Monetary Policy and Inflation Dynamics in ASEAN Economies
Title | Monetary Policy and Inflation Dynamics in ASEAN Economies PDF eBook |
Author | Geraldine Dany-Knedlik |
Publisher | International Monetary Fund |
Pages | 37 |
Release | 2018-06-22 |
Genre | Business & Economics |
ISBN | 1484364406 |
This paper investigates the evolution of inflation dynamics in the five largest ASEAN countries between 1997 and 2017. To account for changes in the monetary policy frameworks since the Asian Financial Crisis (AFC), the analysis is based on country-specific Phillips curves allowing for time-varying parameters. The paper finds evidence of a higher degree of forward-looking dynamics and a better anchoring of inflation expectations, consistent with the improvements in monetary policy frameworks in the region. In contrast, the quantitative impact of cyclical fluctuations and import prices has gradually diminished over time.
Inflation Dynamics and Monetary Policy Transmission in Vietnam and Emerging Asia
Title | Inflation Dynamics and Monetary Policy Transmission in Vietnam and Emerging Asia PDF eBook |
Author | Ms.Rina Bhattacharya |
Publisher | International Monetary Fund |
Pages | 22 |
Release | 2013-07-03 |
Genre | Business & Economics |
ISBN | 1475554737 |
This paper provides an overview of inflation developments in Vietnam in the years following the doi moi reforms, and uses empirical analysis to answer two key questions: (i) what are the key drivers of inflation in Vietnam, and what role does monetary policy play? and (ii) why has inflation in Vietnam been persistently higher than in most other emerging market economies in the region? It focuses on understanding the monetary policy transmission mechanism in Vietnam, and in understanding the extent to which monetary policy can explain why inflation in Vietnam has been higher than in other Asian emerging markets over the past decade.
Inflation Dynamics in Asia
Title | Inflation Dynamics in Asia PDF eBook |
Author | Ms.Carolina Osorio |
Publisher | International Monetary Fund |
Pages | 22 |
Release | 2011-11-01 |
Genre | Business & Economics |
ISBN | 1463923961 |
The perception that Asia's inflation dynamics is driven by idiosyncratic supply shocks implies, as a corollary, that there is little scope for a policy reaction to a build-up of inflationary pressures. However, Asia's fast growth and integration over the last two decades suggest that the drivers of inflation may have changed, and that domestic demand pressures may now play a larger role than in the past. This paper presents a quantitative analysis of inflation dynamics in Asia using a Global VAR (GVAR) model, which explicitly incorporates the role of regional and global spillovers in driving Asia's inflation. Our results suggest that over the past two decades the main drivers of inflation in Asia have been monetary and supply shocks, but also that, in recent years, the contribution of these shocks has fallen, whereas demand-side pressures have started to emerge as an important contributor to inflation in Asia.
Inflation and Deflation in East Asia
Title | Inflation and Deflation in East Asia PDF eBook |
Author | Frank Rövekamp |
Publisher | Springer Nature |
Pages | 180 |
Release | 2023-05-13 |
Genre | Business & Economics |
ISBN | 3031279492 |
In light of the deflationary trends following the 2008/2009 financial crisis, as well as the return of inflation triggered by the COVID-19 pandemic and the war in Ukraine, this book offers insights into price stability issues in various East Asian countries. Leading scholars from the fields of economics and law as well as central bank practitioners present case studies on Japan, Korea, Singapore, and Taiwan. The contributors address topics such as quantitative monetary easing, the role of global and domestic shocks on inflation dynamics, and other monetary policy issues. In doing so, the book goes into detail about the individual forces and effects of deflation and inflation and compares the Asian experience with that of the Eurozone.
Globalisation, Inflation and Monetary Policy in Asia and the Pacific
Title | Globalisation, Inflation and Monetary Policy in Asia and the Pacific PDF eBook |
Author | Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico |
Publisher | |
Pages | 193 |
Release | 2014 |
Genre | Asia |
ISBN | 9789291979868 |
The research papers presented at the conference covered the dynamics of inflation forecasts in the region; the measurement of economic slack; supply chains and inflation spillovers; financial globalisation and the role of exchange rate in monetary policy; global commodity price cycles and their monetary policy implications; and the role of inflation in China's monetary policy rule. This volume is a collection of the speeches, presentations and a background paper from the conference."--Abstract.
Thailand
Title | Thailand PDF eBook |
Author | International Monetary Fund. Asia and Pacific Dept |
Publisher | International Monetary Fund |
Pages | 22 |
Release | 2017-05-31 |
Genre | Business & Economics |
ISBN | 1484301846 |
This Selected Issues paper analyzes factors that could bring inflation back to target in Thailand. The paper estimates a hybrid New Keynesian Phillips curve with time varying parameters to gauge the quantitative role of (long-term) inflation trends, economic slack, and import price inflation in shaping inflation dynamics. The analysis reveals some important changes in Thailand’s inflation dynamics. It suggests that the impact of lower import prices was a major factor behind the decline in headline inflation in 2015, with low oil prices the largest contributor to inflation dynamics. Monetary policy easing, within a broader expansionary policy mix, should help bring inflation back to target.
Asean-5 Cluster Report
Title | Asean-5 Cluster Report PDF eBook |
Author | International Monetary Fund. Asia and Pacific Dept |
Publisher | International Monetary Fund |
Pages | 58 |
Release | 2016-06-30 |
Genre | Business & Economics |
ISBN | 1498308740 |
This paper examines the evolution of monetary policy frameworks of the Association of Southeast Asian Nations (ASEAN)-5 economies, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policies in advanced economies. Monetary policy frameworks of the ASEAN-5 economies have on the whole performed well since the crisis, delivering both price and financial stability during a period of significant domestic and regional transformation and global macroeconomic and financial turmoil. Not surprisingly, therefore, successful outcomes in most cases entailed significant changes to operating frameworks and refinement of policy objectives.