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This report analyzes economic developments in Suriname during the 1990s. In 1990–92, real GDP recovered moderately, but inflation accelerated, reaching 58 percent in the 12 months ended December 1992, owing to a further weakening of financial policies. Interest rates became sharply negative in real terms, which initiated a gradual shift out of domestic financial assets. The external accounts remained weak, and the overall balance of payments showed deficits that were financed by a decline in international reserves and an accumulation of external payments arrears.

Banks and Banking --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Monetary Policy --- Taxation, Subsidies, and Revenue: General --- Aggregate Factor Income Distribution --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary economics --- Public finance & taxation --- Currency --- Foreign exchange --- Banking --- Standing facilities --- Revenue administration --- Income --- Exchange rates --- Monetary policy --- National accounts --- Commercial banks --- Financial institutions --- Revenue --- Banks and banking --- Suriname

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Since the early 1990s, the IMF has been advising countries to shift to the use of indirect instruments for executing monetary policy. This paper provides information about a monetary policy instruments database, maintained by the Monetary and Capital Markets Department of the IMF. We offer an overview of the information contained in the database in the form of comparative summary tables and graphs to illustrate the use of monetary policy instruments by groups of countries (developing, emerging market and developed countries). The main trend that can be identified from the database information is the increasing reliance on money market operations for monetary policy implementation. We emphasize the relevance and usefulness of the data collected through periodic surveys of central banks, for general descriptive and analytical purposes.

Banks and banking, Central. --- Monetary policy -- Developing countries. --- Monetary policy. --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Banks and Banking --- Investments: General --- Money and Monetary Policy --- Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Monetary economics --- Banking --- Investment & securities --- Monetary policy instruments --- Reserve requirements --- Standing facilities --- Government securities --- Banks and banking --- New Zealand

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The paper reviews the policy response of major central banks during the 2007–08 financial market turbulence and suggests that there is scope for convergence among central bank operational frameworks through the adoption of those elements that proved most instrumental in calming markets. These include (i) rapid liquidity provision to a broad range of counterparties; (ii) a congruence of collateral policies with market developments; (iii) an ability to increase the average maturity of liquidity provision; and (iv) central bank cooperation to facilitate the use of cross-border collateral. Flexible use of open market operations was needed to avoid the stigma associated with traditional standing facilities, and allowed central banks to maintain at least basic market functioning. Having a flexible framework, however, requires careful consideration of the desirable limits to market intervention.

Banks and banking, Central. --- Monetary policy. --- Financial crises. --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Monetary management --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Banks and banking --- Economic policy --- Currency boards --- Money supply --- Crises --- Banks and Banking --- Finance: General --- Money and Monetary Policy --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Central Banks and Their Policies --- Portfolio Choice --- Investment Decisions --- Monetary Policy --- Banking --- Finance --- Monetary economics --- Collateral --- Open market operations --- Liquidity --- Standing facilities --- Loans --- Economics --- Monetary policy --- United States

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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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This paper quantifies the savings obtained from risk pooling with a Regional Stabilization Fund (RSF) for the Eastern Caribbean Currency Union. A Monte Carlo experiment is used to estimate the size of a RSF conditional on probabilities of depletion under specific saving-withdrawal rules. Results indicate that regional risk pooling requires about half of the saving amount relative to the sum of individual-country savings. In addition to reducing the amount of saving requirements for stabilization, the RSF can improve welfare by realocating government consumption savings during booms towards public investment during recessions, resulting in an increase of public investment in the range of 0.5-1.5 percent of GDP per year depending on the country, with positive growth dividends. Moreover, the RSF also reduces the dispersion of public debt outcomes in light of the cross-country cyclical synchronicity of output and revenue, thereby strengthening the stability of the regional currency board.

Macroeconomics --- Economics: General --- Public Finance --- Money and Monetary Policy --- Mathematical Methods and Programming: General --- General Financial Markets: Government Policy and Regulation --- National Budget, Deficit, and Debt: General --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- National Government Expenditures and Related Policies: General --- Debt --- Debt Management --- Sovereign Debt --- Monetary Policy --- Macroeconomics: Consumption --- Saving --- Wealth --- Economic & financial crises & disasters --- Economics of specific sectors --- Public finance & taxation --- Monetary economics --- Public investment spending --- Expenditure --- Public debt --- Standing facilities --- Monetary policy --- Government consumption --- National accounts --- Currency crises --- Informal sector --- Economics --- Public investments --- Expenditures, Public --- Debts, Public --- Consumption --- Antigua and Barbuda