Open Market Operations and Financial Markets

✍ Scribed by David Mayes, Jan Toporowski

• Publisher: Routledge
• Year: 2007
• Tongue: English
• Leaves: 368
• Series: Routledge International Studies in Money and Banking
• Category: Library

✦ Synopsis

A mixture of academic and practitioner research, this is the most detailed book available that provides an account of open market operations. With broad international appeal it includes discussions of central bank operations in Europe, North America, Australia and Japan.

Exploring the effectiveness of short-term interest rates and other modern central bank activities in monetary policy and the effect of structural changes in the securities markets and greater liquidity upon them, this volume represents a unique exchange of views between central bankers. It covers a range of topics including:

• bankers recent experience of open market operations
• monetary and financial economists on the impact of monetary policy on the yield curve
• the practitioners in banking and finance on recent and prospective operations in money and capital markets.

Covering the full range of the subject, both the issues and geographically, in a logical order and in a coherent style the, this set of carefully selected papers on a common theme are an essential read for undergraduate and postgraduate students studying Macroeconomics, international finance and banking.

✦ Table of Contents

Title......Page 8
Copyright......Page 9
Contents......Page 10
Contributors......Page 12
Preface......Page 14
1 Introduction......Page 16
2 Monetary policy and its theoretical foundations......Page 29
3 The scope and significance of open-market operations......Page 51
4 Open market operations – their role and specification today......Page 69
5 Monetary policy in a changing financial environment: A case for the signalling function of central banks’ operating framework......Page 101
6 The interplay between money market development and changes in monetary policy operations in small European countries, 1980–2000......Page 135
7 Open market operations in emerging markets: The Mexican experience......Page 172
8 Open market operations and the federal funds rate......Page 193
9 On the optimal frequency of the central bank’s operations in the reserve market......Page 225
10 Money market volatility – A simulation study......Page 246
11 Monetary policy by signal......Page 279
12 The impact of the Reserve Bank’s open market operations on Australian financial futures markets......Page 296
13 Sustainability, inflation and public debt policy in Japan......Page 308
References......Page 346
Index......Page 364