Instruments of Monetary Management: Issues and Country Experiences
Many countries have reformed their monetary instruments over the last few years. Edited by Tomas J.T. Balino and Lorena M. Zamalloa, this volume deals with the design, implementation, and coordination of major monetary policy instruments, highlighting relevant country experiences. In particular, it discusses how to adapt those instruments to the financial environment as well as how to help this environment to develop.
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Introducing Open Market Operations
Design of Instrument Mix
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allocation amount Assets and Remuneration auctioned credit Balino bank reserves bank's banking system Banque de France base averaging bids borrowing Bundesbank central bank credit collateral commercial banks countries credit auctions credit ceilings discount rate discount window domestic currency Economic effect Eligible Assets excess reserves exchange rate foreign exchange swaps government securities implementation indirect instruments interbank market interbank rate interest rate International Monetary Fund lagged reserve accounting Level and Reserve liquid asset requirement loans maintenance period Maintenance.2 Monthly market development market instruments market-based maturity Measurement and Maintenance.2 ments monetary control monetary instruments monetary policy money market money supply National Bank open market operations paper percent on domestic prudential ratio rediscount refinancing reform repo auctions repurchase agreements required reserves Reserve Base reserve deposits reserve holdings averaging reserve requirements reserve shortfalls reserves on FCDs secondary market standing facilities target tions transactions treasury bills U.S. dollars vault cash Yes Yes Yes