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The collapse of Lehman Brothers in September 2008 led to a severe liquidity crisis in Hungary, which is part of the … European Union but does not use the euro. Hungary’s banking system was vulnerable to short-term liquidity withdrawals by … 2010. The ECB converted half of the MNB’s repo facility into a swap facility in January 2010. A Bank for International …
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This paper examines spillover and spillback effects of unconventional monetary policies conducted by the European Central Bank (ECB) and Swiss National Bank (SNB) on the exchange rate's distribution. The empirical setup examines the price response of EURCHF risk reversal to a change in ECB and...
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