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Umezaki, So (2006)
Publisher: Institute of Developing Economies (IDE-JETRO) 
Journal: IDE Discussion Paper = IDE Discussion Paper
Languages: English
Types: Preprint
Subjects: Monetary policy,Exchange rate,Capital control,Malaysia,Foreign exchange,Capital market,金融政策,為替相場,資本規制,マレーシア,外国為替,資本市場, 金融政策, Foreign exchange, マレーシア, Capital control, Malaysia, Capital market, Monetary policy, 為替相場, JEL:E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System, 資本市場, JEL:F41 - Open Economy Macroeconomics, Exchange rate, JEL:E58 - Central Banks and Their Policies, 資本規制, 外国為替
jel: jel:E42, jel:F41, jel:E58
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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    • 30 30 22 The imposition of capital controls in Malaysia has become the focus of worldwide attention. Among a bulk of studies, Zainal-Abidin [2000], Dournbusch [2001], Kaplan and Rodrik [2001], Meesook, et al.
    • [2001], Athukorala [2001a,b], and Yusoff [2002] may be good references.
    • Ariyoshi, Akira, Karl Habermeier, Bernard Laurens, Inci Ötker-Robe, Jorge Ivan Canales-Kriljenko, and Andrei Kirilenko [2000]. Capital Controls: Country Experiences with Their Use and Liberalization, IMF Occasional Paper No.190, Washington, D.C.: IMF.
    • Athukorala, Prema-Chandra [2001a]. Crisis and Recovery in Malaysia: The Role of Capital Controls, Cheltenham: Edward Elgar.
    • ----- [2001b]. 'Capital Mobility, Crisis and Adjustment,' in Dasgupta, Uzan, and Wilson[2001], pp.255-277.
    • Azali, Mohamed [2001]. Transmission Mechanism in a Developing Economy: Does Money or Credit Matter?, Selangor: Universiri Putra Malaysia Press.
    • Bank Negara Malaysia (BNM) [1994]. Money and Banking in Malaysia, 4th ed., Kuala Lumpur: BNM.
    • ----- [1999]. The Central Bank and the Financial System in Malaysia: A Decade of Change 1989-1999, Kuala Lumpur: BNM.
    • ----- [2001]. The Master Plan: Building a Secure, Kuala Lumpur: BNM.
    • Bernanke, Ben S., Thomas Laubach, Frederic S. Mishkin, and Adam S. Posen [1999]. Inflation Targeting: Lessons from the International Experience, Princeton: Princeton University Press.
    • Bhagwati, Jagdish [1998]. 'The Capital Myth: The Difference between Trade in Widgets and Trade in Dollars,' Foreign Affairs, Vol.77, pp.7-12.
    • Blejer, Mario I., Alain Ize, Alfredo M. Leone, Sergio Werlang eds. [2000]. Inflation Targeting in Practice: Strategic and Operational Issues and Application to Emerging Market Economies, Washington, D.C.: International Monetary Fund.
    • Borio, C.E.V. and Robert N. McCauley [2002]. 'Comparing Monetary Policy Operating Procedures in Indonesia, Korea, Malaysia and Thailand,' in Gordon de Brouwer ed. [2002]. Financial Market and Policies in East Asia, London: Routledge, pp.253-285.
    • Callen, Tim, and Patricia Reynolds [1997]. 'Capital Market Development and the Monetary Transmission Mechanism in Malaysia and Thailand,' in Hicklin, John, David Robinson, and Anoop Singh eds. Macroeconomic Issues Facing ASEAN Countries, Washington, D.C.: International Monetary Fund, pp.184-230.
    • Calvo, Guillermo A. and Carmen M. Reinhart[2000]. Fear of Floating, NBER Working Paper Series No.7993.
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