Monetary policy in Asia: approaches and implementation

Joint conference of the Hong Kong Institute for Monetary Research and the Bank for International Settlements, Hong Kong SAR, 21-22 November 2005.

The objective of the conference was to take stock of the current practice of monetary policy in a broad cross section of Asian economies. Papers on China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Thailand and Vietnam were presented and discussed at the conference and subsequently revised by the authors. In addition, the experience of a "mature" inflation targeter, the Reserve Bank of Australia, was presented. The result is an up-to-date account and assessment of the strategies followed by the respective central banks and monetary authorities.

The papers presented at the conference were published as BIS Papers No 31 in December 2006.

Foreword (PDF, 2 pages, 12 kb) iii
Conference programme (PDF, 2 pages, 18 kb) v
Participants in the meeting (PDF, 2 pages, 15 kb) vii
   
Introductory remarks (PDF, 2 pages, 13 kb)
Peter Pang
1
An Australian perspective on inflation targeting, communication and transparency (PDF, 22 pages, 150 kb)
Malcolm Edey
3
Monetary policy implementation in China (PDF, 15 pages, 66 kb)
Marvin Goodfriend and Eswar Prasad
25
Monetary policy regimes and macroeconomic outcomes: Hong Kong and Singapore (PDF, 25 pages, 265 kb)
Stefan Gerlach and Petra Gerlach-Kristen
40
Comments (PDF, 6 pages, 47 kb)
Khor Hoe Ee
65
Comments (PDF, 3 pages, 16 kb)
Wensheng Peng
71
Monetary policy approaches in India (PDF, 29 pages, 285 kb)
Kaushik Bhattacharya
74
Comments (PDF, 2 pages, 17 kb)
Dominique Dwor-Fr├ęcaut
103
Japanese monetary policy: 1998-2005 and beyond (PDF, 28 pages, 126 kb)
Takatoshi Ito
105
Comments (PDF, 4 pages, 22 kb)
Peter J Morgan
133
Comments (PDF, 3 pages, 19 kb)
Masaru Yoshitomi
137
Inflation targeting in Korea: a model of success? (PDF, 25 pages, 341 kb)
Soyoung Kim and Yung Chul Park
140
Comments (PDF, 3 pages, 19 kb)
Tim Condon
165
Comments (PDF, 4 pages, 19 kb)
Yang Woo Kim
168
Understanding monetary policy in Malaysia and Thailand: objectives, instruments and independence (PDF, 27 pages, 324 kb)
Robert Neil McCauley
172
Comments (PDF, 5 pages, 32 kb)
Suchada Kirakul
199
Comments (PDF, 3 pages, 19 kb)
Sukudhew Singh
204
Monetary policy approaches and implementation in Asia: the Philippines and Indonesia (PDF, 20 pages, 97 kb)
Roberto S Mariano and Delano P Villanueva
207
Comments (PDF, 5 pages, 27 kb)
Akhis R Hutabarat
227
Monetary policy in Vietnam: the case of a transition country (PDF, 21 pages, 100 kb)
Ulrich Camen
232