Monetary Policy Implementation At Different Stages Of Market Development
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Monetary Policy Implementation At Different Stages Of Market Development
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Author : International Monetary Fund. Monetary and Financial Systems Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2004-10-26
Monetary Policy Implementation At Different Stages Of Market Development written by International Monetary Fund. Monetary and Financial Systems Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-10-26 with Business & Economics categories.
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Monetary Policy Implementation
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Author : Mr.Rodolfo Maino
language : en
Publisher: International Monetary Fund
Release Date : 2007-01-01
Monetary Policy Implementation written by Mr.Rodolfo Maino and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-01 with Business & Economics categories.
Since the early 1990s, the IMF has been advising countries to shift to the use of indirect instruments for executing monetary policy. This paper provides information about a monetary policy instruments database, maintained by the Monetary and Capital Markets Department of the IMF. We offer an overview of the information contained in the database in the form of comparative summary tables and graphs to illustrate the use of monetary policy instruments by groups of countries (developing, emerging market and developed countries). The main trend that can be identified from the database information is the increasing reliance on money market operations for monetary policy implementation. We emphasize the relevance and usefulness of the data collected through periodic surveys of central banks, for general descriptive and analytical purposes.
Monetary Policy Implementation At Different Stages Of Market Development
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Author : The Monetary and Financial Systems Department Staff
language : en
Publisher: IMF
Release Date : 2005
Monetary Policy Implementation At Different Stages Of Market Development written by The Monetary and Financial Systems Department Staff and has been published by IMF this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
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.
Developing The Domestic Government Debt Market
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Author :
language : en
Publisher: World Bank Publications
Release Date : 2007-01-01
Developing The Domestic Government Debt Market written by and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-01 with Business & Economics categories.
Domestic government debt markets play a critical role in managing public debt effectively and reducing the vulnerability of developing countries to financial crises. Many aspects of debt markets - money, primary, and secondary markets; a diversified investor base; and sound securities custody and settlement systems and regulation - interact in complex ways and are affected by previous policies and developments. Developing the Domestic Government Debt Market: From Diagnostics to Reform Implementation draws insights from a joint pilot program set up by the World Bank and International Monetary Fund to design relevant reform and capacity-building programs in twelve countries. The experiences of these geographically and economically diverse countries - Bulgaria, Colombia, Costa Rica, Croatia, Indonesia, Kenya, Lebanon, Nicaragua, Pakistan, Sri Lanka, Tunisia, and Zambia - illustrate the challenges, obstacles, and progress in applying principles of market development. Developing the Domestic Government Debt Market will serve government officials contemplating or in the process of reforming their practices, providers of technical assistance, and practitioners working on building capacity in debt market development. Because effective development of debt markets is one key piece in sound public debt management, readers will also be interested in the companion volume, Managing Public Debt, published by The World Bank in February 2007, based on the same joint pilot program.
Measuring And Mending Monetary Policy Effectiveness Under Capital Account Restrictions
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Author : Mr.Robert Blotevogel
language : en
Publisher: International Monetary Fund
Release Date : 2013-03-27
Measuring And Mending Monetary Policy Effectiveness Under Capital Account Restrictions written by Mr.Robert Blotevogel and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-27 with Business & Economics categories.
I propose a new approach to identifying exogenous monetary policy shocks in low-income countries with capital account restrictions. In the case of Mauritania, a domestic repatriation requirement is the key institutional characteristic that allows me to establish exogeneity. Unlike in advanced countries, I find no evidence for a statistically significant impact of exogenous monetary policy shocks on bank lending. Using a unique bank-level dataset on monthly balance sheets of six Mauritanian banks over the period 2006–11, I estimate structural vector autoregressions and two-stage least square panel models to demonstrate the ineffectiveness of monetary policy. Finally, I discuss how a reduction in banks’ loan concentration ratios and improvements in the liquidity management framework could make monetary stimuli more effective.
The Eurosystem Approach To Monetary Policy And Liquidity Management
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Author : Leyli Allanazarova
language : en
Publisher: Logos Verlag Berlin GmbH
Release Date : 2010
The Eurosystem Approach To Monetary Policy And Liquidity Management written by Leyli Allanazarova and has been published by Logos Verlag Berlin GmbH this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
The Eurosystem Approach to Monetary Policy and Liquidity Management is related to the banking system, liquidity management, and the efficiency of monetary policy implementation necessary for the monetary and financial stability. Starting from the financial analysis of the current situation in the Eurosystem the effects of the financial crises on liquidity volume are examined. The future perspectives of the Eurosystem's liquidity management are evaluated and its method of monetary policy implementation is compared with the one of the Federal Reserve System. The focus of the work is liquidity management, which is conducted for the sake of permanent provision of liquidity in the interbank market (or money market) that gives the opportunities to more counterparties to receive the appropriate amount of credits. The efficient liquidity management can stimulate the business, and promote economic development. Therefore, the study of liquidity-changing composition and its influences on the overall monetary policy is essential, especially nowadays, when the need to improve the financial systems after the crises has risen.
International Monetary Fund Annual Report 2005
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2005-09-16
International Monetary Fund Annual Report 2005 written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-09-16 with Business & Economics categories.
The Annual Report 2005 to the Board of Governors reviews the IMF's activities and policies during the financial year (May 1, 2004, through April 30, 2005). The main sections cover country, global, and regional surveillance; strengthening surveillance and crisis prevention; IMF program support and crisis resolution; the Fund's role in low-income countries; financial operations and policies; technical assistance and training; governance and management of the IMF; and cooperation, communication and outreach. Besides the full financial statements for the year, appendixes cover international reserves, financial operations and transactions, principal policy decisions, relations with other international organizations, press communiqués of advisory committees, Executive Directors and their voting power, and changes in the Executive Board's membership.
Complexities Of Financial Globalisation
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Author : Tony Cavoli
language : en
Publisher: Routledge
Release Date : 2020-05-07
Complexities Of Financial Globalisation written by Tony Cavoli and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-07 with Business & Economics categories.
Since the 1990s, several emerging market and developing economies (EMDEs) have, to varying degrees, embraced the process of financial globalisation, broadly defined as a set of policies that involve allowing for greater openness to cross-border capital flows as well as greater market access to foreign financial institutions. This book provides a systematic empirical analysis on the complex interactions between financial sector development, macroeconomic and financial stability in EMDEs in general and those in the Asian region in particular. The book consists of three sections pertaining to monetary and exchange rate policies under financial globalisation; financial inclusion and macroeconomic policies in the context of financial liberalisation; and finally, the dynamics of foreign direct investment flows and their real impacts in EMDEs. Each of the chapters analyse important economic policy issues of contemporary relevance and is informed by data and rigorous empirical analysis. The book will be appealing to anyone interested in exploring the implications of a key set of issues emanating from financial globalisation on EMDEs in a rigorous but readable manner.
Central America Panama And The Dominican Republic
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Author : Mr.Marco Pinon
language : en
Publisher: International Monetary Fund
Release Date : 2012-07-16
Central America Panama And The Dominican Republic written by Mr.Marco Pinon and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-16 with Business & Economics categories.
Central America, Panama, and the Dominican Republic coped well with the global financial crisis of 2008-09. The impact was generally less severe and shorter lived than in previous episodes, the balance of payments adjustment was orderly, and the stability of the financial system was not compromised. This resilience can be attributed to a large extent to the strengthening of the fiscal frameworks, monetary management, and financial reforms conducted in the years preceding the global crisis. Nevertheless, the region faces considerable challenges for the period ahead, including the need to raise medium term growth above historical levels and protect macroeconomic and financial stability. This book argues that meeting these challenges will have to come from within, in light of the anticipated modest demand growth from trade partners. Raising growth in the region will depend on the adoption of structural reforms that generate substantial productivity gains. Rebuilding fiscal space and securing debt sustainability will hinge on efforts to increase tax revenue and reorienting spending to social and investment priorities. In the non-officially dollarized economies, it will also be essential to strengthen the monetary policy frameworks to keep inflation low and increase exchange rate flexibility, and improve financial regulation and supervision.
Regional Economic Outlook May 2006 Sub Saharan Africa
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Author : International Monetary Fund. African Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2006-07-21
Regional Economic Outlook May 2006 Sub Saharan Africa written by International Monetary Fund. African Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-07-21 with Business & Economics categories.
Prepared by the Policy Wing of the IMF African Department, and published twice a year in English and French, Regional Economic Outlook: Sub-Saharan Africa analyzes economic performance and short-term prospects of the 44 countries covered by the Department. Topics examined in recent volumes include responses to exogenous shocks, growth performance and growth-enhancing policies, the effectiveness of regional trade arrangements, macroeconomic implications of scaled-up aid, financial sector development, and fiscal decentralization. Detailed country data, grouped by oil-exporting and -importing countries and by subregion, are provided in an appendix and a statistical appendix, and a list of relevant publications by the African Department is included.