05619oam 22011774 450 991096119210332120250426110128.097866128442879781462365852146236585X978145271676314527167659781282844285128284428897814518737331451873735(CKB)3170000000055373(EBL)1608852(SSID)ssj0001488159(PQKBManifestationID)11872780(PQKBTitleCode)TC0001488159(PQKBWorkID)11431489(PQKB)11733826(OCoLC)680613665(IMF)WPIEE2009226(MiAaPQ)EBC1608852(IMF)WPIEA2009226WPIEA2009226(EXLCZ)99317000000005537320020129d2009 uf 0engurcn|||||||||txtccrUnconventional Central Bank Measures for Emerging Economies /Mark Stone, Etienne Yehoue, Kotaro Ishi1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (63 p.)IMF Working PapersDescription based upon print version of record.9781451917918 1451917910 Includes bibliographical references.Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. A Taxonomy Of Unconventional Measures; 1. Central Bank Conventional and Unconventional Measures; III. The Use of Unconventional Measures in Emerging Economies; 2. Emerging Market Country Coverage; 3. Number of Measures Implemented-September 2008 to May 2009; 4. Examples of Unconventional Measures; 1. Emerging Market Countries: Unconventional Measures and GDP; 5. Regression Results; 6. Nominal Anchors and Incidence of Measures7. Indicators of International Financial Market Integration and the Incidence of Foreign Exchange Easing IV. Differences in the Use of Unconventional Measures Between Emerging Economies and Advanced Countries; 2. Monetary Policy Rates, June 2007-June 2009; 3. Cumulative Counts of Conventional and Unconventional Measures, June 2007-June 2009; 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 Flows6. 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; V. Effectiveness of Unconventional Measures for Emerging Economies; 8. United States, Brazil, and Korea: Cost of Local Dollar Financing; VI. Closing Thoughts; Annex 1. Central Bank Conventional Measures; References; FootnotesUnconventional 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.IMF Working Papers; Working Paper ;No. 2009/226Monetary policyFinancial crisesBankingimfBanks and BankingimfBanks and bankingimfBanksimfCurrencyimfDepository InstitutionsimfDomestic liquidityimfEconomicsimfFinanceimfFinance: GeneralimfForeign ExchangeimfForeign exchangeimfInvestment DecisionsimfLiquidity indicatorsimfLiquidityimfMicro Finance InstitutionsimfMortgagesimfPortfolio ChoiceimfBrazilimfMonetary policy.Financial crises.BankingBanks and BankingBanks and bankingBanksCurrencyDepository InstitutionsDomestic liquidityEconomicsFinanceFinance: GeneralForeign ExchangeForeign exchangeInvestment DecisionsLiquidity indicatorsLiquidityMicro Finance InstitutionsMortgagesPortfolio Choice339.5339.53Stone Mark1179411Ishi Kotaro1815647Yehoue Etienne1160516International Monetary Fund.DcWaIMFBOOK9910961192103321Unconventional Central Bank Measures for Emerging Economies4371114UNINA