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The Effectiveness of Central Bank Interventions During the First Phase of the Subprime Crisis

Hesse, Heiko - 2009

This paper provides evidence that central bank interventions had a statistically significant impact on easing stress in unsecured interbank markets during the first phase of the subprime crisis which began in July 2007. Extraordinary liquidity provisions, such as the Term Auction Facility by the...

Persistent link: https://www.econbiz.de/10012677877

The ECB's Future Monetary Policy Operational Framework: Corridor or Floor?

Brandão-Marques, Luis - 2024

This paper reviews the trade-offs involved in the choice of the ECB's monetary policy operational framework. As long as the ECB's supply of reserves remains well in excess of the banks' demand, the ECB will likely continue to employ a floor system for implementing the target interest rate in...

Persistent link: https://www.econbiz.de/10015058579

Monetary Policy Implementation

Buzeneca, Inese - 2007

Since the early 1990s, the IMF has been advising countries to shift to the use of indirect instruments for executing monetary policy. This paper provides information about a monetary policy instruments database, maintained by the Monetary and Capital Markets Department of the IMF. We offer an...

Persistent link: https://www.econbiz.de/10012677850

What Drives the POLONIA Spread in Poland?

Lu, Yinqiu - International Monetary Fund (IMF) - 2012

Since the start of the 2008 - 09 financial crisis, the Polish Overnight Index Average (POLONIA) has persistently been …. In this regard, this paper analyzes the behavior of the POLONIA spread and explore several potential factors that could … influence the spread. An empirical analysis confirms that the negative POLONIA spread is related to a few factors, which include …

Persistent link: https://www.econbiz.de/10011142119

Central Bank Response to the 2007-08 Financial Market Turbulence : Experiences and Lessons Drawn

Stella, Peter - 2008

The 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...

Persistent link: https://www.econbiz.de/10014409061

Financial Stability Frameworks and the Role of Central Banks

Nier, Erlend - 2009

This paper sets out general principles for the design of financial stability frameworks, starting from an analysis of the objectives and tools of financial regulation. The paper then offers a comprehensive analysis of the costs and benefits of the two main models that have emerged for modern...

Persistent link: https://www.econbiz.de/10012677753

Central Bank Response to the 2007-08 Financial Market Turbulence

Stella, Peter - 2008

Persistent link: https://www.econbiz.de/10012678161

Central Banks Casting a Global Financial Safety Net : What Drives the Supply of Bilateral Swaps?

Koosakul, Jakree - 2024

The expansion of bilateral swap arrangements (BSAs) since the Global Financial Crisis has led to a substantial reconfiguration of the Global Financial Safety Net (GFSN). This paper examines the drivers of BSA supply using a novel dataset on all publicly documented BSAs. It finds that countries...

Persistent link: https://www.econbiz.de/10015058481

Quasi-Fiscal Implications of Central Bank Crisis Interventions

Hooley, John - 2023

We develop a stylized balance sheet framework to help identify 'quasi-fiscal' components of central bank crisis interventions and show how sources of fiscal risk are created from both the new claims and how they are funded. Combining central bank balance sheet data with survey evidence from...

Persistent link: https://www.econbiz.de/10015059397

Monetary Policy in Hybrid Regimes: The Case of Kazakhstan

Epstein, Natan P.; Portillo, Rafael - International Monetary Fund (IMF) - 2014

This paper analyzes the monetary policy framework in Kazakhstan. The authorities have been successful in containing inflation in the context of a managed exchange rate regime. Over the past two years, the central bank has taken steps to enhance its ability to regulate liquidity in the financial...

Persistent link: https://www.econbiz.de/10011142107