IDEAS home Printed from
   My bibliography  Save this paper

Monetary Policy Implementation; Results from a Survey


  • Inese Buzeneca
  • Rodolfo Maino


Since the early 1990s, the IMF has been advising countries to shift to the use of indirect instruments for executing monetary policy. This paper provides information about a monetary policy instruments database, maintained by the Monetary and Capital Markets Department of the IMF. We offer an overview of the information contained in the database in the form of comparative summary tables and graphs to illustrate the use of monetary policy instruments by groups of countries (developing, emerging market and developed countries). The main trend that can be identified from the database information is the increasing reliance on money market operations for monetary policy implementation. We emphasize the relevance and usefulness of the data collected through periodic surveys of central banks, for general descriptive and analytical purposes.

Suggested Citation

  • Inese Buzeneca & Rodolfo Maino, 2007. "Monetary Policy Implementation; Results from a Survey," IMF Working Papers 07/7, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:07/7

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Denis Blenck & Harri Hasko & Spence Hilton & Kazuhiro Masaki, 2001. "The main features of the monetary policy frameworks of the Bank of Japan, the Federal Reserve and the Eurosystem," BIS Papers chapters,in: Bank for International Settlements (ed.), Comparing monetary policy operating procedures across the United States, Japan and the euro area, volume 9, pages 23-56 Bank for International Settlements.
    2. Bindseil, Ulrich, 2004. "Monetary Policy Implementation: Theory, past, and present," OUP Catalogue, Oxford University Press, number 9780199274543.
    3. International Monetary Fund, 1993. "Reserve Requirements and Monetary Management; An Introduction," IMF Working Papers 93/35, International Monetary Fund.
    4. Tomás J. T. Baliño & Charles Enoch & William E. Alexander, 1995. "The Adoption of Indirect Instruments of Monetary Policy," IMF Occasional Papers 126, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Nadia Tahir, 2013. "Forward-Looking and Backward-Looking Taylor Rules: Evidence from Pakistan," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 18(2), pages 121-145, July-Dec.
    2. Corrinne Ho, 2008. "Implementing monetary policy in the 2000s: operating procedures in Asia and beyond," BIS Working Papers 253, Bank for International Settlements.
    3. World Bank Group, 2016. "Fifth Ethiopia Economic Update," World Bank Other Operational Studies 25747, The World Bank.
    4. KAMGNA, Severin Yves & Ndambendia, Houdou, 2008. "Excès de liquidité systémique et effectivité de la politique monétaire : cas des pays de la CEMAC
      [Excess liquidity and monetary policy effectiveness: The case of CEMAC countries]
      ," MPRA Paper 9599, University Library of Munich, Germany.


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:imf:imfwpa:07/7. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jim Beardow) or (Hassan Zaidi). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.