chapter  22
24 Pages

Monetary policy and central banking in Asia

ByTakatoshi Ito

This chapter is an overview of monetary policy and central banking in Asia. Asian countries, in which northeast, southeast, and south Asian countries are included, are very diverse in monetary and currency arrangements as well as in the economic development stage. Also, they have gradually changed from countries with a closed capital account to those with an open capital market account in the last three decades. Historically, the Asian financial crisis of 1997–1998 was a turning point in policy thinking and implementation for many southeast and northeast Asian countries. 1