Asean-5 Cluster Report: Evolution of Monetary Policy Frameworks

IMF Staff Country Reports, June 30, 2016

Source details

Canonical URL: Asean-5 Cluster Report: Evolution of Monetary Policy Frameworks

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.
Finds that 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.
Notes that successful outcomes in most cases entailed significant changes to operating frameworks and refinement of policy objectives.

Scope and focus:
- Evolution of frameworks since the Asian financial crisis.
- Impacts of unconventional monetary policies in advanced economies on ASEAN-5 frameworks.
Performance:
- Monetary policy frameworks "have on the whole performed well since the crisis."
- Outcomes included delivery of both price stability and financial stability amid significant transformations and turmoil.
Institutional and operational adjustments:
- Successful outcomes were associated with significant changes to operating frameworks.
- Refinement of policy objectives accompanied those changes.