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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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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.

Monetary policy --- Banks and banking, Central. --- Money market --- Money markets --- Finance --- Financial institutions --- Money --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Banks and Banking --- Finance: General --- Foreign Exchange --- Investments: General --- Money and Monetary Policy --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Policy --- Central Banks and Their Policies --- Banking --- Investment & securities --- Monetary economics --- Currency --- Foreign exchange --- Macroeconomics --- Treasury bills and bonds --- Commercial banks --- Currencies --- Financial markets --- Monetary policy instruments --- Government securities --- International finance --- France

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This book by Hassanali Mehran, Bernard Laurens, and Marc Quintyn brings together the papers presented at a seminar held in Beijing, China, in August 1995 and sponsored jointly by the IMF's Monetary and Exchange Affairs Department and the Poeple's Bank of China. The papers were written by central bankers from China, Italy, Korea, Malaysia, Thailand, and Turkey. The Chinese authorities were specifically interested in learning more about the Italian and Turkish models of interbank markets and in the experiences of neighboring Asian countries with interest rate liberalization. The U.S. experience was also presented, and the introduction to the book draws policy lessons from the experiences presented at the seminar.

Capital market --- Interest rates --- Monetary policy --- Money market --- Securities industry --- 336.36 --- 336.748.8 IMF --- 336.76 --- 333.613 --- 333.830 --- AA / International- internationaal --- 336.781 --- 336.76 Beurswezen. Geldmarkt. Valutamarkt. Binnenlandse geldmarkt. Valutamarkt --- Beurswezen. Geldmarkt. Valutamarkt. Binnenlandse geldmarkt. Valutamarkt --- 336.781 Rente. Interest. Interestpolitiek. Yield-curve-analyse.bankrate. Interestvoet. Rentevoet. Depositorente. Fisher-hypothesis. --- Rente. Interest. Interestpolitiek. Yield-curve-analyse.bankrate. Interestvoet. Rentevoet. Depositorente. Fisher-hypothesis. --- Financial services industry --- Money markets --- Finance --- Financial institutions --- Money --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Capital markets --- Market, Capital --- Loans --- Securities --- Crowding out (Economics) --- Efficient market theory --- Cross-cultural studies&delete& --- Congresses --- Deregulation&delete& --- intrestvoet - rentevoet --- Internationaal Monetair Fonds - IMF --- geldmarkt en kapitaalmarkt - geldhandel - valutamarkt (zie ook 330.14) --- Activiteiten van de nationale en internationale markten. Beursnoteringen van aandelen en obligaties --- Theorieën en algemeenheden over geldrente --- Money. Monetary policy --- Money market. Capital market --- International finance --- Rente. Interest. Interestpolitiek. Yield-curve-analyse.bankrate. Interestvoet. Rentevoet. Depositorente. Fisher-hypothesis --- Cross-cultural studies --- Deregulation --- Banks and Banking --- Exports and Imports --- Finance: General --- Investments: General --- Money and Monetary Policy --- Foreign Exchange --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Interest Rates: Determination, Term Structure, and Effects --- Central Banks and Their Policies --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banking --- Monetary economics --- Investment & securities --- International economics --- Currency --- Foreign exchange --- Interbank markets --- Commercial banks --- Deposit rates --- Open market operations --- Financial markets --- Financial services --- Government securities --- Central banks --- Banks and banking --- China, People's Republic of

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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