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Introduction

  • Bernard J. Laurens
  • Marco Arnone
  • Jean-François Segalotto
Chapter
  • 70 Downloads
Part of the Procyclicality of Financial Systems in Asia book series (IMF)

Abstract

Starting in the 1970s and following a generalized trend towards enhancing the role of price signals in the general economy, central banks (CBs) around the world, starting with those in advanced economies, have moved away from administrative and rules-based instruments towards reliance on money market operations which they conduct as one participant in financial markets (i.e., open-market operations).1 CBs in emerging market economies and developing countries have followed a similar path to a point where the practice of central banking has converged worldwide. In particular, in countries with developed capital markets, CBs have evolved from being governments’ tools for achieving specific economic objectives into independent institutions devoted to maintaining a fundamental public good: price stability.

Keywords

Monetary Policy Central Bank European Central Bank Advanced Economy Price Stability 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© International Monetary Fund 2009

Authors and Affiliations

  • Bernard J. Laurens
    • 1
  • Marco Arnone
    • 2
    • 3
  • Jean-François Segalotto
    • 2
  1. 1.Monetary and Capital Markets DepartmentInternational Monetary FundUSA
  2. 2.The Centre for Macroeconomics & Finance Research (CeMaFiR)Italy
  3. 3.University of Eastern PiedmontItaly

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