LEADER 06716oam 22012374 450 001 9910812314903321 005 20240402051741.0 010 $a1-4623-3053-3 010 $a1-4527-5308-3 010 $a9786612844102 010 $a1-282-84410-5 010 $a1-4518-7351-4 035 $a(CKB)3170000000055350 035 $a(EBL)1608831 035 $a(SSID)ssj0001477340 035 $a(PQKBManifestationID)11870393 035 $a(PQKBTitleCode)TC0001477340 035 $a(PQKBWorkID)11449876 035 $a(PQKB)11661572 035 $a(OCoLC)469983835 035 $a(MiAaPQ)EBC1608831 035 $a(IMF)WPIEE2009204 035 $a(EXLCZ)993170000000055350 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aHow to Stop a Herd of Running Bears? Market Response to Policy Initiatives during the Global Financial Crisis 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (80 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1773-2 320 $aIncludes bibliographical references. 327 $aCover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Measuring Financial Sector Distress and Policy Initiatives; A. The Libor-OIS Spread; 1 The 3-month Libor-OIS Spreads in Levels and First Differences, in the United States, United Kingdom, Euro Area and Japan, January 1, 2007-March 31, 2009; B. Crisis Timeline; C. Policy Announcements; 1. Classification of Policy Measures; 2. Number of Front-Page Policy Announcements, June 1, 2007-March 31, 2009; 2. Cumulative Number of Front-Page Policy Announcements, June 1, 2007-March 31, 2009; III. Event Study Methodology 327 $a3. Impact of Policy Announcements on the Libor-OIS Spread, June 1, 2007-March 31, 2009IV. Impact of Policy Announcements on Interbank Credit and Liquidity Risk; A. Analysis on a Pooled Sample; Graphical Analysis; 4. Frequency Plots for the Pooled Sample of Announcements; 5. Time Profile of the Response of the Libor-OIS Spread to Policy Announcements; Statistical Analysis; 6. Magnitude and Statistical Significance of the Libor-OIS Spread Response to Policy Announcements (Pooled Sample); 3. Statistical Tests on a Pooled Sample for Alternative Event Windows and Measures of Surprise 327 $a4. Statistical Tests on a Pooled Sample for Alternative Measures of Financial Risk5. Characteristics and Impact of Financial Sector Policy Measures; B. Robustness Checks; C. Country-Specific Results; Graphical Analysis; 7. Impact of Domestic and Foreign Policy Announcements on the Libor-OIS Spread, June 1, 2007-March 31, 2009; Statistical Analysis; 8. Magnitude and Statistical Significance of the Libor-OIS Spread Response to Domestic and Foreign Policy Announcements (by Country) 327 $a9. Magnitude and Statistical Significance of the Libor-OIS Spread Response to Domestic and Foreign Policy Inaction and Ad Hoc Bank Bailouts (by Country)6. Statistical Significance of Foreign Policy Announcments on the Libor-OIS Spreads; V. Conclusion; Appendix I. Statistical Tests; References; Footnotes 330 3 $aThis paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan during the recent crisis on interbank credit and liquidity risk premia. Announcements of interest rate cuts, liquidity support, liability guarantees, and recapitalization were associated with a reduction of interbank risk premia, albeit to a different degree during the subprime and global phases of the crisis. Decisions not to reduce interest rates and bail out individual banks in an ad hoc manner had adverse repercussions, both domestically and abroad. The results are robust to controlling for the surprise content of announcements and using alternative measures of financial distress. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/204 606 $aGlobal Financial Crisis, 2008-2009 606 $aRecessions 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aFinancing Policy$2imf 606 $aFinancial Risk and Risk Management$2imf 606 $aCapital and Ownership Structure$2imf 606 $aValue of Firms$2imf 606 $aGoodwill$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aGeneral Financial Markets: Government Policy and Regulation$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aFinancial services law & regulation$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aFinance$2imf 606 $aBanking$2imf 606 $aBank bailouts$2imf 606 $aLiquidity risk$2imf 606 $aCredit risk$2imf 606 $aFinancial sector policy$2imf 606 $aFinancial risk management$2imf 606 $aCrisis management$2imf 606 $aFinancial services industry$2imf 606 $aBanks and banking$2imf 607 $aUnited States$2imf 615 0$aGlobal Financial Crisis, 2008-2009. 615 0$aRecessions. 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aFinancing Policy 615 7$aFinancial Risk and Risk Management 615 7$aCapital and Ownership Structure 615 7$aValue of Firms 615 7$aGoodwill 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aGeneral Financial Markets: Government Policy and Regulation 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aFinancial services law & regulation 615 7$aEconomic & financial crises & disasters 615 7$aFinance 615 7$aBanking 615 7$aBank bailouts 615 7$aLiquidity risk 615 7$aCredit risk 615 7$aFinancial sector policy 615 7$aFinancial risk management 615 7$aCrisis management 615 7$aFinancial services industry 615 7$aBanks and banking 676 $a330.9 676 $a330.90511 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910812314903321 996 $aHow to Stop a Herd of Running Bears? Market Response to Policy Initiatives during the Global Financial Crisis$93944846 997 $aUNINA