{
  "title": "Asean-5 Cluster Report: Evolution of Monetary Policy Frameworks",
  "publication": "IMF Staff Country Reports, June 30, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/asean-5-cluster-report-evolution-of-monetary-policy-frameworks-43988",
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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.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- 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.\n- 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.\n- Notes that successful outcomes in most cases entailed significant changes to operating frameworks and refinement of policy objectives."
    },
    {
      "heading": "Major themes and findings",
      "content": "- Scope and focus:\n  - Evolution of frameworks since the Asian financial crisis.\n  - Impacts of unconventional monetary policies in advanced economies on ASEAN-5 frameworks.\n- Performance:\n  - Monetary policy frameworks \"have on the whole performed well since the crisis.\"\n  - Outcomes included delivery of both price stability and financial stability amid significant transformations and turmoil.\n- Institutional and operational adjustments:\n  - Successful outcomes were associated with significant changes to operating frameworks.\n  - Refinement of policy objectives accompanied those changes."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects:\n  - Balance of payments\n  - Capital inflows\n  - Central bank policy rate\n  - Exchange rate flexibility\n  - Exchange rates\n  - Foreign exchange\n  - Monetary policy\n  - Monetary policy frameworks\n- Keywords:\n  - Asia and Pacific\n  - Capital inflows\n  - corridor band\n  - CR\n  - economies well\n  - economy\n  - exchange rate\n  - Exchange rate flexibility\n  - Exchange rates\n  - exchange rates corridor band\n  - foreign exchange\n  - Global\n  - interest rate\n  - ISCR\n  - monetary management\n  - monetary policy\n  - monetary policy autonomy\n  - monetary policy framework\n  - Monetary policy frameworks\n  - monetary policy independence\n  - monetary policy response\n  - monetary policy strategy\n  - policy interest rate corridor\n  - policy rate\n\n---\n\n Content in this bundle\n\n- cr16176\n  - cr16176 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr16176 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 30, 2016",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498308748.002",
    "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:",
    "Performance:",
    "Institutional and operational adjustments:",
    "Subjects:",
    "Keywords:",
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