Quintyn, Marc.
Government Securities Versus Central Bank Securities in Developing Open Market Operations Evaluation and Need for Coordinating Arrangements / Marc Quintyn. [electronic resource] : Marc Quintyn. - Washington, D.C. : International Monetary Fund, 1994. - 1 online resource (60 p.) - IMF Working Papers; Working Paper ; No. 94/62 . - IMF Working Papers; Working Paper ; No. 94/62 .
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.
1451848226 : 15.00 USD
1018-5941
10.5089/9781451848229.001 doi
Central Bank
Debt Management
Government Securities
Monetary Management
Monetary Policy
Gambia, The
Indonesia
Korea, Republic of
New Zealand
Philippines
Government Securities Versus Central Bank Securities in Developing Open Market Operations Evaluation and Need for Coordinating Arrangements / Marc Quintyn. [electronic resource] : Marc Quintyn. - Washington, D.C. : International Monetary Fund, 1994. - 1 online resource (60 p.) - IMF Working Papers; Working Paper ; No. 94/62 . - IMF Working Papers; Working Paper ; No. 94/62 .
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.
1451848226 : 15.00 USD
1018-5941
10.5089/9781451848229.001 doi
Central Bank
Debt Management
Government Securities
Monetary Management
Monetary Policy
Gambia, The
Indonesia
Korea, Republic of
New Zealand
Philippines