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Abstract
Country experiences with monetary operations and government securities markets have been highly diverse, but a general pattern seems to have emerged since early 1992: most countries have moved toward more central bank operational autonomy and increased reliance on indirect instruments and on market-based interest rates. In addition, with few exceptions, reforms have led to a slow but sustained growth of the interbank and government securities markets. The sequencing of reforms has varied widely across countries, because of different political and macroeconomic conditions, and faster developments in one central banking area have not always been accompanied by similar progress in others (Table 2.1).
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