From Lombard Street to Avenida Paulista.

The provision of foreign exchange liquidity by emerging market central banks during the global shock of 2008-09 departs from the domestic liquidity lender of last resort role described by Bagehot in his classic ""Lombard Street."" This paper documents and analyzes the foreign exc...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Stone, Mark R.
Otros Autores: Walker, W. Christopher, Yasui, Yosuke
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Washington : International Monetary Fund, 2009.
Colección:IMF Working Papers.
Temas:
Foreign exchange rates > Brazil.
Futures > Brazil.
Taux de change > Brésil.
Marchés à terme > Brésil.
Foreign exchange rates
Futures
Brazil
Acceso en línea:Texto completo
Descripción
Sumario:The provision of foreign exchange liquidity by emerging market central banks during the global shock of 2008-09 departs from the domestic liquidity lender of last resort role described by Bagehot in his classic ""Lombard Street."" This paper documents and analyzes the foreign exchange liquidity providing measures of the Banco Central do Brasil (BCB) in response to varied market stresses. These measures appear to have reduced the relative onshore cost of dollar liquidity on impact and seemed to stabilize market expectations of exchange rate volatility. The results suggest that foreign exchange.
Descripción Física:1 online resource (53 pages)
ISBN:9781452789408
1452789401

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