Stone, Mark R.
Unconventional Central Bank Measures for Emerging Economies. - 1 online resource (44 pages) - IMF Working Papers . - IMF Working Papers .
Intro -- Contents -- I. Introduction -- II. A Taxonomy Of Unconventional Measures -- III. The Use of Unconventional Measures in Emerging Economies -- IV. Differences in the Use of Unconventional Measures Between Emerging Economies and Advanced Countries -- V. Effectiveness of Unconventional Measures for Emerging Economies -- VI. Closing Thoughts -- Tables -- 1. Central Bank Conventional and Unconventional Measures -- 2. Emerging Market Country Coverage -- 3. Number of Measures Implemented-September 2008 to May 2009 -- 4. Examples of Unconventional Measures -- 5. Regression Results -- 6. Nominal Anchors and Incidence of Measures -- 7. Indicators of International Financial Market Integration and the Incidence of Foreign Exchange Easing -- 8. United States, Brazil, and Korea: Cost of Local Dollar Financing -- Figures -- 1. Emerging Market Countries: Unconventional Measures and GDP -- 2. Monetary Policy Rates, June 2007-June 2009 -- 3. Cumulative Counts of Conventional and Unconventional Measures, June 2007-June -- 4. Emerging Market Countries: Three-month LIBOR-OIS Spread and Onshore Dollar Interest Rates, January 2008-April 2009 -- 5. Emerging Economies: Foreign Exchange Pressures and Net Private Capital Flows -- 6. Central Bank Assets at Constant Price, January 2007-June 2009/ -- 7. TED Spreads -- 8. Real GDP Growth -- 9. Growth of Real Credit to the Private Sector -- 10. Inflation -- 11. The Ratio of Credit to the Private Sector to the Reserve Money, Q1 2006-Q1 2009 -- 12. Long-term Local Currency Ratings -- References -- Annex 1. Central Bank Conventional Measures.
Unconventional central bank measures are playing a key policy role for many advanced economies in the 2007-09 global crisis. Are they playing a similar role for emerging economies? Emerging economies have widely used unconventional foreign exchange and domestic short-term liquidity easing measures. Their use of credit easing and quantitative easing measures has been much more limited. Thus, unconventional measures are much less important for emerging economies compared to advanced economies in achieving broader macroeconomic objectives. The difference can be attributed to the relatively limited financial stress in emerging economies, their external vulnerabilities and their limited scope for quasifiscal activities.
9781452716763
Financial crises.
Monetary policy.
Electronic books.
HG230.3 -- .I84 2009eb
339.5 339.53
Unconventional Central Bank Measures for Emerging Economies. - 1 online resource (44 pages) - IMF Working Papers . - IMF Working Papers .
Intro -- Contents -- I. Introduction -- II. A Taxonomy Of Unconventional Measures -- III. The Use of Unconventional Measures in Emerging Economies -- IV. Differences in the Use of Unconventional Measures Between Emerging Economies and Advanced Countries -- V. Effectiveness of Unconventional Measures for Emerging Economies -- VI. Closing Thoughts -- Tables -- 1. Central Bank Conventional and Unconventional Measures -- 2. Emerging Market Country Coverage -- 3. Number of Measures Implemented-September 2008 to May 2009 -- 4. Examples of Unconventional Measures -- 5. Regression Results -- 6. Nominal Anchors and Incidence of Measures -- 7. Indicators of International Financial Market Integration and the Incidence of Foreign Exchange Easing -- 8. United States, Brazil, and Korea: Cost of Local Dollar Financing -- Figures -- 1. Emerging Market Countries: Unconventional Measures and GDP -- 2. Monetary Policy Rates, June 2007-June 2009 -- 3. Cumulative Counts of Conventional and Unconventional Measures, June 2007-June -- 4. Emerging Market Countries: Three-month LIBOR-OIS Spread and Onshore Dollar Interest Rates, January 2008-April 2009 -- 5. Emerging Economies: Foreign Exchange Pressures and Net Private Capital Flows -- 6. Central Bank Assets at Constant Price, January 2007-June 2009/ -- 7. TED Spreads -- 8. Real GDP Growth -- 9. Growth of Real Credit to the Private Sector -- 10. Inflation -- 11. The Ratio of Credit to the Private Sector to the Reserve Money, Q1 2006-Q1 2009 -- 12. Long-term Local Currency Ratings -- References -- Annex 1. Central Bank Conventional Measures.
Unconventional central bank measures are playing a key policy role for many advanced economies in the 2007-09 global crisis. Are they playing a similar role for emerging economies? Emerging economies have widely used unconventional foreign exchange and domestic short-term liquidity easing measures. Their use of credit easing and quantitative easing measures has been much more limited. Thus, unconventional measures are much less important for emerging economies compared to advanced economies in achieving broader macroeconomic objectives. The difference can be attributed to the relatively limited financial stress in emerging economies, their external vulnerabilities and their limited scope for quasifiscal activities.
9781452716763
Financial crises.
Monetary policy.
Electronic books.
HG230.3 -- .I84 2009eb
339.5 339.53