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Government Securities Versus Central Bank Securities in Developing Open Market Operations: Evaluation and Need for Coordinating Arrangements

Author

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  • Mr. Marc G Quintyn

Abstract

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.

Suggested Citation

  • Mr. Marc G Quintyn, 1994. "Government Securities Versus Central Bank Securities in Developing Open Market Operations: Evaluation and Need for Coordinating Arrangements," IMF Working Papers 1994/062, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1994/062
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    Citations

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    Cited by:

    1. Osama Sweidan, 2008. "The Asymmetric Loss Function and the Central Banks' Ability in Developing Countries," Global Economic Review, Taylor & Francis Journals, vol. 37(3), pages 387-403.
    2. Mr. Simon T Gray & Ms. Runchana Pongsaparn, 2015. "Issuance of Central Bank Securities: International Experiences and Guidelines," IMF Working Papers 2015/106, International Monetary Fund.
    3. Sweidan, Osama D. & Widner, Benjamin, 2008. "Transparency and central bank losses in developing countries," Research in Economics, Elsevier, vol. 62(1), pages 45-54, March.
    4. Mr. Obert Nyawata, 2012. "Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity: The Main Considerations," IMF Working Papers 2012/040, International Monetary Fund.
    5. John Hawkins, 2005. "Globalisation and monetary operations in emerging economies," BIS Papers chapters, in: Bank for International Settlements (ed.), Globalisation and monetary policy in emerging markets, volume 23, pages 59-80, Bank for International Settlements.
    6. repec:ebl:ecbull:v:5:y:2005:i:12:p:1-6 is not listed on IDEAS
    7. Lim Choon-Seng, 1999. "Extent and Efficacy of Monetary Sterilisation in the SEACEN Countries," Research Studies, South East Asian Central Banks (SEACEN) Research and Training Centre, number rp40.
    8. De Melo, Martha & Denizer, Cevdet, 1997. "Monetary policy during transition : an overview," Policy Research Working Paper Series 1706, The World Bank.

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