LEADER 05466oam 22010334 450 001 9910827453503321 005 20240402044839.0 010 $a1-4623-0530-X 010 $a1-4518-7410-3 010 $a1-282-84457-1 010 $a9786612844577 010 $a1-4527-9344-1 035 $a(CKB)3170000000055395 035 $a(EBL)1605988 035 $a(SSID)ssj0000949426 035 $a(PQKBManifestationID)11958265 035 $a(PQKBTitleCode)TC0000949426 035 $a(PQKBWorkID)10998153 035 $a(PQKB)11465638 035 $a(OCoLC)671571359 035 $a(MiAaPQ)EBC1605988 035 $a(IMF)WPIEE2009265 035 $a(EXLCZ)993170000000055395 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aEmerging Economy Responses to the Global Financial Crisis of 2007?09 - An Empirical Analysis of the Liquidity Easing Measures /$fEtienne Yehoue 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (48 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1826-7 320 $aIncludes bibliographical references. 327 $aCover Page; Title Page; Copyright Page; Contents; Glossary; I. Introduction; II. Description of Systemic Liquidity Easing Measures; 1. Emerging Market Countries, Liquidity Supporting Measures; 2. Composition of SLE Measures Implemented; III. On the Determinants of the Systemic Liquidity Easing Measures; 1. Binomial Choice: Probit Regressions for FX Liquidity Measures; 2. Binomial Choice: Probit Regressions for Cross-Country Swap Facilities; 3. Binomial Choice: Probit Regressions for Domestic Liquidity Measures; 4. Multinomial Choice: Ordered Probit Regressions for FX Liquidity Measures 327 $a5. Multinomial Choice: Ordered Probit Regressions for Domestic Liquidity MeasuresIV. Preliminary Assessment of the Effectiveness of the Measures; 3. Emerging Market Asset Classes; 4. Emerging Market External Bond Spreads; 5. Brazil, Hungary, Korea, and Russia, Interest Rates; 6. Russia's Foreign Exchange Reserves and Rubles per Basket; 7. Russia, Sovereign Bond and CDS Spreads over U.S. Treasuries; 8. Brazil's Foreign Exchange Reserves, Reais per USD, and Reais Implied Volatility; 9. Brazil: Corporate and Sovereign Bond Spreads over U.S. Treasuries 327 $a10. Korea: FX Reserves, Exchange Rate, Currency Volatility, and CDS Spreads11. Hungary: FX Reserves, Exchange Rate, Currency Volatility and CDS Spreads; V. Policy Issues; VI. Concluding Remarks; References; Footnotes 330 3 $aThis paper draws on a unique data set on the nontraditional systemic liquidity easing measures recently undertaken by many emerging market economies. It offers an empirical analysis of the key determinants affecting the decision to undertake these measures over the period September 2008-March 2009. The paper finds that economy size, access to international credit markets, CDS spreads, currency depreciation, and current account balances are among the key factors influencing the adoption of these measures. It provides a rationale for the differences in central bank policy responses, which reflect differences in economic structures rather than conflicting views on fundamental principles. The paper also provides a preliminary assessment of the effectiveness of these measures and points out that despite their positive impacts, they have not fully shielded the real economy from the recent financial meltdown. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/265 606 $aMonetary policy 606 $aBanks and banking, Central 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aForeign Exchange$2imf 606 $aPortfolio Choice$2imf 606 $aInvestment Decisions$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aFinance$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aInternational economics$2imf 606 $aLiquidity indicators$2imf 606 $aDomestic liquidity$2imf 606 $aExchange rates$2imf 606 $aExternal debt$2imf 606 $aLiquidity$2imf 606 $aEconomics$2imf 606 $aDebts, External$2imf 607 $aUnited States$2imf 615 0$aMonetary policy. 615 0$aBanks and banking, Central. 615 7$aExports and Imports 615 7$aFinance: General 615 7$aForeign Exchange 615 7$aPortfolio Choice 615 7$aInvestment Decisions 615 7$aInternational Lending and Debt Problems 615 7$aFinance 615 7$aCurrency 615 7$aForeign exchange 615 7$aInternational economics 615 7$aLiquidity indicators 615 7$aDomestic liquidity 615 7$aExchange rates 615 7$aExternal debt 615 7$aLiquidity 615 7$aEconomics 615 7$aDebts, External 676 $a338.54201519233 700 $aYehoue$b Etienne$01160516 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910827453503321 996 $aEmerging Economy Responses to the Global Financial Crisis of 2007?09 - An Empirical Analysis of the Liquidity Easing Measures$94079530 997 $aUNINA