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Financial Market Developments and Their Implications for Monetary Policy: BNMBIS Conference Proceedings

This volume features eight papers written for the conference "Financial market developments and their implications for monetary policy". The event was jointly organised by Bank Negara Malaysia and the Bank for International Settlements (BIS) Representative Office for Asia and the Pacific in Kuala Lumpur on 13 August 2007. Drawing upon experiences in the Asia-Pacific region and beyond, these papers characterise the key financial market trends and developments over the past decade and assess their implications for three aspects of monetary policy: (a) the formulation of policy and the transmission mechanism, (b) the implementation of policy at the operational level, and (c) the use of financial market information in the policy process.

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BNM-BIS Conference Proceedings

Full Text [PDF 5.8M]

Foreword [PDF 81K]
Conference Summary [PDF 90K]
Conference Programme [PDF 80K]
Opening Remarks - Dato' Ooi Sang Kuang [PDF 84K]

Key Developments in the Financial Landscape
Financial Globalisation - Key Trends and Implications for the Transmission Mechanism of Monetary Policy
Már Gudmundsson [PDF 611K]

Capital, Carry and Complacency: Key Developments in the Financial Landscape - Dynamics of the Foreign Exchange Market and Capital Flows

Impact on the Formulation of Monetary Policy
Impact of Financial Market Developments on the Monetary Transmission Mechanism
Sukudhew Singh, Ahmad Razi, Norhana Endut and Helmi Ramlee  [PDF 3.0M]

The Changing Nature of Financial Intermediation and Its Implications for Monetary Policy
Hans Genberg [PDF 163K]

Impact on the Conduct of Monetary Policy
Financial Market Innovation in Australia: Implications for the Conduct of Monetary Policy
John Broadbent [PDF 260K]

Developing Financial Markets and Operating Monetary Policy in East Asia

Robert N. McCauley [PDF 180K]

Usefulness of Financial Market Indicators for Monetary Policy
Using Financial Market Information in Monetary Policy: Some Examples from New Zealand
Clinton Watkins [PDF 531K]

Equity Prices as Leading Indicators: The Asian Experience
Kenneth N. Kuttner [PDF 1.4M]


List of Participants [PDF 79K]

Disclaimer: The views expressed are those of the authors and do not necessarily reflect the views of Bank Negara Malaysia, the BIS or the institutions represented at the conference. Individual papers (or excerpts thereof) may be reproduced or translated with the authorisation of the authors concerned. This collection of papers is also available as BIS Papers no 39 (

© Bank Negara Malaysia, 2008. All rights reserved.