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Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities

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  • Mr. Mark Zelmer

Abstract

The limited supply of government securities in some industrial countries has important ramifications for the operating techniques used by central banks to implement monetary policy, provide credit to the financial sector, and also for the assets they hold on their balance sheets. The paper reviews the salient facts regarding industrial central bank balance sheets and operating techniques, and outlines different options for dealing with a limited supply of government securities. The main conclusion is that central banks may wish to consider extending credit using a broad range of assets as collateral, and engage in outright transactions of securities guaranteed by financial institutions.

Suggested Citation

  • Mr. Mark Zelmer, 2001. "Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities," IMF Policy Discussion Papers 2001/007, International Monetary Fund.
    • Handle: RePEc:imf:imfpdp:2001/007
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    Cited by:

    1. Obert Nyawata, 2013. "Treasury Bills And/Or Central Bank Bills For Absorbing Surplus Liquidity: The Main Considerations," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 4(02), pages 1-32.

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