Emerging Economy Responses to the Global Financial Crisis of 2007-09

This paper draws on a unique data set on the nontraditional systemic liquidity easing measures recently undertaken by many emerging market economies. It offers an empirical analysis of the key determinants affecting the decision to undertake these measures over the period September 2008-March 2009. The paper finds that economy size, access to international credit markets, CDS spreads, currency depreciation, and current account balances are among the key factors influencing the adoption of these measures. It provides a rationale for the differences in central bank policy responses, which reflec

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Year of publication:	2009
Authors:	Yehoue, Etienne B.
Publisher:	Washington : International Monetary Fund
Subject:	Finanzkrise \| Financial crisis \| Schwellenländer \| Emerging economies \| Welt \| World \| Internationaler Finanzmarkt \| International financial market \| Wirtschaftskrise \| Economic crisis \| Wirtschaftspolitik \| Economic policy

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Extent:	Online-Ressource (48 p)
Series:	IMF Working Papers ; v.Working Paper No. 09/265 IMF working paper ; WP/09/265
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record Cover Page; Title Page; Copyright Page; Contents; Glossary; I. Introduction; II. Description of Systemic Liquidity Easing Measures; 1. Emerging Market Countries, Liquidity Supporting Measures; 2. Composition of SLE Measures Implemented; III. On the Determinants of the Systemic Liquidity Easing Measures; 1. Binomial Choice: Probit Regressions for FX Liquidity Measures; 2. Binomial Choice: Probit Regressions for Cross-Country Swap Facilities; 3. Binomial Choice: Probit Regressions for Domestic Liquidity Measures; 4. Multinomial Choice: Ordered Probit Regressions for FX Liquidity Measures 5. Multinomial Choice: Ordered Probit Regressions for Domestic Liquidity MeasuresIV. Preliminary Assessment of the Effectiveness of the Measures; 3. Emerging Market Asset Classes; 4. Emerging Market External Bond Spreads; 5. Brazil, Hungary, Korea, and Russia, Interest Rates; 6. Russia's Foreign Exchange Reserves and Rubles per Basket; 7. Russia, Sovereign Bond and CDS Spreads over U.S. Treasuries; 8. Brazil's Foreign Exchange Reserves, Reais per USD, and Reais Implied Volatility; 9. Brazil: Corporate and Sovereign Bond Spreads over U.S. Treasuries 10. Korea: FX Reserves, Exchange Rate, Currency Volatility, and CDS Spreads11. Hungary: FX Reserves, Exchange Rate, Currency Volatility and CDS Spreads; V. Policy Issues; VI. Concluding Remarks; References; Footnotes
ISBN:	978-1-4518-7410-5 ; 978-1-4527-9344-3 ; 978-1-4518-7410-5
Source:	ECONIS - Online Catalogue of the ZBW

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