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Monetary Policy Implementation

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  • Inese Buzeneca
  • Rodolfo Maino
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    Abstract

    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.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/7.

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    Length: 41
    Date of creation: 01 Jan 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/7

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    Related research

    Keywords: Databases; reserve requirements; monetary policy; central bank; money market; government securities; money markets; monetary fund; monetary policy instruments; monetary instruments; open market operations; monetary policy implementation; money market operations; monetary union; financial market; financial markets; monetary control; liquidity management; financial systems; rediscount; monetary management; reserve ratios; monetary policy operations; money market instruments; interest rate controls; financial institutions; financial market development; market for government securities; monetary community; money market interest rates; financial intermediation; treasury securities; monetary authority; monetary authorities; european monetary union; government securities markets; demand for money; monetary instrument; government bond; monetary policy frameworks; developing government bond markets; financial intermediaries; monetary policy objectives; issuance of government securities; money market interest; financial sector; money market operation; developing government bond; monetary aggregate; cash flows; monetary framework; bond; high reserve requirements; government securities market; monetary policy operating procedures; monetary aggregates; liquid markets; bond markets; liquid asset; financial instruments; money supply; deposit rates; government bond markets;

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    References

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    1. Bindseil, Ulrich, 2004. "Monetary Policy Implementation: Theory, past, and present," OUP Catalogue, Oxford University Press, number 9780199274543, September.
    2. Tomás J. T. Baliño & Charles Enoch & William E. Alexander, 1995. "The Adoption of Indirect Instruments of Monetary Policy," IMF Occasional Papers 126, International Monetary Fund.
    3. International Monetary Fund, 1993. "Reserve Requirements and Monetary Management," IMF Working Papers 93/35, International Monetary Fund.
    4. Denis Blenck & Harri Hasko & Spence Hilton & Kazuhiro Masaki, 2001. "The main features of the monetary policy frameworks of the Bank of Japan, the Federal Reserve and the Eurosystem," BIS Papers chapters, in: Bank for International Settlements (ed.), Comparing monetary policy operating procedures across the United States, Japan and the euro area, volume 9, pages 23-56 Bank for International Settlements.
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    Cited by:
    1. KAMGNA, Severin Yves & Ndambendia, Houdou, 2008. "Excès de liquidité systémique et effectivité de la politique monétaire : cas des pays de la CEMAC
      [Excess liquidity and monetary policy effectiveness: The case of CEMAC countries]
      ," MPRA Paper 9599, University Library of Munich, Germany.
    2. Nadia Tahir, 2013. "Forward-Looking and Backward-Looking Taylor Rules: Evidence from Pakistan," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 18(2), pages 121-145, July-Dec.

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