| Description |
1 online resource (29 pages) |
| Series |
IMF working paper ; WP/98/19 |
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IMF working paper ; WP/98/19.
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| Summary |
The Netherlands has a tradition of doing things gradually and by consensus. This not only includes the capturing of land from the sea but also applies to its economic policy (the "Polderland" model) and monetary policy.2 A clear example of this preference for gradualism has been the transition from direct to indirect monetary controls. During a period of two decades, direct instruments were gradually phased out and monetary policy came to rely more and more on indirect controls, whereas in other countries this process took place within a much shorter period.3 |
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Financial sector liberalization, both domestic and in cross-border transactions, was a major force behind the gradual move to indirect controls and the shift toward full reliance on exchange rate targeting in the Netherlands. This paper analyzes the different steps in this process, discusses the main arguments behind the gradual approach, and draws lessons for other countries involved in this process. The paper argues that reforms in the financial sector, liberalization of the capital account, adjustments in supervision and regulation, and modernization of monetary management are strongly interrelated and should be part of a comprehensive reform strategy |
| Notes |
"February 1998." |
| Bibliography |
Includes bibliographical references (pages 27-29) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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English |
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Print version record |
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digitized 2011 HathiTrust Digital Library committed to preserve pda MiAaHDL |
| Subject |
Finance -- Deregulation -- Netherlands
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Capital movements -- Netherlands
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Monetary policy -- Netherlands
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Capital movements
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Finance -- Deregulation
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Monetary policy
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Netherlands
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| Form |
Electronic book
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| Author |
International Monetary Fund. Monetary and Exchange Affairs Department, issuing body.
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| ISBN |
1283559501 |
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9781283559508 |
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1451891547 |
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9781451891546 |
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1462303676 |
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9781462303670 |
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1451998597 |
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9781451998597 |
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9786613871954 |
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6613871958 |
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9781451922585 |
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1451922582 |
| ISSN |
2227-8885 |
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