Efficacy of Monetary Transmission Mechanism: Experiences in the SEACEN Countries

The main objective of the project is to analyse and assess the efficacy of the monetary transmission mechanism (MTM) in the SEACEN countries, in the light of financial liberalisation, globalisation and changing monetary and exchange rate regime in some SEACEN countries. It covers MTM and related issues such as recent changes in the objectives and targeting regime of monetary policy, empirical evidence of impact of monetary policy on prices and economic activities, recent changes in the exchange rate regime and capital mobility, and effectiveness of the various MTM based on the latest empirical findings of the respective countries.

Impact of IT Revolution on The Financial Structure of The SEACEN Countries: Challenges Facing Central Banks

This project aims to analyse the impact of IT revolution on the financial structure and the policy responses of central banks in the SEACEN countries. Since IT revolution in the SEACEN countries is still under way, it is not easy to predict the outcome of its impact at the present time, but IT is expected to substantially influence the financial markets and economy. There are several issues that the central banks in the SEACEN region needs to tackle with.

Determination of Equilibrium Real Exchange Rate in Selected SEACEN Countries

The objectives of this project are: to investigate determinant factors influencing the real exchange rate fluctuations; to measure the real exchange rate deviation from the equilibrium; and to provide some guidance for policymakers in implementing exchange rate policy. For the empirical study, five countries out of the eleven SEACEN countries were picked: Indonesia, Korea, Malaysia, the Philippines and Thailand. These countries experienced the recent Asian financial crisis.