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Refinance Instruments: Lessons From their Use in Some Industrialized Countries

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  • Mr. Bernard J Laurens

Abstract

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.

Suggested Citation

  • Mr. Bernard J Laurens, 1994. "Refinance Instruments: Lessons From their Use in Some Industrialized Countries," IMF Working Papers 1994/051, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1994/051
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=1262
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    Cited by:

    1. Craig Furfine, 2003. "Standing Facilities and Interbank Borrowing: Evidence from the Federal Reserve's New Discount Window," International Finance, Wiley Blackwell, vol. 6(3), pages 329-347, November.

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