Monetary Policy in Pacific Basin Countries : Papers Presented at a Conference Sponsored by the Federal Reserve Bank of San Francisco

The chapters in this book are based on papers prepared for a conference organized by the Federal Reserve Bank of San Francisco, held at the bank September 23-25, 1987, to review and compare monetary policy experiences of Pacific Basin countries during the past 15 years. The theme of the conference was conceived with two purposes in mind. First, there was (and still is) a great need to enhance knowledge on the workings of economies in the Pacific Basin, which has been the fastest growing region in the world economy during the past 30 years. While much has been written on Pacific Basin trade and economic growth, relatively few studies have been published on the conduct of monetary policy in these economies. Second, as we in the United States and others elsewhere have learned, rapid financial market changes over the last 15 years have led to considerable adjustment in the conduct of monetary policy. A comparative study of various national experiences can yield insights into the inter­ actions between monetary policy and financial market changes more than is obtainable by examining indi vidual national experiences separately. Front Matter....Pages i-vii Front Matter....Pages 1-1 Monetary Policy Changes in Pacific Basin Countries....Pages 3-14 Front Matter....Pages 15-15 Financial Market Changes and Monetary Policy in Pacific Basin Countries....Pages 17-42 Exchange Rate Arrangements and Monetary Policy....Pages 43-80 Capital Mobility and Monetary Policy: Australia, Japan, and New Zealand....Pages 81-94 Monetary Policy and Foreign Debt: The Experiences of the Far East Countries....Pages 95-124 Monetary Regimes and Fiscal Deficits: A Comparative Analysis....Pages 125-152 Monetary Policy in Pacific Basin Developing Countries....Pages 153-170 Front Matter....Pages 171-171 Exchange Rates and Monetary Policy in Singapore and Hong Kong....Pages 173-200 United States Monetary Policy....Pages 201-225 The Response of the Bank of Japan to Macroeconomic and Financial Change....Pages 227-246 The New Australian Monetary Policy....Pages 247-278 Financial Deregulation and Monetary Policy in New Zealand....Pages 279-301 Monetary Policy in Thailand....Pages 303-319 Financial Reform and Monetary Control in Indonesia....Pages 321-351 Monetary Policy and Financial Reform in Korea....Pages 353-379 Monetary Policy in Taiwan, China....Pages 381-399 Monetary Policy and Inflation in China....Pages 401-429 Back Matter....Pages 431-455