Unconventional Central Bank Measures for Emerging Economies

By Mark R. Stone, Etienne B Yehoue, Kotaro Ishi

October 1, 2009

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Format: Chicago

Mark R. Stone, Etienne B Yehoue, and Kotaro Ishi. Unconventional Central Bank Measures for Emerging Economies, (USA: International Monetary Fund, 2009) accessed December 21, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Banking, Domestic liquidity, Foreign exchange, Liquidity, Liquidity indicators

Keywords: Break, Central bank, Emerging economy, Emerging market, WP

Publication Details

Pages:

42
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2009/226
Stock No:

WPIEA2009226
ISBN:

9781451873733
ISSN:

1018-5941

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