Refinance Instruments: Lessons From their Use in Some Industrialized Countries

Bernard Laurens

No 1994/051, IMF Working Papers from International Monetary Fund

Abstract: Many central banks around the world are gradually shifting from a system of direct controls towards the implementation of monetary policy through market-oriented instruments, including refinance facilities. This paper reviews the use of refinance instruments in a sample of industrialized countries, and discusses how central banks use them to influence short-term interest rates and to manage banks’ reserves. Some lessons are suggested for their implementation in developing countries or economies in transition.

Keywords: WP; credit auction; market rate; call money rate; central bank.; discount window; monetary management; discount rate; lower bound; uniform rate auction; Credit; Standing facilities; Money markets; Market interest rates; Financial derivatives; Global (search for similar items in EconPapers)
Pages: 32
Date: 1994-05-01
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