Government Securities Versus Central Bank Securities in Developing Open Market Operations - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Government Securities Versus Central Bank Securities in Developing Open Market Operations write by Mr.Marc Quintyn. This book was released on 1994-05. Government Securities Versus Central Bank Securities in Developing Open Market Operations available in PDF, EPUB and Kindle. In an indirect monetary policy framework, open market operations become the central bank’s main instrument. In the initial stages, when financial markets are still undeveloped, selection of a financial instrument for those operations and the design of supporting arrangements to ensure the central bank’s operational autonomy when using the instrument, are crucial issues. Based on theoretical arguments and experience of a sample of countries that embarked on financial reforms, this paper argues that government securities are the preferred instrument because of their better capacity to develop financial markets. The use of government securities, however, requires the most complex supporting arrangements.
Government Securities Versus Central Bank Securities in Developing Open Market Operations
Government Securities Versus Central Bank Securities in Developing Open Market Operations - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Government Securities Versus Central Bank Securities in Developing Open Market Operations write by . This book was released on 2006. Government Securities Versus Central Bank Securities in Developing Open Market Operations available in PDF, EPUB and Kindle.
Government securities versus central bank securities in developing open market operations
Government securities versus central bank securities in developing open market operations - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Government securities versus central bank securities in developing open market operations write by Fondo Monetario Internacional. This book was released on 2002. Government securities versus central bank securities in developing open market operations available in PDF, EPUB and Kindle.
Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity
Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity write by Mr.Obert Nyawata. This book was released on 2012-01-01. Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity available in PDF, EPUB and Kindle. This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that there are practical reasons for using central bank bills, the paper argues that treasury bills are the first best option especially because positive externalities for the financial sector and the rest of the economy. However, the main considerations in the choice should be: (i) operational independence for the central bank; (ii) market development; and (iii) the strengthening of the transmission of monetary policy impulses.
Transformation of Markets and Policy Instruments for Open Market Operations
Transformation of Markets and Policy Instruments for Open Market Operations - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Transformation of Markets and Policy Instruments for Open Market Operations write by Mr.S. H. Axilrod. This book was released on 1995-12-01. Transformation of Markets and Policy Instruments for Open Market Operations available in PDF, EPUB and Kindle. As developing countries and economies in transition have relied on deregulated, competitive markets to spur growth, their central banks have shifted toward using open market operations as a tool of monetary policy. To be most effective, such operations require supportive changes in other policy instruments (reserve requirements, discount window), a competitive banking system and securities market, and adaptation of particular open market or market-type instruments used to the stage of, and potential for, market development. The paper assesses options available to a central bank for encouraging a competitive market architecture and designing instruments for implementation of open market operations.
