By Michael D. Bordo, Barry Eichengreen
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Additional resources for A Retrospective on the Bretton Woods system
Example text
The ability of the central bank to maintain the level of excess reserves very close to that desired by the banking system as a whole will induce individual banks to use the interbank market to fulfill their specific liquidity needs. In addition, by reducing the likelihood of a large surplus or shortage of reserves through close liquidity management, the central bank will reduce volatility of interest rates. As high volatility tends to result in oneway markets, a reduction in volatility will also support further development of the interbank money market.
4 16 Dec 2009 03:21:59 a sufficient number ofWed, transactions to recover the costs of building and running the system without pricing being set at a prohibitively high level. In 30 (c) The International Bank for Reconstruction and Development / The World Bank Developing a Government Bond Market: An Overview that case, transitory subsidies to the system may be needed until transaction volume becomes sufficient. Efforts to link custody arrangements on a cross-border basis should be sought at a later stage to broaden the market base.
The trading practice of selling securities “short” through the sale of borrowed securities has been prohibited in some emerging markets. Short sales, it is argued, increase market volatility and risks. The ability to sell short, however, can also have a positive effect, by increasing market liquidity and price efficiency through the incentives of market participants with opposing views on the market to trade actively. Approval of short selling will largely depend on the assessment by the authorities of the intermediaries’ capacity to handle the extra risk involved.