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Unconventional Central Bank Measures for Emerging Economies

  • Mark R. Stone
  • Etienne B. Yehoue
  • Kotaro Ishi

Unconventional 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.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/226.

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Length: 42
Date of creation: 01 Oct 2009
Date of revision:
Handle: RePEc:imf:imfwpa:09/226
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  1. Selva Demiralp & Erhan Artuc, 2009. "Provision of Liquidity through the Primary Credit Facility during the Financial Crisis: A Structural Analysis," 2009 Meeting Papers 215, Society for Economic Dynamics.
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  13. Mark R. Stone & W. Christopher Walker & Yosuke Yasui, 2009. "From Lombard Street to Avenida Paulista: Foreign Exchange Liquidity Easing in Brazil in Response to the Global Shock of 2008–09," IMF Working Papers 09/259, International Monetary Fund.
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