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Monetary policy instruments for developing countries
TLDR
In this article, the authors discuss the lessons of recent experience with indirect methods of monetary control, and present the edited proceedings of the seminar and will be of value to policy makers and students of developing countries.Abstract:
Rapid structural change and widespread adoption of financial sector reforms in developing countries have placed pressure on traditional instruments of monetary control. It is widely accepted that, if the necessary macroeconomic control can be maintained, a move to an indirect, market-oriented system of monetary policy instruments will help the financial sector perform in a sounder and more efficient manner, resulting in the maximum contribution to economic development. With these developments in mind, the Financial Policy and Systems Division of the World Bank organized a seminar in May, 1990, which brought together experts from industrial and middle income countries, together with some of the Bank's own financial sector specialists and those of the International Monetary Fund, to discuss the lessons of recent experience with indirect methods of monetary control. This volume reports the edited proceedings of the seminar and will be of value to policy makers and students of developing countries.read more
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Monetary Policy Actions and Long-Term Interest Rates
V. Vance Roley,Gordon H. Sellon +1 more
TL;DR: The relationship between monetary policy and long-term interest rates appears to be much looser and more variable than the conventional view of monetary policy as mentioned in this paper, which is difficult to reconcile with the actual behavior of interest rates.
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Monetary Policy Actions, Intervention, and Exchange Rates: A Re-Examination of the Empirical Relationships Using Federal Funds Rate Target Data
TL;DR: This article examined the relationship between monetary policy actions, U.S. interventions in currency markets, and exchange rates using an alternative measure of monetary policy action, the Federal Reserve's federal funds rate target.
Journal ArticleDOI
Monetary Policy Actions, Intervention, and Exchange Rates: A Reexamination of the Empirical Relationships Using Federal Funds Rate Target Data
TL;DR: The authors examined the relationship among monetary-policy actions, U.S. interventions in currency markets, and exchange rates using an alternative measure of monetary policy actions, the Federal Reserve's federal funds rate target.
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Central Banks as Agents of Economic Development
TL;DR: In the last two decades, there has been a global sea change in the theory and practice of central banking as discussed by the authors and the currently dominant "best practice" approach to central banking consists of the following: (1) central bank independence (2) a focus on inflation fighting (including adopting formal "inflation targeting" and (3) the use of indirect methods of monetary policy (that is, short-term interest rates as opposed to direct methods such as credit ceilings).
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Reforming finance in transitional socialist economies
Gerard Caprio,Ross Levine +1 more
TL;DR: The authors proposes four central strategies to guide reforms of the financial sector: (a) building an infrastructure based on clear and enforceable property rights, modern accounting and auditing standards, reliable payments systems, sound prudential and enforcement regulations, and professionals trained in finance; (b) ending the shell game of trying to hide the losses of state-owned enterprises, and separating government decisions to finance priority firms from the allocation decisions of independent financial institutions; (c) privatizing some financial institutions early - although not necessarily precipitously - in concert with the privatization of firms and supervisory
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The Search for a Stable Money Demand Function: A Survey Of the Post-1973 Literature
John P. Judd,John L. Scadding +1 more
TL;DR: A stable demand function for money as mentioned in this paper is a set of necessary conditions for money to exert a predictable influence on the economy so that the central bank's control of the money supply can be a useful instrument of economic policy.
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The Conduct of Monetary Policy
TL;DR: A selection of representative statistics for a number of the leading industrialised countries is given in Table i below, showing a common pattern, among the countries, of interaction between interest rates, inflation and the growth of output.