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Should unconventional balance sheet policies be added to the central bank toolkit? : a review of the experience so far

Author: Mark R Stone; Kenji Fujita; Kotaro Ishi; International Monetary Fund. Monetary and Capital Markets Department,
Publisher: [Washington, D.C.] : International Monetary Fund, ©2011.
Series: IMF working paper, WP/11/145.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Database:WorldCat
Summary:
What is the case for adding the unconventional balance sheet policies used by major central banks since 2007 to the standard policy toolkit? The record so far suggests that the new liquidity providing policies in support of financial stability generally warrant inclusion. As the balance sheet policies aimed at macroeconomic stability were used only by a small number of highly credible central banks facing a lower  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Ishi, Kotaro.
Should Unconventional Balance Sheet Policies be Added to the Central Bank Toolkit? A Review of the Experience So Far.
Washington : International Monetary Fund, ©2011
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Mark R Stone; Kenji Fujita; Kotaro Ishi; International Monetary Fund. Monetary and Capital Markets Department,
ISBN: 128356971X 9781283569712 9781462302178 1462302173
OCLC Number: 748371857
Description: 1 online resource (71 pages) : illustrations.
Contents: Cover Page; Title Page; Copyright Page; Contents; Glossary; I. Introduction and Summary; 1. Unconventional Central Bank Balance Sheet Policies; II. Background; III. The Experience with Unconventional Central Bank Balance Sheet Policies; 2. Examples of Central Bank Unconventional Balance Sheet Policies; 1. Accumulated Balance Sheet Changes, Major Central Banks; 2. Maturing and Collateral Composition of Liquidity Support, Reserve Bank of Australia; 3. Liquidity Support to Domestic Funding Markets; 4. Liquidity Support to Domestic Credit Markets. 5. Maximum TED Spread and Maximum Domestic Market Support3. Terms of Funding Market and Credit Market Liquidity Support Operations; 4. Credit Risk Exposures Associated with Credit Market Liquidity Support; 6. The Maximum Amount of Bilateral Swap with the Fed; 7. Selected Central Banks, Terms of Foreign Exchange Liquidity Provision Sourced from the Federal Reserve; 8. Selected Countries, Policy Interest Rates; 9. Bond Purchases and Policy Interest Rate; 10. Holders of Public Securities; 11. Holders of Public Securities, Flows. 12. Exchange Rate, Policy Interest Rate, and Foreign Exchange PurchasesIV. Adding Balance Sheet Policies to the Standard Central Bank Toolkit; 1. Challenges and Risks Posed by Liquidity Provision; 2. Challenges and Risks from Central Bank Bond Purchases and Credit Provision; V. Implementing Balance Sheet Policies; 3. Best Practices of Central Bank Balance Sheet Policies; VI. Conclusion; I. Central Bank Liquidity Support for Individual Financial Institutions During the Recent Crisis; 13. Changes of Libor-OIS Spreads from the Eent Day; II. Unraveling Financial Risks of Bond Purchase. 14. Stylized Balance Sheet-Central Bank, Government, and Consolidated Sovereign15. Estimated Maturity of Consolidated Sovereign Debt; III. Best Practices; References; Footnotes.
Series Title: IMF working paper, WP/11/145.
Responsibility: Mark Stone, Kenji Fujita, and Kotaro Ishi.

Abstract:

What is the case for adding the unconventional balance sheet policies used by major central banks since 2007 to the standard policy toolkit? The record so far suggests that the new liquidity providing policies in support of financial stability generally warrant inclusion. As the balance sheet policies aimed at macroeconomic stability were used only by a small number of highly credible central banks facing a lower bound constraint on conventional interest rate policy, they are not relevant for most central banks or states of the world. Best practices of these policies are documented in this paper.

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