Financial market developments and their implications for monetary policy

This volume features eight papers written for the conference "Financial market developments and their implications for monetary policy". The event was jointly organised by the BIS Representative Office for Asia and the Pacific and Bank Negara Malaysia in Kuala Lumpur on 13 August 2007. Drawing upon experiences in the Asia-Pacific region and beyond, these papers characterise the key financial market trends and developments over the past decade and assess their implications for three aspects of monetary policy: (a) the formulation of policy and the transmission mechanism, (b) the implementation of policy at the operational level, and (c) the use of financial market information in the policy process.

JEL classification: E44, E50, E52, E58, F36

Keywords: financial market development, financial intermediation, financial market indicators, monetary policy, monetary transmission mechanism, market operation, Asia and the Pacific

Chapters

	Title	Languages
	Conference summary	EN
	Opening remarks by Dato` Ooi Sang Kuang	EN

Key developments in the financial landscape

	Title	Languages
	Financial globalisation: key trends and implications for the transmission mechanism of monetary policy by Mar Gudmundsson	EN
	Capital, carry & complacency: key developments in the financial landscape - dynamics of the foreign exchange market and capital flows by Brendan Fitzsimmons	EN

Impact on the formulation of monetary policy

	Title	Languages
	Impact of financial market developments on the monetary transmission mechanism by Sukudhew Singh, Ahmad Razi, Norhana Endut and Helmi Ramlee	EN
	The changing nature of financial intermediation and its implications for monetary policy by Hans Genberg	EN

Impact on the conduct of monetary policy

	Title	Languages
	Financial market innovation in Australia: implications for the conduct of monetary policy by John Broadbent	EN
	Developing financial markets and operating monetary policy in Asia by Robert N McCauley	EN

Usefulness of financial market indicators for monetary policy

	Title	Languages
	Using financial market information in monetary policy: some examples from New Zealand by Clinton Watkins	EN
	Equity prices as leading indicators: the Asian experience by Kenneth N Kuttner	EN