Financial globalization brings benefits and new sources of economic risk and financial volatility. In response, central bankers have extended their focus beyond price and exchange rate stability to give more attention to the stability and efficiency of the financial system. This expanded domain of concern for central bankers has brought new, often complex, policy challenges. We can learn a great deal from our experiences, sometime harsh, in responding to these challenges and our efforts to address the risks associated with financial globalization. We believe that a deeper understanding can point the way to better policy design and stronger economic performance. 

In this spirit, the Monetary Authority of Singapore (MAS), the Asian Bureau of Finance and Economics Research (ABFER), the University of Chicago Booth School of Business, and the National University of Singapore Business School have collaborated since 2014 in organizing the annual Asian Monetary Policy Forum (AMPF). The forum facilitates the exchange of insights among policymakers, practitioners, and senior academicians by delving into pressing monetary policy issues in open-economy settings, with particular attention to Asian countries. The aim is to draw lessons from experience for the benefit of policymakers in Asia and around the world. 

The commissioned papers presented at the AMPF offer insights about major developments in the global monetary and financial system, the efficacy of monetary and other policies, and the containment of financial risks. We are grateful to authors, discussants and other participants for their outstanding contributions, and we feel compelled to share the learnings in the broadest possible way. We have compiled the commissioned papers into a book, as a reference to practical and critical thinking about central bank policies in Asia and beyond. We include an edited version of a speech delivered by MAS Managing Director Ravi Menon at the inaugural AMPF.