Instruments of Monetary Management: Issues and Country Experiences


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Development Issues #12: Emerging economies and the monetary tightening path in the United States

However, more and more monetary authorities can be expected to follow the lead taken especially by several Asian economies. See Less -.

About Monetary Policy

All language versions and volumes across World Bank Repositories. The World Bank.


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Google Buzz Stumble Upon Delicious. This Page in:. The key purpose of the workshop was to assist countries to achieve this objective by presenting and discussing several relevant thematic topics related to establishing and improving an effective regulatory and supervisory regime for IIFS. The workshop reported on emerging cyber security trends and measures to handle them. It also provided hands-on capacity building to financial sector supervisors of METAC constituent jurisdictions on preparing quality regulation and efficiently supervising cyber risk.

The workshop provided a forum to exchange views and share country, regional, and international experience on cyber security management.

Roles, Objectives & Instruments of Monetary Policy in India

Discussions covered a number of related topics such as the systemic dimension of cyber risk and its potential impact on financial stability, the cyber regulatory frameworks internationally, cyber and third-party risk management, cyber security and the cloud, role of security reviews in building cyber resilience, strategies to promote domestic and cross-border information-sharing, supervision techniques for IT risk and cyber, on-site cyber and IT examinations, including practical experience on inspection in FinTech companies, and the IMF approach to provide technical assistance in that field. The practical case studies provided during the workshop provided an opportunity to build hands-on expertise in understanding and managing cyber-attacks and their management.

Twenty-eight senior representatives of tax authorities and finance ministries from 14 countries attended the workshop. The workshop emphasized central control over field operations to ensure national strategic and operational plans and performance standards are met, and programs and policies are delivered in a uniform way.

In particular, the workshop covered the importance of the role of headquarters in ensuring that certain functions, such as strategic and operational planning, managing of reforms and governance, are executed coherently and consistently across the entire organization. Several measures and indicators both quantitative and qualitative that could be used in monitoring performance against established operational targets and standards were presented and discussed. Participants shared extensively their experiences in performance management and challenges they face in improving this function.

Nonetheless, the debate on the extent to which price stability should be deemed to be the overriding objective of monetary policy in such economies continues. The Reserve Bank of India was set up in Like all central banks in developing countries, the Reserve Bank has been playing a developmental and a regulatory role. In its developmental role, the Reserve Bank focused attention on deepening and widening the financial system.

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It played a major part in building up appropriate financial institutions to promote savings and investment. In the realm of agricultural credit, term finance to industries and credit to export, the apex institutions that are now operating were essentially spun off from the Reserve Bank. The promotional role had taken the Reserve Bank into the area of credit allocation as well. Pre-emption of credit for certain sectors and that too at concessional rates of interest became part of the overall policy. An active role by the Reserve Bank of India in terms of regulating the growth in money and credit became evident only after s.

During the s the average annual increase in the wholesale price was only 1. However, during the s, the average annual increase was 6.

Instruments of Monetary Management : Issues and Country Experiences

In the early years of planning, there was considerable discussion on the role of deficit financing in fostering economic growth. Thus, deficit financing, which in the Indian context meant Reserve Bank credit to the Government, was assigned a place in the financing of the plan, though its quantum was to be limited to the extent it was non-inflationary. Monetary growth, particularly in the s, was extremely moderate. However, as each successive plan came under a resource crunch, there was an increasing dependence on market borrowing and deficit financing.

These became pronounced in the s and thereafter. The single most important factor influencing the conduct of monetary policy after had been the phenomenal increase in reserve money contributed primarily by the Reserve Bank credit to the Government. To summarise, the system as it existed at the end of s was characterised by the following features.

The Reserve Bank of India as the central monetary authority prescribed all the interest rates on deposits and lending. Credit to parties above a stipulated amount required prior authorisation from the central bank. After the nationalisation of major commercial banks in , nearly 85 per cent of the total bank assets came under public sector. Apart from small private banks, foreign banks were allowed to operate with limited branches. The Reserve Bank had, therefore, to address itself to the difficult task of neutralising to the extent possible the expansionary impact of deficits.

The increasing liquidity of the banking sector resulting from rising levels of reserve money had to be continually mopped up. The task of absorbing excess liquidity in the system had to be undertaken mainly through increasing the cash reserve ratio.

In Monetary Policy

In fact, in mid , the cash reserve requirement was 25 per cent on incremental deposits. In addition, the statutory liquidity ratio was Thus, nearly Sukhamoy Chakravarty to review the working of the Indian Monetary System. I was a member of the Committee. One of its major recommendations was to regulate money supply consistent with the expected growth rate in real income and a tolerable level of inflation.

Recognising the fact that Government borrowing from the Reserve Bank had been a major factor contributing to the increase in reserve money and therefore, money supply, the Committee wanted an agreement between the Central Government and the Reserve Bank on the level of monetary expansion and the extent of monetisation of the fiscal deficit.

While this recommendation of the Committee was accepted in principle, it could take a concrete shape only in the Nineties. Monetary policy was used effectively to overcome the balance of payments crisis and promptly restore stability. An extremely tight monetary policy was put in place to reap the full benefits of the devaluation of the rupee that was announced.


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Instruments of Monetary Management: Issues and Country Experiences Instruments of Monetary Management: Issues and Country Experiences
Instruments of Monetary Management: Issues and Country Experiences Instruments of Monetary Management: Issues and Country Experiences
Instruments of Monetary Management: Issues and Country Experiences Instruments of Monetary Management: Issues and Country Experiences
Instruments of Monetary Management: Issues and Country Experiences Instruments of Monetary Management: Issues and Country Experiences
Instruments of Monetary Management: Issues and Country Experiences Instruments of Monetary Management: Issues and Country Experiences
Instruments of Monetary Management: Issues and Country Experiences Instruments of Monetary Management: Issues and Country Experiences
Instruments of Monetary Management: Issues and Country Experiences Instruments of Monetary Management: Issues and Country Experiences
Instruments of Monetary Management: Issues and Country Experiences Instruments of Monetary Management: Issues and Country Experiences
Instruments of Monetary Management: Issues and Country Experiences Instruments of Monetary Management: Issues and Country Experiences

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