- International Monetary Fund
- Published Date:
- January 1997
© 1996 International Monetary Fund
Published December 1996
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The Economic Issues series was inaugurated in September 1996. Its aim is to make accessible to a broad readership of nonspecialists some of the economic research being produced in the International Monetary Fund on topical issues. The raw material of the series is drawn mainly from IMF Working Papers, technical papers produced by Fund staff members and visiting scholars, as well as from policyrelated research papers. This material is refined for the general readership by editing and partial redrafting.
The following paper draws on material originally contained in IMF Working Paper 95/146, “Transformation of Markets and Policy Instruments for Open Market Operations” by Stephen H. Axilrod, who was a consultant with the Fund in 1995. Neil Wilson collaborated in the preparation of the present version. Readers interested in the original Working Paper may purchase a copy from IMF Publication Services.