 | Should Unconventional Balance Sheet Policies be Added to the Central Bank Toolkit? A Review of the Experience So Far Author/Editor: Mark R. Stone, Kotaro Ishi, Kenji Fujita. Release Date:June, 2011 What is the case for adding the unconventional balance sheet policies used by major central banks since 2007 to the standard policy toolkit? The record so far suggests that the new liquidity more...
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 | The Role of the Exchange Rate in Inflation-Targeting Emerging Economies Author/Editor: Turgut Kisinbay, Seiichi Shimizu, Anna Nordstrom, Jorge Restrepo, Scott Roger, Mark R. Stone. Release Date:November, 2009 This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the current episode of financial turmoil and more...
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 | From Lombard Street to Avenida Paulista: Foreign Exchange Liquidity Easing in Brazil in Response to the Global Shock of 2008-09 Author/Editor: W. Christopher Walker, Yosuke Yasui, Mark R. Stone. Release Date:November, 2009 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 more...
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 | Unconventional Central Bank Measures for Emerging Economies Author/Editor: Etienne B. Yehoue, Kotaro Ishi, Mark R. Stone. Release Date:October, 2009 Unconventional central bank measures are playing a key policy role for many advanced economies in the 2007-09 global crisis. Are they playing a similar role for emerging economies? Emerging economies more...
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 | Developing Essential Financial Markets in Smaller Economies: Stylized Facts and Policy Options Author/Editor: Seiichi Shimizu, Anna Nordstrom, Hervé J Ferhani, Mark R. Stone. Release Date:December, 2008 This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes more...
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 | On Target? The International Experience with Achieving Inflation Targets Author/Editor: Scott Roger, Mark R. Stone . Release Date:August, 2005 This paper examines the international experience with full-fledged inflation targeting monetary regimes. Stylized facts are brought together from a review of the institutional elements of inflation more...
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 | A Post-Reflation Monetary Framework for Japan Author/Editor: Charles Frederick Kramer, Mark R. Stone. Release Date:April, 2005 Modifications to Japan's monetary policy framework will be needed as positive inflation resumes because the current monetary regime and operations are tailored to ending deflation. The paper suggests more...
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 | A New Taxonomy of Monetary Regimes Author/Editor: Ashok Bhundia, Mark R. Stone. Release Date:October, 2004 This paper proposes a new taxonomy of monetary regimes defined by the choice and clarity of the nominal anchor. The regimes are as follows: (i) monetary nonautonomy, (ii) weak anchor, (iii) money more...
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 | Corporate Financial Structure and Financial Stability Author/Editor: Mark R. Stone, E. P. Davis. Release Date:July, 2004 This paper uses flow-of-funds and balance sheet data to analyze the impact of financial crises on corporate financing and GDP in a range of countries. Post-crisis GDP contractions are mainly more...
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 | Challenges to Central Banking from Globalized Financial Systems Author/Editor: Andrea Schaechter, Mark R. Stone, Piero Ugolini. Release Date:March, 2004 Increasing global financial market integration is presenting new challenges to central banks as they seek to attain low inflation and financial stability. This volume is based on a conference hosted more...
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