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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...

I Overview

I Overview »

Source: Managing Financial Crises : Recent Experience and Lessons for Latin America

Series: Occasional Papers

Author(s): G. Kincaid , and Charles Collyns

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 April 2003

ISBN: 9781589062085

Keywords: Latin America, monetary policy, inflation, banking, debt restructuring, central bank

As 2001 came to a close and during the opening days of 2002, Argentina slipped into a crisis of unprecedented scope, magnitude, and complexity. The government made a forced exit from the longstanding currenc...

II Assessing Crisis Vulnerabilities in Latin America

II Assessing Crisis Vulnerabilities in Latin America »

Source: Managing Financial Crises : Recent Experience and Lessons for Latin America

Series: Occasional Papers

Author(s): G. Kincaid , and Charles Collyns

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 April 2003

ISBN: 9781589062085

Keywords: Latin America, monetary policy, inflation, banking, debt restructuring, central bank

Financial crises generally result from a combination of balance sheet fragilities and an inability—perceived or real—to mount an effective policy response. The precise mix of these factors differs across cri...

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...

III Macroeconomic Consequences of a Financial Crisis

III Macroeconomic Consequences of a Financial Crisis »

Source: Managing Financial Crises : Recent Experience and Lessons for Latin America

Series: Occasional Papers

Author(s): G. Kincaid , and Charles Collyns

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 April 2003

ISBN: 9781589062085

Keywords: Latin America, monetary policy, inflation, banking, debt restructuring, central bank

In designing an appropriate response to a financial crisis, it is essential to assess the probable macroeconomic consequences, notably the effects on economic activity and inflation. This sectio...