Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/95643
Authors: 
Forssbæck, Jens
Oxelheim, Lars
Year of Publication: 
2007
Series/Report no.: 
IFN Working Paper 669
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.
Subjects: 
Monetary policy operations
Money market
European Union
Deregulation
JEL: 
E52
E58
G28
N24
Document Type: 
Working Paper

Files in This Item:
File
Size
235.19 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.