05218oam 22012014 450 991097121660332120250426110712.0978661284453997814623567681462356761978145187405114518740579781282844537128284453997814527894081452789401(CKB)3170000000055389(EBL)1605980(SSID)ssj0001476193(PQKBManifestationID)11897472(PQKBTitleCode)TC0001476193(PQKBWorkID)11403174(PQKB)11617444(OCoLC)680613496(IMF)WPIEE2009259(MiAaPQ)EBC1605980(IMF)WPIEA2009259WPIEA2009259(EXLCZ)99317000000005538920020129d2009 uf 0engur|n|---|||||txtccrFrom Lombard Street to Avenida Paulista : Foreign Exchange Liquidity Easing in Brazil in Response to the Global Shock of 2008–09 /Mark Stone, W. Christopher Walker, Yosuke Yasui1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (53 p.)IMF Working PapersDescription based upon print version of record.9781451918205 1451918208 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 liquidity easing operations may become a standard central bank tool.IMF Working Papers; Working Paper ;No. 2009/259Foreign exchange ratesBrazilFuturesBrazilBankingimfBanks and BankingimfBanks and bankingimfBanksimfCurrencyimfDepository InstitutionsimfEconomicsimfEmerging and frontier financial marketsimfExchange ratesimfFinanceimfFinance: GeneralimfFinancial services industryimfForeign ExchangeimfForeign exchangeimfGeneral Financial Markets: General (includes Measurement and Data)imfInvestment DecisionsimfLiquidityimfMicro Finance InstitutionsimfMortgagesimfPortfolio ChoiceimfUnited StatesimfForeign exchange ratesFuturesBankingBanks and BankingBanks and bankingBanksCurrencyDepository InstitutionsEconomicsEmerging and frontier financial marketsExchange ratesFinanceFinance: GeneralFinancial services industryForeign ExchangeForeign exchangeGeneral Financial Markets: General (includes Measurement and Data)Investment DecisionsLiquidityMicro Finance InstitutionsMortgagesPortfolio Choice338.291237Stone Mark1179411Walker W. Christopher1816037Yasui Yosuke1816038International Monetary Fund.DcWaIMFBOOK9910971216603321From Lombard Street to Avenida Paulista4371680UNINA