Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity PDF Download
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Author: Mr.Obert Nyawata
Publisher: International Monetary Fund
ISBN: 1463959370
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that there are practical reasons for using central bank bills, the paper argues that treasury bills are the first best option especially because positive externalities for the financial sector and the rest of the economy. However, the main considerations in the choice should be: (i) operational independence for the central bank; (ii) market development; and (iii) the strengthening of the transmission of monetary policy impulses.
Author: Mr.Obert Nyawata
Publisher: International Monetary Fund
ISBN: 1463959370
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that there are practical reasons for using central bank bills, the paper argues that treasury bills are the first best option especially because positive externalities for the financial sector and the rest of the economy. However, the main considerations in the choice should be: (i) operational independence for the central bank; (ii) market development; and (iii) the strengthening of the transmission of monetary policy impulses.
Author: Edward J. Geng
Publisher:
ISBN:
Category : Debts, Public
Languages : en
Pages : 286
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Book Description
Author: Mr.Obert Nyawata
Publisher: International Monetary Fund
ISBN: 1463933835
Category : Business & Economics
Languages : en
Pages : 39
Get Book
Book Description
This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that there are practical reasons for using central bank bills, the paper argues that treasury bills are the first best option especially because positive externalities for the financial sector and the rest of the economy. However, the main considerations in the choice should be: (i) operational independence for the central bank; (ii) market development; and (iii) the strengthening of the transmission of monetary policy impulses.
Author: Mr.Alain Ize
Publisher: International Monetary Fund
ISBN: 145185157X
Category : Business & Economics
Languages : en
Pages : 43
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Book Description
Given the rapidly declining demand for central bank reserves and their gradual replacement in wholesale payments by alternative forms of money—clearinghouse moneyand treasury money—this paper discusses whether the complete extinction of base money could undermine monetary control. It argues that such concerns are misplaced since central banks can target interest rates and inflation even in the absence of base money. The paper explores implications for current and future central banking, including monetary and foreign exchange operations, lender of last resort, coordination between public debt and monetary management, and design of operating rules in currency boards.
Author: Mario Pessoa
Publisher: International Monetary Fund
ISBN: 1616355484
Category : Business & Economics
Languages : en
Pages : 27
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Book Description
This technical note and manual (TNM) addresses the following main issues: Interaction between treasury cash management and monetary policy operations within the wider context of the respective economic responsibilities of the ministry of finance and the central bank; Institutional arrangements for an effective relationship between the treasury and the central bank; Contractual arrangements between the treasury and the central bank for the provision of banking and other services. This document will be particularly relevant to developing countries that are reforming cash management operations or contemplating more active cash management; or where there are operational policy differences between the treasury and the central bank.
Author: Board of Governors of the Federal Reserve System
Publisher:
ISBN: 9780894991967
Category : Banks and Banking
Languages : en
Pages : 0
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Book Description
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author:
Publisher: World Bank Publications
ISBN: 0821368753
Category : Business & Economics
Languages : en
Pages : 120
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Book Description
Domestic government debt markets play a critical role in managing public debt effectively and reducing the vulnerability of developing countries to financial crises. Many aspects of debt markets - money, primary, and secondary markets; a diversified investor base; and sound securities custody and settlement systems and regulation - interact in complex ways and are affected by previous policies and developments. Developing the Domestic Government Debt Market: From Diagnostics to Reform Implementation draws insights from a joint pilot program set up by the World Bank and International Monetary Fund to design relevant reform and capacity-building programs in twelve countries. The experiences of these geographically and economically diverse countries - Bulgaria, Colombia, Costa Rica, Croatia, Indonesia, Kenya, Lebanon, Nicaragua, Pakistan, Sri Lanka, Tunisia, and Zambia - illustrate the challenges, obstacles, and progress in applying principles of market development. Developing the Domestic Government Debt Market will serve government officials contemplating or in the process of reforming their practices, providers of technical assistance, and practitioners working on building capacity in debt market development. Because effective development of debt markets is one key piece in sound public debt management, readers will also be interested in the companion volume, Managing Public Debt, published by The World Bank in February 2007, based on the same joint pilot program.
Author: Ulrich Bindseil
Publisher: OUP Oxford
ISBN: 0191608475
Category : Business & Economics
Languages : en
Pages : 288
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Book Description
The first of its kind, this book is entirely dedicated to the implementation of monetary policy. Monetary policy implementation has gone through tremendous changes over the last twenty years, which have witnessed the quiet end of 'reserve position doctrine' and the return of an explicit focus on short-term interest rates. Enthusiastically supported by Keynes and later by the monetarist school, reserve position doctrine was developed mainly by US central bankers and academics during the early 1920s, and at least in the US became the unchallenged dogma of monetary policy implementation for sixty years. The return of interest rate targeting also corresponds largely to the restoration of central banking principles established in the late 19th century. Providing a simple theory of monetary policy implementation, Bindseil goes on to explain the role of the three main instruments (open market operations, standing facilities, and reserve requirements) and reviews their use in the twentieth century. In closing, he summarizes current views on efficient monetary policy implementation.
Author: Mr.Bernard Laurens
Publisher: International Monetary Fund
ISBN: 9781557755629
Category : Business & Economics
Languages : en
Pages : 108
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Book Description
In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1513524674
Category : Business & Economics
Languages : en
Pages : 52
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Book Description
This paper discusses Seychelles’ Third Review Under the Extended Arrangement and Request for Modification of Performance Criteria (PC). All PCs for end-June 2015, the program’s third test date, were met. Based on preliminary data, all the third-quarter indicative targets were also met. The structural agenda is proceeding, albeit with some delays. Growth for 2015 has been revised upward to slightly more than 4 percent. Presidential elections are taking place during December 3–5. The IMF staff recommends completion of the third review under the Extended Arrangement and modification of the PCs for end-December 2015.
