Market-Based Systems of Monetary Control in Developing Countries: Operating Procedures and Related Issues

Chorng-Huey Wong

No 1991/040, IMF Working Papers from International Monetary Fund

Abstract: 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.

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 (search for similar items in EconPapers)
Pages: 30
Date: 1991-04-01
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