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Call for Papers: PIER Research Workshop 2025
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3 October 2023 (Updated 4 January 2024)
202316962912000001704326400000
No. 208

Flexible Inflation Targeting and Macroeconomic Performance: Evidence from ASEAN

Abstract

The experience of flexible inflation targeting in ASEAN-5 has been favorable. This paper shows improvements in macroeconomic outcomes consistent with the framework’s mandated objectives: lower levels and volatility of inflation, more stable economic growth and a well-functioning financial system. Using difference-in-difference approaches, we find that, for ASEAN-5 and developing countries, the inflation targeting framework mainly benefits adopters in terms of reducing inflation levels. In response to the challenges emanating from capital flow volatility and domestic financial imbalances, over the past 20 years, ASEAN-5 policy frameworks have continuously evolved to incorporate various policy tools. These include, among others, foreign exchange intervention, macroprudential policy, and capital flow measures. A multitude of policy tools is arguably one of the key factors contributing to sound macroeconomic outcomes during the post-targeting periods.

Published Version

Nookhwun, N., & Waiyawatjakorn, R. (2023). Flexible Inflation Targeting and Macroeconomic Performance: Evidence from ASEAN. Asian Economic Policy Review.

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JEL: E52E58D78
Tags: flexible inflation targetingmonetary policyaseanfinancial stabilityintegrated policy
The views expressed in this workshop do not necessarily reflect the views of the Puey Ungphakorn Institute for Economic Research or the Bank of Thailand.
Nuwat Nookhwun
Nuwat Nookhwun
Puey Ungphakorn Institute for Economic Research
Rawipha Waiyawatjakorn
Rawipha Waiyawatjakorn
Bank of Thailand

Puey Ungphakorn Institute for Economic Research

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Phone: 0-2283-6066

Email: pier@bot.or.th

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