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Mr. Tomás J. T. Baliño https://isni.org/isni/0000000404811396 International Monetary Fund

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Mr. Charles Enoch
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Mr. William E. Alexander
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Abstract

126. The Adoption of Indirect Instruments of Monetary Policy, by a Staff Team headed by William E. Alexander, Tomás J.T. Balião, and Charles Enoch and comprising Francesco Caramazza, George Iden, David Marston, Johannes Mueller, Ceyla Pazarbasioglu, Marc Quintyn, Matthew Saal, and Gabriel Sensenbrenner.

References

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    • Search Google Scholar
    • Export Citation
  • Alexander, William E., and Francesco Caramazza, “Money versus Credit: The Role of Banks in the Monetary Transmission Process,” in Frameworks for Monetary Stability, ed. by Tomás J.T. Balião and Carlo Cottarelli (Washington: International Monetary Fund, 1994), pp. 397 –422.

    • Search Google Scholar
    • Export Citation
  • Artis, Michael J., and Mervyn Lewis, Monetary Control in the United Kingdom (Oxford, England: Phillip Allen Press, 1981).

  • Balião, Tomás J.T., “Instruments of Monetary Policy: Technical Aspects,” papers presented to the First Seminar on Central Banking (Washington: International Monetary Fund, 1985).

    • Search Google Scholar
    • Export Citation
  • Balião, Tomás J.T., Juhi Dhawan, and V. Sundararajan, “Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe;” Staff Papers, International Monetary Fund, Vol. 41 (September 1994), pp. 383 –410.

    • Search Google Scholar
    • Export Citation
  • Bank of England, “The Supplementary Special Deposit Scheme,” Quarterly Bulletin, Vol. 22 (1982).

  • Bank for International Settlements, Recent Innovations in International Banking (Basle: BIS, 1986).

  • Batten, Dallas S., Michael P. Blackwell, In-Su Kim, Simon E. Nocera, and Yuzuru Ozeki, The Conduct of Monetary Policy in the Major Industrial Countries: Instruments and Operating Procedures, IMF Occasional Paper No. 70 (Washington: International Monetary Fund, 1990).

    • Search Google Scholar
    • Export Citation
  • Bingham, Thomas H., Banking and Monetary Policy (Paris: OECD, 1985).

  • Bisat, Amer, R. Barry Johnston, V. Sundararajan, “Issues in Managing and Sequencing Financial Sector Reforms: Lessons from Experience in Five Developing Countries,” IMF Working Paper 92/82 (Washington: International Monetary Fund, 1992).

    • Search Google Scholar
    • Export Citation
  • Board of Governors of the Federal Reserve System, Reappraisal of the Federal Reserve Discount Mechanism, Vol. 1 (Washington: FED, 1971).

    • Search Google Scholar
    • Export Citation
  • Committee of Governors of the Central Bank of the Member States of the EEC, Annual Report (Brussels: EEC, 1992).

  • Debelle, Guy, and Stanley Fischer, How Independent Should a Central Bank Be?, unpublished manuscript (May 1994).

  • Downes, Patrick T., and Mohammad R. Vaez-Zadeh, The Evolving Role of Central Banks, papers presented at the Fifth Seminar on Central Banking (Washington: International Monetary Fund, 1991).

    • Search Google Scholar
    • Export Citation
  • Effros, Robert C., “The Maastricht Treaty, Independence of the Central Bank, and Implementing Legislation,” in Frameworks for Monetary Stability, ed. by Tomás J.T. Balião and Carlo Cottarelli (Washington: International Monetary Fund, 1994), pp. 279 –308.

    • Search Google Scholar
    • Export Citation
  • Fforde, John, “Competition, Innovation and Regulation in British Banking,” Bank of England Quarterly Bulletin, Vol 23 (1983).

  • Friedman, Milton, A Program for Monetary Stability (New York: Fordham University Press, 1959).

  • Goodhart, Charles A.E., “Objectives for and Conduct of Monetary Policy in the 1990s,” London School of Economics, Financial Markets Group, Special Paper No. 49 (London, England: LSE, 1992).

    • Search Google Scholar
    • Export Citation
  • Guitián, Manuel, “Credit Versus Money as an Instrument of Control,” Staff Papers, International Monetary Fund, Vol. 20 (November 1973) pp. 785 –800.

    • Search Google Scholar
    • Export Citation
  • Guitián, Manuel, , “Dutch Monetarism: A Comment,” Journal of Monetary Economics, Vol. 3 (July 1977).

  • Guitián, Manuel, , IMF Conditionality: Evolution of Principles and Practices, IMF Pamphlet Series No. 38 (Washington: International Monetary Fund, 1981).

    • Search Google Scholar
    • Export Citation
  • Guitián, Manuel, (1994a), “The Choice of an Exchange Rate Regime,” in Approaches to Exchange Rate Policy, ed. by Richard C. Barth and Chorng-Huey Wong (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Guitián, Manuel, (1994b), “Rules or Discretion in Monetary Policy: National and International Perspectives,” in Frameworks for Monetary Stability, ed. by Tomás J.T. Balião and Carlo Cottarelli (Washington: International Monetary Fund), pp. 19 –41.

    • Search Google Scholar
    • Export Citation
  • Guitián, Manuel, (1994c), “The Role of Monetary Policy in IMF Programs,” in A Framework for Monetary Stability, ed. by J.A.H. de Beaufort Wijnholds, S.C.W. Eiffinger, and L.H. Hoogduin (Netherlands: Kluwer Academic Publishers), pp. 185 –209.

    • Search Google Scholar
    • Export Citation
  • Hardy, Daniel C., “Reserve Requirements and Monetary Management. An Introduction,” IMF Working Paper 93/35 (Washington: International Monetary Fund, 1993).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, Staff Studies for the World Economic Outlook (Washington: International Monetary Fund, May 1993).

  • Guitián, Manuel, , World Economic Outlook (Washington: International Monetary Fund, May 1994).

  • Johnson, Harry G., “Problems of Efficiency in Monetary Management,” Journal of Political Economy, Vol. 76 (September/October 1968).

  • Guitián, Manuel, , Further Essays in Monetary Economics (Cambridge, Massachusetts: Harvard University Press, 1973).

  • Johnston, R. Barry, “Aspects of the Design of Financial Programs with the Adoption of Indirect Monetary Controls,” IMF Paper on Policy Analysis and Assessment, 93/16 (Washington: International Monetary Fund, 1993).

    • Search Google Scholar
    • Export Citation
  • Guitián, Manuel, and Christopher Ryan, “The Impact of Controls on Capital Movements on the Private Capital Accounts of Countries’ Balance of Payments: Empirical Estimates and Policy Implications,” IMF Working Paper 94/78 (Washington: International Monetary Fund, 1994).

    • Search Google Scholar
    • Export Citation
  • Kasman, Bruce, “A Comparison of Monetary Policy Operating Procedures in Six Industrial Countries,” Federal Reserve Bank of New York, Quarterly Review (summer 1992).

    • Search Google Scholar
    • Export Citation
  • Kneeshaw, John T., and Paul Van den Bergh, “Changes in Central Bank Money Market Operating Procedures in the 1980s,” BIS Economic Papers, No. 23 (Basle: Bank for International Settlements, January 1989).

    • Search Google Scholar
    • Export Citation
  • Laurens, Bernard, “Refinance Instruments: Lessons from Their Use in Some Industrialized Countries,” IMF Working Paper 94/51 (Washington: International Monetary Fund, 1994).

    • Search Google Scholar
    • Export Citation
  • Lindgren, Carl-Johan, “The Transition from Direct to Indirect Instruments of Monetary Policy,” in The Evolving Role of Central Banks, ed. by Patrick T. Downes and Reza Vaez-Zadeh (Washington: International Monetary Fund, 1991), pp. 307 –25.

    • Search Google Scholar
    • Export Citation
  • Lindgren, Carl-Johan, and Daniel E. Dueãas, “Strengthening Central Bank Independence in Latin America,” in Frameworks for Monetary Stability, ed. by Tomás J.T. Balião and Carlo Cottarelli (Washington: International Monetary Fund, 1994), pp. 309 –29.

    • Search Google Scholar
    • Export Citation
  • Mathieson, Donald J., and Richard D. Haas, “Establishing Monetary Control in Financial Systems with Insolvent Institutions,” IMF Paper on Policy Analysis and Assessment 94/10 (Washington: International Monetary Fund, 1994).

    • Search Google Scholar
    • Export Citation
  • Mathieson, Donald J., and Liliana Rojas-Suárez, Liberalization of the Capital Account: Experiences and Issues, IMF Occasional Paper No. 103 (Washington: International Monetary Fund, 1993).

    • Search Google Scholar
    • Export Citation
  • McCallum, Bennett T., “Targets, Indicators, and Instruments of Monetary Policy,” National Bureau of Economic Research Working Paper Series, No. 3047 (Boston, Massachusetts: NBER, 1989).

    • Search Google Scholar
    • Export Citation
  • Quintyn, Marc, “Managing Monetary Policy Reforms: Lessons from the French Experience.” Quarterly Review, Banca Nazionale del Lavoro, No. 186 (September 1993).

    • Search Google Scholar
    • Export Citation
  • Saal, Matthew I., and Lorena M. Zamalloa, “Use of Central Bank Credit Auctions in Economies in Transition,” IMF Paper on Policy Analysis and Assessment 94/11 (Washington: International Monetary Fund, 1994).

    • Search Google Scholar
    • Export Citation
  • Smith, Warren L., “The Instruments of Monetary Control,” National Banking Review. Vol. 1 (1963).

  • Sundararajan, V., “Financial Sector Reform and Central Banking in Centrally Planned Economies,” in The Evolving Role of Central Banks, ed. by Patrick T. Downes and Reza Vaez-Zadeh (Washington: International Monetary Fund, 1991), pp. 249 –68.

    • Search Google Scholar
    • Export Citation
  • Sundararajan, V., “Financial Sector Reforms and Their Appropriate Sequencing,” in the 19th SEANZA Central Banking Course (Tokyo: Bank of Japan, October-November 1992), pp, 177 –203.

    • Search Google Scholar
    • Export Citation
  • Sundararajan, V., and Tomás J.T. Balião Banking Crises: Cases and Issues (Washington: International Monetary Fund, 1991).

  • Peter Dattels, Ian S. McCarthy, Marta Castello-Branco, and Hans J. Blommestein, “The Coordination of Domestic Public Debt and Monetary Management in Economies in Transition,” IMF Working Paper 94/148 (Washington: International Monetary Fund, 1994).

    • Search Google Scholar
    • Export Citation
  • Takeda, Masahiko, and Philip Turner, “The Liberalization of Japan’s Financial Market: Some Major Themes.” Bank of International Settlements Economic Papers, No. 34 (Basle: BIS, November 1992).

    • Search Google Scholar
    • Export Citation
  • Tamura, Tatsuya, “Monetary Control in Japan,” in Monetary Policy and Financial Innovation in Five Industrial Countries, ed. by S.F. Frowen and D. Kath (New York: St. Martin’s Press, 1992).

    • Search Google Scholar
    • Export Citation
  • Velasco, Andrés, “Liberalization, Crisis, Intervention: The Chilean Financial System, 1975–85,” in Banking Crises: Cases and Issues, ed. by V. Sundararajan and Tomás J.T. Balião (Washington: International Monetary Fund, 1991).

    • Search Google Scholar
    • Export Citation
  • World Bank, World Development Report (Oxford, England: Oxford University Press, 1989).

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Cited By

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  • Aghevli, Bijan B., Moshin S. Khan, and Peter J. Montiel, Exchange Rate Policy in Developing Countries: Some Analytical Issues, IMF Occasional Paper No. 78 (Washington: International Monetary Fund, 1991).

    • Search Google Scholar
    • Export Citation
  • Alexander, William E., and Francesco Caramazza, “Money versus Credit: The Role of Banks in the Monetary Transmission Process,” in Frameworks for Monetary Stability, ed. by Tomás J.T. Balião and Carlo Cottarelli (Washington: International Monetary Fund, 1994), pp. 397 –422.

    • Search Google Scholar
    • Export Citation
  • Artis, Michael J., and Mervyn Lewis, Monetary Control in the United Kingdom (Oxford, England: Phillip Allen Press, 1981).

  • Balião, Tomás J.T., “Instruments of Monetary Policy: Technical Aspects,” papers presented to the First Seminar on Central Banking (Washington: International Monetary Fund, 1985).

    • Search Google Scholar
    • Export Citation
  • Balião, Tomás J.T., Juhi Dhawan, and V. Sundararajan, “Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe;” Staff Papers, International Monetary Fund, Vol. 41 (September 1994), pp. 383 –410.

    • Search Google Scholar
    • Export Citation
  • Bank of England, “The Supplementary Special Deposit Scheme,” Quarterly Bulletin, Vol. 22 (1982).

  • Bank for International Settlements, Recent Innovations in International Banking (Basle: BIS, 1986).

  • Batten, Dallas S., Michael P. Blackwell, In-Su Kim, Simon E. Nocera, and Yuzuru Ozeki, The Conduct of Monetary Policy in the Major Industrial Countries: Instruments and Operating Procedures, IMF Occasional Paper No. 70 (Washington: International Monetary Fund, 1990).

    • Search Google Scholar
    • Export Citation
  • Bingham, Thomas H., Banking and Monetary Policy (Paris: OECD, 1985).

  • Bisat, Amer, R. Barry Johnston, V. Sundararajan, “Issues in Managing and Sequencing Financial Sector Reforms: Lessons from Experience in Five Developing Countries,” IMF Working Paper 92/82 (Washington: International Monetary Fund, 1992).

    • Search Google Scholar
    • Export Citation
  • Board of Governors of the Federal Reserve System, Reappraisal of the Federal Reserve Discount Mechanism, Vol. 1 (Washington: FED, 1971).

    • Search Google Scholar
    • Export Citation
  • Committee of Governors of the Central Bank of the Member States of the EEC, Annual Report (Brussels: EEC, 1992).

  • Debelle, Guy, and Stanley Fischer, How Independent Should a Central Bank Be?, unpublished manuscript (May 1994).

  • Downes, Patrick T., and Mohammad R. Vaez-Zadeh, The Evolving Role of Central Banks, papers presented at the Fifth Seminar on Central Banking (Washington: International Monetary Fund, 1991).

    • Search Google Scholar
    • Export Citation
  • Effros, Robert C., “The Maastricht Treaty, Independence of the Central Bank, and Implementing Legislation,” in Frameworks for Monetary Stability, ed. by Tomás J.T. Balião and Carlo Cottarelli (Washington: International Monetary Fund, 1994), pp. 279 –308.

    • Search Google Scholar
    • Export Citation
  • Fforde, John, “Competition, Innovation and Regulation in British Banking,” Bank of England Quarterly Bulletin, Vol 23 (1983).

  • Friedman, Milton, A Program for Monetary Stability (New York: Fordham University Press, 1959).

  • Goodhart, Charles A.E., “Objectives for and Conduct of Monetary Policy in the 1990s,” London School of Economics, Financial Markets Group, Special Paper No. 49 (London, England: LSE, 1992).

    • Search Google Scholar
    • Export Citation
  • Guitián, Manuel, “Credit Versus Money as an Instrument of Control,” Staff Papers, International Monetary Fund, Vol. 20 (November 1973) pp. 785 –800.

    • Search Google Scholar
    • Export Citation
  • Guitián, Manuel, , “Dutch Monetarism: A Comment,” Journal of Monetary Economics, Vol. 3 (July 1977).

  • Guitián, Manuel, , IMF Conditionality: Evolution of Principles and Practices, IMF Pamphlet Series No. 38 (Washington: International Monetary Fund, 1981).

    • Search Google Scholar
    • Export Citation
  • Guitián, Manuel, (1994a), “The Choice of an Exchange Rate Regime,” in Approaches to Exchange Rate Policy, ed. by Richard C. Barth and Chorng-Huey Wong (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Guitián, Manuel, (1994b), “Rules or Discretion in Monetary Policy: National and International Perspectives,” in Frameworks for Monetary Stability, ed. by Tomás J.T. Balião and Carlo Cottarelli (Washington: International Monetary Fund), pp. 19 –41.

    • Search Google Scholar
    • Export Citation
  • Guitián, Manuel, (1994c), “The Role of Monetary Policy in IMF Programs,” in A Framework for Monetary Stability, ed. by J.A.H. de Beaufort Wijnholds, S.C.W. Eiffinger, and L.H. Hoogduin (Netherlands: Kluwer Academic Publishers), pp. 185 –209.

    • Search Google Scholar
    • Export Citation
  • Hardy, Daniel C., “Reserve Requirements and Monetary Management. An Introduction,” IMF Working Paper 93/35 (Washington: International Monetary Fund, 1993).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, Staff Studies for the World Economic Outlook (Washington: International Monetary Fund, May 1993).

  • Guitián, Manuel, , World Economic Outlook (Washington: International Monetary Fund, May 1994).

  • Johnson, Harry G., “Problems of Efficiency in Monetary Management,” Journal of Political Economy, Vol. 76 (September/October 1968).

  • Guitián, Manuel, , Further Essays in Monetary Economics (Cambridge, Massachusetts: Harvard University Press, 1973).

  • Johnston, R. Barry, “Aspects of the Design of Financial Programs with the Adoption of Indirect Monetary Controls,” IMF Paper on Policy Analysis and Assessment, 93/16 (Washington: International Monetary Fund, 1993).

    • Search Google Scholar
    • Export Citation
  • Guitián, Manuel, and Christopher Ryan, “The Impact of Controls on Capital Movements on the Private Capital Accounts of Countries’ Balance of Payments: Empirical Estimates and Policy Implications,” IMF Working Paper 94/78 (Washington: International Monetary Fund, 1994).

    • Search Google Scholar
    • Export Citation
  • Kasman, Bruce, “A Comparison of Monetary Policy Operating Procedures in Six Industrial Countries,” Federal Reserve Bank of New York, Quarterly Review (summer 1992).

    • Search Google Scholar
    • Export Citation
  • Kneeshaw, John T., and Paul Van den Bergh, “Changes in Central Bank Money Market Operating Procedures in the 1980s,” BIS Economic Papers, No. 23 (Basle: Bank for International Settlements, January 1989).

    • Search Google Scholar
    • Export Citation
  • Laurens, Bernard, “Refinance Instruments: Lessons from Their Use in Some Industrialized Countries,” IMF Working Paper 94/51 (Washington: International Monetary Fund, 1994).

    • Search Google Scholar
    • Export Citation
  • Lindgren, Carl-Johan, “The Transition from Direct to Indirect Instruments of Monetary Policy,” in The Evolving Role of Central Banks, ed. by Patrick T. Downes and Reza Vaez-Zadeh (Washington: International Monetary Fund, 1991), pp. 307 –25.

    • Search Google Scholar
    • Export Citation
  • Lindgren, Carl-Johan, and Daniel E. Dueãas, “Strengthening Central Bank Independence in Latin America,” in Frameworks for Monetary Stability, ed. by Tomás J.T. Balião and Carlo Cottarelli (Washington: International Monetary Fund, 1994), pp. 309 –29.

    • Search Google Scholar
    • Export Citation
  • Mathieson, Donald J., and Richard D. Haas, “Establishing Monetary Control in Financial Systems with Insolvent Institutions,” IMF Paper on Policy Analysis and Assessment 94/10 (Washington: International Monetary Fund, 1994).

    • Search Google Scholar
    • Export Citation
  • Mathieson, Donald J., and Liliana Rojas-Suárez, Liberalization of the Capital Account: Experiences and Issues, IMF Occasional Paper No. 103 (Washington: International Monetary Fund, 1993).

    • Search Google Scholar
    • Export Citation
  • McCallum, Bennett T., “Targets, Indicators, and Instruments of Monetary Policy,” National Bureau of Economic Research Working Paper Series, No. 3047 (Boston, Massachusetts: NBER, 1989).

    • Search Google Scholar
    • Export Citation
  • Quintyn, Marc, “Managing Monetary Policy Reforms: Lessons from the French Experience.” Quarterly Review, Banca Nazionale del Lavoro, No. 186 (September 1993).

    • Search Google Scholar
    • Export Citation
  • Saal, Matthew I., and Lorena M. Zamalloa, “Use of Central Bank Credit Auctions in Economies in Transition,” IMF Paper on Policy Analysis and Assessment 94/11 (Washington: International Monetary Fund, 1994).

    • Search Google Scholar
    • Export Citation
  • Smith, Warren L., “The Instruments of Monetary Control,” National Banking Review. Vol. 1 (1963).

  • Sundararajan, V., “Financial Sector Reform and Central Banking in Centrally Planned Economies,” in The Evolving Role of Central Banks, ed. by Patrick T. Downes and Reza Vaez-Zadeh (Washington: International Monetary Fund, 1991), pp. 249 –68.

    • Search Google Scholar
    • Export Citation
  • Sundararajan, V., “Financial Sector Reforms and Their Appropriate Sequencing,” in the 19th SEANZA Central Banking Course (Tokyo: Bank of Japan, October-November 1992), pp, 177 –203.

    • Search Google Scholar
    • Export Citation
  • Sundararajan, V., and Tomás J.T. Balião Banking Crises: Cases and Issues (Washington: International Monetary Fund, 1991).

  • Peter Dattels, Ian S. McCarthy, Marta Castello-Branco, and Hans J. Blommestein, “The Coordination of Domestic Public Debt and Monetary Management in Economies in Transition,” IMF Working Paper 94/148 (Washington: International Monetary Fund, 1994).

    • Search Google Scholar
    • Export Citation
  • Takeda, Masahiko, and Philip Turner, “The Liberalization of Japan’s Financial Market: Some Major Themes.” Bank of International Settlements Economic Papers, No. 34 (Basle: BIS, November 1992).

    • Search Google Scholar
    • Export Citation
  • Tamura, Tatsuya, “Monetary Control in Japan,” in Monetary Policy and Financial Innovation in Five Industrial Countries, ed. by S.F. Frowen and D. Kath (New York: St. Martin’s Press, 1992).

    • Search Google Scholar
    • Export Citation
  • Velasco, Andrés, “Liberalization, Crisis, Intervention: The Chilean Financial System, 1975–85,” in Banking Crises: Cases and Issues, ed. by V. Sundararajan and Tomás J.T. Balião (Washington: International Monetary Fund, 1991).

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  • World Bank, World Development Report (Oxford, England: Oxford University Press, 1989).