Chapter 10: Summary and Conclusion
The main objective of this book has been to provide an overview of central banking and monetary policy issues in developing countries of the Asia-Pacific. The discussion of the book has revolved around the theme that the phenomenal economic progress in East and Southeast Asian countries over the past four decades has taken place within the framework of the East Asian development paradigm that emphasised macroeconomic stability in general and price stability in particular. Accordingly, disciplined monetary and fiscal policies have been credited for the low inflationary economic environment in developing Asia. The East Asian financial crises of the late 1990s and the 2008–09 global financial crises have, however, exposed the vulnerabilities of most Asian countries to external shocks and developments. Still, for sustained economic growth and poverty reduction, globalisation remains the best option for developing countries. To cope with external shocks, most developing countries of Asia have undertaken economic reforms and improved their financial systems. Some of these countries have also introduced political reforms to develop sound economic policies. Given the increasing importance of monetary policy in macroeconomic stability, this book has provided an overview of the key concepts and principles of central banking and monetary policy and has reviewed contemporary monetary, fiscal and exchange rate policy issues. At the risk of some repetition, the remainder of this chapter summarises the key ideas, concepts and principles in central banking and monetary policy that have been covered in this book. CENTRAL BANKING The book has reviewed the evolution and...
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