Since its launch in September 2006, the Asian Research Programme has focused on policy-oriented studies for central banks and supervisory authorities in the Asia-Pacific region. Under the programme, the BIS Representative Office for Asia and the Pacific has co-organised a series of conferences,...

The paper examines the recent European crisis management programs of the International Monetary Fund (IMF) to see how the lessons of Asia were applied. Compared to the Asian programs of 1997, the European programs of 2008 were better funded and their structural conditionality more focused. Other...

The paper analyzes the joint determination of the exchange rate and the interest rate in terms of the stochastic structure of underlying real and monetary factors. It argues that the information contained in the covariation of the exchange rate and the interest rate, as two variables that...

The paper presents an empirical analysis of official foreign exchange market intervention and domestic monetary control in Japan during 1973-89. It shows that: (1) the authorities, a net purchaser of foreign exchange over this period, began to intervene more decisively in 1978; and (2) they began to...

The paper explores the relationship between trade policy and current accounts. The effect on the current account of a change in protection at home and then abroad is analyzed, assuming that the exchange rate floats. The quot;savings-and-investment approachquot; is used. It shows that there is no...

This paper presents a brief survey of the empirical literature on survey-based exchange rate expectations. The literature in general supports the presence of a non-zero risk premium and rejects the hypothesis of rational expectations. The crucial result is that, while short-run expectations tend...

The paper reviews the statistical behavior of major currency exchange rates during 1975-86. A close inspection indicates small deviations of recent exchange rate behavior from random walks and some systematic movements in monthly data, possibly corresponding to the relatively infrequent arrivals...

The paper summarizes how Japan`s foreign exchange and trade control system operated in the early 1950s, how and how effectively it was used as a tool of external adjustment, and how it was liberalized from the late 1950s into the early 1960s. Although the Japanese government was extensively...

The paper uses a dynamic panel data model to estimate the pass-through coefficients of 20 nine-digit industrial commodities that are traded between Japan and its East Asian trading partners to investigate the response of tradable goods prices to exchange rate movements. By using the monthly...

By looking at how an East Asian currency moves when the yen fluctuates sharply against the US dollar, we sometimes find that the reaction has been much more significant than would be suggested by the econometric estimates of the weight of the yen in nominal exchange rate determination. Moreover,...