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In recent years a number of countries have undertaken far-reaching reforms of their financial sectors. Generally speaking, financial sector reforms aim at achieving greater flexibility of interest rates, an enhanced role for market forces in credit allocation, increased independence for the central bank, and a deepening of money and securities markets. Such reforms, and the developments that follow, have important implications for the design and conduct of monetary policy. This paper provides an overview of the linkages between financial sector reforms and the monetary policy framework, focusing in particular on the objectives, instruments, and operating procedures of monetary policy.

Banks and Banking --- Finance: General --- Money and Monetary Policy --- Money Supply --- Credit --- Money Multipliers --- Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Demand for Money --- General Financial Markets: Government Policy and Regulation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- General Financial Markets: General (includes Measurement and Data) --- Monetary economics --- Financial services law & regulation --- Banking --- Finance --- Demand for money --- Financial sector reform --- Monetary base --- Money markets --- Money --- Financial regulation and supervision --- Financial markets --- Monetary policy instruments --- Monetary policy --- Financial services industry --- Banks and banking --- Money supply --- Money market --- New Zealand

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This paper examines whether the six largest and most active emerging stock markets are informationally efficient with respect to changes in the money supply. To investigate if stock prices fully reflect the information contained in money supply changes, two different econometric techniques are employed. First, direct Granger-causality tests are used, which locus on the short-run relationship between stock prices and money. Second, the long-run behavior of the two variables is studied by means of co-integration tests. The results suggest that at least for two markets profitable trading rules can be developed to earn consistently higher-than-normal rates of return.

Finance: General --- Macroeconomics --- Money and Monetary Policy --- General Financial Markets: General (includes Measurement and Data) --- Price Level --- Inflation --- Deflation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Finance --- Monetary economics --- Stock markets --- Asset prices --- Emerging and frontier financial markets --- Monetary base --- Price indexes --- Financial markets --- Prices --- Money --- Stock exchanges --- Financial services industry --- Money supply --- China, People's Republic of

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This paper focuses on the output costs of disinflation. A model of inflation with both forward and backward elements seems to characterize reality. Such an inflation model is estimated using data for industrial countries, and the output costs of a disinflation path are calculated, first analytically in a simple theoretical model, then by simulation of a global, multi-region empirical model. The credibility of a preannounced path for money consistent with the lowest output loss is considered. An alternative, more credible policy may be to announce an exchange rate peg to a low inflation currency.

Capacity utilization --- Deflation --- Demand for Money --- Demand for money --- Disinflation --- Industrial capacity --- Inflation --- Macroeconomics --- Macroeconomics: Production --- Monetary base --- Monetary economics --- Monetary Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Money and Monetary Policy --- Money supply --- Money --- Price Level --- Prices --- Production and Operations Management --- Production --- United States

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This paper discusses the relationship between foreign currency deposits and money, and it shows that the indexation of part of the nominal money supply to the exchange rate, as a result of the presence of foreign currency deposits, will increase the inflationary effects of monetary disequilibria under a floating exchange rate system and will reduce the effect of a devaluation of a usually fixed exchange rate. When a real exchange rate rule is followed, the presence of foreign currency deposits implies that there is less of a tradeoff between the rate of nominal depreciation/inflation and the level of the real exchange rate. The paper shows how certain aspects of financial programming may be affected by the presence of these deposits.

Currencies --- Currency --- Deflation --- Demand for Money --- Demand for money --- Foreign Exchange --- Foreign exchange --- Government and the Monetary System --- Inflation --- Macroeconomics --- Monetary base --- Monetary economics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Systems --- Money and Monetary Policy --- Money supply --- Money --- Open Economy Macroeconomics --- Payment Systems --- Price Level --- Prices --- Real exchange rates --- Regimes --- Standards --- Argentina

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Banks and banking --- Capital market --- Finance --- Monetary policy --- Banques --- Marché financier --- Finances --- Politique monétaire --- History --- Histoire --- -Banks and banking --- -Monetary policy --- -Capital market --- -Capital markets --- Market, Capital --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Money --- Funding --- Funds --- Economics --- Currency question --- -History --- Marché financier --- Politique monétaire --- Capital markets --- History.