01775cas a2200265 a 4500 AALejournalIMF000960 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451851571 1018-5941 BD-DhAAL BD-DhAAL Ize, Alain. Central Banking Without Central Bank Money / Alain Ize, Arto Kovanen, Timo Henckel. Washington, D.C. : International Monetary Fund, 1999. 1 online resource (42 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Given the rapidly declining demand for central bank reserves and their gradual replacement in wholesale payments by alternative forms of money-clearinghouse moneyand treasury money-this paper discusses whether the complete extinction of base money could undermine monetary control. It argues that such concerns are misplaced since central banks can target interest rates and inflation even in the absence of base money. The paper explores implications for current and future central banking, including monetary and foreign exchange operations, lender of last resort, coordination between public debt and monetary management, and design of operating rules in currency boards. Mode of access: Internet Henckel, Timo. Kovanen, Arto. IMF Working Papers; Working Paper ; No. 1999/092 Full text available on IMF http://elibrary.imf.org/view/journals/001/1999/092/001.1999.issue-092-en.xml IMF e-Library