Refinance Instruments : Lessons From their Use in Some Industrialized Countries

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.
Publication date: May 1994
ISBN: 9781451847048
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Finance , central bank , credit , refinancing , money market

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