Miscellaneous Publications

This online handbook: Why, what, and who for?

Why?

The Monetary and Capital Markets Department (MCM) has for many years provided technical assistance (TA) across a wide range of economic and financial issues. The application of these issues is often not well covered in reference material, particularly so regarding the recognition of challenges faced by authorities in emerging and low-income countries and in countries that manage substantial natural resource wealth. This handbook is motivated by the desire to distill, document and make widely available, the lessons learnt from MCM TA over a long period of time while also incorporating lessons learnt globally. It is intended to highlight and promote good practices and support the consistency of MCM’s advice. It is however stressed that one size solutions can not fit all, and all advice therefore needs to be tailored to country-specific circumstances.

What?

The handbook comprises self-contained, issue-specific chapters with cross-references on overlapping issues where needed. Chapters to the handbook will be added as they are available and may be updated as new lessons come to light.

This handbook covers the following broad topics:

• Monetary policy frameworks and transitions,
• Forecasting and Policy Analysis Systems (FPAS),
• Effective policy communications
• Operational frameworks
• Foreign exchange operations and intervention strategies
• Financial market development,
• International reserves management,
• Central bank governance and risk management,
• Cash currency management
• Central bank accounting, audit, and finances

Who for?

This handbook is targeted at those who provide TA on the identified issues (both IMF and non-IMF personnel), and practitioners in central banks and other relevant institutions.

Individual chapters of the handbook are published on this website as soon as they become available.

Monetary Policy Frameworks

Choice of Exchange Rate Arrangement

Central Bank Communications

Moving to Greater Exchange Rate Flexibility (Forthcoming)

Monetary Operations and Domestic Market Development

Liquidity Forecasting—Part I: The Institutional Arrangements

Liquidity Forecasting—Part II: The Statistical Component

Reserve Requirements

Managing Structural Liquidity (Forthcoming)

Emergency Liquidity Assistance (ELA) (Forthcoming)

Repo Markets Development

Transitioning Operational Targets—From Reserve Money to Interest Rates

Foreign Exchange Operations and FX Market Development

Reference Rates

Foreign Reserves Management—Part I

Foreign Reserves Management—Part II (Forthcoming)

Other relevant materials

How to Measure the Monetary Policy Stance

How to Design and Review Inflation Targets in EMDEs

How to Operationalize an Exchange Rate Peg (Forthcoming)

Central Bank Stress Testing—Guidance Note