The paper attempts to explore and compare a number of key developments in monetary management in selected advanced economies with Thailand. It starts off with (i) a simple model of central banking followed by (ii) a brief history of developments in monetary policy implementation both in terms of market structural changes and central banks reactions to them. It then provides (iii) the literature review of monetary transmission mechanisms in the context of micro-macro links of monetary operations leading up to the question of (iv) whether Thailands open market operation mechanisms have been effective. Finally utilising both the international experiences as well as a recent report by an IMF mission the paper attempts to draw some practical solutions on ways to develop and prepare the system for the future.
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