00893nam a2200097Ia 450000500170000010000210001724500450003826000090008352006840009258300190077620260716043339.0  aWORRELL, Delisle  aMonetary policy in small open economies.  c1996  aIdentifies three objectives a central bank in a small open economy may address with monetary policies : to improve a weak or deteriorating balance of payments current account, to reverse excess money creation through central bank lending to government and to contain too rapid a build up of net foreign assets by the private sector.  Looks at the instruments available to the central bank to achieve its objectives.  Concludes that the only objective that may be pursued with monetary policy in a small open economy is to avoid or reverse short-term capital outflow other than one which is precipitated by exchange rate uncertainty or speculative attack on the domestic currency.  c3/7/00kM2LMGR