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Open Market Operations & Effectiveness of Monetary Policy

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  • Dr. Pichit Patrawimolpon

Abstract

The paper attempts to explore and compare a number of key developments in monetary management in selected advanced economies with Thailand. It starts off with (i) a simple model of central banking, followed by (ii) a brief history of developments in monetary policy implementation, both in terms of market structural changes and central banks' reactions to them. It then provides (iii) the literature review of monetary transmission mechanisms in the context of micro-macro links of monetary operations, leading up to the question of (iv) whether Thailand's open market operation mechanisms have been effective. Finally, utilising both the international experiences as well as a recent report by an IMF mission, the paper attempts to draw some practical solutions on ways to develop and prepare the system for the future.

Suggested Citation

  • Dr. Pichit Patrawimolpon, 2002. "Open Market Operations & Effectiveness of Monetary Policy," Occasional Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number occ34.
    • Handle: RePEc:sea:opaper:occ34
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    File URL: http://www.seacen.org/GUI/pdf/publications/occasional/2002/OP34.pdf
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    Cited by:

    1. Robert N McCauley, 2008. "Developing financial markets and operating monetary policy in Asia," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial market developments and their implications for monetary policy, volume 39, pages 126-141, Bank for International Settlements.

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