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Varieties of monetary operating procedures: balancing monetary objectives with market efficiency

  • Joseph Bisignano
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    This paper reviews some of the issues confronting central banks in their choice of monetary operating instruments and techniques. As a result of efforts by governments to improve efficiency in financial systems, together with developments in financial information, computation and communication technology, central banks are having to increasingly rely on flexible operating instruments and techniques which convey in a convincing manner to market participants their near-term objectives. This has contributed to the relative decline in the importance of standing credit facilities and the greater reliance on flexible open market intervention techniques. Policy signalling and disclosure have increasingly become essential elements in short-term monetary management.

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    Paper provided by Bank for International Settlements in its series BIS Working Papers with number 35.

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    Length: 41 pages
    Date of creation: Jul 1996
    Date of revision:
    Handle: RePEc:bis:biswps:35
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    1. Edwin M. Truman, 1996. "The Mexican peso crisis: implications for international finance," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Mar, pages 199-209.
    2. Rudger Dornbusch & Ilan Goldfajn & Rodrigo O. Valdés, 1995. "Currency Crises and Collapses," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(2), pages 219-294.
    3. Spencer Dale & Marco Rossi, 1996. "A Market for Intra-day Funds: Does it Have Implications for Monetary Policy?," Bank of England working papers 46, Bank of England.
    4. Mark M. Spiegel, 1995. "Sterilization of capital inflows through the banking sector: evidence from Asia," Economic Review, Federal Reserve Bank of San Francisco, pages 17-34.
    5. Robert Brandon Kahn & Adam Bennett & María Vicenta Carkovic S. & Susan Schadler, 1993. "Recent Experiences with Surges in Capital Inflows," IMF Occasional Papers 108, International Monetary Fund.
    6. Atish R. Ghosh & Jonathan David Ostry, 1993. "Do Capital Flows Reflect Economic Fundamentals in Developing Countries?," IMF Working Papers 93/34, International Monetary Fund.
    7. Michael P. Dooley & Eduardo Fernandez-Arias & Kenneth M. Kletzer, 1994. "Recent Private Capital Inflows to Developing Countries: Is the Debt Crisis History?," NBER Working Papers 4792, National Bureau of Economic Research, Inc.
    8. Delano Villanueva & Abbas Mirakhor, 1990. "Strategies for Financial Reforms: Interest Rate Policies, Stabilization, and Bank Supervision in Developing Countries," IMF Staff Papers, Palgrave Macmillan, vol. 37(3), pages 509-536, September.
    9. Siegel, Jeremy J, 1981. "Bank Reserves and Financial Stability," Journal of Finance, American Finance Association, vol. 36(5), pages 1073-84, December.
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