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This paper discusses operational issues for countries that want to reform their monetary policy frameworks. It argues that stabilizing short-term interest rates on a day-to-day basis has significant advantages, and thus that short-term interest rates, not reserve money, in most cases should be the daily operating target, including for countries relying on a money targeting policy strategy. The paper discusses how a policy formulation framework based on monetary aggregates can be combined with an operational framework that ensures more stable and predictable short-term rates to enhance policy transmission. It also discusses how to best configure an interest-rate-based operational framework when markets are underdeveloped and liqudity management capacity is weak.

Banks and Banking --- Finance: General --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Interest Rates: Determination, Term Structure, and Effects --- Money Supply --- Credit --- Money Multipliers --- Monetary Policy --- 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 --- Banking --- Finance --- Monetary economics --- Central bank policy rate --- Short term interest rates --- Interbank markets --- Monetary base --- Financial services --- Interbank rates --- Financial markets --- Money --- Interest rates --- Banks and banking --- International finance --- Money supply --- Czech Republic

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The treatment of license payments in the national accounts has become increasingly important in recent years; with mobile phone licenses being auctioned for substantial values in several countries. Because the text of the System of National Accounts 1993 does not provide specific guidance on these licenses, their treatment needs to be decided on general principles. This paper concludes that there are usually two assets involved with mobile phone licenses, namely, the spectrum which is owned by the government, and the license which is an intangible nonproduced asset sold by the government to the licenseholder. The values of these two assets are linked complementarily. Alternative treatments of recording the license payments as sale of the spectrum itself, other taxes on production, production of a service, or rent, are considered and rejected. Methods of amortization of the license over its life are considered. An annex raises issues concerning the recognition of rights and obligations as assets and liabilities in national accounting.

Accounting --- Exports and Imports --- Financial Risk Management --- Macroeconomics --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- National Budget, Deficit, and Debt: General --- National Deficit Surplus --- Governmental Property --- General Aggregative Models: General --- International Lending and Debt Problems --- Personal Income, Wealth, and Their Distributions --- International Financial Markets --- Public Administration --- Public Sector Accounting and Audits --- International economics --- Finance --- Public finance accounting --- National accounts --- Amortization --- Personal income --- Asset valuation --- Fiscal accounting and reporting --- National income --- Debt service --- Income --- Asset-liability management --- Finance, Public

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Este Manual proporciona orientación a los compiladores de las cuentas nacionales sobre los conceptos, fuentes de datos y métodos de compilación necesarios para el desarrollo de un sistema de cuentas nacionales trimestrales. Cada vez son más los países que reconocen que las cuentas nacionales trimestrales son una herramienta esencial para la gestión y el análisis de su economía. El Manual está orientado especialmente a los compiladores que ya tienen conocimientos sobre los conceptos y metodología de las cuentas nacionales, y presenta técnicas para el desarrollo de una serie temporal consistente de cuentas anuales y trimestrales. Es un complemento del Sistema de Cuentas Nacionales 1993, que solo trata de manera limitada las cuentas trimestrales, y también resultará útil como herramienta para usuarios avanzados de cuentas nacionales trimestrales.

330.5 --- National income --- -AA / International- internationaal --- 339.0 --- 307.362 --- -339.32 --- 330.5 Volksvermogen. Gemeenschappelijk produkt --- Volksvermogen. Gemeenschappelijk produkt --- Net national product --- Flow of funds --- Gross national product --- Income --- Accounting --- Algemeenheden. Nationale rekeningen. --- Statistieken van het nationaal inkomen. --- Comptabilité nationale --- Accounting. --- 339.32 --- AA / International- internationaal --- National accounting --- National income accounting --- Income accounting --- Social accounting --- Statistieken van het nationaal inkomen --- Algemeenheden. Nationale rekeningen --- Business & Economics --- Economic Theory --- Investments: General --- Macroeconomics --- Agribusiness --- Data Processing --- General Aggregative Models: General --- Labor Economics: General --- Price Level --- Inflation --- Deflation --- Public Administration --- Public Sector Accounting and Audits --- Macroeconomics: Consumption --- Saving --- Wealth --- Labour --- income economics --- Public finance accounting --- Financial reporting, financial statements --- Economic growth --- National accounts --- Labor --- Price indexes --- Consumption --- Fiscal accounting and reporting --- Labor economics --- Finance, Public --- Economics --- Canada

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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