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Transformation of Markets and Policy Instruments for Open Market Operations

Author

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  • Mr. S. H. Axilrod

Abstract

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.

Suggested Citation

  • Mr. S. H. Axilrod, 1995. "Transformation of Markets and Policy Instruments for Open Market Operations," IMF Working Papers 1995/146, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1995/146
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    Citations

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    Cited by:

    1. Carlos Acevedo, 2000. "Mecanismos de transmisión de política monetaria con liberalización financiera: El Salvador en los noventa," Monetaria, CEMLA, vol. 0(4), pages 361-412, octubre-d.
    2. 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.
    3. Njuguna S. Ndung'U & Rose W. Ngugi, 1999. "Adjustment and liberalization in Kenya: the financial and foreign exchange markets," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(3), pages 465-491.
    4. Choudhry, Nurun N. & Mirakhor, Abbas, 1997. "Indirect Instruments Of Monetary Control In An Islamic Financial System," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 4, pages 28-65.

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