MONETARY POLICY IN A SMALL OPEN ECONOMY: THE CASE OF MALAYSIA

So Umezaki

19 citations0/0 files storedThe Developing Economies

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Global Financial Crisis and Policies

Abstract

This paper provides a case study to characterize the monetary policy regime in Malaysia, from a medium‐ and long‐term perspective. Specifically, we ask how the Central Bank of Malaysia, Bank Negara Malaysia (BNM), has structured its monetary policy regime, and how it has conducted monetary and exchange rate policy under the regime. By conducting three empirical analyses, we characterize the monetary and exchange rate policy regime in Malaysia by three intermediate solutions on three vectors: the degree of autonomy in monetary policy, the degree of variability of the exchange rate, and the degree of capital mobility.

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References

1993Discretion versus policy rules in practice 2000Fear of Floating 1999Monetary Policy Rules 1998Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory 1999Inflation targeting: lessons from the international experience 1988Money, interest, and banking in economic development 2004The Trilemma in History: Tradeoffs Among Exchange Rates, Monetary Policies, and Capital Mobility 1999No Single Currency Regime is Right for All Countries or At All Times

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2014Examining the exchange rate regime–monetary policy autonomy nexus: Evidence from Malaysia 2014Interest Rates Targeting of Monetary Policy: An Open Economy SVAR Study of Malaysia

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