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Axilrod, S.H.

Transformation of Markets and Policy Instruments for Open Market Operations S.H. Axilrod. [electronic resource] / S.H. Axilrod. - Washington, D.C. : International Monetary Fund, 1995. - 1 online resource (98 p.) - IMF Working Papers; Working Paper ; No. 95/146 . - IMF Working Papers; Working Paper ; No. 95/146 .

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.

ISBN: 1451856598 : 15.00 USD

ISSN: 1018-5941

Standard No.: 10.5089/9781451856590.001 doi

Subjects--Topical Terms:
Central Bank
Government Securities
Monetary Policy
Money Market
Open Market Operations

Subjects--Geographic Terms:
Brazil
Indonesia
Mexico
Philippines
Poland