Refinance Instruments: Lessons From their Use in Some Industrialized Countries
Summary:
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.
Series:
Working Paper No. 1994/051
Subject:
Banking Credit Financial derivatives Financial institutions Financial markets Financial services Market interest rates Monetary policy Money Money markets Standing facilities
English
Publication Date:
May 1, 1994
ISBN/ISSN:
9781451847048/1018-5941
Stock No:
WPIEA0511994
Pages:
32
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