The interaction between fiscal and monetary policies evolves over time and differs from country to country. In this study, we first present the case of Turkey. During the 1990s, the country's fiscal deficits and public debt ballooned. Monetary policy was severely constrained by the resulting...

Acting in parallel with changes in Thailand's inflation dynamics, the fall in inflation and inflation variability is a worldwide phenomenon that has coincided with accelerating globalisation. This paper explains that global factors have played an important role in changing the dynamics of...

The People's Bank of China and the Bank for International Settlements co-hosted a research conference on "Globalisation and Inflation Dynamics in Asia and the Pacific" on 23-24 September 2013 in Beijing. This was the wrap-up conference for the BIS Asian Office's two-year research programme on...

Has financial globalisation compromised central banks' ability to manage domestic financial conditions? This paper summarises the results from our recent research, which tackles this question from the bond market perspective for both advanced and emerging market economies. Using an asset pricing...