亚洲中央银行指南（asiacentralbankguide）英文.pdfVIP

Asia Central Bank Guide Bankers, interest rates, and infl ation Summary Here’s all you need to know about Asia’s central banks. Their targets, their tools, their travails. The first chapter provides you with a flavour of the main issues and challenges. The second dives into inflation and highlights the key trends across the region. The third chapter looks at macroprudential policy, increasingly an area of responsibility for central banks. Country sections then give you all the details you’d ever need on individual institutions. Read it. Keep it. Use it. Here’s the compass This is the second instalment of our Asia Central Bank Guide. The first was published two years ago and still contains highly relevant analysis on central bank reactions, functions, inflation trends in Asia, and even a measure on the “predictability” of rate decisions by individual central banks. Here, we update the key information and add more analysis, especially on macroprudential policy. The latter has increasingly moved into focus as record-low interest rates and frothy asset prices have raised concerns about bubbles and excessive risk taking. Asian central banks are pioneers in the deployment of macroprudential measures, with many having started to adopt them well before the Global Financial Crisis. Inflation, it is true, has receded as a concern for central bankers and investors alike in the last couple of years. Disappointing global growth, lingering excess capacity and stable commodity prices have held it in check for a while now (India and Indonesia excepted). But maintaining price stability remains the main objective for most central banks in Asia. And this works in both directions: accelerating inflation should elicit as much of a response as the threat of deflation. It is therefore essential to keep a close eye on underlying price trends in Asia. Our second chapter does exactly this. We may be in a period of global disinflation, but that doesn’t mean officials