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This paper reviews the Jamaican experience with indirect instruments and contrasts this with the currency board type arrangements of the common currency area governed by the Eastern Caribbean Central Bank (ECCB). Reforms in Jamaica improved intermediation and banking efficiency, but a weak fiscal position and interest rate caps undermined the effectiveness of indirect instruments in attaining monetary control. The apparent stability amongst members of the currency union may mask fiscal pressures. In most Caribbean countries, problems of quasi-fiscal pressures on money supply, and disintermediation due to some regulation, are evident. Resolving these issues are necessary to facilitate the reforms being pursued.

Banks and Banking --- Money and Monetary Policy --- Foreign Exchange --- Monetary Policy --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary economics --- Banking --- Currency --- Foreign exchange --- Credit ceilings --- Reserve requirements --- Currencies --- Open market operations --- Money --- Monetary policy --- Central banks --- Banks and banking --- Credit --- Jamaica

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As developing countries and economies in transition have relied on deregulated, competitive markets to spur growth, their central banks have shifted toward using open market operations as a tool of monetary policy. To be most effective, such operations require supportive changes in other policy instruments (reserve requirements, discount window), a competitive banking system and securities market, and adaptation of particular open market or market-type instruments used to the stage of, and potential for, market development. The paper assesses options available to a central bank for encouraging a competitive market architecture and designing instruments for implementation of open market operations.

Banks and Banking --- Finance: General --- Money and Monetary Policy --- Investments: General --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Policy --- Debt --- Debt Management --- Sovereign Debt --- Banking --- Finance --- Monetary economics --- Investment & securities --- Open market operations --- Money markets --- Monetary base --- Securities markets --- Central banks --- Financial markets --- Money --- Government securities --- Financial institutions --- Banks and banking --- Money market --- Money supply --- Capital market --- Czech Republic

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This collection of papers delivered at a seminar, moderated by André Lara Resende, in Rio de Janeiro, Brazil, addresses the issues considered pertinent to the consolidation of stability, the recovery of growth, and the process of stabilization undertaken in the aftermath of the inflationary crisis in Latin American economies in the 1980s.

Economic stabilization --- Fiscal policy --- Monetary policy --- Business & Economics --- Economic History --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Tax policy --- Taxation --- Finance, Public --- Adjustment, Economic --- Business stabilization --- Economic adjustment --- Stabilization, Economic --- Congresses --- Government policy --- Latin America --- Congresses. --- Asociación Latinoamericana de Libre Comercio countries --- Neotropical region --- Neotropics --- New World tropics --- Spanish America --- Banking --- Banks and Banking --- Business Taxes and Subsidies --- Central bank autonomy --- Central Banks and Their Policies --- Central banks --- Commercial policy --- Currency --- Debt Management --- Debt --- Debts, Public --- Exports and Imports --- Foreign Exchange --- Foreign exchange --- Income and capital gains taxes --- Income economics --- Income tax systems --- Income tax --- International economics --- International Trade Organizations --- Labour --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Public finance & taxation --- Public Finance --- Real exchange rates --- Revenue administration --- Revenue --- Sovereign Debt --- Taxation, Subsidies, and Revenue: General --- Taxes --- Trade Policy --- Wages --- Argentina

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This paper describes economic developments in Ecuador during the 1990s. Inflation fell from an average of about 50 percent in 1988–92 to 22 percent in April 1995. Economic activity rebounded, and international reserves were rebuilt. Relations with foreign creditors were normalized through an “exit” Paris Club rescheduling in mid-1994 and the completion of a debt- and debt-service-reduction operation with external commercial creditors in early 1995 that was expected to facilitate the return to external viability.

Banks and Banking --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Public Enterprises --- Public-Private Enterprises --- International Lending and Debt Problems --- Trade: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy --- Civil service & public sector --- International economics --- Currency --- Foreign exchange --- Banking --- Public sector --- External debt --- Exports --- Exchange rates --- Economic sectors --- International trade --- International reserves --- Central banks --- Finance, Public --- Debts, External --- Banks and banking --- Foreign exchange reserves --- Ecuador

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This paper analyses several IMF’s selected decisions of the Executive Board and selected documents. The Executive Board has reviewed the procedures relating to the IMF's surveillance over members' exchange rate policies. Whenever the Managing Director considers that important economic or financial developments are likely to affect a member's exchange rate policies or the behavior of the exchange rate of its currency, he shall initiate informally and confidentially a discussion with the member. A staff report will be circulated to the Executive Directors under cover of a note from the Secretary specifying a tentative date for Executive Board discussion which will be at least 15 days later than the date upon which the report is circulated. The bicyclic consultation procedure shall be terminated and each member currently on the bicyclic procedure shall be immediately placed on the standard 12-month cycle; the first consultation with each such member that is completed after the adoption of this decision shall be conducted in accordance with the procedures that apply to consultations under the standard 12-month cycle, and the deadline for completion that applied under the bicyclic procedure shall continue to apply to such consultation.

Exports and Imports --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Industries: Financial Services --- Banks and Banking --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Personal Income, Wealth, and Their Distributions --- Trade: General --- Monetary Policy --- Monetary economics --- Currency --- Foreign exchange --- International economics --- Finance --- Banking --- Currencies --- Multiple currency practices --- Personal income --- Loans --- Credit --- Money --- National accounts --- Financial institutions --- Reserve assets --- Central banks --- Imports --- International trade --- Income --- Foreign exchange reserves --- Budget --- Saudi Arabia