Unconventional Monetary Policy in the Asian Financial Crisis

15 Pages Posted: 20 Feb 2018

See all articles by Tamim Bayoumi

Tamim Bayoumi

International Monetary Fund (IMF); Centre for Economic Policy Research (CEPR)

Joseph Gagnon

Peterson Institute

Date Written: February 2018


Some of the policies central banks used during the Asian Financial Crisis had elements of unconventional monetary policy in that they involved the government buying assets that the private sector was unwilling to hold. We focus on public funding of bank recapitalizations in Thailand and the extraordinary purchase of equities in Hong Kong. Although it is important to calibrate these policies appropriately, we believe they helped to stabilize economies through channels that were not well understood at the time of the Asian crisis.

Suggested Citation

Bayoumi, Tamim and Gagnon, Joseph, Unconventional Monetary Policy in the Asian Financial Crisis (February 2018). Pacific Economic Review, Vol. 23, Issue 1, pp. 80-94, 2018. Available at SSRN: https://ssrn.com/abstract=3124669 or http://dx.doi.org/10.1111/1468-0106.12254

Tamim Bayoumi (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States
202-623-6333 (Phone)
202-623-4795 (Fax)

Centre for Economic Policy Research (CEPR)

United Kingdom

Joseph Gagnon

Peterson Institute ( email )

1750 Massachusetts Avenue, NW
Washington, DC 20036
United States

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