The Use Of Credit Ceilings In The Presence Of Indirect Monetary Instruments

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The Use Of Credit Ceilings In The Presence Of Indirect Monetary Instruments An Analytical Framework

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Author : Plamen Yossifov
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2002-12-01

The Use Of Credit Ceilings In The Presence Of Indirect Monetary Instruments An Analytical Framework written by Plamen Yossifov 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 2002-12-01 with categories.

In this paper, we introduce credit ceilings in the standard model of the money multiplier and analyze their role in central bank's management of money supply in the presence of indirect monetary instruments. We show that under a regime of total credit ceilings, their optimal value equals the desired growth rate of the adjusted monetary base. Under a regime of partial credit ceilings, their optimal value depends on the desired growth rate of the adjusted monetary base, the degree of substitutability between the regulated and unregulated types of banks' earning assets, and the autonomous growth rate of the latter.

Bank By Bank Credit Ceilings

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Author : Mitra Farahbaksh
language : en
Publisher:
Release Date : 2006

Bank By Bank Credit Ceilings written by Mitra Farahbaksh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.

Many central banks have abandoned credit ceilings in favor of monetary control frameworks based on indirect instruments. In the long run, ceilings limited competition, hampered the development of a money market, and caused disintermediation. Despite the many distortions associated with the use of credit ceilings, some countries continue to employ them, particularly during the transitional period before full reliance on indirect monetary instruments. The paper argues that the careful attention to design can help reduce distortions typically associated with the use of credit ceilings. It identifies a series of principles that may be followed in designing a system that can minimize those distortions.

The Adoption Of Indirect Instruments Of Monetary Policy

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Author : Mr.William E. Alexander
language : en
Publisher: International Monetary Fund
Release Date : 1995-07-06

The Adoption Of Indirect Instruments Of Monetary Policy written by Mr.William E. Alexander 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 1995-07-06 with Business & Economics categories.

This paper examines the experience of implementing indirect instruments of monetary policy. The experiences of country studies illustrate the variety of circumstances under which indirect instruments of monetary policy have been introduced. Case Studies are presented for Chile, Egypt, Ghana, Indonesia, Mexico, New Zealand, and Poland.

Monetary And Exchange System Reforms In China

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Author : Mr.Bernard Laurens
language : en
Publisher: International Monetary Fund
Release Date : 1996-09-26

Monetary And Exchange System Reforms In China written by Mr.Bernard Laurens 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 1996-09-26 with Business & Economics categories.

In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.

Interest Rate Liberalization

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Author : Mr.Bart Turtelboom
language : en
Publisher: International Monetary Fund
Release Date : 1991-12-01

Interest Rate Liberalization written by Mr.Bart Turtelboom 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 1991-12-01 with Business & Economics categories.

This paper undertakes a survey of theoretical considerations and an analysis of the experience of five African countries with interest rate liberalization. Despite substantial progress in monetary policy reforms, liberalization has only partially affected the level and variability of interest rates. Several factors—macroeconomic instability, oligopolistic financial markets, the absence of developed capital markets, as well as the sequencing of the liberalization programs and the asymmetric availability of information—explain the increase in the spread between lending and deposit rates as well as the rather inflexible pattern of interest rates during the transition to a market-based financial system.

Liquidity Ratios As Monetary Policy Tools Some Historical Lessons For Macroprudential Policy

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Author : Eric Monnet
language : en
Publisher: International Monetary Fund
Release Date : 2019-08-16

Liquidity Ratios As Monetary Policy Tools Some Historical Lessons For Macroprudential Policy written by Eric Monnet 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 2019-08-16 with Business & Economics categories.

This paper explores what history can tell us about the interactions between macroprudential and monetary policy. Based on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were commonly used as monetary policy tools by central banks between the 1930s and 1980s. We build a model that rationalizes the mechanisms described by contemporary central bankers, in which an increase in the liquidity ratio has contractionary effects, because it reduces the quantity of assets banks can pledge as collateral. This effect, akin to quantity rationing, is more pronounced when excess reserves are scarce.

Imf Research Bulletin

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Author :
language : en
Publisher:
Release Date : 2000

Imf Research Bulletin written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with International finance categories.

The Evolving Role Of Central Banks

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Author : Mr.Patrick Downes
language : en
Publisher: International Monetary Fund
Release Date : 1991-06-15

The Evolving Role Of Central Banks written by Mr.Patrick Downes 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 1991-06-15 with Business & Economics categories.

Central Banks should enjoy a fair degree of autonomy in pursuing price stability to promote long-run growth and prosperity. This volume, edited by Patrick Downes and Reza Vaez-Zadeh, contains the papers presented at the fifth IMF seminar on central banking issues in November 1990. The theme was the interdependence of central bank functions and the role of central bank autonomy.

Market Based Systems Of Monetary Control In Developing Countries

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Author : Mr.Chorng-Huey Wong
language : en
Publisher: International Monetary Fund
Release Date : 1991-04-01

Market Based Systems Of Monetary Control In Developing Countries written by Mr.Chorng-Huey Wong 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 1991-04-01 with Business & Economics categories.

This paper reviews issues in the development of a market-based system of monetary control in developing countries. It focuses on the appropriate sequencing of financial reform that would facilitate the transition toward a market-based system and measures required to strengthen the effectiveness of market-based operations. The paper also assesses the effects of financial reform on the demand for money function and discusses the implications for policy formulation and implementation.

Monetary Policy In The Presence Of Islamic Banking

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Author : Mariam El Hamiani Khatat
language : en
Publisher: International Monetary Fund
Release Date : 2016-03-21

Monetary Policy In The Presence Of Islamic Banking written by Mariam El Hamiani Khatat 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 2016-03-21 with Business & Economics categories.

This paper discusses key issues related to the conduct of monetary policy in countries that have Islamic banks. It describes the macrofinancial background and monetary policy frameworks where Islamic banks typically operate, and discusses the monetary transmission mechanism in economies where Islamic and conventional banking coexist. Most economies with Islamic banks also have conventional banks and this calls for a comprehensive approach to monetary policy. At the same time, a dual approach to monetary policy should be considered whenever the Islamic segment of the financial system is not as developed as the conventional one. The paper tries to shed light on potential spillovers between conventional and Islamic financial systems, and proposes specific recommendations on the design of Islamic monetary policy operations and for facilitating monetary transmission through the Islamic financial system.