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Refinance Instruments : Lessons From their Use in Some Industrialized Countries

Laurens, Bernard
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
Year of publication:
1994
Authors: Laurens, Bernard
Other Persons: Laurens, Bernard (contributor)
Publisher: Washington, D.C : International Monetary Fund
freely available
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