Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities
IMF Policy Discussion Papers, December 1, 2001
Source details
- Canonical URL
- Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities
Other formats
Bibliographic details
- Authors: Mark Zelmer
- Published: December 1, 2001
- Series: IMF Policy Discussion Papers
- DOI: https://doi.org/10.5089/9781451971583.003
Overview and main conclusion
- Author: Mark Zelmer
- Publication date: December 1, 2001
- Main conclusion: 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.
Salient facts reviewed
- The limited supply of government securities in some industrial countries affects:
- operating techniques used by central banks to implement monetary policy,
- the provision of credit to the financial sector,
- the assets central banks hold on their balance sheets.
- The paper reviews industrial central bank balance sheets and operating techniques and outlines options for dealing with a limited supply of government securities.
Options and policy implications outlined
- Consider extending credit using a broad range of assets as collateral.
- Engage in outright transactions of securities guaranteed by financial institutions.
Subject areas and keywords
- Subject: Banking, Central bank credit, Central banks, Collateral, Currency swaps, Financial institutions, Foreign exchange, Government securities, Securities
- Keywords: Australia and New Zealand, central bank, Central bank credit, Collateral, Currency swaps, financial condition, financial institution, Government securities, market, market operation, monetary policy, PDP, portfolio manager, Securities, securities portfolio, settlement system