Are Central Bank Balance Sheets in Asia too Large?

399 Pages Posted: 4 Jan 2013 Last revised: 5 Oct 2013

Date Written: October 1, 2012

Abstract

This volume is a collection of the speeches, background papers and presentations from a conference on 'Central bank balance sheets in Asia and the Pacific: the policy challenges ahead'. The event was co-hosted by the Bank of Thailand (BOT) and the Bank for International Settlements (BIS) and was held on 12-13 December 2011 in Chiang Mai, Thailand. Senior officials from central banks, as well as academic scholars and economists from the BIS attended the conference. The formal addresses included those from Prasarn Trairatvorakul, Governor of the Bank of Thailand, and Jaime Caruana, General Manager of the BIS. The conference marked the culmination of a two-year research programme at the BIS Representative Office for Asia and the Pacific focused on central bank balance sheets, addressing the domestic and international implications of the large expansion of central bank balance sheets worldwide, with particular emphasis on Asia. This two-year research programme is a flagship activity of the BIS Representative Office; the activities in the office are guided by the Asian Consultative Council, comprising the Governors of the 12 BIS shareholding central banks in the region.

While the full publication can be downloaded using the above link, individual contributions are available separately:

1. Key Facts on Central Bank Balance Sheets in Asia and the Pacific by Andrew Filardo and James Yetman

2. Expanding Central Bank Balance Sheets in Emerging Asia: A Compendium of Risks and Some Evidence by David Cook and James Yetman

3. Central Bank Balance Sheets and Foreign Exchange Rate Regimes: Understanding the Nexus in Asia by Andrew Filardo and Stephen Grenville

4. On The Use of Sterilisation Bonds in Emerging Asia by Aaron Mehrotra

5. Central Bank Balance Sheet Expansion: Japan's Experience by Kazumasa Iwata and Shinji Takagi

6. Global Imbalances and Foreign Asset Expansion by Developing-Economy Central Banks by Joseph Gagnon

7. Central Bank Balance Sheets as Policy Tools by Alain Durré and Huw Pill

8. International Spillovers of Central Bank Balance Sheet Policies by Qianying Chen, Andrew Filardo, Dong He and Feng Zhu

9. Reserves, Liquidity and Money: An Assessment of Balance Sheet Policies by Jagjit S Chadha, Luisa Corrado and Jack Meaning

10. Sovereign Debt Management and the Central Bank: An Emerging Market Perspective by Sanjay Hansda

JEL Classification: F58, E52, E63, F42, F62

Suggested Citation

Settlements, Bank for International, Are Central Bank Balance Sheets in Asia too Large? (October 1, 2012). BIS Paper No. 66. Available at SSRN: https://ssrn.com/abstract=2166373

Bank for International Settlements (Contact Author)

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4051
Switzerland

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