TY - BOOK ID - 84657089 TI - Monetary Policy Implementation at Different Stages of Market Development AU - Laurens, Bernard. AU - International Monetary Fund. PY - 2005 SN - 146230074X 145270189X PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Monetary policy KW - Banks and banking, Central. KW - Money market KW - Money markets KW - Finance KW - Financial institutions KW - Money KW - Banker's banks KW - Banks, Central KW - Central banking KW - Central banks KW - Banks and banking KW - Banks and Banking KW - Finance: General KW - Foreign Exchange KW - Investments: General KW - Money and Monetary Policy KW - Public Finance KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - General Financial Markets: General (includes Measurement and Data) KW - Monetary Systems KW - Standards KW - Regimes KW - Government and the Monetary System KW - Payment Systems KW - Monetary Policy, Central Banking, and the Supply of Money and Credit: General KW - Monetary Policy KW - Central Banks and Their Policies KW - Banking KW - Investment & securities KW - Monetary economics KW - Currency KW - Foreign exchange KW - Macroeconomics KW - Treasury bills and bonds KW - Commercial banks KW - Currencies KW - Financial markets KW - Monetary policy instruments KW - Government securities KW - International finance KW - France UR - https://www.unicat.be/uniCat?func=search&query=sysid:84657089 AB - 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. ER -