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The Challenge of Public Pension Reform in Advanced and Emerging Economies

The Challenge of Public Pension Reform in Advanced and Emerging Economies »

Series: Occasional Papers

Author(s): Benedict Clements , David Coady , Frank Eich , Sanjeev Gupta , Alvar Kangur , Baoping Shang , and Mauricio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 January 2016

Language: Chinese

DOI: http://dx.doi.org/10.5089/9787504979971.084

ISBN: 9787504979971

Keywords: Pension reforms, Developed countries, Emerging markets, Pensions, Government expenditures, Cross country analysis, emerging market economies, retirement, pensions, pension spending

Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population...

Appendix I. Channels of Transmission of Monetary Policy1

Appendix I. Channels of Transmission of Monetary Policy1 »

Source: Monetary Policy Implementation at Different Stages of Market Development

Series: Occasional Papers

Author(s): Bernard Laurens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2005

ISBN: 9781589064386

Keywords: Money markets, money market, monetary policy, central bank, reserve requirements, money market operations

One key to conducting monetary policy effectively is an efficient transmission mechanism through which monetary policy actions affect aggregate demand in an economy and ultimately i...

Appendix II. Eligible Assets: European Central Bank and Banque de France1

Appendix II. Eligible Assets: European Central Bank and Banque de France1 »

Source: Monetary Policy Implementation at Different Stages of Market Development

Series: Occasional Papers

Author(s): Bernard Laurens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2005

ISBN: 9781589064386

Keywords: Money markets, money market, monetary policy, central bank, reserve requirements, money market operations

The European Central Bank’s System of Eligible Assets The Statute of the European System of Central Banks requires that all Eurosystem credit operations be based on adequate collater...

Appendix III. Enhancing Liquidity Management and Forecasting

Appendix III. Enhancing Liquidity Management and Forecasting »

Source: Monetary Policy Implementation at Different Stages of Market Development

Series: Occasional Papers

Author(s): Bernard Laurens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2005

ISBN: 9781589064386

Keywords: Money markets, money market, monetary policy, central bank, reserve requirements, money market operations

The central bank needs to develop a framework to monitor and forecast short-term liquidity developments in the system on a continuous basis, so that its discretionary operations are...

Appendix IV. Cross-Country Experiences with a Liquidity Surplus

Appendix IV. Cross-Country Experiences with a Liquidity Surplus »

Source: Monetary Policy Implementation at Different Stages of Market Development

Series: Occasional Papers

Author(s): Bernard Laurens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2005

ISBN: 9781589064386

Keywords: Money markets, money market, monetary policy, central bank, reserve requirements, money market operations

In Mexico, the central bank has been using mandatory remunerated deposits to attain a creditor position in the money market. In 1997, Banco de México’s stance in the money market we...

Appendix V. Selected Country Experiences with Interbank Market Development

Appendix V. Selected Country Experiences with Interbank Market Development »

Source: Monetary Policy Implementation at Different Stages of Market Development

Series: Occasional Papers

Author(s): Bernard Laurens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2005

ISBN: 9781589064386

Keywords: Money markets, money market, monetary policy, central bank, reserve requirements, money market operations

The experiences of India, Italy, Korea, Thailand, and Turkey are analyzed regarding the involvement of the central bank in the process, participants in the interbank market, and the...

I Overview

I Overview »

Source: Monetary Policy Implementation at Different Stages of Market Development

Series: Occasional Papers

Author(s): Bernard Laurens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2005

ISBN: 9781589064386

Keywords: Money markets, money market, monetary policy, central bank, reserve requirements, money market operations

Central bankers around the world generally agree on the benefits for the economy of using market-based instruments to implement monetary policy. Following a trend initiated in the 1970s in industrial countri...

II The Growing Reliance on Money Market Operations for Monetary Policy

II The Growing Reliance on Money Market Operations for Monetary Policy »

Source: Monetary Policy Implementation at Different Stages of Market Development

Series: Occasional Papers

Author(s): Bernard Laurens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2005

ISBN: 9781589064386

Keywords: Money markets, money market, monetary policy, central bank, reserve requirements, money market operations

Following a trend initiated in industrial countries in the 1970s (Box 2.1), central banks in emerging market economies and developing countries have moved toward reliance on money market operations for the i...

III Lessons from Country Experiences

III Lessons from Country Experiences »

Source: Monetary Policy Implementation at Different Stages of Market Development

Series: Occasional Papers

Author(s): Bernard Laurens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2005

ISBN: 9781589064386

Keywords: Money markets, money market, monetary policy, central bank, reserve requirements, money market operations

Macroeconomic Conditions Fiscal dominance has often hampered the effectiveness of money market operations. In some countries (Box 3.1), a lack of fiscal discipline has undermined inv...

IV Implications for Policy Design and Coordination

IV Implications for Policy Design and Coordination »

Source: Monetary Policy Implementation at Different Stages of Market Development

Series: Occasional Papers

Author(s): Bernard Laurens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2005

ISBN: 9781589064386

Keywords: Money markets, money market, monetary policy, central bank, reserve requirements, money market operations

Market infrastructure weaknesses have undermined the transmission channels of monetary policy in the case study countries. In particular, the asset price channel is largely absent because there are no develo...