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Monetary Targetting in a Liberalised Financial Environment

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  • Dr. Song Ouk-Heon

Abstract

The main objective of the project is to analyse and assess the effectiveness of traditional monetary targetting in achieving the final targets of economic growth and price stability in a liberalised financial environment. It covers the important issue related to monetary targetting that is whether or not the relationship between monetary targets and final targets is stable. According to the empirical study, only one country has the stable money demand function which increases the effectiveness of monetary policy and attributes to financial liberalisation.

Suggested Citation

  • Dr. Song Ouk-Heon, 2002. "Monetary Targetting in a Liberalised Financial Environment," Research Studies, South East Asian Central Banks (SEACEN) Research and Training Centre, number rp49, April.
  • Handle: RePEc:sea:rstudy:rp49
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    File URL: http://www.seacen.org/GUI/pdf/publications/research_proj/2002/rp49.pdf
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    References listed on IDEAS

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    1. Reuven Glick & Michael M. Hutchison, 1999. "Banking and currency crises; how common are twins?," Proceedings, Federal Reserve Bank of San Francisco, issue Sep.
    2. Klein, Michael W. & Marion, Nancy P., 1997. "Explaining the duration of exchange-rate pegs," Journal of Development Economics, Elsevier, vol. 54(2), pages 387-404, December.
    3. Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
    4. Flood, Robert & Marion, Nancy, 1999. "Perspectives on the Recent Currency Crisis Literature," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 4(1), pages 1-26, January.
    5. Eichengreen, Barry & Rose, Andrew & Wyplosz, Charles, 1996. " Contagious Currency Crises: First Tests," Scandinavian Journal of Economics, Wiley Blackwell, vol. 98(4), pages 463-484, December.
    6. Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 1-136.
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