| Description |
1 online resource (48 p.) |
| Series |
IMF working paper ; WP/09/265 |
|
IMF working paper ; WP/09/265.
|
| Contents |
Cover Page; Title Page; Copyright Page; Contents; Glossary; I. Introduction; II. Description of Systemic Liquidity Easing Measures; 1. Emerging Market Countries, Liquidity Supporting Measures; 2. Composition of SLE Measures Implemented; III. On the Determinants of the Systemic Liquidity Easing Measures; 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 |
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5. Multinomial Choice: Ordered Probit Regressions for Domestic Liquidity MeasuresIV. Preliminary Assessment of the Effectiveness of the Measures; 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 |
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10. Korea: FX Reserves, Exchange Rate, Currency Volatility, and CDS Spreads11. Hungary: FX Reserves, Exchange Rate, Currency Volatility and CDS Spreads; V. Policy Issues; VI. Concluding Remarks; References; Footnotes |
| 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 reflec |
| Notes |
Description based upon print version of record |
| Bibliography |
Includes bibliographical references |
| Notes |
English |
| Subject |
Monetary policy.
|
|
Banks and banking, Central.
|
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Banks and banking, Central
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Monetary policy
|
| Form |
Electronic book
|
| Author |
International Monetary Fund.
|
| ISBN |
1451874103 |
|
9781451874105 |
|
1282844571 |
|
9781282844575 |
|
9786612844577 |
|
6612844574 |
|
1452793441 |
|
9781452793443 |
|
