This paper investigates whether the ¡§Taylor rule¡¨ can appropriately describe the Central Bank¡¥s monetary policy in Asia-Pacific countries. The countries under
consideration were export-oriented countries that adopted floating exchange rate system, and affected by the Asian financial crisis. They include Taiwan, Korea,
Philippines, Thailand, Indonesia, Japan, Singapore. In addition we divide the sample period into two sub period based on the mid-1997 outbreak of the Asian financial crisis, to check the robustness of our results from the whole period. Furthermore, we investigate that the central bank cares for the quarterly inflation, or annual inflation.
The results over the whole period showed that the Taylor rule describe Central Bank¡¥s monetary policy except for Thailand, Japan and Singapore. The Taylor rule can not describe Japan's monetary policy when the period before Asian financial crisis is adopted. Besides, in addition to Thailand, the central banks concerned quarterly inflation rates than annual inflation rates.
| Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0721111-113103 |
| Date | 21 July 2011 |
| Creators | Sheng, Yao-Ping |
| Contributors | Yu-Hau Hu, Lee, Chingnun, Wu, Jyh-Lin |
| Publisher | NSYSU |
| Source Sets | NSYSU Electronic Thesis and Dissertation Archive |
| Language | Cholon |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0721111-113103 |
| Rights | not_available, Copyright information available at source archive |
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