Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities

Business & Finance, Economics, Money & Monetary Policy, International Economics, Nonfiction, Social & Cultural Studies, Political Science, Politics, Economic Policy
Cover of the book Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities by Marc Mr. Zelmer, INTERNATIONAL MONETARY FUND
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Author: Marc Mr. Zelmer ISBN: 9781455275014
Publisher: INTERNATIONAL MONETARY FUND Publication: December 1, 2001
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Marc Mr. Zelmer
ISBN: 9781455275014
Publisher: INTERNATIONAL MONETARY FUND
Publication: December 1, 2001
Imprint: INTERNATIONAL MONETARY FUND
Language: English

The limited supply of government securities in some industrial countries has important ramifications for the operating techniques used by central banks to implement monetary policy, provide credit to the financial sector, and also for the assets they hold on their balance sheets. The paper reviews the salient facts regarding industrial central bank balance sheets and operating techniques, and outlines different options for dealing with a limited supply of government securities. The main conclusion is that central banks may wish to consider extending credit using a broad range of assets as collateral, and engage in outright transactions of securities guaranteed by financial institutions.

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The limited supply of government securities in some industrial countries has important ramifications for the operating techniques used by central banks to implement monetary policy, provide credit to the financial sector, and also for the assets they hold on their balance sheets. The paper reviews the salient facts regarding industrial central bank balance sheets and operating techniques, and outlines different options for dealing with a limited supply of government securities. The main conclusion is that central banks may wish to consider extending credit using a broad range of assets as collateral, and engage in outright transactions of securities guaranteed by financial institutions.

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