The papers collected in this volume were written for a conference held at the Hong Kong Monetary Authority in November 2005. It was organised jointly by the BIS Representative Office for Asia and the Pacific in Hong Kong SAR and the Hong Kong Institute for Monetary Research. 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.
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| Page | |
| 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-Frécaut |
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 |