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This paper discusses how the choice of central banks' operating targets influences the use of their monetary policy instruments and how the latter affect the central bank's balance sheet. This is of particular interest, since the monetary conditionality in IMF-supported programs has traditionally been linked to central bank balance sheet items. Quantity targeting tends to be practiced today mostly in countries in which money markets are not yet well-developed or a monetary aggregate is used as the intermediate target. Most other central banks prefer to target a short-term interest rate, which results in day-to-day changes in balance sheet items becoming endogenous.

Banks and Banking --- Money and Monetary Policy --- Money Supply --- Credit --- Money Multipliers --- Monetary Policy --- Central Banks and Their Policies --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Interest Rates: Determination, Term Structure, and Effects --- Demand for Money --- Banking --- Monetary economics --- Finance --- Monetary base --- Short term interest rates --- Central bank balance sheet --- Open market operations --- Money --- Financial services --- Central banks --- Demand for money --- Money supply --- Banks and banking --- Interest rates --- Brazil

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This report on Adopting Inflation Targeting describes the trade-offs raised in the formulation of an inflation targeting framework and states the approaches to these trade-offs used by inflation targeting countries. The inherent differences discussed in this report between the six emerging market inflation targeting countries—Brazil, Chile, the Czech Republic, Israel, Poland, and South Africa—and other emerging market countries may shed some light on the preferred starting point and conditions for inflation targeting. Most central banks in emerging market countries have taken important organizational steps to enhance their capacity to apply greater judgment and foster transparency and accountability. These steps can be particularly challenging for emerging market central banks that have traditionally operated with controls and regulations and have been reluctant to communicate their policy intentions and economic outlooks. During the transition to full-fledged inflation targeting, several emerging market countries have confronted the challenge of dis-inflating to the long-run inflation objective.

Money. Monetary policy --- Economic policy and planning (general) --- Anti-inflationary policies --- Monetary policy --- Post-communism --- Economic aspects --- economie --- economisch beleid --- economische politiek --- inflatie --- 336.74 --- 338.24 --- situation economique --- croissance economique --- inflation --- politique monetaire --- pays en voie de developpement --- international --- -AA* / International - Internationaal --- ASI / Asia - Azië - Asie --- EEU / Central & Eastern Europe --- LAM / Latin America - Latijns Amerika - Amérique Latine --- 333.80 --- 333.841 --- 333.846.2 --- 330.05 --- 339.53091724 --- Postcommunism --- World politics --- Communism --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Antiinflationary policies --- Inflation (Finance) --- Price regulation --- Geld. Geldwezen. Monetaire sector. --- Instrumenten van de economische politiek. Economische orde. Economisch politieke maatregelen. Stabilisering. Stimuleringsmaatregelen. Regulering. Financiele steunmaatregelen --- economische toestand --- economische groei --- monetair beleid --- ontwikkelingslanden --- internationaal --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden. --- Inflatie. --- Verband tussen de geld-, bank- en kredietpolitiek en de prijzen. --- Government policy --- Working papers --- Inflation targeting. --- Economic aspects. --- 338.24 Instrumenten van de economische politiek. Economische orde. Economisch politieke maatregelen. Stabilisering. Stimuleringsmaatregelen. Regulering. Financiele steunmaatregelen --- 336.74 Geld. Geldwezen. Monetaire sector. --- Inflation targeting --- AA* / International - Internationaal --- Targeting, Inflation --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden --- Inflatie --- Verband tussen de geld-, bank- en kredietpolitiek en de prijzen --- Geld. Geldwezen. Monetaire sector --- Post-communism - Economic aspects --- Banks and Banking --- Finance: General --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Monetary Policy --- Price Level --- Deflation --- General Financial Markets: General (includes Measurement and Data) --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Central Banks and Their Policies --- Monetary economics --- Macroeconomics --- Finance --- Banking --- Currency --- Foreign exchange --- Emerging and frontier financial markets --- Exchange rates --- Prices --- Financial markets --- Crawling peg --- Financial services industry --- Banks and banking --- New Zealand

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Today’s record public debt levels in most advanced economies are not only a direct fall-out from the global crisis. Public debt had ratcheted up over many decades before, when it had been used, in most of the G-7 countries, as the ultimate shock absorber—rising in bad times but not declining much in good times. Alongside, primary spending increased, particularly during 1965–85, reflecting predominantly a surge in health care and pension spending. Looking ahead, advanced economies will face the formidable challenge of reducing debt ratios at a time when ageing-related spending, in particular often underestimated pressures from health care systems, will put additional pressure on public finances. Addressing these fiscal challenges will require growth-friendly structural reforms, a fiscal strategy involving gradual but steady fiscal adjustment, stronger fiscal institutions, expenditure and revenue reforms, and an appropriate degree of burden sharing across all stakeholders.

Public Finance --- Taxation --- Corporate Taxation --- Fiscal Policy --- Structure, Scope, and Performance of Government --- National Government Expenditures and Related Policies: General --- National Deficit Surplus --- Debt --- Debt Management --- Sovereign Debt --- National Government Expenditures and Health --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Business Taxes and Subsidies --- Public finance & taxation --- Welfare & benefit systems --- Corporate & business tax --- Public debt --- Health care spending --- Expenditure --- Social security contributions --- Corporate income tax --- Taxes --- Debts, Public --- Expenditures, Public --- Social security --- Corporations --- United States

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The six member countries of the Gulf Cooperation Council (GCC)--Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates--have made important progress toward economic and financial integration, with the aim of establishing an economic and monetary union. This paper provides a detailed analysis of the economic performance and policies of the GCC countries during 1990-2002. Drawing on the lessons from the experience of selected currency and monetary unions in Africa, Europe, and the Caribbean, it assesses the potential costs and benefits of a common currency for GCC countries and also reviews the options for implementing a monetary union among these countries.

Monetary unions --- Gulf Cooperation Council. --- Persian Gulf Region --- Economic integration. --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Gulf Co-operation Council --- Co-operation Council for the Arab States of the Gulf --- States of Gulf Co-operation Council --- Golf-Rat --- GCC --- G.C.C. --- Majlis al-Taʻāwun al-Khalījī --- Majlis al-Taʻāwun al-Khalījī al-ʻArabī --- GKR --- Kooperationsrat Arabischer Staaten am Golf --- Cooperation Council for the Arab States of the Gulf --- Duwal Majlis al-Khalīj --- Gŏlpʻŭ Hyŏmnyŏk Wiwŏnhoe --- Kŏlpʻŭ Hyŏmnyŏk Wiwŏnhoe --- Majlis al-Taʻāwun li-Duwal al-Khalīj al-ʻArabīyah --- Golfkooperationsrat --- AGCC --- A.G.C.C. --- Duwal Majlis al-Taʻāwun al-Khalījī --- Sovet sotrudnichestva arabskikh gosudarstv Persidskogo zaliva --- SSAGPZ --- Arab Gulf Cooperation Council --- مجلس التعاون الخليجي --- مجلس التعاون لدول الخليج العربية --- Shūrā-yi Hamkārī-i Khalīj-i Fārs --- شوراى همکارى خليج فارس --- Persian Gulf Cooperation Council --- PGCC --- Conseil de coopération du Golfe --- Gulf Cooperative Council --- Consiglio di cooperazione del Golfo --- Ccg --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Finance: General --- Financial Risk Management --- Financial Aspects of Economic Integration --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Energy: Demand and Supply --- Prices --- General Financial Markets: General (includes Measurement and Data) --- International economics --- Monetary economics --- Banking --- Public finance & taxation --- Finance --- Economic & financial crises & disasters --- Currencies --- Credit --- Oil prices --- Economic integration --- Stock markets --- Financial markets --- Banks and banking --- Stock exchanges --- United Arab Emirates

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Rapid credit growth in Bulgaria, Romania, and Ukraine has been driven by successful macroeconomic stabilization, robust growth, and capital inflows. While financial deepening is both expected and welcome, the recent expansions appear to have been excessive, as evidenced by widening current account deficits in Bulgaria and Romania, and prudential concerns in Ukraine. Policy responses have included attempts to both moderate credit growth and offset its impact on domestic demand, with mixed success thus far.

Credit -- Bulgaria. --- Credit -- Europe, Eastern. --- Credit -- Romania. --- Credit -- Ukraine. --- Electronic books. -- local. --- Banks and Banking --- Money and Monetary Policy --- Industries: Financial Services --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary economics --- Banking --- Finance --- Credit --- Credit booms --- Currencies --- Loans --- Banks and banking --- Money --- Romania