2007 Fiscal Year Final Research Report Summary
Inflation Targeting and Economic Stabilization; Asian Experiences and Their Influences onto Japan
| Project/Area Number |
17330073
|
|---|
| Research Category |
Grant-in-Aid for Scientific Research (B)
|
| Allocation Type | Single-year Grants |
|---|
| Section | 一般 |
|---|
| Research Field |
Public finance/Monetary economics
|
|---|
| Research Institution | Kobe University |
|---|
Principal Investigator |
JINUSHI Toshiki Kobe University, Graduate School of Economics, professor (60171089)
|
|---|
| Co-Investigator(Kenkyū-buntansha) |
FUJIWARA Kenya Kobe University, Graduate School of Business Administration, professor (30229067)
MIYAO Ryuzo Kobe University, Research Institute of Economics and Business, Professor (40229802)
MIENO Fumiharu Kobe University, Graduate School of International Cooperations, associate professor (40272786)
FUJIWARA Hideo Doshisya University, Department of commerce, professor (10104613)
北岡 孝義 明治大学, 商学部, 教授 (60116572)
INOGUCHI Masahiro Kyoto Sangyo University, Depatment of Business Administration, Lecturer (60387991)
|
|---|
| Project Period (FY) |
2005 – 2007
|
| Keywords | inflation / monetary policy / inflation targeting / central bank independence / foreign exchange-rate peg / nominal anchor / dollarization / policy committee |
|---|
| Research Abstract |
(1) Based on our research, we held an international research conference, the Asian Monetary Policies.; Inflation Targeting and International Linkages, at Kobe University in January 2008. Both Jinushi and Miyao participated in the research projects, sponsored by Asian Development Bank, and researched on the monetary policies in Asia All those research is planned to be published in one volume.
(2) Both Thailand and Korea, which are the representative inflation targeting nations in Asia, have performed rather well and accumulated significant experiences in inflation targeting. Recently, they have reformed their implementations in line with the world trends.
(3) Asian economies like Vietnam, which have not adopted the inflation targeting so far, have used the foreign exchange rates as their nominal anchor. However, their monetary policy operations face difficulties since the recent decline of the US dollar and the significant rises in commodities prices. They are examining the introduction of the inflation targeting.
(4)The same situation applies more severely to the nations like Cambodia and Laos, which have multiple currencies circulating in the domestic markets.
(5) Among the inflation targeters, there are economies like Philippine, which have failed in realizing the inflation targets.
(6) The 2000s had been the low inflation period for many economies in the world till the recent reversal. Thus, the inflation targeters in the Asian economies also had enjoyed good performances rather easily. However, they might fare the challenge, if the current inflationary trends continue in the world commodity markets.
|
