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We review extant work on the transmission of monetary policy, both conventional and unconventional, of the major advanced economies to East Asia through monetary policy reactions, integrated bond markets and induced currency appreciation. We present new results on the growth of foreign currency...
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The recent financial crisis has triggered a major rethink of analytical approaches and policy towards financial stability. The crisis has encouraged a sharper focus on systemic risk, the inclusion of a financial sector in macroeconomic models, a shift from a microprudential to a macroprudential...
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the innovations in the VIX index. Aggregate liquidity can be seen as the rate of change of the aggregate balance sheet of …
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main innovation in central bank cooperation during this crisis was the emergency provision of international liquidity … of currency-specific liquidity shortages based on the BIS international banking statistics, and find a significant … swap lines in relieving currency-specific liquidity shortages, the risks that central banks run in extending swap lines and …
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