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

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  • Andrew Filardo

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.

Suggested Citation

  • Andrew Filardo, 2012. "Ensuring price stability in post-crisis Asia: lessons from the recovery," BIS Working Papers 378, Bank for International Settlements.
  • Handle: RePEc:bis:biswps:378
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    References listed on IDEAS

    as
    1. Pontines, Victor & Siregar, Reza Y., 2012. "Fear of appreciation in East and Southeast Asia: The role of the Chinese renminbi," Journal of Asian Economics, Elsevier, vol. 23(4), pages 324-334.
    2. 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, April.
    3. Yasunari Inamura & Tomonori Kimata & Takeshi Kimura & Takashi Muto, 2011. "Recent Surge in Global Commodity Prices-- Impact of financialization of commodities and globally accommodative monetary conditions --," Bank of Japan Review Series 11-E-2, Bank of Japan.
    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, April.
    5. Claudio Borio & Robert McCauley & Patrick McGuire, 2011. "Global credit and domestic credit booms," BIS Quarterly Review, Bank for International Settlements, September.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

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

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