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| Titre : | Monetary Policy Implementation at Different Stages of Market Development : |
| Titre de série : | Occasional Paper, 244 |
| Auteurs : | Bernard Laurens |
| Type de document : | document électronique |
| Editeur : | [S.l.] : International Monetary Fund, 2005 |
| ISBN/ISSN/EAN : | 978-1-58906-438-6 |
| Format : | vi, 99 p. ; 28 cm. |
| Résumé : | The most salient trend in monetary policy over the past two decades has been increasing reliance on money market operations, which reflects the belief that allowing market forces to allocate financial resources brings about increased economic efficiency and growth. However, small economies and countries with undeveloped financial markets have found that a lack of competition in their financial markets complicates their efforts to rely on money market operations, at times forcing them to rely instead on direct instruments or moral suasion. In some larger countries, the shift toward a reliance on money market operations has been gradual and, at times, fraught with difficulty. This report draws on a variety of country experiences to analyze the reasons for such difficulties and proposes a stylized sequencing of reforms that enables countries to tailor the introduction of money market operations to their particular circumstances. |
| Note de contenu : |
Includes bibliographical references (p. 96-97) Glossary of monetary instruments -- Pt. 1. A framework for sequencing reforms. Overview -- The growing reliance on money market operations for monetary policy -- Lessons from country experience -- Implications for policy design and coordination -- Agenda for action to enhance monetary policy effectiveness -- Sequencing reforms -- Implications for fund operations -- Pt. 2. Selected country experiences with money market operations. Case studies: Democratic Republic of the Congo ; Easter Caribbean Currency Union ; Egypt ; The Gambia ; Kyrgyz Republic ; Malta ; Tonga ; Tunisia ; Uganda ; Ukraine ; Vanuatu ; Zambia -- Appendixes. Channels of transmission of monetary policy -- Eligible assets: European Central Bank and Banque de France -- Enhancing liquidity management and forecasting -- Cross-country experiences with a liquidity surplus -- Selected cross country experiences with interbank market development. |
