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Central bank response to the 2007-08 financial market turbulence : experiences and lessons drawn

Author: Alexandre Chailloux; International Monetary Fund. Monetary and Capital Markets Department.
Publisher: Washington, D.C. : International Monetary Fund, ©2008.
Series: IMF working paper, WP/08/210.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
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 include (i) rapid liquidity provision to a broad range of counterparties; (ii) a congruence of collateral policies with  Read more...
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Additional Physical Format: Print version:
Chailloux, Alexandre.
Central bank response to the 2007-08 financial market turbulence.
Washington, D.C. : International Monetary Fund, Monetary and Capital Markets Dept., 2008
(OCoLC)253180750
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Alexandre Chailloux; International Monetary Fund. Monetary and Capital Markets Department.
OCLC Number: 467272688
Notes: "September 2008."
At head of title: Monetary and Capital Markets Department.
Description: 1 online resource (52 pages) : color illustrations.
Series Title: IMF working paper, WP/08/210.
Responsibility: Alexandre Chailloux [and others].

Abstract:

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 include (i) rapid liquidity provision to a broad range of counterparties; (ii) a congruence of collateral policies with market developments; (iii) an ability to increase the average maturity of liquidity provision; and (iv) central bank cooperation to facilitate the use of cross-border collateral. Flexible use of open market operations was needed to avoid the stigma associated with traditional standing facilities, and allowed central banks to maintain at least basic market functioning. Having a flexible framework, however, requires careful consideration of the desirable limits to market intervention.

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