The Interplay between Money Market Development and Changes in Monetary Policy Operations in Small European Countries, 1980–2000

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The Interplay between Money Market Development and Changes in Monetary Policy Operations in Small European Countries, 1980–2000

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Forssbaeck, Jens () (Lund Institute of Economics Research)
Oxelheim, Lars () (Research Institute of Industrial Economics)

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Lars Oxelheim

Abstract

We study the interplay between money market development and changes in monetary policy operating procedures in 11 European countries from c. 1980 up to the launch of EMU. Aspects of money market development such as the size and structure of different market segments, and institutional and regulatory changes, are addressed. We recount and empirically examine the extent of reorientation of monetary policy instruments away from quantitative direct control instruments toward indirect market-based instruments. The process of financial deregulation is uniform across the countries. The path of money market development varies substantially, whereas changes in central bank instruments show both similarities and differences. We hypothesise a relationship between the two processes and provide tentative evidence.

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Publisher Info
Paper provided by Research Institute of Industrial Economics in its series Working Paper Series with number 669.

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Length: 53 pages
Date of creation: 22 Sep 2006
Date of revision:
Publication status: Published in Open Market Operations and Financial Markets, Mayes, David, Toporowski, Jan (eds.), 2007, pages 120-152, Routledge.
Handle: RePEc:hhs:iuiwop:0669

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Find related papers by JEL classification:
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

This paper has been announced in the following NEP Reports:

NEP-ALL-2006-10-21 (All new papers)
NEP-CBA-2006-10-21 (Central Banking)
NEP-FIN-2006-10-21 (Finance)
NEP-FMK-2006-10-21 (Financial Markets)
NEP-MAC-2006-10-21 (Macroeconomics)
NEP-MON-2006-10-21 (Monetary Economics)

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