MONETARY POLICY RULES IN MALAYSIA, SINGAPORE AND THAILAND

MONETARY POLICY RULES IN MALAYSIA, SINGAPORE AND THAILAND

This paper investigates whether monetary policies in Malaysia, Thailand and Singapore are best represented by either the Taylor rule or the augmented Taylor rule. It finds that the augmented Taylor rule, which incorporates the exchange rate and government spending, best represents monetary policies...

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Main Authors: Chai-Thing Tan, Azali Mohamed
Format: Article
Language:Indonesian
Published: Bank Indonesia 2020-12-01
Series:Bulletin Ekonomi Moneter dan Perbankan
Subjects:
monetary policy rules
fiscal policy rules
monetary and fiscal policy interactions
Online Access:https://www.bmeb-bi.org/index.php/BEMP/article/view/1112
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spelling doaj-619c32615e9e4219922b46c9c6b5e2e92021-02-02T09:25:24ZindBank IndonesiaBulletin Ekonomi Moneter dan Perbankan1410-80462460-91962020-12-0123456559610.21098/bemp.v23i4.11121112MONETARY POLICY RULES IN MALAYSIA, SINGAPORE AND THAILANDChai-Thing Tan0Azali Mohamed1Universiti Tunku Abdul RahmanUniversiti Putra MalaysiaThis paper investigates whether monetary policies in Malaysia, Thailand and Singapore are best represented by either the Taylor rule or the augmented Taylor rule. It finds that the augmented Taylor rule, which incorporates the exchange rate and government spending, best represents monetary policies in these countries. The results show that past inflation and the output gap play a role in the monetary policy reaction function in Malaysia and Thailand. The results further show a strong preference towards interest rate smoothing, government spending, and the exchange rate by the central banks.https://www.bmeb-bi.org/index.php/BEMP/article/view/1112monetary policy rulesfiscal policy rulesmonetary and fiscal policy interactions
collection DOAJ
language Indonesian
format Article
sources DOAJ
author Chai-Thing Tan
Azali Mohamed
spellingShingle Chai-Thing Tan
Azali Mohamed
MONETARY POLICY RULES IN MALAYSIA, SINGAPORE AND THAILAND
Bulletin Ekonomi Moneter dan Perbankan
monetary policy rules
fiscal policy rules
monetary and fiscal policy interactions
author_facet Chai-Thing Tan
Azali Mohamed
author_sort Chai-Thing Tan
title MONETARY POLICY RULES IN MALAYSIA, SINGAPORE AND THAILAND
title_short MONETARY POLICY RULES IN MALAYSIA, SINGAPORE AND THAILAND
title_full MONETARY POLICY RULES IN MALAYSIA, SINGAPORE AND THAILAND
title_fullStr MONETARY POLICY RULES IN MALAYSIA, SINGAPORE AND THAILAND
title_full_unstemmed MONETARY POLICY RULES IN MALAYSIA, SINGAPORE AND THAILAND
title_sort monetary policy rules in malaysia, singapore and thailand
publisher Bank Indonesia
series Bulletin Ekonomi Moneter dan Perbankan
issn 1410-8046
2460-9196
publishDate 2020-12-01
description This paper investigates whether monetary policies in Malaysia, Thailand and Singapore are best represented by either the Taylor rule or the augmented Taylor rule. It finds that the augmented Taylor rule, which incorporates the exchange rate and government spending, best represents monetary policies in these countries. The results show that past inflation and the output gap play a role in the monetary policy reaction function in Malaysia and Thailand. The results further show a strong preference towards interest rate smoothing, government spending, and the exchange rate by the central banks.
topic monetary policy rules
fiscal policy rules
monetary and fiscal policy interactions
url https://www.bmeb-bi.org/index.php/BEMP/article/view/1112
work_keys_str_mv AT chaithingtan monetarypolicyrulesinmalaysiasingaporeandthailand
AT azalimohamed monetarypolicyrulesinmalaysiasingaporeandthailand
_version_ 1724295195891073024

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