LEADER 07253oam 22013454 450 001 9910960621403321 005 20250426110120.0 010 $a9786612841613 010 $a9781462388080 010 $a1462388086 010 $a9781452725871 010 $a145272587X 010 $a9781282841611 010 $a1282841610 010 $a9781451870688 010 $a145187068X 035 $a(CKB)3170000000055114 035 $a(EBL)1608025 035 $a(SSID)ssj0000943991 035 $a(PQKBManifestationID)11524000 035 $a(PQKBTitleCode)TC0000943991 035 $a(PQKBWorkID)10982752 035 $a(PQKB)10755095 035 $a(OCoLC)467272688 035 $a(IMF)WPIEE2008210 035 $a(MiAaPQ)EBC1608025 035 $a(IMF)WPIEA2008210 035 $aWPIEA2008210 035 $a(EXLCZ)993170000000055114 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCentral Bank Response to the 2007?08 Financial Market Turbulence : $eExperiences and Lessons Drawn /$fPeter Stella, Seiichi Shimizu, Simon Gray, Ulrich Klueh, Alexandre Chailloux 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (54 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/210 300 $aDescription based upon print version of record. 311 08$a9781451915211 311 08$a1451915217 320 $aIncludes bibliographical references. 327 $aContents; Glossary; Executive Summary; I. General Considerations; II. Uncertainties; A. Market Demand for Liquidity; B. Functioning of Liquidity Distribution Networks; C. Collateral: Adverse Selection and Gresham's Law; Figures; 1. Composition of Collateral-Federal Reserve; 2. Eligible Collateral by Asset Type, (LH) and Collateral Used (RH); 3. Composition of Collateral Used for Temporary Operations-Bank of Japan; D. Maturity Structure of Liquidity Demand; III. Analysis of Recent Developments; A. Liquidity Management; 4. Eurosystem Daily and Average Reserve Holdings 327 $aB. Distribution Networks and CounterpartiesBoxes; 1. Reserve Flexibility Through Target Bands in the United Kingdom; Tables; 1. Counterparty Arrangements; 2. Initial Participation in the Federal Reserve's Term Auction Facility; 2. The Term Auction Facility; C. Collateral; 3. European Central Bank Weekly Main Refinancing Operation Marginal Rate vs. Coincident Market Rates Before and After the Crisis; 4. Federal Reserve Bank Open Market Operations Collateral; D. Term Operations and Monetary Policy; 5. Total Domestic Portfolio; 6. A Structure of Overall Liquidity Provision by Type of Operation 327 $a7. Bank of England OMOs: Monthly Average Amount Outstanding Central Bank Repos (2007-2008)8. Term of Reserve Bank of Australia Repos 2007; 3. Changes in the Monetary Policy Stance since July 2007; E. Instruments "Stigma"; F. Cross-border Liquidity Provision: Does the Cross-Border Market Matter?; 9. U.S. Dollar Short-term Rates; 10. Spread Between Morning Rate and Federal Reserve Funds Target Rate; 11. Spread Between Federal Reserve Funds Effective Rate and Morning Rate; G. Innovations: Asset-based Operations (TSLF and SLS) and the PDCF; 5. Term Liquidity Bidders; IV. Exit Strategies 327 $aV. ConclusionsA. Liquidity Management; B. Distribution Networks and Counterparties; C. Collateral; D. Term Operations and Monetary Policy; E. Stigma; F. Cross-border Liquidity; 13. Three-Month LIBOR to Overnight Index Swap Spreads; Appendixes; I. Chronology of Central Banks' Response to Financial Turmoil During 2007-08; 14. United States: Selected Federal Reserve Policy Actions and Term Funding Stress; 15. European Central Bank Main Refinancing Rate vs. Eurepo One Week and Euribor One Week; II. Detailed Chronology of Measures Taken by Central Banks; Reference 330 3 $aThe paper reviews the policy response of major central banks during the 2007?08 financial market turbulence and suggests that there is scope for convergence among central bank operational frameworks through the adoption of those elements that proved most instrumental in calming markets. These include (i) rapid liquidity provision to a broad range of counterparties; (ii) a congruence of collateral policies with market developments; (iii) an ability to increase the average maturity of liquidity provision; and (iv) central bank cooperation to facilitate the use of cross-border collateral. Flexible use of open market operations was needed to avoid the stigma associated with traditional standing facilities, and allowed central banks to maintain at least basic market functioning. Having a flexible framework, however, requires careful consideration of the desirable limits to market intervention. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/210 606 $aBanks and banking, Central 606 $aMonetary policy 606 $aFinancial crises 606 $aBanking$2imf 606 $aBanks and Banking$2imf 606 $aBanks and banking$2imf 606 $aBanks$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aCollateral$2imf 606 $aDepository Institutions$2imf 606 $aEconomics$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aIndustries: Financial Services$2imf 606 $aInvestment Decisions$2imf 606 $aLiquidity$2imf 606 $aLoans$2imf 606 $aMicro Finance Institutions$2imf 606 $aMonetary economics$2imf 606 $aMonetary Policy$2imf 606 $aMonetary policy$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMortgages$2imf 606 $aOpen market operations$2imf 606 $aPortfolio Choice$2imf 606 $aStanding facilities$2imf 607 $aUnited States$2imf 615 0$aBanks and banking, Central. 615 0$aMonetary policy. 615 0$aFinancial crises. 615 7$aBanking 615 7$aBanks and Banking 615 7$aBanks and banking 615 7$aBanks 615 7$aCentral Banks and Their Policies 615 7$aCollateral 615 7$aDepository Institutions 615 7$aEconomics 615 7$aFinance 615 7$aFinance: General 615 7$aIndustries: Financial Services 615 7$aInvestment Decisions 615 7$aLiquidity 615 7$aLoans 615 7$aMicro Finance Institutions 615 7$aMonetary economics 615 7$aMonetary Policy 615 7$aMonetary policy 615 7$aMoney and Monetary Policy 615 7$aMortgages 615 7$aOpen market operations 615 7$aPortfolio Choice 615 7$aStanding facilities 676 $a332.11 700 $aStella$b Peter$01815759 701 $aChailloux$b Alexandre$01815760 701 $aGray$b Simon$0166176 701 $aKlueh$b Ulrich$01815761 701 $aShimizu$b Seiichi$01815762 801 0$bDcWaIMF 906 $aBOOK 912 $a9910960621403321 996 $aCentral Bank Response to the 2007?08 Financial Market Turbulence$94371266 997 $aUNINA