IDEAS home Printed from https://ideas.repec.org/h/wsi/wschap/9789814280488_0013.html
   My bibliography  Save this book chapter

Liquidity Management Under Market Turmoil: Experience of the European Central Bank in the First Year of the 2007–2008 Financial Market Crisis

In: The First Credit Market Turmoil Of The 21st Century Implications for Public Policy

Author

Listed:
  • Nuno Cassola

    (European Central Bank, Germany)

  • Cornelia Holthausen

    (European Central Bank, Germany)

  • Flemming Würtz

    (European Central Bank, Germany)

Abstract

The following sections are included:IntroductionECB Liquidity Management Under Normal Market ConditionsLast day of the reserve maintenance periodBefore the last day of the reserve maintenance periodECB Liquidity Management Under Turbulent Market ConditionsAutomatic stabilizersCounterparties and size of operationsReserve requirementsEligible assetsMarginal lending facilityLiquidity managementFixed rate tenders with full allotmentThe separation principleFrontloadingNarrow corridor with large surplusLengthening the maturity structure of refinancing and the term auction facilityAn Overall Assessment of the Liquidity PolicyShort-term interest rates before and during the turmoilRecourse to standing facilitiesLimits to the current frontloading policyConclusions and Open IssuesReferences

Suggested Citation

  • Nuno Cassola & Cornelia Holthausen & Flemming Würtz, 2009. "Liquidity Management Under Market Turmoil: Experience of the European Central Bank in the First Year of the 2007–2008 Financial Market Crisis," World Scientific Book Chapters, in: Douglas D Evanoff & Philipp Hartmann & George G Kaufman (ed.), The First Credit Market Turmoil Of The 21st Century Implications for Public Policy, chapter 13, pages 195-228, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814280488_0013
    as

    Download full text from publisher

    File URL: https://www.worldscientific.com/doi/pdf/10.1142/9789814280488_0013
    Download Restriction: Ebook Access is available upon purchase.
    File URL: https://www.worldscientific.com/doi/abs/10.1142/9789814280488_0013
    Download Restriction: Ebook Access is available upon purchase.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Acharya, Viral V. & Imbierowicz, Björn & Steffen, Sascha & Teichmann, Daniel, 2020. "Does the lack of financial stability impair the transmission of monetary policy?," Journal of Financial Economics, Elsevier, vol. 138(2), pages 342-365.
    2. Projektgruppe Gemeinschaftsdiagnose, 2010. "The Recovery Continues - Considerable Risks Remain," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 63(08), pages 03-78, April.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wsi:wschap:9789814280488_0013. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tai Tone Lim (email available below). General contact details of provider: http://www.worldscientific.com/page/worldscibooks .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.