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Ensuring price stability in post-crisis Asia: lessons from the recovery

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  • Andrew Filardo
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    Abstract

    Asian central banks have adopted monetary policy frameworks over the past decade that have, by and large, worked well both to ensure price stability during the pre-crisis period and to navigate the shoals during the recent international financial crisis. Inflation concerns in recent years nonetheless raise the possibility that existing monetary policy frameworks in Asia may be contributing to procyclical inflation swings. Three particular aspects of the policy environment are highlighted. They include the approach of monetary policy to commodity price cycles, to the uneven global recovery and to the new financial stability mandates.

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    Bibliographic Info

    Paper provided by Bank for International Settlements in its series BIS Working Papers with number 378.

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    Length: 31 pages
    Date of creation: Apr 2012
    Date of revision:
    Handle: RePEc:bis:biswps:378

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    Keywords: Central banking; international financial crisis; monetary policy frameworks in Asia; commodity prices; financial stability and monetary policy;

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    1. Victor Pontines & Reza Y. Siregar, 2010. "Fear of Appreciation in East and Southeast Asia: The Role of the Chinese Renminbi," Staff Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number sp78, June.
    2. Claudio Borio & Robert McCauley & Patrick McGuire, 2011. "Global credit and domestic credit booms," BIS Quarterly Review, Bank for International Settlements, September.
    3. Reza Siregar & Lim, C.S. Vincent, 2011. "Living with Macro-financial Linkages: Policy Perspectives and Challenges for SEACEN Countries," Staff Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number sp79, June.
    4. Don Nakornthab Phurichai & Rungcharoenkitkul, 2010. "Marrying Monetary Policy with Macroprudential Regulation: Exploration of Issues," Occasional Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number occ49, June.
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