LEADER 04972oam 22010934 450 001 9910788223103321 005 20230721045705.0 010 $a1-4623-5676-1 010 $a9786612844539 010 $a1-4518-7405-7 010 $a1-282-84453-9 010 $a1-4527-8940-1 035 $a(CKB)3170000000055389 035 $a(EBL)1605980 035 $a(SSID)ssj0001476193 035 $a(PQKBManifestationID)11897472 035 $a(PQKBTitleCode)TC0001476193 035 $a(PQKBWorkID)11403174 035 $a(PQKB)11617444 035 $a(OCoLC)680613496 035 $a(MiAaPQ)EBC1605980 035 $a(IMF)WPIEE2009259 035 $a(EXLCZ)993170000000055389 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFrom Lombard Street to Avenida Paulista : $eForeign Exchange Liquidity Easing in Brazil in Response to the Global Shock of 2008?09 /$fMark Stone, W. Christopher Walker, Yosuke Yasui 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (53 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1820-8 320 $aIncludes bibliographical references. 327 $aCover 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 Volatility 327 $a4. 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; Footnotes 330 3 $aThe provision of foreign exchange liquidity by emerging market central banks during the global shock of 2008-09 departs from the domestic liquidity lender of last resort role described by Bagehot in his classic "Lombard Street." This paper documents and analyzes the foreign exchange liquidity providing measures of the Banco Central do Brasil (BCB) in response to varied market stresses. These measures appear to have reduced the relative onshore cost of dollar liquidity on impact and seemed to stabilize market expectations of exchange rate volatility. The results suggest that foreign exchange liquidity easing operations may become a standard central bank tool. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/259 606 $aForeign exchange rates$zBrazil 606 $aFutures$zBrazil 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aForeign Exchange$2imf 606 $aPortfolio Choice$2imf 606 $aInvestment Decisions$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aFinance$2imf 606 $aBanking$2imf 606 $aLiquidity$2imf 606 $aExchange rates$2imf 606 $aEmerging and frontier financial markets$2imf 606 $aEconomics$2imf 606 $aBanks and banking$2imf 606 $aFinancial services industry$2imf 607 $aUnited States$2imf 615 0$aForeign exchange rates 615 0$aFutures 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aForeign Exchange 615 7$aPortfolio Choice 615 7$aInvestment Decisions 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aCurrency 615 7$aForeign exchange 615 7$aFinance 615 7$aBanking 615 7$aLiquidity 615 7$aExchange rates 615 7$aEmerging and frontier financial markets 615 7$aEconomics 615 7$aBanks and banking 615 7$aFinancial services industry 700 $aStone$b Mark$01179411 701 $aWalker$b W. Christopher$01509572 701 $aYasui$b Yosuke$01509573 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788223103321 996 $aFrom Lombard Street to Avenida Paulista$93741535 997 $aUNINA