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Ensuring price stability in post-crisis Asia: lessons from the recovery

Author

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  • Andrew Filardo
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.

Suggested Citation

  • Andrew Filardo, 2012. "Ensuring price stability in post-crisis Asia: lessons from the recovery," BIS Working Papers 378, Bank for International Settlements.
    • Handle: RePEc:bis:biswps:378
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    References listed on IDEAS

    as
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    7. Andrew Filardo, 2011. "The Impact of the International Financial Crisis on Asia and the Pacific: Highlighting Monetary Policy Challenges from a Negative Asset Price Bubble Perspective," BIS Working Papers 356, Bank for International Settlements.
    8. Don Nakornthab Phurichai & Rungcharoenkitkul, 2010. "Marrying Monetary Policy with Macroprudential Regulation: Exploration of Issues," Occasional Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number occ49, April.
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    Cited by:

    1. Bank for International Settlements, 2013. "Globalisation and inflation dynamics in Asia and the Pacific," BIS Papers, Bank for International Settlements, number 70.
    2. Filardo, Andrew & Genberg, Hans & Hofmann, Boris, 2016. "Monetary analysis and the global financial cycle: An Asian central bank perspective," Journal of Asian Economics, Elsevier, vol. 46(C), pages 1-16.
    3. Doris Ritzberger-Grünwald, 2013. "The impact of external shocks on inflation dynamics in CESEE," BIS Papers chapters, in: Bank for International Settlements (ed.), Globalisation and inflation dynamics in Asia and the Pacific, volume 70, pages 161-170, Bank for International Settlements.
    4. Andrzej Wojtyna, 2013. "Kontrowersje wokół charakteru ożywienia po kryzysie finansowym i recesji," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 11-12, pages 5-21.
    5. Andrew Filardo, 2013. "Managing stop–go capital flows in Asian emerging markets: lessons for the CESEE economies," Chapters, in: Ewald Nowotny & Peter Mooslechner & Doris Ritzberger-Grünwald (ed.), A New Model for Balanced Growth and Convergence, chapter 5, pages 49-59, Edward Elgar Publishing.

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    Keywords

    Central banking; international financial crisis; monetary policy frameworks in Asia; commodity prices; financial stability and monetary policy;
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