Monetary Policy Frameworks in Asia: Experience, Lessons, and Issues

7/29/2019 Monetary Policy Frameworks in Asia: Experience, Lessons, and Issues

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IL@M Vcremof Xipjr Rjrmjs

Gcojtiry Xcamby Nrigjwcres mo Ismi;

Jxpjrmjobj, Ajsscos, iol Mssujs

Xjtjr K. Gcrfio

Oc.


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\dj Vcremof Xipjr sjrmjs ms i bcotmouitmco cn tdj ncrgjray oigjl Lmsbussmco Xipjr sjrmjs5 tdjoug`jrmof cn tdj pipjrs bcotmoujl wmtdcut motjrruptmco cr bdiofj. IL@Ms wcremof pipjrsrjnajbt momtmia mljis co i tcpmb iol irj pcstjl coamoj ncr lmsbussmco. IL@M jobcurifjs rjiljrs tcpcst tdjmr bcggjots co tdj gimo pifj ncr jibd wcremof pipjr (fmvjo mo tdj bmtitmco `jacw).Rcgj wcremof pipjrs giy ljvjacp motc ctdjr ncrgs cn pu`ambitmco.

Ruffjstjl bmtitmco;

Gcrfio, X.K. 0892.Gcojtiry Xcamby Nrigjwcres mo Ismi; Jxpjrmjobj, Ajsscos, iol Mssujs

.IL@M Vcremof Xipjr 884, Kipio

\ja; +49-2-2:=2-::88Nix; +49-2-2:=2-::69ZPA; www.il`m.crfJ-gima; moncHil`m.crf

0892 Ismio Ljvjacpgjot @ioe Mostmtutj


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IL@M Vcremof Xipjr bcobauljs tdj pipjr.

Gcojtiry pcamby ms tc i airfj jxtjot bcostrimojl `y tdj jxbdiofj ritj rjfmgj. Xrmcr tc tdjIsmio nmoiobmia brmsms, gcst Jist Ismio jbcocgmjs ismlj nrcg Kipio dil tdjmr jxbdiofjritjs rjaitmvjay nmxjl rjaitmvj tc tdj ZR lcaair, iol tjoljl tc ncbus co bcotrcaamof gcojtiry

iffrjfitjs. Mo tdj i`sjobj cn ncrjmfo jxbdiofj bcotrcas, tdms mgpamjl oc moljpjoljobj cngcojtiry pcamby, iol, moljjl, tdj jismof cn bipmtia bcotrcas lurmof tdj pjrmcl brjitjl tdjbcolmtmcos ajilmof up tc tdj Ismio nmoiobmia brmsms. \i`aj 9 sdcws tdj baissmnmbitmco cn Ismiogcojtiry pcamby rjfmgjs mo Rtcoj iol @duolmi (088


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IL@M Vcremof Xipjr 9==6 9==4 9=== 0888 0889 0880 0882Xjcpajs Pjpu`ambcn Bdmoi

TPX TPX TPX TPX TPX TPX TPX TPX TPX

Molcojsmi M\A M\A M\A M\A M\A M\A M\A M\A M\AKipio MM\ MM\ MM\ MM\ MM\ MM\ MM\ MM\ MM\

Pjpu`amb cn Ecrji GcI GcI M\A M\A M\A M\A NNM\ NNM\ NNM\

Giaiysmi M\A M\A M\A TPX TPX TPX TPX TPX TPX

Xdmamppmojs TPX TPX M\A M\A M\A M\A M\A NNM\ NNM\

Rmofipcrj MM\ MM\ MM\ MM\ MM\ MM\ MM\ MM\ MM\

\dimaiol TPX TPX M\A M\A M\A NNM\ NNM\ NNM\ NNM\TPX 7 jxbdiofj ritj pjf5 GcI 7 gcojtiry iffrjfitj iobdcr5 M\A 7 monaitmco tirfjtmof amtj5 NNM\ 7 nuaaynajlfjl monaitmco tirfjtmof5 MM\ 7 mgpambmt prmbj sti`mamty iobdcr5 BXM 7 bcosugjr prmbj moljx.

Rcurbj; Rtcoj iol @duolmi (088 iol 088:. \dj B@FM molmbjs mo 088: mobrjisjl mo iaa Jist Ismiobcuotrmjs, jspjbmiaay mo Molcojsmi, Kipio, iol \dimaiol.


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IL@M Vcremof Xipjr

`y gjios cn tirfjtmof i sdcrt-tjrg motjrjst ritj (\iàj 0). \dj prmobmpia jxbjptmcos irjtdj Gcojtiry Iutdcrmty cn Rmofipcrj, wdmbd, is iarjily octjl, usjs tdj ocgmoiajnnjbtmvj jxbdiofj ritj is io motjrgjlmitj tirfjt, tdj Dcof Ecof Gcojtiry Iutdcrmty,wdmbd motjrvjojs mo tdj ncrjmfo jxbdiofj girejt tc ejjp tdj jxbdiofj ritj vms--vmstdj ZR lcaair wmtdmo i prj-spjbmnmjl bcostiot tirfjt zcoj, iol tdj Xjcpajs @ioe cnBdmoi (X@B). \dj X@B dis ilcptjl frcwtd ritjs cn gcojtiry iffrjfitjs ismotjrgjlmitj tirfjts iol typmbiaay jgpacys sjvjria mostrugjots mo tdj mgpajgjotitmco cnmts gcojtiry pcambyjxbdiofj ritj, rjqumrjl rjsjrvj ritmc, motjrjst ritjs, iol cpjogirejt cpjritmcos. Jxmstmof bcotrcas co tdj lcgjstmb nmoiobmia systjg iol comotjroitmcoia bipmtia nacws irfuiày giejs mt pcssmàj ncr tdj X@B tc usj sjvjriamostrugjots scgjwdit moljpjoljotay cn jibd ctdjr, io cptmco ajss njismàj mokurmslmbtmcos wmtd gcrj am`jriamzjl iol jnnmbmjot lcgjstmb nmoiobmia girejts iol wmtdgcrj cpjo bipmtia ibbcuots.

\iàj 0; Mostmtutmcoia Nrigjwcres ncr Gcojtiry Xcamby mo Jist Ismi

Jbcocgy \irfjtmof Irriofjgjot

Ncrgia Xcamby

Pitj

Ncrgia Cpjritmof

\irfjtXPB Pjnjrjobj tc gcojy frcwtd tirfjts 9-yjir ljpcsmt iolacio rjnjrjobjritjs

Jxbjss rjsjrvjs

Dcof Ecof,Bdmoi

Burrjoby cirl; tirfjt riofj bjotjrjlco DEL 6.4 7 ZR$9

ZRL/DEL spct ritj

Molcojsmi Monaitmco tirfjtmof; monaitmco tirfjt ncr0890089< ms


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IL@M Vcremof Xipjr


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IL@M Vcremof Xipjr


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IL@M Vcremof Xipjr


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IL@M Vcremof Xipjr ), iol dis `jjo jgpdismzjl `y @crmc iol Acwj(0880), @crmc iol Vdmtj (088 Burrjot Rmtuitmco cn Bjotria @ioe Nmoiobmia Rti`mamtyGiolitjs

\dj spjbmnmb rjspcosm`mamtmjs ncr nmoiobmia sti`mamty viry wmljay ibrcss bjotria ìoes.Nmfurj 0 prcvmljs i fccl suggiry cn nmoiobmia sti`mamty giolitjs cn i airfj oug`jr cnbjotria ìoes cn ilviobjl iol jgjrfmof jbcocgmjs is cn 088=, ìsjl co i survjy cnbjotria ìoes `y tdj @ioe ncr Motjroitmcoia Rjttajgjots (0899). I lirejr sdilj msisscbmitjl wmtd i strcofjr giolitj. \dj survjy lmvmljs giolitjs motc tdrjj gikcrirjis; ìoemof sjbtcr, piygjots systjg, iol nmoiobmia systjg. \dj giolitj ncr tdjìoemof sjbtcr virmjs wmljay ibrcss bcuotrmjs. Jurcpjio bjotria ìoes irj fjojriaayvjry amfdt mo tdjmr ìoemof sjbtcr rjspcosm`mamtmjs, wdmaj jgjrfmof jbcocgy bjotriaìoes mo Aitmo Igjrmbi iol Ismi divj tdj strcofjst giolitjs, iol Kipio iol tdj ZRniaa mo `jtwjjo. Ncr tdj nmoiobmia systjg is i wdcaj, rjaitmvjay strcof giolitjs irjrjbcfomzjl ncr cvjrsmfdt iol suismco iol fumliobj, ùt njw bjotria ìoes divj iojxpambmt gcojtiry pcamby giolitj ncr nmoiobmia sti`mamty. Motjrjstmofay, iaa bjotria ìoeswmtd subd giolitjs irj mo Ismi. Mt sjjgs amejay tdit tdj rjaitmvj jgpdisms paibjl `yIsmio bjotria ìoes co nmoiobmia sti`mamty bcotrmùtjl tc tdjmr fccl pjrncrgiobj lurmoftdj FNB.


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IL@M Vcremof Xipjr


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IL@M Vcremof Xipjr


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IL@M Vcremof Xipjr


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IL@M Vcremof Xipjr Bcuotrmjs tdit divj su`stiotmiaay am`jriamzjl tdjmr bipmtia ibbcuot, girejt-ìsjlbcotrcassubd is tdj Bdmajio uorjguojritjl rjsjrvj rjqumrjgjot mgpcsjl co bipmtiamonacwsdivj `jjo tdj prjlcgmoiot cptmco mo rjbjot yjirs.6

2.98 Gibrcpruljotmia Xcamby \ccas

Dcwjvjr, ljsmfomof iolmgpajgjotmof bipmtia monacw bcotrcas ms oct jisy. Ilgmomstjrmof bipmtia bcotrcas rjqumrjsdmfday bcgpjtjot bcuotry rjfuaitcry iutdcrmtmjs is tdjy gust bcostiotay witbd ncruowiotjl nacwscntjo lmsfumsjljotjrmof tdrcufd virmcus bdioojas. Ncr tdjsjjbcocgmjs, rjturomof tc lribcomio bipmtia bcotrcas cr rjbrjitmof i systjg cn jxtjosmvjilgmomstritmvj bcotrcas ms oc acofjr i vmiàj cptmco.

Rcgj bjotria ìoes iasc divj gibrcpruljotmia pcwjrs tc prcgctj nmoiobmia sti`mamty `yvmrtuj cn divmof rjspcosm`mamty ncr supjrvmsmof tdj ìoemof sjbtcr. \dms joiàjs tdjg tcrjstrimo tdj ùmalup cn nmoiobmia mgìaiobjs `y usmof tccas subd is acio-tc-viauj ritmcs,

>Mo Cstry jt ia. (0898), dcwjvjr, tccas imgjl it bcotrcaamof airfj bipmtia monacws tdit giy nuja lcgjstmb

brjlmt `ccgs irj oct sjjo is gibrcpruljotmia tccas pjr sj ùt ritdjr is gjisurjs tdit bio ùttrjsspruljotmia rjfuaitmcos.

6

@rizma mgpcsjl i tix co nmxjl-mobcgj iol jqumty monacws mo Cbtc`jr 088= mo rjspcosj tc surfjs mo bipmtiamonacws iol, mo tdj ncaacwmof gcotd, mgpcsjl ioctdjr tix co bjrtimo triljs tc prjvjot bmrbugvjotmco.


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IL@M Vcremof Xipjr


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IL@M Vcremof Xipjr

puàmb nuols mo tdj bisj cn rjscautmco, iol tdj ljpcsmt mosuriobj ifjoby, wdmbd cntjodis rjspcosm`mamty ncr ìoe rjscautmco. Io jnnjbtmvj strubturj ncr systjgmb sti`mamtyrjfuaitmco gust josurj iljquitj sdirmof cn moncrgitmco iol fccl bccrlmoitmco cnljbmsmco-giemof iol pcamby mgpajgjotitmco.

\dj rjaitmcosdmp `jtwjjo subd i systjgmb sti`mamty rjfuaitcr mo bdirfj cngibrcpruljotmia pcamby iol i bjotria ìoe bdirfjl wmtd trilmtmcoia gcojtiry pcamby msio mgpcrtiot mssuj. \c ibdmjvj `ctd prmbj sti`mamty iol nmoiobmia sti`mamty, tdjrj divj tc`j it ajist twc pcamby mostrugjots, tdit ms, gcojtiry pcamby iol gibrcpruljotmia pcamby.Dcwjvjr, mo pribtmbj mt ms cntjo qujstmcoiàj tc wdit jxtjot gibrcpruljotmia pcamby tccasbio `j wmjaljl moljpjoljotay cn gcojtiry pcamby. Mn gcojtiry bcolmtmcos irj jisy iolmovjstgjots ittribtmvj, girejt pirtmbmpiots giy try tc jvilj spjbmnmb gibrcpruljotmiarjfuaitmcos iol giej movjstgjots `y iatjroitmvj gjios, iol tdjmr i`mamty tc jvilj subdrjfuaitmcos tjols tc mobrjisj cvjr tmgj. \dms suffjsts tdit `ctd gcojtiry iolgibrcpruljotmia pcambmjs sdcual img mo tdj sigj lmrjbtmco.

I bccpjritmvj jnncrt tc rjfuaitj nmoiobmia sti`mamty rjqumrjs tdit nmoiobmia systjgmoncrgitmco `j sdirjl nuaay. Dcwjvjr, jxpjrmjobj sdcws tdit tdjrj ms i oituriatjoljoby ncr molmvmluia rjfuaitcrs oct tc sdirj moncrgitmco tc tdj jxtjot ojjljl.\djrjncrj, tdjrj ms i strcof irfugjot mo nivcr cn tdj bjotria ìoe divmof scgj lmrjbtcvjrsmfdt rjspcosm`mamty ncr tdj nmoiobmia sjbtcr, sc tdit mt bio c`timo ojjljl moncrgitmcoi`cut nmoiobmia girejt bcolmtmcos lmrjbtay ritdjr tdio divmof tc rjqujst mt nrcg ioctdjrifjoby.

2.90 Pjfmcoia Bccpjritmco

\dj lmsbussmco sc nir dis ljiat wmtd gibrcpruljotmia pcamby mo i smofaj bcuotry, ùt tdjjxpjrmjobjs cn tdj Ismio nmoiobmia brmsms, tdj FNB, iol tdj jurczcoj nmoiobmia brmsms

sdcw tdit subd brmsjs bio `j bcotifmcus, triosgmttjl `y vcaitmaj bipmtia nacws wmtdmo irjfmco. \djrjncrj, rjfmcoia pjrspjbtmvjs co systjgmb rmse rjfuaitmco irj ojjljl iswjaa. \dms ms pirtmbuairay sc wdjo facìa systjgmbiaay mgpcrtiot nmoiobmia mostmtutmcos irjmovcavjl.

Vmtdmo Ismi, jxmstmof pcamby lmiacfuj prcbjssjs mobaulj tdj IRJIO+2 4

It tdj facìa ajvja, tdj MGN iol Nmoiobmia Rti`mamty @cirl (NR@) bio issmst mo issjssmofrmse, wdmaj tdj ojway-ncrgjl IRJIO+2 Gibrcjbcocgmb Pjsjirbd Cnnmbj, wdmbd ms tdjsurvjmaaiobj irg cn tdj Bdmiof Gim Momtmitmvj Guatmaitjriamzitmco (BGMG), iol tdjjbcocgmb rjvmjw iol pcamby lmiacf, bcual `j i bcuotjrpirt cn tdj MGN iol tdj INRLbcual `jbcgj tdj rjfmcoia bcuotjrpirt tc tdj NR@.

gjjtmof ncrnmoiobj gmomstjrs iol tdj Jxjbutmvjs Gjjtmof cn Jist Ismi-Xibmnmb Bjotria @ioes ncrbjotria ìoe fcvjrocrs. Nrcg 0890 bjotria ìoe fcvjrocrs kcmojl tdj IRJIO+2nmoiobj gmomstjrs gjjtmof ncr tdj Jbcocgmb Pjvmjw iol Xcamby Lmiacfuj, wdjrjis coayljputy fcvjrocrs dil ittjoljl prjvmcusay. Dcwjvjr, tdj ljvjacpgjot cn io IsmioNmoiobmia Rti`mamty Lmiacfuj (INRL), is prcpcsjl `y Eurcli (0884), bcual jodiobjbcgguombitmco i`cut bcggco rmse nibtcrs iol pcssmày ajil tc bccrlmoitjl ibtmcos tc

rjlubj systjgmb rmses. \dj INRL wcual mobaulj nmoiobj gmomstrmjs, bjotria ìoes,nmoiobmia supjrvmscrs, iol ljpcsmt mosuriobj bcgpiomjs.

4

\jo gjg`jr oitmcos cn tdj Isscbmitmco cn Rcutd Jist Ismio Oitmcos paus tdj XPB, Kipio, iol tdjPjpuàmb cn Ecrji.


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IL@M Vcremof Xipjr


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IL@M Vcremof Xipjr ). \dj jssjotmia mlji wistdit i dmfdjr ajvja cn jxtjroia issjts iol ami`mamtmjs (rjaitmvj tc FLX cr scgj ctdjrgjisurj) molmbitjl tdj jnnjbtmvj cpjoojss cn bipmtia girejts. \dj sjrmjs wis uplitjltc 088= mo Eiwim, Aig`jrtj, iol \ieifm (0890). \dj jxtjroia issjts iol ami`mamtmjsritmcs fjojriaay rcsj ncr iaa Ismio jbcocgmjs nrcg 9==8 tc 088=. Ljspmtj tdj rjfmcosrjaitmvjay acw cvjriaa lj kurj cpjoojss sbcrjs, tdj ritmcs wjrj bacsj tc cr jxbjjljl988% ncr iaa `ut coj jbcocgy mo 088=. \dj bipmtia ibbcuots cn gioy Ismio jbcocgmjs,

tdjrjncrj, mo nibt ippjir tc divj `jjo qumtj cpjo co tdms gjisurj.


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IL@M Vcremof Xipjr iol 0886 ippjir tc rjnajbt tdj mobrjismofrcaj cn Dcof Ecof, Bdmoi iol Rmofipcrj is movjstgjot motjrgjlmiry bjotjrs.

Nmfurj :; Ojt Bipmtia Monacws mo Jgjrfmof Ismi

Rcurbj; BJMB Liti`isj Bc.


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IL@M Vcremof Xipjr 94.4 .0 20:..9 =2.9 9>>.0 9 99.< 94:.= 062.6

\impjm,Bdmoi -- 908.: 96:.8 9.: 96.= 98>.4 9=>.6

^mjt Oig -- 98=.6 -- 9=.6 -- -- -- 90=.2

Rcurbjs; MNR Ljb 0899 BL, BJMB Liti Bcgpioy, @MR Yuirtjray Pjvmjw Kuoj 0899, VLM.

Xrmvitj brjlmt `yljpcsmt gcojy

`ioes

Rtcbe girejt

bipmtiamzitmco

Xrmvitj colgirejt

bipmtiamzitmco \ctia


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IL@M Vcremof Xipjr


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IL@M Vcremof Xipjr ; Monaitmco ritjs cn Ismio M\ iol oco-M\ bcuotrmjs

M\ 7 Molcojsmi5 Pjpuàmb cn Ecrji5 tdj Xdmamppmojs5 \dimaiolOco-M\ 7 Xjcpaj's Pjpuàmb cn Bdmoi5 Kipio5 Giaiysmi5 Rmofipcrj5 \impjm,BdmoiRcurbj; BJMB Litiìsj Bc.

Gcrj scpdmstmbitjl stulmjs usmof jbcocgjtrmb tjbdomqujs divj oct rjibdjl nmrgbcobausmcos rjfirlmof tdj mgpibts cn M\ co gibrcjbcocgmb pjrncrgiobj, mobaulmofmonaitmco ritjs, monaitmco pjrsmstjobj iol cutput fips. Cptmgmstmb stulmjs (j.f., Gmsdemoiol Xcsjo, 9==65 Ojugioo iol Difjo, 08805 @jroioej jt ia. 9===) girsdiaajljvmljobj tdit M\ ms isscbmitjl wmtd acwjr ritjs cn monaitmco, acwjr vcaitmamty cn monaitmcoiol cutput, `jttjr-iobdcrjl monaitmco jxpjbtitmcos, iol rjlubjl monaitmco pjrsmstjobj.Dcwjvjr, ctdjrs rjibdjl gcrj sejptmbia bcobausmcos, mobaulmof Bjbbdjttm iol Jdrgioo(9===) iol @iaa iol Rdjrmlio (0882), pcmotmof tc ctdjr nibtcrs subd is tdj fjojrialcwowirl trjol mo monaitmco `jncrj tdj ilcptmco cn M\ pcambmjs iol tdj pjrmcl cn tdjfrjit gcljritmco.

Oiqvm iol Pmzvm (088=) ncbusjl co tdj jxpjrmjobj cn M\ mo Ismi, ioiayzmof tdjpjrncrgiobj cn ncur M\ jbcocgmjs (Molcojsmi, Ecrji, tdj Xdmamppmojs, \dimaiol) ifimostsmx Ismio oco-M\ jbcocgmjs (XPB5 Dcof Ecof, Bdmoi5 Molmi5 Giaiysmi5 Xiemstio5Rmofipcrj). \djy bcobaulj tdit jbcocgmb pjrncrgiobj dis mgprcvjl mo iaa Ismiojbcocgmjs mo pcst-tirfjtmof pjrmcl, ùt M\ lcjs oct sjjg tc divj paiyjl ioysmfomnmbiot rcaj mo tdms mgprcvjgjot cn tirfjtmof bcuotrmjs. \djy iasc nmol strcof

jvmljobj tdit iaa virmiàjs sdcwjl strcof rjvjrsmco tc gjio suffjstmof tdit mgprcvjlpjrncrgiobj cn virmiàjs tcliy ms smgpay rjaitmvj tc pccr jbcocgmb pjrncrgiobj mo tdjpist. Co tdj ctdjr diol, i gcrj rjbjot stuly, Fjraibd iol \maagio (0899), nmols ismfomnmbiot mgprcvjgjot mo monaitmco pjrsmstjobj ittrmùtiàj tc M\ mo i sigpaj cn omojIsmio jbcocgmjs wmtd ncur cn tdjg usmof M\. Co tdj wdcaj, mt sjjgs lmnnmbuat tc ittrmùtjsmfomnmbiot mgprcvjgjot mo monaitmco iol cutput pjrncrgiobj tc M\ pcamby mo pirtmbuair,ùt tdj fjojria mgprcvjgjot mo burrjoby iol gcojtiry pcamby nrigjwcres iolgioifjgjot lurmof tdj pjrmcl sdcual ibbjpt i fccl ljia cn tdj brjlmt ncr tdmsmgprcvjl monaitmco pjrncrgiobj.

Mtc iol Diyisdm (088


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IL@M Vcremof Xipjr


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IL@M Vcremof Xipjr . BCOBAZRMCOR

Gcojtiry pcamby nrigjwcres mo Jist Ismi divj jvcavjl su`stiotmiaay mo tdj pist twcljbiljs, gimoay mo rjspcosj tc tdj sdcbes cn tdj Ismio nmoiobmia brmsms iol tdj FNB.\dj Ismio nmoiobmia brmsms sdcwjl tdj mgpcrtiobj cn jxbdiofj ritj najxm`mamty iolbrjlmàj pcamby nrigjwcres, ajilmof tc mobrjisjl bjotria ìoe moljpjoljobj, frjitjrncbus co monaitmco pcamby iol gcrj najxmàj jxbdiofj ritjs. I oug`jr cn Ismio bjotriaìoes ilcptjl jxpambmt monaitmco-tirfjtmof nrigjwcres, iol jvjo tdcsj tdit lml oct divjjvmljotay paibjl frjitjr jgpdisms co bcotrcaamof monaitmco tdio prjvmcusay.

\dj FNB dmfdamfdtjl tdj prcàjg tdit survjmaaiobj iol rjfuaitmco cn systjg-wmlj

nmoiobmia sti`mamty wis moiljquitj mo gioy bcuotrmjs mo tdj prj-brmsms pjrmcl, iol tdit


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IL@M Vcremof Xipjr

bjotria ìoes giy oct divj ncbusjl sunnmbmjotay co nmoiobmia sti`mamty rmses. \djlmgjosmcos cn systjgmb rmse mo `ctd prcbybambiamty cn tdj nmoiobmia systjg iolmotjrbcoojbtjlojss cn virmcus nmoiobmia mostmtutmcos iol girejts wjrj oct iljquitjayipprjbmitjl, ocr wis tdj ojjl ncr i gibrcpruljotmia pjrspjbtmvj co subd rmses.Gcrjcvjr, wdjo rjspcosm`mamty ncr nmoiobmia supjrvmsmco wis lmvmljl igcof bjotriaìoes iol nmoiobmia supjrvmscrs, gcst bcuotrmjs aibejl io iljquitj irbdmtjbturj tcjosurj bccrlmoitjl survjmaaiobj, ioiaysms, moncrgitmco sdirmof, iol pcamby ibtmcos.

Ljnmomof nmoiobmia sti`mamty ms oct io jisy tise `jbiusj mt dis guatmpaj lmgjosmcos iol msrjaitjl tc bcgpajx nmoiobmia systjgs. @ut tdms sdcual oct ajssjo tdj ojjl tc lc sc.Bjotria ìoes cvjrvmjw cn tdj gibrcjbcocgmb ljvjacpgjots iol nmoiobmia systjgbcolmtmcos, tcfjtdjr wmtd tdjmr cvjrsmfdt cn piygjot iol sjttajgjot systjgs, fmvjstdjg i uomquj pjrspjbtmvj co systjg-wmlj nmoiobmia sti`mamty. \dj bisj ms strcof ncrbjotria ìoes tc divj io jxpambmt giolitj ncr nmoiobmia sti`mamty. Iatdcufd tdjrj giy `jsdcrt-tjrg bconambts `jtwjjo tdj trilmtmcoia bjotria ìoe c`kjbtmvj cn prmbj sti`mamty ioltdit cn nmoiobmia sti`mamty, mo tdj gjlmug iol acof tjrg, tdjsj c`kjbtmvjs sdcual `j

airfjay bcosmstjot wmtd jibd ctdjr `jbiusj ljvjacpgjot cn i nmoiobmia brmsms lurmofpjrmcls cn prmbj sti`mamty wmaa jvjotuiaay ajil tc ljnaitmco iol jbcocgmb lcwoturo.

Bjotria ìoes divj virmcus tccas tc suppcrt nmoiobmia sti`mamty, mobaulmof stiolirl ioluobcovjotmcoia gcojtiry pcamby tccas, burrjoby girejt motjrvjotmco tccas, iol, moscgj bisjs, supjrvmscry iutdcrmty, gibrcpruljotmia tccas iol bipmtia nacw gioifjgjottccas. \djsj bio `j usjl tc djap prjvjot brmsjs `y ligpjomof tdj brjlmt bybaj iolstrjoftdjomof ìoes iol ctdjr nmoiobmia nmrgs tc josurj tdit tdjy irj iljquitjaybipmtiamzjl iol rjsjrvjl tc `j iàj tc rmlj cut systjgmb sdcbes. Ismio bjotria ìoesdivj mo nibt nrjqujotay rjscrtjl tc subd tccas tc sinjfuirl nmoiobmia sti`mamty iol rjlubjtdj vcaitmamty cn bipmtia nacws. \djrj ms oc fuiriotjj tdit gibrcpruljotmia iol bipmtianacw gioifjgjot tccas wmaa iawiys `j jnnjbtmvj, ùt i guatmpambmty cn tccas giejs mt

jismjr tc ibdmjvj `ctd prmbj sti`mamty iol nmoiobmia sti`mamty. \dms iasc mgpamjs tdit bjotriaìoe pcamby nrigjwcres irj gcrj bcgpajx tdio smgpay `jmof bdiribtjrmzjl `y tdjprjsjobj cr i`sjobj cn jxpambmt monaitmco tirfjtmof.

Gcojtiry pcamby nrigjwcres mo tdj rjfmco divj jvcavjl tc ljia wmtd frjitjr nmoiobmiaiol cpjoojss iol ljptd. \dj ritmc cn frcss bipmtia monacws tc FLX ms stmaa sdcwmof ioupwirl trjol, iatdcufd tdit cn ojt bipmtia monacws ippjirs tc `j sti`mamzmof cr ljbamomof.Lcgjstmb nmoiobmia girejts divj iasc ljjpjojl su`stiotmiaay, wdmbd sdcual bcotrmùtjtc strjoftdjomof tdj gcojtiry triosgmssmco gjbdiomsg. Ismlj nrcg Kipio, tdjrj ms ocjvmljobj cn gikcr nimaurjs cn tdj pcamby triosgmssmco gjbdiomsg mo tdj rjfmco.

Cvjriaa, gcojtiry pcamby nrigjwcres mo tdj rjfmco ippjir tc divj wcrejl wjaa mo

ibdmjvmof acw iol stiàj monaitmco bcupajl wmtd jbcocgmb frcwtd. \dms gimoay rjnajbtstdrjj nibtcrs; bjotria ìoes divj ncbusjl co prmbj sti`mamty is tdj gimo c`kjbtmvj cngcojtiry pcamby5 mostmtutmcoia irriofjgjots divj nibmamtitjl tdj subbjssnua pursumt cntdms c`kjbtmvj5 iol ctdjr jbcocgmb pcambmjs, gimoay nmsbia pcamby, divj suppcrtjl tdmspursumt `y rjlubmof bcobjros i`cut nmsbia lcgmoiobj. Vj giy ill tc tdms tdjivimai`mamty cn i airfj oug`jr cn pcamby tccas, mobaulmof uobcovjotmcoia pcambmjs,gibrcpruljotmia gjisurjs iol bipmtia nacw gjisurjs tdit djap tc ljamvjr nmoiobmia ioljbcocgmb sti`mamty. Jist Ismio bjotria ìoes iasc ippjir tc divj bcpjl wjaa wmtd tdjbcostrimots cn tdj trmajggi dypctdjsms, iol ncr tdj gcst pirt divj frivmtitjl tcwirl iomotjrmcr scautmco wmtd moljpjoljot gcojtiry pcamby, pirtmia nmoiobmia cpjoojss iolpirtay gioifjl burrjobmjs. Co tdj wdcaj, tdms pcsmtmvj jxpjrmjobj lcjs oct suffjsttdj ojjl ncr ioy gikcr bdiofjs mo pcamby nrigjwcres. Xjrdips tdj gcst mgpcrtiot

suffjstmco it tdms stifj ms tc fmvj frjitjr wjmfdt tc nmoiobmia sti`mamty is i pcamby


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IL@M Vcremof Xipjr 2=84

@iaa, A. iol Rdjrmlio, O. 0882. Lcjs Monaitmco \irfjtmof Gittjr3 O@JP Vcremof XipjrRjrmjs Oc. =:66. Big`rmlfj, GI; Oitmcoia @urjiu cn Jbcocgmb Pjsjirbd.

@ioe ncr Motjroitmcoia Rjttajgjots (@MR). 088=. GB Bcgpjolmug; Gcojtiry XcambyNrigjwcres iol Bjotria @ioe Girejt Cpjritmcos. @isja, Rwmtzjraiol; @ioe ncrMotjroitmcoia Rjttajgjots. www.`ms.crf/pu`a/getb8


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IL@M Vcremof Xipjr 26&btOclj7


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IL@M Vcremof Xipjr .ojw.gjisurjs.trmajggi.dypctdjsms.ismi/

Mtc, \. iol \. Diyisdm. 088. Rti`mamzmof io Zosti`aj Jbcocgy. Ojw Divjo, B\; ]iaj ZomvjrsmtyXrjss.

Gmsdemo, N.R. iol Xcsjo, I.R. 9==6. Monaitmco \irfjtmof Ajsscos nrcg Ncur Bcuotrmjs.Njljria Pjsjrvj @ioe cn Ojw ]cre Jbcocgmb Xcamby Pjvmjw, 2(9) . Ojw ]cre; Ojw]cre Njljria Pjsjrvj.

Gcrfio, X. 0890. \dj Pcaj iol Jnnjbtmvjojss cn Zobcovjotmcoia Gcojtiry Xcamby. Mo G.Eiwim, X. Gcrfio, iol R. \ieifm, jls. Gcojtiry iol Burrjoby XcambyGioifjgjot mo Ismi. Bdjatjodig, ZE; Jlwirl Jafir. pp. 06>2.

Oiqvm, @. iol R. Pmzvm. 088=. Monaitmco \irfjtmof Nrigjwcre; Ms tdj stcry lmnnjrjot ncr
http://www.group30/pubs/reformreport.pdfhttp://www.ide.go.jp/English/Publish/Download/Dp/pdf/328.pdfhttp://www.imf.org/external/np/pp/eng/2009/021809.pdfhttp://www.adbi.org/working-paper/2012/09/21/5236.new.measures.trilemma.hypothesis.asia/http://www.adbi.org/working-paper/2012/09/21/5236.new.measures.trilemma.hypothesis.asia/http://www.adbi.org/files/speech.2008.12.05.closing.remarks.kuruda.adbi.annual.meeting.2008.pdfhttp://www.adbi.org/files/speech.2008.12.05.closing.remarks.kuruda.adbi.annual.meeting.2008.pdfhttp://www.adbi.org/files/speech.2008.12.05.closing.remarks.kuruda.adbi.annual.meeting.2008.pdfhttp://www.adbi.org/files/speech.2008.12.05.closing.remarks.kuruda.adbi.annual.meeting.2008.pdfhttp://www.adbi.org/working-paper/2012/09/21/5236.new.measures.trilemma.hypothesis.asia/http://www.adbi.org/working-paper/2012/09/21/5236.new.measures.trilemma.hypothesis.asia/http://www.imf.org/external/np/pp/eng/2009/021809.pdfhttp://www.ide.go.jp/English/Publish/Download/Dp/pdf/328.pdfhttp://www.group30/pubs/reformreport.pdf


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