Emerging Economy Responses to the Global Financial Crisis of 2007-20+L427209 : An Empirical Analysis of the Liquidity Easing Measures.

By: Yehoue, Etienne BMaterial type: TextTextSeries: IMF Working PapersPublisher: Washington : International Monetary Fund, 2009Copyright date: ©2009Description: 1 online resource (36 pages)Content type: text Media type: computer Carrier type: online resourceISBN: 9781452793443Subject(s): Banks and banking, Central | Monetary policyGenre/Form: Electronic books.Additional physical formats: Print version:: Emerging Economy Responses to the Global Financial Crisis of 2007-20+L427209 : An Empirical Analysis of the Liquidity Easing MeasuresDDC classification: 338.54201519233 LOC classification: HG230.3 -- .Y44 2009ebOnline resources: Click to View
Contents:
Intro -- Contents -- I. Introduction -- II. Description of Systemic Liquidity Easing Measures -- III. On the Determinants of the Systemic Liquidity Easing Measures -- IV. Preliminary Assessment of the Effectiveness of the Measures -- V. Policy Issues -- VI. Concluding Remarks -- Glossary -- Tables -- 1. Binomial Choice: Probit Regressions for FX Liquidity Measures -- 2. Binomial Choice: Probit Regressions for Cross-Country Swap Facilities -- 3. Binomial Choice: Probit Regressions for Domestic Liquidity Measures -- 4. Multinomial Choice: Ordered Probit Regressions for FX Liquidity Measures -- 5. Multinomial Choice: Ordered Probit Regressions for Domestic Liquidity Measures -- Figures -- 1. Emerging Market Countries, Liquidity Supporting Measures -- 2. Composition of SLE Measures Implemented -- 3. Emerging Market Asset Classes -- 4. Emerging Market External Bond Spreads -- 5. Brazil, Hungary, Korea, and Russia, Interest Rates -- 6. Russia's Foreign Exchange Reserves and Rubles per Basket -- 7. Russia, Sovereign Bond and CDS Spreads over U.S. Treasuries -- 8. Brazil's Foreign Exchange Reserves, Reais per USD, and Reais Implied Volatility -- 9. Brazil: Corporate and Sovereign Bond Spreads over U.S. Treasuries -- 10. Korea: FX Reserves, Exchange Rate, Currency Volatility, and CDS Spreads -- 11. Hungary: FX Reserves, Exchange Rate, Currency Volatility and CDS Spreads -- References.
Summary: This paper draws on a unique data set on the nontraditional systemic liquidity easing measures recently undertaken by many emerging market economies. It offers an empirical analysis of the key determinants affecting the decision to undertake these measures over the period September 2008-March 2009. The paper finds that economy size, access to international credit markets, CDS spreads, currency depreciation, and current account balances are among the key factors influencing the adoption of these measures. It provides a rationale for the differences in central bank policy responses, which reflect differences in economic structures rather than conflicting views on fundamental principles. The paper also provides a preliminary assessment of the effectiveness of these measures and points out that despite their positive impacts, they have not fully shielded the real economy from the recent financial meltdown.
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Intro -- Contents -- I. Introduction -- II. Description of Systemic Liquidity Easing Measures -- III. On the Determinants of the Systemic Liquidity Easing Measures -- IV. Preliminary Assessment of the Effectiveness of the Measures -- V. Policy Issues -- VI. Concluding Remarks -- Glossary -- Tables -- 1. Binomial Choice: Probit Regressions for FX Liquidity Measures -- 2. Binomial Choice: Probit Regressions for Cross-Country Swap Facilities -- 3. Binomial Choice: Probit Regressions for Domestic Liquidity Measures -- 4. Multinomial Choice: Ordered Probit Regressions for FX Liquidity Measures -- 5. Multinomial Choice: Ordered Probit Regressions for Domestic Liquidity Measures -- Figures -- 1. Emerging Market Countries, Liquidity Supporting Measures -- 2. Composition of SLE Measures Implemented -- 3. Emerging Market Asset Classes -- 4. Emerging Market External Bond Spreads -- 5. Brazil, Hungary, Korea, and Russia, Interest Rates -- 6. Russia's Foreign Exchange Reserves and Rubles per Basket -- 7. Russia, Sovereign Bond and CDS Spreads over U.S. Treasuries -- 8. Brazil's Foreign Exchange Reserves, Reais per USD, and Reais Implied Volatility -- 9. Brazil: Corporate and Sovereign Bond Spreads over U.S. Treasuries -- 10. Korea: FX Reserves, Exchange Rate, Currency Volatility, and CDS Spreads -- 11. Hungary: FX Reserves, Exchange Rate, Currency Volatility and CDS Spreads -- References.

This paper draws on a unique data set on the nontraditional systemic liquidity easing measures recently undertaken by many emerging market economies. It offers an empirical analysis of the key determinants affecting the decision to undertake these measures over the period September 2008-March 2009. The paper finds that economy size, access to international credit markets, CDS spreads, currency depreciation, and current account balances are among the key factors influencing the adoption of these measures. It provides a rationale for the differences in central bank policy responses, which reflect differences in economic structures rather than conflicting views on fundamental principles. The paper also provides a preliminary assessment of the effectiveness of these measures and points out that despite their positive impacts, they have not fully shielded the real economy from the recent financial meltdown.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.

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