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The practice of central banking in other industrialized countries


  • Richard W. Kopcke


Central banks in larger industrialized countries increasingly favor market operations, the buying and selling of securities, over standing facilities, such as lending and deposit facilities, in conducting their monetary policies. In their market operations, foreign central banks most commonly trade securities issued or guaranteed by their governments and repurchase agreements that are backed by a variety of assets, including private securities and securities denominated in foreign currencies. Some also trade in securities that are issued by other governments or private securities that are guaranteed by governments or financial institutions. In some cases, these securities may be denominated in foreign currencies.

Suggested Citation

  • Richard W. Kopcke, 2002. "The practice of central banking in other industrialized countries," New England Economic Review, Federal Reserve Bank of Boston, issue Q 2, pages 3-9.
  • Handle: RePEc:fip:fedbne:y:2002:i:q2:p:3-9

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    References listed on IDEAS

    1. Aspetsberger, A., 1996. "Open Market Operations in EU Countries," Papers 3, European Monetary Institute.
    2. Claudio E. V. Borio, 1997. "Monetary policy operating procedures in industrial countries," BIS Working Papers 40, Bank for International Settlements.
    3. Bank for International Settlements, 1999. "Implications of repo markets for central banks," CGFS Papers, Bank for International Settlements, number 10.
    4. Joseph Bisignano, 1996. "Varieties of monetary operating procedures: balancing monetary objectives with market efficiency," BIS Working Papers 35, Bank for International Settlements.
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    Cited by:

    1. Forssbaeck, Jens & Oxelheim, Lars, 2007. "The transition to market-based monetary policy: What can China learn from the European experience?," Journal of Asian Economics, Elsevier, vol. 18(2), pages 257-283, April.


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