How should monetary policy respond to nominal exchange rates? How does this change as economies become increasingly globalised? In this paper, we address these questions for Asia, focusing on structural changes that may influence the optimal policy response to exchange rates. We also summarise...

Over the one and a half decades prior to the global financial crisis, advanced economies experienced a large growth in gross external portfolio positions. This phenomenon has been described as Financial Globalization. Over roughly the same time frame, most of these countries also saw a...

Over the one and a half decades prior to the global financial crisis, advanced economies experienced a large growth in gross external portfolio positions. This phenomenon has been described as Financial Globalization. Over roughly the same time frame, most of these countries also saw a...