ABSTRACT

The purpose of the last four chapters of this book is to identify some common or frequently occurring experiences in our six country studies, to draw out their lessons for specific questions on the use of monetary instruments, institutional arrangements, and what can be expected of monetary policy, and to examine their implications for broader questions of the use of monetary policy, and the relationship of this to development of the financial sector and of the economies in general. The following seven key questions are posed by this study and have been examined in the country studies:

Has there been, or has there evolved, an explicit or implicit monetary policy, and what were the monetary objectives of the government, whether short-term or long-term?