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

In: Future Directions for Monetary Policies in East Asia

  • Robert N McCauley

    (Bank for International Settlements)

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 chapter was published in: David Gruen & John Simon (ed.) Future Directions for Monetary Policies in East Asia, Reserve Bank of Australia, pages , 2001.
This item is provided by Reserve Bank of Australia in its series RBA Annual Conference Volume with number acv2001-02.
Handle: RePEc:rba:rbaacv:acv2001-02
Contact details of provider: Postal: GPO Box 3947, Sydney NSW 2001
Phone: 61-2-9551-8111
Fax: 61-2-9551-8000
Web page: http://www.rba.gov.au/
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  1. Gabriele Galati, 1999. "The Dollar - Mark axis," BIS Working Papers 74, Bank for International Settlements.
  2. Cukierman Alex, 1992. "Central Bank Strategy, Credibility, And Independance: Theory And Evidence," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 3(4), pages 10, December.
  3. Robert McCauley, 1999. "The Euro and the Dollar, 1998," Open Economies Review, Springer, vol. 10(1), pages 91-133, February.
  4. Gerlach, Stefan, 1999. "Who targets inflation explicitly?," European Economic Review, Elsevier, vol. 43(7), pages 1257-1277, June.
  5. 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.
  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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