Schnabl, Gunther; Schobert, Franziska - Wirtschaftswissenschafltiche Fakultät, Universität Leipzig - 2007
countries (creditor central banks) and the liquidity absorbing central banks of emerging market economies (debtor central banks …). Many debtor central banks provide liquidity through foreign exchange intervention in reaction to foreign exchange inflows … partly absorbed through sterilization operations. The paper finds that most MENA countries are debtor central banks due to a …
