Post-Crisis Monetary and Exchange Rate Policies in Indonesia, Malaysia and Thailand  

Oleh:

Fane, George

Jenis: Article from Journal - ilmiah nasional
Dalam koleksi: BIES: Bulletin of Indonesian Economic Studies vol. 41 no. 2 (2005), page 175-196.
Topik: MONETARY; post - crisis monetary; exchange rate policies

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: BB59.8 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

This paper surveys the post - crisis monetary and exchange rate policies of Indonesia, Thailand and Malaysia. Malaysia has pegged the ringgit while Indonesia and Thailand have adopted heavily managed exchange rates. Under their IMF programs, Thailand and Indonesia set base money targets, but Thailand has moved, and Indonesia is now moving, to inflation targeting, using interest rates as the short-term instrument. Malaysia also sets interest rates. The ability of the three central banks to set interest rates and also pursue an exchange rate target with an interest rate target has been bolstered by restrictions on the internationalisation of the domestic currency. The three central banks have also had to sterilise the monetary effects of their foreign exchange interventions. It is argued that inflation targeting is now a good policy choice, but that a more freely floating exchange rate would be better than sterilisation of balance of payments surpluses or deficits.

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