There are important similarities as well as differences among the characteristics
of the monetary policy frameworks in the Emerging Asian countries. Three of the
middle-income ASEAN countries, Indonesia, the Philippines and Thailand have adopted
inflation-targeting monetary policy frameworks, while China and Viet Nam adhere to
some form of monetary aggregates targeting (Table 3.12). Malaysia’s monetary policy
framework could be described as “eclectic” in the sense that the central bank does not
set formal targets either for inflation or monetary aggregates (see Filardo and Genburg,
2012)