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Setting Monetary Policy in East Asia: Goals, Developments and Institutions

  • Robert N McCauley

This paper presents a comprehensive and analytical review of monetary policy-making in the East Asian economies since the 1997 financial crisis. Focusing on the three key issues of objectives, instruments and institutional developments, it surveys the recent choice of monetary policy objectives in East Asia. The paper observes that while most central banks in East Asia are striving for price stability, the openness of their economies compels them to focus on exchange rate. Their strategies, however, vary from using effective exchange rate as an operating target, to adoption of inflation targeting and fixed exchange rate with selective capital controls. On central bank independence, the paper concludes that there is very little support for several propositions linking central bank independence with inflation; and that more attention should be given to the balance-sheet independence of central banks.

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This book is provided by South East Asian Central Banks (SEACEN) Research and Training Centre in its series Occasional Papers with number occ33 and published in 2002.
ISBN: 983-9478-30-3
Handle: RePEc:sea:opaper:occ33
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  1. Gabriele Galati, 1999. "The Dollar - Mark axis," BIS Working Papers 74, Bank for International Settlements.
  2. Gerlach, Stefan, 1999. "Who targets inflation explicitly?," European Economic Review, Elsevier, vol. 43(7), pages 1257-1277, June.
  3. Robert McCauley, 1999. "The Euro and the Dollar, 1998," Open Economies Review, Springer, vol. 10(1), pages 91-133, February.
  4. Cukierman, Alex & Webb, Steven B, 1995. "Political Influence on the Central Bank: International Evidence," World Bank Economic Review, World Bank Group, vol. 9(3), pages 397-423, September.
  5. Alex Cukierman, 1992. "Central Bank Strategy, Credibility, and Independence: Theory and Evidence," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262031981, June.
  6. Aaron Drew & L Christopher Plantier, 2000. "Interest rate smoothing in New Zealand and other dollar bloc countries," Reserve Bank of New Zealand Discussion Paper Series DP2000/10, Reserve Bank of New Zealand.
  7. Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 3-24, Spring.
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