01751cas a2200241 a 4500 AALejournalIMF007346 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451856590 1018-5941 BD-DhAAL BD-DhAAL Axilrod, S. Transformation of Markets and Policy Instruments for Open Market Operations / S. Axilrod. Washington, D.C. : International Monetary Fund, 1995. 1 online resource (98 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 As developing countries and economies in transition have relied on deregulated, competitive markets to spur growth, their central banks have shifted toward using open market operations as a tool of monetary policy. To be most effective, such operations require supportive changes in other policy instruments (reserve requirements, discount window), a competitive banking system and securities market, and adaptation of particular open market or market-type instruments used to the stage of, and potential for, market development. The paper assesses options available to a central bank for encouraging a competitive market architecture and designing instruments for implementation of open market operations. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1995/146 Full text available on IMF http://elibrary.imf.org/view/journals/001/1995/146/001.1995.issue-146-en.xml IMF e-Library