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Book Cover
Author Hilbers, Paul Louis Ceriel, author

Title Monetary instruments and their use during the transition from a centrally planned to a market economy / prepared by Paul Hilbers ; authorized for distribution by William E. Alexander
Published [Washington, D.C.?] : International Monetary Fund, [1993]
Online access available from:
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Description 1 online resource (iii, 29 pages)
Series IMF working paper ; WP/93/87
IMF working paper ; WP/93/87
Summary Annotation This paper discusses different instruments of monetary policy, and in particular the choice between direct and indirect instruments. It identifies the main characteristics of a countrys financial system that should be considered in selecting monetary instruments, and analyzes how these characteristics should influence that selection in countries that are progressing from a state-controlled to a market economy. the characteristics of the financial system during the initial stage of the transition sometimes favor relatively direct instruments. At this stage market-based variants of direct instruments may combine the necessary effectiveness in reducing monetary expansion with the need to introduce and stimulate competition in the financial markets. During this stage indirect instruments can be developed and tested (belt and braces approach). In later stages, as experience is gained, these indirect instruments can gradually replace the more direct controls
Bibliography Includes bibliographical references (pages 27-29)
Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. MiAaHDL
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Financial instruments.
Monetary policy.
Structural adjustment (Economic policy) -- Fiscal aspects
Form Electronic book
Author International Monetary Fund. Monetary and Exchange Affairs Department, issuing body
ISBN 1455282693