Monetary policy implementation at different stages of market development
Author(s)
Bibliographic Information
Monetary policy implementation at different stages of market development
(Occasional paper / International Monetary Fund, no. 244)
International Monetary Fund, 2005
Available at 23 libraries
  Aomori
  Iwate
  Miyagi
  Akita
  Yamagata
  Fukushima
  Ibaraki
  Tochigi
  Gunma
  Saitama
  Chiba
  Tokyo
  Kanagawa
  Niigata
  Toyama
  Ishikawa
  Fukui
  Yamanashi
  Nagano
  Gifu
  Shizuoka
  Aichi
  Mie
  Shiga
  Kyoto
  Osaka
  Hyogo
  Nara
  Wakayama
  Tottori
  Shimane
  Okayama
  Hiroshima
  Yamaguchi
  Tokushima
  Kagawa
  Ehime
  Kochi
  Fukuoka
  Saga
  Nagasaki
  Kumamoto
  Oita
  Miyazaki
  Kagoshima
  Okinawa
  Korea
  China
  Thailand
  United Kingdom
  Germany
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  United States of America
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Research Institute for Economics & Business Administration (RIEB) Library , Kobe University図書
332.042-130-244081200500475
Note
Includes bibliographical references (p. 96-97)
Description and Table of Contents
Description
The single most salient trend in the practice of monetary policy over the last two decades has been a move toward reliance on money market operations for monetary policy implementation. The move has taken place in an environment where financial markets have become more integrated domestically and internationally. It also reflects the belief that allowing market forces to allocate financial resources brings about increased economic efficiency and growth. However, small economies, or countries with undeveloped financial markets, have found that a lack of competition in financial markets has complicated reliance on money market operations, at times forcing them to rely on direct instruments or moral suasion. In some larger countries, the process has been gradual and at times full of difficulties. Drawing on a variety of country experiences, this paper analyses the reasons for these difficulties and proposes a stylised sequencing of reforms that enables an introduction of money market operations tailored to each country's particular circumstances.
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