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Monetary Policy and the Exchange Rate During the Crisis

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  • Stephen Grenville

Abstract

This paper examines monetary policy during the Indonesian crisis, looking in particular at what should have been the proper focus of policy. Both the exchange rate and money base have been suggested as appropriate policy objectives, but it is argued here that neither provides adequate policy guidance during a crisis.

Suggested Citation

  • Stephen Grenville, 2000. "Monetary Policy and the Exchange Rate During the Crisis," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 36(2), pages 43-60.
    • Handle: RePEc:taf:bindes:v:36:y:2000:i:2:p:43-60
    DOI: 10.1080/00074910012331338883
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    References listed on IDEAS

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    1. Ross McLeod, 1997. "Explaining chronic inflation in Indonesia," Journal of Development Studies, Taylor & Francis Journals, vol. 33(3), pages 392-410.
    2. Ilan Goldfajn & Poonam Gupta, 2002. "Overshootings and Reversals: The Role of Monetary Policy," Central Banking, Analysis, and Economic Policies Book Series, in: Leonardo Hernández & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.),Banking, Financial Integration, and International Crises, edition 1, volume 3, chapter 9, pages 279-302, Central Bank of Chile.
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    Cited by:

    1. George Fane, 2000. "Indonesian Monetary Policy During the 1997-98 Crisis: A Monetarist Perspective," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 36(3), pages 49-64.
    2. Evrensel, Ayse & Kutan, Ali M., 2008. "How do IMF announcements affect financial markets in crises?: Evidence from forward exchange markets," Journal of Financial Stability, Elsevier, vol. 4(2), pages 121-134, June.
    3. Siregar, Reza & Rajan, Ramkishen S., 2004. "Impact of exchange rate volatility on Indonesia's trade performance in the 1990s," Journal of the Japanese and International Economies, Elsevier, vol. 18(2), pages 218-240, June.
    4. Stephen Grenville, 2004. "What sort of financial sector should Indonesia have?," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 40(3), pages 307-327.
    5. Ryota Nakatani, 2017. "The Effects of Productivity Shocks, Financial Shocks, and Monetary Policy on Exchange Rates: An Application of the Currency Crisis Model and Implications for Emerging Market Crises," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(11), pages 2545-2561, November.
    6. Halim Alamsyah & Charles Joseph & Juda Agung & Doddy Zulverdy, 2001. "Towards Implementation Of Inflation Targeting In Indonesia," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 37(3), pages 309-324.
    7. Narayan, Paresh Kumar, 2007. "Is money targeting an option for Bank Indonesia?," Journal of Asian Economics, Elsevier, vol. 18(5), pages 726-738, October.
    8. James, Gregory A., 2005. "Money demand and financial liberalization in Indonesia," Journal of Asian Economics, Elsevier, vol. 16(5), pages 817-829, October.
    9. Stephen Grenville, 2000. "“Indonesian Monetary Policy”: A Comment," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 36(3), pages 65-70.

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