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Implementing monetary policy in the 2000s: operating procedures in Asia and beyond

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  • Corrinne Ho

Abstract

Just as monetary policy at the strategic level has undergone significant changes over the years, so has its day-to-day implementation. This paper documents the key features of 17 central banks' monetary operating frameworks as of early 2007 and discusses their major developments over the preceding decade. It finds that while some common themes and practices can be identified, there is no unique "best" way to implement monetary policy. Moreover, central banks everywhere - even in industrial economies - have continued to refine their operating frameworks and procedures and to innovate where necessary, responding to changing needs in changing times.

Suggested Citation

  • Corrinne Ho, 2008. "Implementing monetary policy in the 2000s: operating procedures in Asia and beyond," BIS Working Papers 253, Bank for International Settlements.
  • Handle: RePEc:bis:biswps:253
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    References listed on IDEAS

    as
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    2. Claudio Borio & William Nelson, 2008. "Monetary operations and the financial turmoil," BIS Quarterly Review, Bank for International Settlements, March.
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    4. Robert N McCauley, 2003. "Unifying government bond markets in East Asia," BIS Quarterly Review, Bank for International Settlements, December.
    5. Prati, Alessandro & Bartolini, Leonardo & Bertola, Giuseppe, 2003. "The overnight interbank market: Evidence from the G-7 and the Euro zone," Journal of Banking & Finance, Elsevier, vol. 27(10), pages 2045-2083, October.
    6. Bernard J Laurens & Rodolfo Maino, 2007. "China; Strengthening Monetary Policy Implementation," IMF Working Papers 07/14, International Monetary Fund.
    7. David Archer, 2006. "Implications of recent changes in banking for the conduct of monetary policy," BIS Papers chapters, in: Bank for International Settlements (ed.),The banking system in emerging economies: how much progress has been made?, volume 28, pages 123-51, Bank for International Settlements.
    8. Robert N McCauley, 2008. "Developing financial markets and operating monetary policy in Asia," BIS Papers chapters, in: Bank for International Settlements (ed.),Financial market developments and their implications for monetary policy, volume 39, pages 126-141, Bank for International Settlements.
    9. Woodford, Michael, 2000. "Monetary Policy in a World without Money," International Finance, Wiley Blackwell, vol. 3(2), pages 229-260, July.
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    13. John Broadbent, 2008. "Financial market innovation in Australia: implications for the conduct of monetary policy," BIS Papers chapters, in: Bank for International Settlements (ed.),Financial market developments and their implications for monetary policy, volume 39, pages 114-125, Bank for International Settlements.
    14. Michael Woodford, 2000. "Monetary Policy in a World Without Money," International Finance, Wiley Blackwell, vol. 3(2), pages 229-260, July.
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    Cited by:

    1. Shuzhang Sun & Christopher Gan & Baiding Hu, 2010. "The Effects Of Short-Term Interest Rates On Output, Price And Exchange Rates: Recent Evidence From China," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(1), pages 173-191.
    2. Guonan Ma & Yan Xiandong & Liu Xi, 2013. "China’s evolving reserve requirements," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 11(2), pages 117-137, May.
    3. Guonan Ma & Xiandong Yan & Xi Liu, 2012. "China'S Reserve Requirements: Practices, Effects, And Implications," China Economic Policy Review (CEPR), World Scientific Publishing Co. Pte. Ltd., vol. 1(02), pages 1-34.

    More about this item

    Keywords

    monetary policy implementation; operating procedures; policy rate; operating target; reserve requirements; standing facilities; discretionary operations; Asia-Pacific;

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