IMF Staff Country Reports

Asean-5 Cluster Report : Evolution of Monetary Policy Frameworks

Author/Editor:

International Monetary Fund. Asia and Pacific Dept

Publication Date:

June 30, 2016

Electronic Access:

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Summary:

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.

Series:

Country Report No. 16/176

Subject:

Association of Southeast Asian Nations Business cycles Capital outflows Central banks Cross country analysis Indonesia Malaysia Monetary policy Philippines Singapore Thailand