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Market-Based Systems of Monetary Control in Developing Countries: Operating Procedures and Related Issues
Author:
Mr. Chorng-Huey Wong
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Series:
IMF Working Papers
Volume/Issue:
Volume 1991: Issue 040
Language:
English
Publication Date:
01 Apr 1991
DOI:
https://doi.org/10.5089/9781451845877.001
ISBN:
9781451845877
ISSN:
1018-5941
Pages:
30
Keywords:
WP; treasury bill; central bank; interest rate; market; treasury bill auction; sound treasury bill market; excess reserves; market condition; repurchase market; net claim; treasury bill market; financial market development; opportunity cost; Demand for money; Monetary base; Treasury bills and bonds; Open market operations; Government securities; Asia and Pacific
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper reviews issues in the development of a market-based system of monetary control in developing countries. It focuses on the appropriate sequencing of financial reform that would facilitate the transition toward a market-based system and measures required to strengthen the effectiveness of market-based operations. The paper also assesses the effects of financial reform on the demand for money function and discusses the implications for policy formulation and implementation.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund