Intro -- Contents -- I. INTRODUCTION -- II. THE MODEL -- III. PARTIAL AND GENERAL EQUILIBRIUM EFFECTS OF FOREIGN AID AND MACROECONOMIC POLICY -- IV. THE OPTIMAL TIMING OF AID AND MACROECONOMIC POLICY -- V. THE EFFECTIVENESS OF MACROECONOMIC POLICIES IN AID-RECEIVING COUNTRIES -- VI. CONCLUSIONS...

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...