Central Bank Response to the 2007-08 Financial Market Turbulence: Experiences and Lessons Drawn
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 includ...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2008
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 08/210 |
| Schlagworte: | |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | Includes bibliographical references |
| Beschreibung: | 1 Online-Ressource (52 p) |
| ISBN: | 145187068X 9781451870688 |
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| 245 | 1 | 0 | |a Central Bank Response to the 2007-08 Financial Market Turbulence |b Experiences and Lessons Drawn |c Stella, Peter |
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| index_date | 2024-07-03T20:13:26Z |
| indexdate | 2024-07-10T09:35:34Z |
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| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| physical | 1 Online-Ressource (52 p) |
| psigel | ZDB-1-IMF |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Stella, Peter Verfasser aut Central Bank Response to the 2007-08 Financial Market Turbulence Experiences and Lessons Drawn Stella, Peter Washington, D.C International Monetary Fund 2008 1 Online-Ressource (52 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 08/210 Includes bibliographical references 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 Online-Ausg Banks and banking, Central Financial crises Monetary policy Electronic books Chailloux, Alexandre Sonstige oth Gray, Simon Sonstige oth Klueh, Ulrich H. Sonstige oth Shimizu, Seiichi Sonstige oth http://elibrary.imf.org/view/IMF001/09593-9781451870688/09593-9781451870688/09593-9781451870688.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Stella, Peter Central Bank Response to the 2007-08 Financial Market Turbulence Experiences and Lessons Drawn Banks and banking, Central Financial crises Monetary policy |
| title | Central Bank Response to the 2007-08 Financial Market Turbulence Experiences and Lessons Drawn |
| title_auth | Central Bank Response to the 2007-08 Financial Market Turbulence Experiences and Lessons Drawn |
| title_exact_search | Central Bank Response to the 2007-08 Financial Market Turbulence Experiences and Lessons Drawn |
| title_exact_search_txtP | Central Bank Response to the 2007-08 Financial Market Turbulence Experiences and Lessons Drawn |
| title_full | Central Bank Response to the 2007-08 Financial Market Turbulence Experiences and Lessons Drawn Stella, Peter |
| title_fullStr | Central Bank Response to the 2007-08 Financial Market Turbulence Experiences and Lessons Drawn Stella, Peter |
| title_full_unstemmed | Central Bank Response to the 2007-08 Financial Market Turbulence Experiences and Lessons Drawn Stella, Peter |
| title_short | Central Bank Response to the 2007-08 Financial Market Turbulence |
| title_sort | central bank response to the 2007 08 financial market turbulence experiences and lessons drawn |
| title_sub | Experiences and Lessons Drawn |
| topic | Banks and banking, Central Financial crises Monetary policy |
| topic_facet | Banks and banking, Central Financial crises Monetary policy |
| url | http://elibrary.imf.org/view/IMF001/09593-9781451870688/09593-9781451870688/09593-9781451870688.xml |
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