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?
How effective has monetary policy been in achieving stabilisation objectives - for inflation or the balance of payments?
How effective has monetary policy been in coping with external 'shocks' to the economy?
What monetary instruments have been used, and have they been effective in achieving money and credit targets?
What have been the main constraints on effective implementation of monetary policy?
Has there been a policy for the financial sector, and has it been effective in development objectives - the mobilisation or allocation of financial resources?
How important has the informal financial sector been as a part of the financial sector or a constraint on monetary policy?
