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Many central banks around the world are gradually shifting from a system of direct controls towards the implementation of monetary policy through market-oriented instruments, including refinance facilities. This paper reviews the use of refinance instruments in a sample of industrialized countries, and discusses how central banks use them to influence short-term interest rates and to manage banks’ reserves. Some lessons are suggested for their implementation in developing countries or economies in transition.

Banks and Banking --- Finance: General --- Money and Monetary Policy --- Investments: Derivatives --- Money Supply --- Credit --- Money Multipliers --- 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 --- General Financial Markets: General (includes Measurement and Data) --- Interest Rates: Determination, Term Structure, and Effects --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Banking --- Monetary economics --- Finance --- Standing facilities --- Money markets --- Market interest rates --- Money --- Monetary policy --- Financial markets --- Financial services --- Financial derivatives --- Financial institutions --- Banks and banking --- Money market --- Interest rates --- Derivative securities --- France

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As a result of the Asian crisis, methods of coping with volatile international capital markets have received considerable attention from observers and policymakers. It has been argued that the imposition by Chile of a nonremunerated reserve requirement on external borrowing played a useful role in the smooth liberalization of its capital account by allowing Chile to deal effectively with short-term capital inflows and thus to reduce its vulnerability to external shocks, and that such measures should be adopted by other countries. In light of this, this paper reviews Chile’s experience in managing capital flows and draws lessons for policymakers.

Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Current Account Adjustment --- Short-term Capital Movements --- Information and Market Efficiency --- Event Studies --- Investment Banking --- Venture Capital --- Brokerage --- Ratings and Ratings Agencies --- International Investment --- Long-term Capital Movements --- Monetary Policy --- International economics --- Monetary economics --- Currency --- Foreign exchange --- Reserve requirements --- Capital controls --- Capital inflows --- Exchange rates --- Capital flows --- Monetary policy --- Balance of payments --- Capital movements --- Chile

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This paper presents an update of the Grilli-Masciandaro-Tabellini (GMT) index of central bank (CB) autonomy, based on CB legislation as of end-2003. The index is applied to a set of OECD and developing countries, and emerging market economies. For a smaller set of countries, the paper presents a reconstruction of the GMT index based on Cukierman (1992) and assesses changes in CB autonomy between 1992 and 2003. The results point to a significant increase in CB autonomy, in particular for developing countries. In most cases, this improvement has involved a three-stage process: an initial stage in which the political foundations for CB autonomy are laid; a second stage in which operational autonomy develops; and a final stage in which CBs gain further political autonomy in terms of policy formulation and the appointment of senior management.

Banks and banking, Central -- Law and legislation -- Developing countries. --- Banks and banking, Central -- Law and legislation -- OECD countries. --- Electronic books. -- local. --- Monetary policy -- Developing countries. --- Monetary policy -- OECD countries. --- Finance --- Business & Economics --- Banking --- Banks and banking, Central --- Monetary policy --- Law and legislation --- Monetary management --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Economic policy --- Currency boards --- Money supply --- Banks and banking --- Banks and Banking --- Finance: General --- Public Finance --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Taxation, Subsidies, and Revenue: General --- Monetary Policy --- Public finance & taxation --- Emerging and frontier financial markets --- Central bank autonomy --- Central bank legislation --- Legal support in revenue administration --- Financial markets --- Revenue administration --- Financial services industry --- Revenue --- Mexico

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This paper discusses the use of interest rates as the operating target for monetary policy in Tunisia and the roadmap for establishing the other building blocks of an inflation targeting framework. It argues that strengthening the effectiveness of the current monetary policy framework will facilitate the adoption of inflation targeting over time.

Monetary policy. --- Interest rates. --- Money market rates --- Rate of interest --- Rates, Interest --- Monetary management --- Interest --- Economic policy --- Currency boards --- Money supply --- Banks and Banking --- Finance: General --- Foreign Exchange --- Money and Monetary Policy --- Inflation --- General Financial Markets: General (includes Measurement and Data) --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy --- Price Level --- Deflation --- Monetary economics --- Finance --- Currency --- Foreign exchange --- Banking --- Macroeconomics --- Money markets --- Exchange rates --- Monetary base --- Monetary policy instruments --- Financial markets --- Money --- Prices --- Monetary policy --- Money market --- Banks and banking --- Tunisia

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This Selected Issues paper for the Republic of San Marino analyzes options for managing systemic liquidity risk. The paper states that financial dollarization/euroization—as in the case of San Marino—or a currency board arrangement can complicate banking crisis management and increase the vulnerability of financial systems to liquidity shocks because they limit the ability of the monetary authority to act as a lender of last resort. The paper reviews the current pension system of San Marino, in comparison with other European pension systems, and analyzes its sustainability.

Pensions --- Banks and banking --- Risk --- Fiscal policy --- San Marino --- Economic conditions --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Economics --- Uncertainty --- Probabilities --- Profit --- Risk-return relationships --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Compensation --- Pension plans --- Retirement pensions --- Superannuation --- Retirement income --- Annuities --- Social security individual investment accounts --- Vested benefits --- Government policy --- San Marino (Republic) --- S. Marino --- Repubblica di San Marino --- Most Serene Republic of San Marino --- Republic of San Marino --- République de San-Marin --- Serenissima Repubblica di San Marino --- Сан-Марино --- Республикэ Сан-Марино --- Respublikė San-Marino --- Сан-Марино Республикаhы --- San-Marino Respublikaḣy --- Сан-Марына --- San-Maryna --- Святлейшая Рэспубліка Сан-Марына --- Svi︠a︡tleĭshai︠a︡ Rėspublika San-Maryna --- Република Сан Марино --- Republika San Marino --- República de San Marino --- Ripóbblica de San Marein --- Nejvznešenější republika San Marino --- San Marinu --- Republica di San Marinu --- Tangnefeddusaf Weriniaeth San Marino --- Republik San Marino --- San Mawínoo Bikéyah --- Nejswětlejša republika San Marino --- San Marino Vabariik --- Αγιος Μαρινος --- Hagios Marinos --- Γαληνoτάτη Δημοκρατία του Αγίου Μαρίνου --- Galēnotatē Dēmokratia tou Agiou Marinou --- San Marein --- Ripóbblica d' San Marein --- Сан-Марино Мастор --- San-Marino Mastor --- Serenísima República de San Marino --- Respubliko San-Marino --- Serenísima Repúbrica de San Marinu --- San Marinoko Errepublika --- Lýðveldið San Marino --- Tjóðveldið San Marino --- Saint-Marin --- République de Saint-Marin --- San Mairíne --- Poblacht Ró-Gheal San Mairíne --- Pobblaght Ro-Ghial San Marino --- Canimarino --- Bururi wa Canimarino --- Jamhuri ya San Marino --- Sṳn Mâ-li-nok --- Сан Маринмудин Орн --- San Marinmudin Orn --- Sana Marino --- Republika ti San Marino --- Katalnaan a Republika ti San Marino --- USanti Marino --- סן מרינו --- רפובליקת סן מרינו --- Republiḳat San Marino --- San-Marino Mărtebelī Respublikasy --- Sen Marin --- Mutagatifu Marino --- Jamhuri ya kuheshimiwa ya San Marino --- Sen Maren --- Komara San Marînoyê --- San Marins --- Res Publica Sancti Marini --- Res Publica Serenissima Sancti-Marini --- Sanmarīno --- Gaišā Sanmarīno Republika --- San Marinas --- San Marino Respublika --- San Marin --- Santu Marino --- Batetwa Republíki ya Santu Marino --- Repüblica de San Marin --- San Marino Köztársaság --- Bu̇gd Naĭramdakh San-Marino Uls --- Cencah Tlanaliuhtimani Tlācatlahtocāyōtl San Marino --- Cencah Yōcoxqui Tlācatlahtocāyōtl San Marino --- Banks and Banking --- Finance: General --- Financial Risk Management --- Labor --- Public Finance --- Industries: Financial Services --- Social Security and Public Pensions --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Nonwage Labor Costs and Benefits --- Private Pensions --- Financial Institutions and Services: Government Policy and Regulation --- Portfolio Choice --- Investment Decisions --- Financial Institutions and Services: General --- Economic & financial crises & disasters --- Financial services law & regulation --- Pension spending --- Lender of last resort --- Liquidity --- Expenditure --- Financial crises --- Asset and liability management --- Financial sector --- Economic sectors --- Financial services industry --- Banks and banking, Central --- Financial risk management --- San Marino, Republic of