Deflation and Monetary Policy in Taiwan PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Deflation and Monetary Policy in Taiwan PDF full book. Access full book title Deflation and Monetary Policy in Taiwan by Ya-Hwei Yang. Download full books in PDF and EPUB format.
Author: Ya-Hwei Yang
Publisher:
ISBN:
Category : Deflation (Finance)
Languages : en
Pages : 60
Get Book Here
Book Description
"From 1999 to 2003, Taiwan faced a deflationary situation. The reasons for this deflation can be attributed to both domestic and global factors. Domestic changes including local political unrest, tensions with China, outbound investment to China, a weakened financial system, and a deteriorating government financial situation, provided the backdrop for the economic slowdown and corresponding deflation. A number of global factors, especially the bursting of the Internet and IT bubbles in late 2000 and the rise of China's economy, also heavily influenced both global and Taiwanese prices. This paper adopts a simplified aggregate demand and aggregate supply model to derive a deterministic equation of the GDP deflator (PGDP), and then applies quarterly data covering the period from 1982 to 2003 to estimate the PGDP equation using 2SLS. The empirical results are used to identify the sources of PGDP deflation in Taiwan. In addition, the phenomenon of price divergence appears since 2002 where the WPI increased and the CPI decreased. The causes of the WPI-CPI divergence are also investigated in this paper"--NBER website
Author: Ya-Hwei Yang
Publisher:
ISBN:
Category : Deflation (Finance)
Languages : en
Pages : 60
Get Book Here
Book Description
"From 1999 to 2003, Taiwan faced a deflationary situation. The reasons for this deflation can be attributed to both domestic and global factors. Domestic changes including local political unrest, tensions with China, outbound investment to China, a weakened financial system, and a deteriorating government financial situation, provided the backdrop for the economic slowdown and corresponding deflation. A number of global factors, especially the bursting of the Internet and IT bubbles in late 2000 and the rise of China's economy, also heavily influenced both global and Taiwanese prices. This paper adopts a simplified aggregate demand and aggregate supply model to derive a deterministic equation of the GDP deflator (PGDP), and then applies quarterly data covering the period from 1982 to 2003 to estimate the PGDP equation using 2SLS. The empirical results are used to identify the sources of PGDP deflation in Taiwan. In addition, the phenomenon of price divergence appears since 2002 where the WPI increased and the CPI decreased. The causes of the WPI-CPI divergence are also investigated in this paper"--NBER website
Author: Gerald P. Dwyer
Publisher: Edward Elgar Publishing
ISBN: 9781781957141
Category : Business & Economics
Languages : en
Pages : 248
Get Book Here
Book Description
Monetary Policy and Taiwan's Economy questions whether the Asian crisis could have been avoided through the application of recommendations highlighted by the contributors. The conclusion reached is that in an abstract world, perhaps; but in the world in which we live; no. It is argued that the proposals made could certainly contribute to improved policy, albeit effecting marginal improvements rather than ground breaking changes. The contributors demonstrate that proficient monetary policy and banking regulation can be achieved through sound economic analysis that takes into account: * monetary aggregates in monetary policy * the role of exchange rate policies in the Asian crisis * the relationship between the exchange rate, capital flows and central bank intervention * similarities between the restructuring of banking systems in Asia and in Eastern Europe following the fall of communism.
Author: Frank Rövekamp
Publisher: Springer Nature
ISBN: 3031279492
Category : Business & Economics
Languages : en
Pages : 180
Get Book Here
Book Description
In light of the deflationary trends following the 2008/2009 financial crisis, as well as the return of inflation triggered by the COVID-19 pandemic and the war in Ukraine, this book offers insights into price stability issues in various East Asian countries. Leading scholars from the fields of economics and law as well as central bank practitioners present case studies on Japan, Korea, Singapore, and Taiwan. The contributors address topics such as quantitative monetary easing, the role of global and domestic shocks on inflation dynamics, and other monetary policy issues. In doing so, the book goes into detail about the individual forces and effects of deflation and inflation and compares the Asian experience with that of the Eurozone.
Author: Takatoshi Ito
Publisher: University of Chicago Press
ISBN: 0226379019
Category : Business & Economics
Languages : en
Pages : 426
Get Book Here
Book Description
Extremely low inflation rates have moved to the forefront of monetary policy discussions. In Asia, a number of countries—most prominently Japan, but also Taiwan and China—have actually experienced deflation over the last fifteen years. Monetary Policy with Very Low Inflation in the Pacific Rim explores the factors that have contributed to these circumstances and forecasts some of the potential challenges faced by these nations, as well as some potential solutions. The editors of this volume attribute low inflation and deflation in the region to a number of recent phenomena. Some of these episodes, they argue, may be linked to rapid growth on the supply side of economies. Here, inadequate demand policy can produce what is referred to as a "liquidity trap" in which the expectation of falling prices encourages agents to defer costly purchases, thereby discouraging growth. Low inflation rates can also be traced to the presence of a "zero-lower bound" on interest rates, as well as the inflation-targeting phenomenon. Targets have been set so low, the editors argue, that in some cases a few bad shocks lead to deflation.
Author: Sheng-Yi Lee
Publisher:
ISBN:
Category : Capital
Languages : en
Pages : 224
Get Book Here
Book Description
The books in this series aim to reflect the enormous economic and political changes that small and medium-sized nations in East and South-East Asia have been undergoing in the 1970s and 1980s and to show the impact of these changes on the world economy.
Author: Robert Firestone Emery
Publisher:
ISBN:
Category : Finance
Languages : en
Pages : 50
Get Book Here
Book Description
Author: Mr. Taimur Baig
Publisher: International Monetary Fund
ISBN: 1451932510
Category : Business & Economics
Languages : en
Pages : 66
Get Book Here
Book Description
Deflation can be costly and difficult to anticipate, and concerns of a generalized decline in prices in both industrial and emerging market economies have increased recently. This paper investigates the causes and consequences of deflation, the risk of deflation globally and in individual countries, and policy options. The authors discuss issues related to the measurement, determinants, and costs of deflation and examine previous episodes of deflation. They compute an index of deflation vulnerability, which they apply to the 35 largest industrial and emerging market economies. Finally, the paper offers several policy options for protecting against deflation and for coping with it should it strike.
Author: Yoshiko Kojo
Publisher: Cornell University Press
ISBN: 1501728199
Category : Political Science
Languages : en
Pages : 361
Get Book Here
Book Description
Bolder economic policy could have addressed the persistent bouts of deflation in post-bubble Japan, write Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo in Taming Japan's Deflation. Despite warnings from economists, intense political pressure, and well-articulated unconventional policy options to address this problem, Japan's central bank, the Bank of Japan (BOJ), resisted taking the bold actions that the authors believe would have significantly helped. With Prime Minister Abe Shinzo's return to power, Japan finally shifted course at the start of 2013 with the launch of Abenomics—an economic agenda to reflate the economy—and Abe's appointment of new leadership at the BOJ. As Taming Japan's Deflation shows, the BOJ's resistance to experimenting with bolder policy stemmed from entrenched policy ideas that were hostile to activist monetary policy. The authors explain how these policy ideas evolved over the course of the BOJ's long history and gained dominance because of the closed nature of the broader policy network. The explanatory power of policy ideas and networks suggests a basic inadequacy in the dominant framework for analysis of the politics of monetary policy derived from the literature on central bank independence. This approach privileges the interaction between political principals and their supposed agents, central bankers; but Taming Japan's Deflation shows clearly that central bankers' views, shaped by ideas and institutions, can be decisive in determining monetary policy. Through a combination of institutional analysis, quantitative empirical tests, in-depth case studies, and structured comparison of Japan with other countries, the authors show that, ultimately, the decision to adopt aggressive monetary policy depends largely on the bankers' established policy ideas and policy network.
Author: Akhand Akhtar Hossain
Publisher: Edward Elgar Publishing
ISBN: 1849802092
Category : Business & Economics
Languages : en
Pages : 371
Get Book Here
Book Description
The strength of this book is that it summarises a vast amount of the modern literature in monetary economics. . . the book provides detailed and clear descriptions of monetary models. . . This comprehensive volume is a useful compendium of the monetary economics literature of the second half of the 20th century, which has to a certain extent been over taken by events. Paul Wachtel, Asian-Pacific Economic Literature This well-researched and finely crafted book is a valuable addition to the literature on monetary policy in developing countries. It explains the concepts and tools of monetary policy in a simple manner and discusses how monetary policy works in developing Asia in a historical context within the framework of an outward-oriented development strategy. I am not aware of any other book that covers the organisational and institutional aspects of major central banks in developing Asia. Prema-chandra Athukorala, Australian National University This book elaborates the key concepts, principles and models of inflation and monetary policy and explains how they remain relevant and useful to the design and conduct of monetary policy in developing Asia. In this rapidly growing region, price stability remains important and therefore monetary policy has gained increasing importance. Even while emphasising the importance of the classical approach, the book discusses alternative frameworks and points out areas where a consensus is emerging. The review of the literature is extensive and careful. Along with developing this theme, the book reviews the structure and governance of most central banks in the Asia-Pacific and discusses how they conduct monetary policy to achieve price stability under different monetary policy frameworks. The book fills a gap in the central banking and monetary policy literature and has no close competitors. It should be useful to both students and policymakers in developing Asia. Salim Rashid, University of Illinois, US The 1997 East Asia crisis exposed many economic policy weaknesses in the Asia-Pacific region. In his latest book, Dr Hossain provides students with a refreshing up-to-date reference text on the concepts and principles of money, banking and finance in developing countries which differ in many ways to monetary institutions and practices in developed countries, which conventional monetary textbooks focus on. I thoroughly recommend it. A.P. Thirlwall, University of Kent, UK This timely book reviews the modern literature on inflation and monetary policy, and highlights contemporary issues in the design and conduct of monetary policy for price stability in developing Asia. Akhand Akhtar Hossain surveys the evolution of central banking and provides an introduction to the structure, function and governance of central banks in selected countries in the Asia-Pacific. The author also examines the major theories, models and approaches to inflation and monetary policy, and evaluates monetary policy regimes in selected countries in the Asia-Pacific in a historical context. This eloquent and comprehensible book will prove to be invaluable to undergraduate students on monetary theory and policy as well as banking and financial courses. Researchers exploring monetary policy concepts, principles and case studies will warmly welcome this book, as will policy-makers who have an interest in macroeconomics, monetary and financial policies.
Author: Peter C. Y. Chow
Publisher: Edward Elgar Publishing
ISBN: 0857939734
Category : Political Science
Languages : en
Pages : 297
Get Book Here
Book Description
Despite their controversial political relationship, Taiwan and China remain very much entwined economically. This timely volume explores the complicated state of economic and trade relations between the two countries, meticulously unraveling the issue's various threads and presenting an authoritative breakdown of a complex and fascinating economic linkage. Armed with up-to-date original research, contributors offer expert analyses on a variety of issues relating to economic integration between Taiwan and China. These include trade agreements, foreign direct investment, outsourcing of manufacturing and migration of industry, integration of banking and financial markets, and the recent shift toward a more integrated economy with Greater China. The considerable political tension between the two countries is also discussed, as are the economic relationships with neighboring East Asian countries such as Japan and others. In the final chapter, editor Peter C.Y. Chow discusses Taiwan's policy options for the future and offers his expert recommendations for speeding Taiwan's achievement of globalization and widening its ultimate political choices. Professors and students of global economics and East Asian studies will no doubt find this a fresh and invaluable contribution to the literature.
