S-WoPEc
 
Scandinavian Working Papers in Economics
HomeAboutSeriesSubject/JEL codesAdvanced Search
Research Institute of Industrial Economics (IFN) Working Paper Series

No 669:
The Interplay between Money Market Development and Changes in Monetary Policy Operations in Small European Countries, 1980–2000

Jens Forssbaeck () and Lars Oxelheim ()

Abstract: We study the interplay between money market development and changes in monetary policy operating procedures in 11 European countries from c. 1980 up to the launch of EMU. Aspects of money market development such as the size and structure of different market segments, and institutional and regulatory changes, are addressed. We recount and empirically examine the extent of reorientation of monetary policy instruments away from quantitative direct control instruments toward indirect market-based instruments. The process of financial deregulation is uniform across the countries. The path of money market development varies substantially, whereas changes in central bank instruments show both similarities and differences. We hypothesise a relationship between the two processes and provide tentative evidence.

Keywords: Monetary policy operations; Money market; European Union; Deregulation; (follow links to similar papers)

JEL-Codes: E52; E58; G28; N24; (follow links to similar papers)

53 pages, September 22, 2006

Before downloading any of the electronic versions below you should read our statement on copyright.
Download GhostScript for viewing Postscript files and the Acrobat Reader for viewing and printing pdf files.

Full text versions of the paper:

wp669.pdf    PDF-file
Download Statistics
This paper is published as:
Forssbaeck, Jens and Lars Oxelheim, (2007), 'The Interplay between Money Market Development and Changes in Monetary Policy Operations in Small European Countries, 1980–2000' in Mayes, David and Jan Toporowski (eds.) Open Market Operations and Financial Markets, pages 120-152, Routledge, ISBN 978-0415417754.



Questions (including download problems) about the papers in this series should be directed to Elisabeth Gustafsson ()
Report other problems with accessing this service to Sune Karlsson () or Helena Lundin ().

Programing by
Design by Joachim Ekebom

Handle: RePEc:hhs:iuiwop:0669 This page was generated on 2014-12-14 19:24:15