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Financial Sector Reform and Monetary Policy in the Netherlands

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  • Mr. Paul Louis Ceriel Hilbers

Abstract

Financial sector liberalization, both domestic and in cross-border transactions, was a major force behind the gradual move to indirect controls and the shift toward full reliance on exchange rate targeting in the Netherlands. This paper analyzes the different steps in this process, discusses the main arguments behind the gradual approach, and draws lessons for other countries involved in this process. The paper argues that reforms in the financial sector, liberalization of the capital account, adjustments in supervision and regulation, and modernization of monetary management are strongly interrelated and should be part of a comprehensive reform strategy.

Suggested Citation

  • Mr. Paul Louis Ceriel Hilbers, 1998. "Financial Sector Reform and Monetary Policy in the Netherlands," IMF Working Papers 1998/019, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1998/019
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    Citations

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    Cited by:

    1. Eiji Fuji & Jeannine Bailliu, 2004. "Exchange Rate Pass-Through and the Inflation Environment in Industrialized Countries: An Empirical Investigation," Computing in Economics and Finance 2004 135, Society for Computational Economics.
    2. L. de Haan, 2001. "The Credit Channel in the Netherlands: Evidence from Bank Balance Sheets," WO Research Memoranda (discontinued) 674, Netherlands Central Bank, Research Department.
    3. Gerdesmeier, Dieter & Roffia, Barbara & Eleftheriou, Maria, 2006. "Monetary policy rules in the pre-EMU era: Is there a common rule?," Working Paper Series 659, European Central Bank.
    4. Mr. Paul Louis Ceriel Hilbers & Ms. Lisbeth S Zacho & Mr. Qin Lei, 2001. "Real Estate Market Developments and Financal Sector Soundness," IMF Working Papers 2001/129, International Monetary Fund.

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