Varieties of monetary operating procedures: balancing monetary objectives with market efficiency

Joseph Bisignano

No 35, BIS Working Papers from Bank for International Settlements

Abstract: This paper reviews some of the issues confronting central banks in their choice of monetary operating instruments and techniques. As a result of efforts by governments to improve efficiency in financial systems, together with developments in financial information, computation and communication technology, central banks are having to increasingly rely on flexible operating instruments and techniques which convey in a convincing manner to market participants their near-term objectives. This has contributed to the relative decline in the importance of standing credit facilities and the greater reliance on flexible open market intervention techniques. Policy signalling and disclosure have increasingly become essential elements in short-term monetary management.

Pages: 41 pages
Date: 1996-07
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (13)

Downloads: (external link)
http://www.bis.org/publ/work35.pdf Full PDF document (application/pdf)
http://www.bis.org/publ/work35.htm (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bis:biswps:35

Access Statistics for this paper

More papers in BIS Working Papers from Bank for International Settlements Contact information at EDIRC.
Bibliographic data for series maintained by Martin Fessler ().