Central banks' financing of governments warranted in some cases, says IMF paper

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An International Monetary Fund paper published on January 18 says there is merit in allowing central banks in developing countries to provide short-term financing to governments facing seasonal fluctuations and illiquid capital markets.

Luis Ignacio Jácome, Marcela Matamoros-Indorf, Mrinalini Sharma and Simon Baker Townsend, the paper's authors, use a central bank legislation database to document and analyse worldwide institutional arrangements for central bank lending to the government

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