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Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities
Author:
Mr. Mark Zelmer
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Series:
IMF Policy Discussion Papers
Volume/Issue:
Volume 2001: Issue 007
Language:
English
Publication Date:
01 Dec 2001
DOI:
https://doi.org/10.5089/9781451971583.003
ISBN:
9781451971583
ISSN:
1564-5193
Pages:
25
Keywords:
PDP; central bank; financial institution; market; monetary policy; market operation; securities portfolio; portfolio manager; financial condition; settlement system; Securities; Government securities; Currency swaps; Collateral; Central bank credit; Australia and New Zealand
Legal-disclaimer:
This Policy Discussion Paper should not be reported as representing the views of the IMF. The views expressed in this Policy Discussion Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Policy Discussion Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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The limited supply of government securities in some industrial countries has important ramifications for the operating techniques used by central banks to implement monetary policy, provide credit to the financial sector, and also for the assets they hold on their balance sheets. The paper reviews the salient facts regarding industrial central bank balance sheets and operating techniques, and outlines different options for dealing with a limited supply of government securities. The main conclusion is that central banks may wish to consider extending credit using a broad range of assets as collateral, and engage in outright transactions of securities guaranteed by financial institutions.
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Cover IMF Policy Discussion Papers
IMF Policy Discussion Papers
ISSN:
1564-5193
Publisher:
International Monetary Fund