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Use of Central Bank Credit Auctions in Economies in Transition

Author

Listed:
  • Matthew I. Saal

    (International Monetary Fund)

  • Lorena M. Zamalloa

    (International Monetary Fund)

  • Martin I. Saal

    (International Monetary Fund)

Abstract

A number of economies in transition have instituted central bank credit auctions as part of a package of reforms seeking to improve monetary control and foster money market development. This paper examines the use of those auctions and features of their design, including collateralization and access rules intended to minimize adverse selection and moral hazard. The implementation of credit auctions in Eastern Europe and the countries of the former Soviet Union is surveyed. The experiences of countries in Eastern Europe suggest that credit auctions can be a useful tool in the transition toward indirect monetary control and the development of interbank markets.

Suggested Citation

  • Matthew I. Saal & Lorena M. Zamalloa & Martin I. Saal, 1995. "Use of Central Bank Credit Auctions in Economies in Transition," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 202-224, March.
  • Handle: RePEc:pal:imfstp:v:42:y:1995:i:1:p:202-224
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    References listed on IDEAS

    as
    1. Stockman, Alan C., 1981. "Anticipated inflation and the capital stock in a cash in-advance economy," Journal of Monetary Economics, Elsevier, vol. 8(3), pages 387-393.
    2. Mussa, Michael, 1974. "Tariffs and the Distribution of Income: The Importance of Factor Specificity, Substitutability, and Intensity in the Short and Long Run," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1191-1203, Nov.-Dec..
    3. Brock, Philip L & Turnovsky, Stephen J, 1994. "The Dependent-Economy Model with Both Traded and Nontraded Capital Goods," Review of International Economics, Wiley Blackwell, vol. 2(3), pages 306-325, October.
    4. Reinhart, Carmen M. & Vegh, Carlos A., 1995. "Nominal interest rates, consumption booms, and lack of credibility: A quantitative examination," Journal of Development Economics, Elsevier, vol. 46(2), pages 357-378, April.
    5. Jones, Ronald W. & Easton, Stephen T., 1983. "Factor intensities and factor substitution in general equilibrium," Journal of International Economics, Elsevier, vol. 15(1-2), pages 65-99, August.
    6. Robert G. Murphy, 1989. "Stock Prices, Real Exchange Rates, and Optimal Capital Accumulation," IMF Staff Papers, Palgrave Macmillan, vol. 36(1), pages 102-129, March.
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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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