“This work provides an overview of monetary policy operating procedures in emerging market economies. Most of the discussion reflects the situation in mid-1998. The emphasis is on general principles although in practice country-specific factors condition actual procedures. Yet there has been a certain convergence in monetary policy instruments and procedures in recent years, not only in industrial countries but also in most emerging market economies. Major forces for change have been the rapid development and deepening of a variety of financial markets and instruments, the diversification of financial institutions and the globalisation of intermediation.” Read more.