01576cas a2200241 a 4500 AALejournalIMF004398 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451847048 1018-5941 BD-DhAAL BD-DhAAL Laurens, Bernard. Refinance Instruments : Lessons From their Use in Some Industrialized Countries / Bernard Laurens. Washington, D.C. : International Monetary Fund, 1994. 1 online resource (32 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 Many central banks around the world are gradually shifting from a system of direct controls towards the implementation of monetary policy through market-oriented instruments, including refinance facilities. This paper reviews the use of refinance instruments in a sample of industrialized countries, and discusses how central banks use them to influence short-term interest rates and to manage banks' reserves. Some lessons are suggested for their implementation in developing countries or economies in transition. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1994/051 Full text available on IMF http://elibrary.imf.org/view/journals/001/1994/051/001.1994.issue-051-en.xml IMF e-Library