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Monetary and Currency Policy Management in Asia
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Monetary and Currency Policy Management in Asia

9780857933348 Edward Elgar Publishing
Edited by Masahiro Kawai, Project Professor, Graduate School of Public Policy, The University of Tokyo, Peter J. Morgan, Senior Consulting Economist, Asian Development Bank Institute, Tokyo and Shinji Takagi, Professor, Graduate School of Economics, Osaka University, Japan
Publication Date: 2012 ISBN: 978 0 85793 334 8 Extent: 320 pp
This book makes concrete macroeconomic policy recommendations for Asian economies aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional exchange rate cooperation; and ways to ease the constraints on policy resulting from the so-called ‘impossible trinity’ of fixed exchange rates, open capital accounts and independent monetary policy.

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Asian economies strengthened their monetary and currency management after the Asian financial crisis of 1997–1998, and came through the global financial crisis of 2007–2009 relatively well. Nevertheless, the recent global crisis has presented new challenges. This book develops recommendations for monetary and currency policy in Asian economies aimed at promoting macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows.

Monetary and Currency Policy Management in Asia draws lessons from crises and makes concrete macroeconomic policy recommendations aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures, both conventional and unconventional, to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional cooperation to stabilize currency movements; and ways to ease the constraints on policy resulting from the so-called ‘impossible trinity’ of fixed exchange rates, open capital accounts and independent monetary policy.

This is one of the first books since the global financial crisis to specifically and comprehensively address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. Presenting a broad menu of policy options for financial reform and regulation, the book will be of great interest to finance experts and policymakers in the region as well as academics and researchers of financial and Asian economics and also economic development.
Critical Acclaim
‘. . . the volume is a useful read for those interested in aspects of monetary and financial issues in Asia.’
– Ramkishen S. Rajan, The Developing Economies
Contributors
Contributors: J. Aizenman, M.D. Chinn, A. Filardo, S.-i. Fukuda, H. Genberg, H. Ito, M. Kawai, S. Kim, Y. Kon, P.J. Morgan, I. Patnaik, A. Shah, S. Takagi, D.Y. Yang, F. Zhai
Contents
Contents:

Preface

1. Monetary and Currency Policy Issues: An Overview
Shinji Takagi

PART I: MONETARY POLICY ISSUES
2. The Role and Effectiveness of Unconventional Monetary Policy
Peter J. Morgan

3. Monetary Policy Strategies in the Asia and Pacific Region: Which Way Forward?
Andrew Filardo and Hans Genberg

PART II: EXCHANGE RATE POLICY AND RESERVE MANAGEMENT ISSUES
4. International Monetary Transmission and Exchange Rate Regimes: Floaters vs Non-floaters in East Asia
Soyoung Kim and Doo Yong Yang

5. Macroeconomic Impacts of Foreign Exchange Reserve Accumulation: Theory and International Evidence
Shin-ichi Fukuda and Yoshifumi Kon

PART III: RECOMMENDATIONS RELATED TO THE ‘IMPOSSIBLE TRINITY’
6. The Financial Crisis, Rethinking of the Global Financial Architecture, and the Trilemma
Joshua Aizenman, Menzie D. Chinn and Hiro Ito

7. Asia Confronts the Impossible Trinity
Ila Patnaik and Ajay Shah

PART IV: IMPACTS ON ASIA OF THE GLOBAL FINANCIAL CRISIS AND POLICY RESPONSES
8. Asia’s Post-global Financial Crisis Adjustment: A Model-based Dynamic Analysis
Masahiro Kawai and Fan Zhai

PART V: REGIONAL COOPERATION ISSUES
9. A Proposal for Exchange Rate Policy Coordination in East Asia
Masahiro Kawai and Shinji Takagi

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