03436nam 2200625Ia 450 991046370720332120170822131309.01-4623-5676-197866128445391-4518-7405-71-282-84453-91-4527-8940-1(CKB)3170000000055389(EBL)1605980(SSID)ssj0001476193(PQKBManifestationID)11897472(PQKBTitleCode)TC0001476193(PQKBWorkID)11403174(PQKB)11617444(OCoLC)680613496(MiAaPQ)EBC1605980(EXLCZ)99317000000005538920100902d2009 uf 0engur|n|---|||||txtccrFrom Lombard Street to Avenida Paulista[electronic resource] foreign exchange liquidity easing in Brazil in response to the global shock of 2008-09 /Mark R. Stone, W. Christopher Walker, and Yosuke Yasui[Washington, D.C.] International Monetary Fund20091 online resource (53 p.)IMF working paper ;WP/09/259Description based upon print version of record.1-4519-1820-8 Includes bibliographical references.Cover Page; Title Page; Copyright Page; Contents; I. Introduction; 1. Medium and Large Emerging Market Economies, Number of Central Bank Foreign Exchange Liquidity Easing Measures, 2008-09; II. Background for Brazil; 1. Brazil-Exchange Rate level and Volatility During the Crisis; 2. Cupom Cambial and LIBOR; III. Policy Context; IV. Empirical Analysis; 2. Estimates of the Effect of the BCB's Announcements and Interventions on the Spot Rate15; 3. Estimates of the Effect of the BCB's Announcements and Interventions on the Implied Volatility4. Estimates of the Effect of the BCB's Announcements and Interventions on Basis SpreadV. Closing Thoughts; 1. Cupom Cambial and Basis Spreads; 2. Foreign Exchange Measures of the Banco Central do Brasil, September 2008-May 2009; 3. Quotes from Lombard Street; 4. Data Description; 5. Unit Root Tests; References; FootnotesThe provision of foreign exchange liquidity by emerging market central banks during the global shock of 2008-09 departs from the domestic liquidity lender of last resort role described by Bagehot in his classic ""Lombard Street."" This paper documents and analyzes the foreign exchange liquidity providing measures of the Banco Central do Brasil (BCB) in response to varied market stresses. These measures appear to have reduced the relative onshore cost of dollar liquidity on impact and seemed to stabilize market expectations of exchange rate volatility. The results suggest that foreign exchange IMF working paper ;WP/09/259.Foreign exchange ratesBrazilFuturesBrazilElectronic books.Foreign exchange ratesFuturesStone Mark R(Mark Richard)119344Walker W. Christopher991979Yasui Yosuke991980International Monetary Fund.MiAaPQMiAaPQMiAaPQBOOK9910463707203321From Lombard Street to Avenida Paulista2270333UNINA