TY  - BOOK
AU  - Quintyn,Marc
TI  - Government Securities Versus Central Bank Securities in Developing Open Market Operations: Evaluation and Need for Coordinating Arrangements 
T2  - IMF Working Papers; Working Paper
SN  - 1451848226 :
SN  - 1018-5941
PY  - 1994///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Central Bank
KW  - imf
KW  - Debt Management
KW  - Government Securities
KW  - Monetary Management
KW  - Monetary Policy
KW  - Gambia, The
KW  - Indonesia
KW  - Korea, Republic of
KW  - New Zealand
KW  - Philippines
N2  - 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
UR  - http://elibrary.imf.org/view/IMF001/02894-9781451848229/02894-9781451848229/02894-9781451848229.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451848229
ER  -