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Working Paper
Postwar financial policies in Taiwan, China
Working Paper
The Asian dollar market
Working Paper
Postwar trends in income and deposit velocity and LDCs
Working Paper
The rate of monetization in the less developed countries
Discussion Paper
The use of interest rate policies as a stimulus to economic growth
Conference Paper
Monetary policy in Taiwan, China
Working Paper
Central banks' use in East Asia of money market instruments in the conduct of monetary policy
The paper examines the greater use in the past decade of money market instruments in the conduct of monetary policy by the central banks, or their equivalent, in six of the main East Asian developing economies. Some of these economies have been successful in using various money market instruments to control liquidity, while others have been much less successful. A common theme in the case of the successful economies has been one of employing money market instruments that have yields based on actual market demand and supply. In those cases where the yields have been unrealistic due to not ...
Working Paper
Monetary policy in Taiwan, China
This paper examines how Taiwan, China, has used monetary policy to deal with the impact of the two oil shocks since 1973, as well as with the recent problem of a very large rise in foreign exchange holdings. In dealing with the inflationary pressures brought on by the two oil shocks, the central bank relied primarily on changes in its rediscount rate to reduce inflationary pressures. However, the changes were initially too small and too late to prevent a large rise in consumer prices in 1974 and 1980. Since 1985, the large gains in foreign exchange reserves, due to a rising trade surplus and ...