Open Market Operations And Financial Markets
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Open Market Operations And Financial Markets
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Author : David Mayes
language : en
Publisher: Routledge
Release Date : 2007-05-24
Open Market Operations And Financial Markets written by David Mayes and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-05-24 with Business & Economics categories.
A mixture of academic and practitioner research, this is the most detailed book available that provides an account of open market operations. With broad international appeal it includes discussions of central bank operations in Europe, North America, Australia and Japan. Exploring the effectiveness of short-term interest rates and other modern central bank activities in monetary policy and the effect of structural changes in the securities markets and greater liquidity upon them, this volume represents a unique exchange of views between central bankers. It covers a range of topics including: bankers recent experience of open market operations monetary and financial economists on the impact of monetary policy on the yield curve the practitioners in banking and finance on recent and prospective operations in money and capital markets. Covering the full range of the subject, both the issues and geographically, in a logical order and in a coherent style the, this set of carefully selected papers on a common theme are an essential read for undergraduate and postgraduate students studying Macroeconomics, international finance and banking.
Government Securities Versus Central Bank Securities In Developing Open Market Operations
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Author : Mr.Marc Quintyn
language : en
Publisher: International Monetary Fund
Release Date : 1994-05
Government Securities Versus Central Bank Securities In Developing Open Market Operations written by Mr.Marc Quintyn 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 1994-05 with Business & Economics categories.
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.
Transformations To Open Market Operations
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Author : S. H. Axilrod
language : en
Publisher: International Monetary Fund
Release Date : 1996
Transformations To Open Market Operations written by S. H. Axilrod 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 1996 with Business & Economics categories.
With more countries seeking to deregulate and unleash the potential of market forces, many policymakers and central bankers are grappling with ways to realize the full benefits of open market operations. This paper compares the benefits of open market operations with other methods of monetary control and analyzes the conditions and market architecture necessary for the successful implementation of these operations.
Transformation Of Markets And Policy Instruments For Open Market Operations
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Author : Mr.S. H. Axilrod
language : en
Publisher: International Monetary Fund
Release Date : 1995-12-01
Transformation Of Markets And Policy Instruments For Open Market Operations written by Mr.S. H. Axilrod 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 1995-12-01 with Business & Economics categories.
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.
Informational Efficiency Interest Rate Variability And Central Bank Operations
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1997-03-01
Informational Efficiency Interest Rate Variability And Central Bank Operations 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 1997-03-01 with Business & Economics categories.
It is shown how the frequency of central bank intervention in financial markets can affect the incentives for economic agents to acquire information, which will be reflected in market prices and thus become available to policy makers. The optimal frequency of intervention, and therefore the optimal interest rate variability, will balance the desirability of attaining given operational targets against the benefits of encouraging informational efficiency. The ability of the central bank to send clear signals of its own intentions will also depend on market informational efficiency.
Open Market Operations
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Author : Paul Meek
language : en
Publisher:
Release Date : 1973
Open Market Operations written by Paul Meek and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1973 with Federal Reserve banks categories.
Open Market Operations
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Author : Tumnong Dasri
language : en
Publisher:
Release Date : 1991
Open Market Operations written by Tumnong Dasri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Monetary policy categories.
The Impact Of The Federal Reserve Bank S Open Market Operations
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Author : Campbell R. Harvey
language : en
Publisher:
Release Date : 1994
The Impact Of The Federal Reserve Bank S Open Market Operations written by Campbell R. Harvey and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Federal Reserve banks categories.
The Federal Reserve Bank has the ability to change the money supply and to shape the expectations of market participants through their open market operations. These operations may amount to 20% of the day's volume and are concentrated during the half hour known as `Fed Time'. Using previously unavailable data on open market operations, our paper provides the first comprehensive examination of the impact of the Federal Reserve Bank's trading on both fixed income instruments and foreign currencies. Our results detail a dramatic increase in volatility during Fed Time. Surprisingly, the Fed Time volatility is higher on days when open market operations are absent. In addition, little systematic differences in market impact are observed for reserve-draining versus reserve-adding operations. These results suggest that the financial markets correctly anticipate the purpose of open market operations but are unable to forecast the timing of the operations.
A Note On Open Market Operations In The Seacen Countries
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Author : Tumnong Dasri
language : en
Publisher:
Release Date : 1988
A Note On Open Market Operations In The Seacen Countries written by Tumnong Dasri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Banks and banking categories.
The Economics Of Money Banking And Financial Markets
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Author : Frederic S. Mishkin
language : en
Publisher: Little Brown
Release Date : 1986
The Economics Of Money Banking And Financial Markets written by Frederic S. Mishkin and has been published by Little Brown this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Business & Economics categories.