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Use of Central Bank Credit Auctions in Economies in Transition

Author

Listed:
  • Matthew I. Saal

    (International Monetary Fund)

  • Lorena M. Zamalloa

    (International Monetary Fund)

  • Martin I. Saal

    (International Monetary Fund)

Abstract

A number of economies in transition have instituted central bank credit auctions as part of a package of reforms seeking to improve monetary control and foster money market development. This paper examines the use of those auctions and features of their design, including collateralization and access rules intended to minimize adverse selection and moral hazard. The implementation of credit auctions in Eastern Europe and the countries of the former Soviet Union is surveyed. The experiences of countries in Eastern Europe suggest that credit auctions can be a useful tool in the transition toward indirect monetary control and the development of interbank markets.

Suggested Citation

  • Matthew I. Saal & Lorena M. Zamalloa & Martin I. Saal, 1995. "Use of Central Bank Credit Auctions in Economies in Transition," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 202-224, March.
    • Handle: RePEc:pal:imfstp:v:42:y:1995:i:1:p:202-224
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    Citations

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    Cited by:

    1. Buch, Claudia M. & Lusinyan, Lusine & Engerer, Hella & Lodahl, Maria & Schrettl, Wolfram & Schrooten, Mechthild, 2000. "Russlands Wirtschaftspolitik setzt auf Investitionen," Kiel Discussion Papers 360, Kiel Institute for the World Economy (IfW Kiel).
    2. Buch, Claudia M., 1996. "Russian monetary policy: Assessing the track record," Kiel Working Papers 786, Kiel Institute for the World Economy (IfW Kiel).

    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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