LEADER 05400oam 22010814 450 001 9910788224703321 005 20230721045717.0 010 $a1-4623-6585-X 010 $a1-4527-1676-5 010 $a1-282-84428-8 010 $a9786612844287 010 $a1-4518-7373-5 035 $a(CKB)3170000000055373 035 $a(EBL)1608852 035 $a(SSID)ssj0001488159 035 $a(PQKBManifestationID)11872780 035 $a(PQKBTitleCode)TC0001488159 035 $a(PQKBWorkID)11431489 035 $a(PQKB)11733826 035 $a(OCoLC)680613665 035 $a(MiAaPQ)EBC1608852 035 $a(IMF)WPIEE2009226 035 $a(EXLCZ)993170000000055373 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aUnconventional Central Bank Measures for Emerging Economies /$fMark Stone, Etienne Yehoue, Kotaro Ishi 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (63 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1791-0 320 $aIncludes bibliographical references. 327 $aCover 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 Measures 327 $a7. 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 Flows 327 $a6. 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; Footnotes 330 3 $aUnconventional central bank measures are playing a key policy role for many advanced economies in the 2007-09 global crisis. Are they playing a similar role for emerging economies? Emerging economies have widely used unconventional foreign exchange and domestic short-term liquidity easing measures. Their use of credit easing and quantitative easing measures has been much more limited. Thus, unconventional measures are much less important for emerging economies compared to advanced economies in achieving broader macroeconomic objectives. The difference can be attributed to the relatively limited financial stress in emerging economies, their external vulnerabilities and their limited scope for quasifiscal activities. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/226 606 $aMonetary policy 606 $aFinancial crises 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 $aFinance$2imf 606 $aBanking$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aDomestic liquidity$2imf 606 $aLiquidity$2imf 606 $aLiquidity indicators$2imf 606 $aEconomics$2imf 606 $aBanks and banking$2imf 607 $aBrazil$2imf 615 0$aMonetary policy. 615 0$aFinancial crises. 615 7$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$aFinance 615 7$aBanking 615 7$aCurrency 615 7$aForeign exchange 615 7$aDomestic liquidity 615 7$aLiquidity 615 7$aLiquidity indicators 615 7$aEconomics 615 7$aBanks and banking 676 $a339.5 676 $a339.53 700 $aStone$b Mark$01179411 701 $aYehoue$b Etienne$01160516 701 $aIshi$b Kotaro$01493460 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788224703321 996 $aUnconventional Central Bank Measures for Emerging Economies$93741551 997 $aUNINA