Author : Ms.Wanda Tseng
Publisher : International Monetary Fund
Page : 64 pages
File Size : 28,5 MB
Release : 1991-03-15
Category : Business & Economics
ISBN :
This study examines the financial reforms undertaken by nine Asian countries in the 1980s (Indonesia, Korea, Malaysia, Myanmar, Nepal, the Philippines, Singapore, Sri Lanka, and Thailand) and their implications for money demand and monetary policy.
Author : International Monetary Fund
Publisher :
Page : 0 pages
File Size : 39,36 MB
Release : 1991
Category :
ISBN :
Author : Mr.Robert Dekle
Publisher : International Monetary Fund
Page : 39 pages
File Size : 12,39 MB
Release : 1997-03-01
Category : Business & Economics
ISBN : 1451845413
This paper examines the impact of financial market development and liberalization on money demand behavior in Indonesia, Malaysia, Singapore, and Thailand since the early 1980s. The empirical results indicate continuing instability in the interaction of money growth, economic activity, and inflation. Rapid growth and ongoing changes in financial markets suggest that policy needs to be guided by a wider set of monetary and real sector indicators of inflationary pressures. The feasibility of alternative policy frameworks--including nominal exchange rate targets, and inflation targets--is discussed in the context of the substantial and sustained increase in foreign capital inflows.
Author : Christina Stahn
Publisher :
Page : 272 pages
File Size : 31,28 MB
Release : 2000
Category : Business & Economics
ISBN :
The focus of this study is to identify similarities and differences of monetary policy in Korea, Indonesia, Malaysia, Chile, Argentina, and Mexico following diverging financial liberalization strategies. The evolution of monetary transmission channels, targets and instruments is examined in connection with the timing and sequencing of financial reforms. Money demand functions are analyzed with respect to stability, causality, and structural breaks. It is shown that the gradual (Asian) liberalization strategy affected monetary policy in a different way than the big-bang (Latin American) approach. Constraints on monetary management are imposed by complex monetary transmission channels changing in view of financial sector crises, alterations in exchange rate regimes, and the increasing globalization of financial markets.
Author : Robert Dekle
Publisher :
Page : 38 pages
File Size : 29,48 MB
Release : 2006
Category :
ISBN :
This paper examines the impact of financial market development and liberalization on money demand behavior in Indonesia, Malaysia, Singapore, and Thailand since the early 1980s. The empirical results indicate continuing instability in the interaction of money growth, economic activity, and inflation. Rapid growth and ongoing changes in financial markets suggest that policy needs to be guided by a wider set of monetary and real sector indicators of inflationary pressures. The feasibility of alternative policy frameworks--including nominal exchange rate targets, and inflation targets--is discussed in the context of the substantial and sustained increase in foreign capital inflows.
Author : Wei Liao
Publisher : International Monetary Fund
Page : 24 pages
File Size : 34,97 MB
Release : 2014-05-01
Category : Business & Economics
ISBN : 1484366298
China has been moving to a more market oriented financial system, which has implications for the monetary policy environment. The paper investigates the stability of the money demand function (MDF) in light of progress in financial sector reforms that, for example, have resulted in significant financial innovation (so-called shadow banking) and more liberalized interest rates. The analysis of international experience suggests that rapid development of the financial system often leads to structural shifts in the MDF. For example, financial innovation and liberalization alter the sensitivity of money balances to income and the interest rate. For China, we find that the stable long-run relationship between money demand, output, and interest rates that existed between 2002 and 2008 disappears after 2008. This coincides with the period of rapid financial innovation, especially the growth in off-balance sheet and nonbank financial intermediation. The results suggest that usefulness of M2 as an intermediate monetary target has declined with financial innovation and reform. A result that underscores the importance of moving toward increased reliance on more price-based targets such as interest rates.
Author : Robert Dekle
Publisher :
Page : 37 pages
File Size : 35,90 MB
Release : 1997
Category :
ISBN :
Author : Bernard Laurens
Publisher : International Monetary Fund
Page : 171 pages
File Size : 26,88 MB
Release : 1996
Category : Business & Economics
ISBN : 145529005X
This book by Hassanali Mehran, Bernard Laurens, and Marc Quintyn brings together the papers presented at a seminar held in Beijing, China, in August 1995 and sponsored jointly by the IMF's Monetary and Exchange Affairs Department and the Poeple's Bank of China. The papers were written by central bankers from China, Italy, Korea, Malaysia, Thailand, and Turkey. The Chinese authorities were specifically interested in learning more about the Italian and Turkish models of interbank markets and in the experiences of neighboring Asian countries with interest rate liberalization. The U.S. experience was also presented, and the introduction to the book draws policy lessons from the experiences presented at the seminar.
Author : Kunio Saito
Publisher :
Page : 28 pages
File Size : 26,45 MB
Release : 1990
Category : Finance
ISBN :
Author : K. L. Gupta
Publisher : Springer Science & Business Media
Page : 283 pages
File Size : 23,12 MB
Release : 2012-12-06
Category : Business & Economics
ISBN : 9401153701
Experiences with Financial Liberalization provides a broad spectrum of policy experiences relating to financial liberalization around the globe since the 1960s. There is a sizable body of theoretical and aggregative empirical literature in this area, but there is little work documenting and analyzing the experiences of individual countries and/or sets of countries. This book is divided into four parts by geographical region - Africa, Asia and Latin America, Central and Eastern Europe, and the Middle East. Aggregative econometric studies cannot substitute for country-wide studies in allowing the researcher to draw lessons for the future, and this volume adds to this relatively small body of literature.
