Monetary policy clearly highlights the differences, which are much more pronounced, particularly in terms of reach, because money markets are often segmented, if not under-developed, in developing countries. Insofar as the effects of monetary policy are more narrowly directed, the economic costs of reliance on monetary policy may be greater and its effectiveness lower. Open market operations are obviously a limited option in thin markets. In the past, many developing countries sought to use interest rates as a strategic instrument for guiding the allocation of scarce investible resources in a market economy.