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现代金融市场的完善为市场经济注入了强大的润滑剂，而金融市场的基础在于货币市场的成熟。该论文为我们介绍了现代货币体系在市场经济中如何运行，以及如何通过金融政策为市场自由体系服务。
ABSTRACT
Monetary operations refer to the implementation of monetary policy – ensuring that the policy decision
has the intended impact on financial markets, and on the economy more generally. Under this broad
umbrella, the monetary authorities need to decide which specific targets to aim at, and which policy
instruments should be used. For most countries the final long-term monetary target of the central bank
is low and stable inflation. For operational purposes, however, the day-to-day tactical target is usually
to achieve a particular level of interest rates or the exchange rate.
In market economies it is widely held that in the long run the most efficient instruments of monetary
policy (the operational levers) are those which best complement the workings of a market system. This
is why indirect market-based instruments – using the central bank’s balance sheet - are preferred to
direct (administrative) controls. The latter may work for a while, but tend to distort markets and are
open to evasion. This handbook examines the various different indirect instruments: (i) open market
operations (OMOs); (ii) standing facilities (SFs); and (iii) both required reserve (RRs, which have some
of the characteristics of direct controls) and voluntary or contractual reserves. Open market operations
are undertaken at the initiative of the central bank whereas standing facilities are used at the initiative of
the commercial banks. Participation in both is voluntary at the level of individual banks, whereas in
most countries reserve requirements are an administrative imposition on all banks - albeit one which,
through averaging, allows them a degree of day-to-day flexibility.
Monetary instruments are not only used to implement monetary policy; they are also used for liquidity
management. This is an essential part of the central bank’s operations, in order to prevent the short-term
uncertainty and price volatility which day-to-day swings in market liquidity would otherwise cause.
A certain amount of detail is given about current practice in countries, not to be prescriptive but to give
some impression of the varying balance of instruments in the monetary policy framework of different
countries. Since monetary operations are continuously evolving, some of the detail described herein as
current practice may become out of date, but the general principles and analysis remain valid.
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