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Open Market Operations & Effectiveness of Monetary Policy


  • Dr. Pichit Patrawimolpon


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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    References listed on IDEAS

    1. Cukierman, Alex & Webb, Steven B, 1995. "Political Influence on the Central Bank: International Evidence," World Bank Economic Review, World Bank Group, vol. 9(3), pages 397-423, September.
    2. Gabriele Galati, 2001. "The Dollar-Mark axis," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 137(1), pages 36-57, March.
    3. Aaron Drew & L Christopher Plantier, 2000. "Interest rate smoothing in New Zealand and other dollar bloc countries," Reserve Bank of New Zealand Discussion Paper Series DP2000/10, Reserve Bank of New Zealand.
    4. Robert McCauley, 1999. "The Euro and the Dollar, 1998," Open Economies Review, Springer, vol. 10(1), pages 91-133, February.
    5. Cukierman Alex, 1992. "Central Bank Strategy, Credibility, And Independance: Theory And Evidence," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 3(4), pages 1-10, December.
    6. Gerlach, Stefan, 1999. "Who targets inflation explicitly?," European Economic Review, Elsevier, vol. 43(7), pages 1257-1277, June.
    7. Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 3-24, Spring.
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