Unconventional Central Bank Measures for Emerging Economies

43 Pages Posted: 26 Oct 2009

See all articles by Etienne B. Yehoue

Etienne B. Yehoue

International Monetary Fund (IMF)

Mark Stone

International Monetary Fund (IMF)

Kotaro Ishi

International Monetary Fund (IMF)

Date Written: October 2009

Abstract

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.

Keywords: Central bank policy, Currency swaps, Emerging markets, Financial crisis, Foreign exchange, Liquidity management, Monetary policy, Reserve requirements, Risk management

Suggested Citation

Yehoue, Etienne Baba and Stone, Mark and Ishi, Kotaro, Unconventional Central Bank Measures for Emerging Economies (October 2009). IMF Working Paper No. 09/226, Available at SSRN: https://ssrn.com/abstract=1493543

Etienne Baba Yehoue (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Mark Stone

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Kotaro Ishi

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Do you have negative results from your research you’d like to share?

Paper statistics

Downloads
326
Abstract Views
1,253
Rank
169,453
PlumX Metrics