Ensuring Price Stability in Post-Crisis Asia: Lessons from the Recovery

31 Pages Posted: 20 Apr 2012

See all articles by Andrew J. Filardo

Andrew J. Filardo

Bank for International Settlements (BIS) - Monetary and Economic Department

Date Written: April 1, 2012

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.

Keywords: central banking, international financial crisis, monetary policy frameworks in Asia, commodity prices, financial stability and monetary policy

JEL Classification: E3, E5, E6, F4

Suggested Citation

Filardo, Andrew J., Ensuring Price Stability in Post-Crisis Asia: Lessons from the Recovery (April 1, 2012). BIS Working Paper No. 378. Available at SSRN: https://ssrn.com/abstract=2042466

Andrew J. Filardo (Contact Author)

Bank for International Settlements (BIS) - Monetary and Economic Department ( email )

Centralbahnplatz 2
CH-4002 Basel
Switzerland

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