Schnabl, Gunther; Schobert, Franziska - Volkswirtschaftliche Fakultät, … - 2007
countries (creditor central banks) and the liquidity absorb-ing 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 coun-tries are debtor central banks due to a …