Warianty tytułu
The Development of Monetary Policy Instruments: the Example of Open Market Operations
Języki publikacji
Abstrakty
W artykule omówiono rozwój najważniejszych instrumentów rynku pieniężnego, kładąc nacisk na operacje otwartego rynku w latach 1990-1995. Okres ten charakteryzuje się dynamicznym wzrostem głównych instrumentów rynkowych: bonów pieniężnych Narodowego Banku Polskiego i bonów skarbowych.
In this article, the author describes the evolution of the money market and its instruments during the years 1990-95. This period was characterised by the dynamic growth of certain market instruments, i.e., the first issues of National Bank of Poland (NBP) money bills and Treasury bills, the first transactions on the interbank deposit market, and, finally, contractual, followed by normal, open market operations. In general, open market operations are divided into conditional and unconditional transactions. Within the characteristics of open market operations, the author carries out a classification of different kinds transactions concluded on the market. Discussing the role of this instrument in the activities of the central bank, the author looks at the status of entities involved in transactions, which has an impact on whether the repo or reverse repo transactions are classified as open market operations. The author also takes into account the secure nature of the securities traded in open market operations, which results in a high level of mutual trust between contracting parties and a price of borrowed money that is as close as possible to the market price. The author supplements her description of open market operations with a comparison and analysis of statistical data from the years 1990-95, which illustrate the quantitative development and structure of concluded transactions, mainly conditional transactions. (original abstract)
Rocznik
Numer
Strony
99--108
Opis fizyczny
Twórcy
autor
Bibliografia
- Białek G., Podstawy zarządzania pieniądzem w banku komercyjnym, Biblioteka Bankowca, Twigger SA, Warszawa 1994.
- Rutkowski W., Perspektywy funkcjonowania otwartego rynku pieniężnego w Polsce, "Bank i Kredyt" 1991, nr 5-6.
- Sławiński A., Rynki finansowe: Międzybankowy rynek pieniężny '93, Materiały i Studia NBP, Warszawa 1994, nr 42.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
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