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The Adoption of Indirect Instruments of Monetary Policy

The Adoption of Indirect Instruments of Monetary Policy »

Series: Occasional Papers

Author(s): Tomás Baliño , Charles Enoch , and William Alexander

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 July 1995

DOI: http://dx.doi.org/10.5089/9781557754899.084

ISBN: 9781557754899

Keywords: central bank, monetary policy, banking, monetary control, banking system

This paper examines the experience of implementing indirect instruments of monetary policy. The experiences of country studies illustrate the variety of circumstances under which indirect instruments of monetary po...

I Introduction

I Introduction »

Source: The Adoption of Indirect Instruments of Monetary Policy

Series: Occasional Papers

Author(s): Tomás Baliño , Charles Enoch , and William Alexander

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 July 1995

ISBN: 9781557754899

Keywords: central bank, monetary policy, banking, monetary control, banking system

In the late 1970s, industrial countries began phasing out the direct instruments some of them used to operate monetary policy—including credit controls, interest rate ceilings, and sometimes directed credits...

I Introduction

I Introduction »

Source: The Adoption of Indirect Instruments of Monetary Policy

Series: Occasional Papers

Author(s): Tomás Baliño , Charles Enoch , and William Alexander

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 July 1995

ISBN: 9781557754899

Keywords: central bank, monetary policy, banking, monetary control, banking system

Part II provides additional details on selected countries’ experiences with the introduction of indirect instruments. It consists of seven case studies (Chile, Egypt, Ghana, Indonesia, Mexico, New Zealand, a...

II Chile

II Chile »

Source: The Adoption of Indirect Instruments of Monetary Policy

Series: Occasional Papers

Author(s): Tomás Baliño , Charles Enoch , and William Alexander

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 July 1995

ISBN: 9781557754899

Keywords: central bank, monetary policy, banking, monetary control, banking system

The transition to indirect instruments of monetary policy in Chile started as early as 1974, as part of a broad package of economic liberalization measures. The most important reforms in the monetary policy...

II Direct and Indirect Monetary Instruments

II Direct and Indirect Monetary Instruments »

Source: The Adoption of Indirect Instruments of Monetary Policy

Series: Occasional Papers

Author(s): Tomás Baliño , Charles Enoch , and William Alexander

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 July 1995

ISBN: 9781557754899

Keywords: central bank, monetary policy, banking, monetary control, banking system

Modes of Operation In implementing monetary policy, a central bank can act in two ways: directly through its regulatory powers, or indirectly through its influence on money market co...

III Egypt

III Egypt »

Source: The Adoption of Indirect Instruments of Monetary Policy

Series: Occasional Papers

Author(s): Tomás Baliño , Charles Enoch , and William Alexander

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 July 1995

ISBN: 9781557754899

Keywords: central bank, monetary policy, banking, monetary control, banking system

Egypt’s transition to indirect instruments of monetary policy has two salient elements: pervasive distortions in the economy at the outset of the transition and a drastic improvement in expectations about th...

III Issues in the Reform of Monetary Instruments

III Issues in the Reform of Monetary Instruments »

Source: The Adoption of Indirect Instruments of Monetary Policy

Series: Occasional Papers

Author(s): Tomás Baliño , Charles Enoch , and William Alexander

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 July 1995

ISBN: 9781557754899

Keywords: central bank, monetary policy, banking, monetary control, banking system

Monetary policy is a major component of economic policy in market economies and an important part of IMF-supported adjustment programs. The central bank in most countries is assigned the primary responsibili...

Statistical Issues of Debt Conversions

Statistical Issues of Debt Conversions »

Volume/Issue: 1988/28

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 March 1988

DOI: http://dx.doi.org/10.5089/9781451981056.001

ISBN: 9781451981056

Keywords: central bank, debt conversion, external debt, debtor country, debt conversions

This paper examines two aspects of debt conversions. First, it examines general aspects of secondary markets of developing countries’ bank debt, and the debt conversions that have taken place in a number of...

The Role of Subordinated Debt in Market Discipline
			: The Case of Emerging Markets

The Role of Subordinated Debt in Market Discipline : The Case of Emerging Markets »

Volume/Issue: 2000/215

Series: IMF Working Papers

Author(s): Cem Karacadag , and Animesh Shrivastava

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2000

DOI: http://dx.doi.org/10.5089/9781451875034.001

ISBN: 9781451875034

Keywords: Subordinated debt, capital standards, banking regulation, investors, bond, commercial banks, bond markets

This paper evaluates the potential role of mandatory subordinated debt (MSD) in enhancing market discipline in emerging markets. The conceptual merits and key preconditions of MSD are first reviewed. Then, the exte...

IV Ghana

IV Ghana »

Source: The Adoption of Indirect Instruments of Monetary Policy

Series: Occasional Papers

Author(s): Tomás Baliño , Charles Enoch , and William Alexander

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 July 1995

ISBN: 9781557754899

Keywords: central bank, monetary policy, banking, monetary control, banking system

Ghana introduced indirect monetary instruments after major reform efforts to reduce the macroeconomic imbalances and an initial period of institution building. Its experience illustrates that certain key mea...