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Issuance of Central Bank Securities: International Experiences and Guidelines

Author

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  • Mr. Simon T Gray
  • Ms. Runchana Pongsaparn

Abstract

The paper discusses the reasons for central bank (CB) issuance of securities, and reasons for choosing different approaches e.g. in maturities and target market. It provides evidence on the range of different approaches taken by those CBs which do issue, as well as suggesting reasons why some CBs do not; and provides operational guidelines on the major building blocks of the issuance of CB securities.

Suggested Citation

  • 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.
    • Handle: RePEc:imf:imfwpa:2015/106
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=42941
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    References listed on IDEAS

    as
    1. Andrew Filardo & Madhusudan Mohanty & Ramon Moreno, 2012. "Central bank and government debt management: issues for monetary policy," BIS Papers chapters, in: Bank for International Settlements (ed.), Fiscal policy, public debt and monetary policy in emerging market economies, volume 67, pages 51-71, Bank for International Settlements.
    2. Philip Turner, 2002. "Bond markets in emerging economies: an overview of policy issues," BIS Papers chapters, in: Bank for International Settlements (ed.), The development of bond markets in emerging economies, volume 11, pages 1-12, Bank for International Settlements.
    3. Mr. Simon T Gray & Mr. Philippe D Karam, 2013. "Monetary Issues in the Middle East and North Africa Region: A Policy Implementation Handbook for Central Bankers," IMF Departmental Papers / Policy Papers 2013/010, International Monetary Fund.
    4. World Bank & International Monetory Fund, 2001. "Developing Government Bond Markets : A Handbook," World Bank Publications - Books, The World Bank Group, number 13865, December.
    5. Garreth Rule, 2011. "Issuing central bank securities," Handbooks, Centre for Central Banking Studies, Bank of England, number 30, April.
    6. 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.
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    Citations

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    Cited by:

    1. Darya V. Shvandar & Olga V. Koncevich, 2017. "Management of Structural Liquidity Surplus of the Banking System," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 3, pages 57-70, June.
    2. Mariam El Hamiani Khatat, 2016. "Monetary Policy in the Presence of Islamic Banking," IMF Working Papers 2016/072, International Monetary Fund.
    3. Fabio Canetg & Daniel Kaufmann, 2019. "Shocking Interest Rate Floors," IRENE Working Papers 19-02, IRENE Institute of Economic Research.
    4. Eli Direye & Tarron Khemraj, 2022. "Central bank securities and foreign exchange market intervention in a developing economy," Review of Development Economics, Wiley Blackwell, vol. 26(1), pages 280-297, February.
    5. George Pantelopoulos, 2021. "Exogenous and endogenous sterilisation under managed exchange rates," Review of International Economics, Wiley Blackwell, vol. 29(4), pages 756-779, September.
    6. Constantine, Collin & Direye, Eli & Khemraj, Tarron, 2019. "Central Bank Bills and the Exchange Rate: The Case of Papua New Guinea," MPRA Paper 101264, University Library of Munich, Germany.
    7. Jorge Carrera & Gaspar Maciel & Esteban Rodríguez, 2023. "El rol de los títulos emitidos por el Banco Central en los últimos 20 años de política monetaria argentina," BCRA Working Paper Series 2023107, Central Bank of Argentina, Economic Research Department.
    8. Direye, Eli & Khemraj, Tarron, 2021. "Central bank securities and FX market intervention in a developing economy," MPRA Paper 111533, University Library of Munich, Germany, revised 09 Aug 2021.
    9. Arne Hansen & Dirk Meyer, 2021. "EZB-Schuldverschreibungen — neue Verwendung für ein altes Instrument? [ECB Debt Certificates — New Use for an Old Instrument?]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(9), pages 732-739, September.
    10. Thordur Jonasson & Mr. Michael G. Papaioannou, 2018. "A Primer on Managing Sovereign Debt-Portfolio Risks," IMF Working Papers 2018/074, International Monetary Fund.
    11. Mariam El Hamiani Khatat & Mr. Romain M Veyrune, 2019. "Liquidity Management under Fixed Exchange Rate with Open Capital Account," IMF Working Papers 2019/058, International Monetary Fund.
    12. Canetg, Fabio & Kaufmann, Daniel, 2022. "Overnight rate and signalling effects of central bank bills," European Economic Review, Elsevier, vol. 143(C).
    13. Rodolfo E. Manuelli & Juan I. Vizcaino, 2017. "Monetary Policy with Declining Deficits: Theory and an Application to Recent Argentine Monetary Policy," Review, Federal Reserve Bank of St. Louis, vol. 99(4), pages 351-375.
    14. Federico Sturzenegger, 2019. "Macri´s Macro: The meandering road to stability and growth," Working Papers 135, Universidad de San Andres, Departamento de Economia, revised Oct 2019.

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