01828cas a2200241 a 4500 AALejournalIMF004397 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451848229 1018-5941 BD-DhAAL BD-DhAAL Quintyn, Marc. Government Securities Versus Central Bank Securities in Developing Open Market Operations : Evaluation and Need for Coordinating Arrangements / Marc Quintyn. Washington, D.C. : International Monetary Fund, 1994. 1 online resource (60 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 In an indirect monetary policy framework, open market operations become the central bank's main instrument. In the initial stages, when financial markets are still undeveloped, selection of a financial instrument for those operations and the design of supporting arrangements to ensure the central bank's operational autonomy when using the instrument, are crucial issues. Based on theoretical arguments and experience of a sample of countries that embarked on financial reforms, this paper argues that government securities are the preferred instrument because of their better capacity to develop financial markets. The use of government securities, however, requires the most complex supporting arrangements. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1994/062 Full text available on IMF http://elibrary.imf.org/view/journals/001/1994/062/001.1994.issue-062-en.xml IMF e-Library