.rightsCC BY 3.0 IGO
dc.rights.urihttps://creativecommons.org/licenses/by/3.0/igo/
dc.titleCommodity Prices and Monetary Policy in Emerging East Asia
dc.typeWorking Papers
dc.subject.expertFree Trade
dc.subject.expertTrade
dc.subject.expertTrade Agreements
dc.subject.expertRegional Economic Integration
dc.subject.expertIntraregional Trade
dc.subject.adbExports
dc.subject.adbEconomic integration
dc.subject.adbExports
dc.subject.adbEconomic integration
dc.subject.adbDistribution
dc.subject.adbEconomic integration
dc.subject.adbDevelopment Bank
dc.subject.adbTrade policy
dc.subject.adbTrade policy
dc.subject.naturalEuro
dc.subject.naturalInflation
dc.subject.naturalBusiness
dc.subject.naturalFinance
dc.subject.naturalFree trade
dc.title.seriesWORKING PAPER SERIES ON REGIONAL ECONOMIC INTEGRATION
dc.title.volume23
dc.contributor.imprintAsian Development Bank
oar.themeTrade
oar.themeRegional
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-004569
oar.authorTang, Hsiao Chink
oar.importtrue
oar.googlescholar.linkpresenttrue


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  • Regional Economic Integration Working Paper Series
    The Asian Development Bank Working Paper Series on Regional Economic Integration focuses on topics relating to regional cooperation and integration in the areas of infrastructure and software, trade and investment, money and finance, and regional public goods. The series is a quick-disseminating, informal publication that seeks to provide information, generate discussion, and elicit comments.

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