## 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](https://www.imf.org/en/publications/cr/issues/2016/12/31/asean-5-cluster-report-evolution-of-monetary-policy-frameworks-43988)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/asean-5-cluster-report-evolution-of-monetary-policy-frameworks-43988/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/asean-5-cluster-report-evolution-of-monetary-policy-frameworks-43988/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/asean-5-cluster-report-evolution-of-monetary-policy-frameworks-43988/bundle-manifest.json)

## Bibliographic details
- Published: June 30, 2016
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498308748.002

---

### Summary
- 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.

### Major themes and findings
- 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.

### Subjects and keywords (as listed)
- Subjects:
  - Balance of payments
  - Capital inflows
  - Central bank policy rate
  - Exchange rate flexibility
  - Exchange rates
  - Foreign exchange
  - Monetary policy
  - Monetary policy frameworks
- Keywords:
  - Asia and Pacific
  - Capital inflows
  - corridor band
  - CR
  - economies well
  - economy
  - exchange rate
  - Exchange rate flexibility
  - Exchange rates
  - exchange rates corridor band
  - foreign exchange
  - Global
  - interest rate
  - ISCR
  - monetary management
  - monetary policy
  - monetary policy autonomy
  - monetary policy framework
  - Monetary policy frameworks
  - monetary policy independence
  - monetary policy response
  - monetary policy strategy
  - policy interest rate corridor
  - policy rate

---

## Content in this bundle

- **_cr16176**
  - [_cr16176 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2016/_cr16176.pdf.md){rel="alternate" type="text/markdown"}
  - [_cr16176 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2016/_cr16176.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/asean-5-cluster-report-evolution-of-monetary-policy-frameworks-43988_