Rediscount Policy and Official Capital Flows: A Study of Monetary Control in Central America in the 1950s
分析1950年代哥斯达黎加、萨尔瓦多和尼加拉瓜的中央银行对主要出口作物进行季节性农业票据再贴现，导致外汇储备相应季节性变动，表明在货币控制薄弱的环境下，官方资本流动替代了私人资本流动。
A WIDE RANGE OF EMPIRICAL STUDIES HAVE RECENTLY questioned the ability of monetary authorities to exercise monetary control in the sense that they cannot divorce their foreign exchange market intervention operations from their control of domestic money supplies. ' This paper will analyze the policy implications of this large literature on monetary control in the context of institutional constraints typically found in developing countries. In particular, it will investigate the balance of payments implications of central bank financing of major export crops. It will show that, in Costa Rica, E1 Salvador, and Nicaragua in the 1950s, the central banks' rediscounting of seasonal agricultural paper caused correspondingly seasonal foreign exchange reserve movements; the central banks' policy of liberally extending seasonal agricultural credit, in the environment where they had little monetary control, meant that official capital flows substituted for private capital flows. The predominant tool of monetary policy in most developing countries takes the form of rediscount of notes and securities, owing to the absence of well-developed financial institutions.2 Additionally, such rediscounting is often done in connection