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Countries with evolving monetary regimes that decide to embark on “the Journey to inflation targeting” may not be able to adopt a full-fledged inflation targeting regime immediately. Those countries would be better off adopting transitional arrangements that take advantage of the informational content of monetary aggregates, developing an economic analysis capacity, and concentrating on monetay operations aimed at steering money market interest rates. This approach would allow the central bank to buy time for developing the building blocks for effective monetary policy, support transparent central bank communication, and limit the potential for undesirable outcomes along the road.
Banks and banking, Central. --- Inflation targeting. --- Monetary policy. --- Banks and Banking --- Inflation --- Money and Monetary Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- Interest Rates: Determination, Term Structure, and Effects --- Monetary Policy --- Monetary economics --- Banking --- Macroeconomics --- Finance --- Monetary base --- Monetary aggregates --- Short term interest rates --- Money --- Prices --- Inflation targeting --- Monetary policy --- Monetary policy frameworks --- Money supply --- Banks and banking --- Interest rates --- Papua New Guinea
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This paper considers the central bank mandate with respect to financial stability and identifies the links to the functioning of securities markets. It argues that while emergency support to securities markets is an important part of the crisis management response, a high bar should be set for its use. Importantly, it should be used only as part of a comprehensive policy package. The paper considers what types of securities markets may be important for financial stability, what market conditions could trigger emergency support measures, and how programs can be designed to restore market functioning while minimizing moral hazard.
Securities. --- Blue sky laws --- Capitalization (Finance) --- Investment securities --- Portfolio --- Scrip --- Securities --- Securities law --- Underwriting --- Investments --- Investment banking --- Law and legislation --- E-books --- Banks and Banking --- Finance: General --- Investments: General --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Institutions and Services: Government Policy and Regulation --- General Financial Markets: General (includes Measurement and Data) --- Portfolio Choice --- Investment Decisions --- General Financial Markets: Government Policy and Regulation --- Finance --- Investment & securities --- Banking --- Securities markets --- Liquidity --- Asset liquidity --- Financial markets --- Financial institutions --- Asset and liability management --- Financial sector stability --- Financial sector policy and analysis --- Capital market --- Economics --- Financial instruments --- Banks and banking --- Financial services industry --- United Kingdom
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