The ASEAN Way: Policies for Price and Financial Stability: sustaining growth and stability

The monetary policy and financial frameworks of the ASEAN-5 economies have delivered price and financial stability during a period of significant domestic and regional transformation and global financial turmoil. The evolution of their monetary frameworks and successful experience with economic policies provides valuable lessons for emerging and developing countries around the globe. In the period ahead, global financial spillovers will continues to test the resilience of the ASEAN-5 economies. The five founding members of the Association of Southeast Asian Nations, also known as the ASEAN-5 (Indonesia, Malaysia, the Philippines, Singapore, Thailand), have been among the strongest emerging markets over the past 20 years. This small group has transformed their policy frameworks since the Asian financial crisis to bring about economic stability during a period of global financial turmoil and transformation in the region. The success of the ASEAN-5 also provides lessons for other emerging market and developing economies. They have built buffers and adapted their policies to respond to global spillovers. However, a variety of global risks will continue to test the group and their economic resiliency. The chapters presented in this book: Look at the evolution of monetary policy and economic frameworks in the region Study the transmission of global spillovers and the policy responses by the ASEAN-5 Outline future economic challenges to consider Make suggestions for adapting to the changing global dynamics and further strengthening policy frameworks to promote financial stability. Machine Generated Contents Note: 1. Overview / Shanaka J. Peiris -- Pt. I From The Asian Financial Crisis To The Present -- 2. Evolution Of Monetary Policy Frameworks / Shanaka J. Peiris -- 3. Toward A Resilient Financial Sector / Pablo Lopez Murphy -- Pt. Ii Policy Responses To Global Spillovers -- 4. Global Spillovers / Sherillyn Raga -- 5. Monetary And Exchange Rate Policy Responses / Rui Mano -- 6. Macroprudential Policies / Sohrab Rafiq -- Pt. Iii Challenges Ahead -- 7. Monetary Policy In The New Normal / Umang Rawat -- 8. Systemic Risks And Financial Stability Frameworks / Sohrab Rafiq -- 9. Macroeconomic Policy Synergies For Sustained Growth / Sohrab Rafiq. Edited By Ana Corbacho And Shanaka J. Peiris. Includes Bibliographical References And Index. Also Available In Electronic Format. Cover Contents Foreword Acknowledgments Contributors 1 Overview PART I: FROM THE ASIAN FINANCIAL CRISIS TO THE PRESENT 2 Evolution of Monetary Policy Frameworks 3 Toward a Resilient Financial Sector PART II: POLICY RESPONSES TO GLOBAL SPILLOVERS 4 Global Spillovers 5 Monetary and Exchange Rate Policy Responses 6 Macroprudential Policies PART III: CHALLENGES AHEAD 7 Monetary Policy in the New Normal 8 Systemic Risks and Financial Stability Frameworks 9 Macroeconomic Policy Synergies for Sustained Growth 10 The Future of ASEAN-5 Financial Integration The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN­5, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policy in advanced economies. The second part of the book looks at policy responses to global financial spillovers. The third and last part of the book elaborates on the challenges ahead for monetary policy, financial stability frameworks, and the deepening of financial markets.