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Central bank operations in response to the financial turmoil

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  • Bank for International Settlements

Abstract

The credit market turmoil that began in mid-2007 spilled over into a number of major currency money markets in early August 2007. This in turn triggered a variety of responses from central banks. Against this backdrop, the Committee on the Global Financial System (CGFS), in cooperation with the Markets Committee, convened a study group to examine how central banks adapted their liquidity operations in response to the emergence of money market tensions and how effective those responses were. Under the chairmanship of Francesco Papadia of the European Central Bank, the study group documented in this report the various central bank measures taken, assessed their outcomes, and set out seven recommendations for central bank liquidity operations. This report reflects the study group's experience and assessment up to end-April 2008, at which time market tensions were still persisting.

Suggested Citation

  • Bank for International Settlements, 2008. "Central bank operations in response to the financial turmoil," CGFS Papers, Bank for International Settlements, number 31, december.
    • Handle: RePEc:bis:biscgf:31
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    Cited by:

    1. Mr. Marc C Dobler & Mr. Simon T Gray & Diarmuid Murphy & Bozena Radzewicz-Bak, 2016. "The Lender of Last Resort Function after the Global Financial Crisis," IMF Working Papers 2016/010, International Monetary Fund.
    2. Linda S. Goldberg & Craig Kennedy & Jason Miu, 2011. "Central bank dollar swap lines and overseas dollar funding costs," Economic Policy Review, Federal Reserve Bank of New York, vol. 17(May), pages 3-20.
    3. Financial Markets Department, 2009. "Central Bank Responses to the Money Market Turmoil Stemming from Subprime Woes: Review of the Initial Phase from August 2007 until July 2008," Bank of Japan Research Papers 2009-03-27, Bank of Japan.
    4. Christos V. Gortsos, 2011. "European Financial Integration: Economic Aspects, the Existing Legal Framework and the Way Ahead," Chapters, in: Miroslav N. Jovanović (ed.), International Handbook on the Economics of Integration, Volume II, chapter 18, Edward Elgar Publishing.
    5. Andrew Filardo & Jason George & Mico Loretan & Guonan Ma & Anella Munro & Ilhyock Shim & Philip Wooldridge & James Yetman & Haibin Zhu, 2010. "The international financial crisis: timeline, impact and policy responses in Asia and the Pacific," BIS Papers chapters, in: Bank for International Settlements (ed.), The international financial crisis and policy challenges in Asia and the Pacific, volume 52, pages 21-82, Bank for International Settlements.
    6. Lin, Justin Yifu & Fardoust, Shahrokh & Rosenblatt, David, 2012. "Reform of the international monetary system : a jagged history and uncertain prospects," Policy Research Working Paper Series 6070, The World Bank.
    7. Baba, Naohiko & Packer, Frank, 2009. "From turmoil to crisis: Dislocations in the FX swap market before and after the failure of Lehman Brothers," Journal of International Money and Finance, Elsevier, vol. 28(8), pages 1350-1374, December.
    8. Peter Hördahl & Michael R King, 2008. "Developments in repo markets during the financial turmoil," BIS Quarterly Review, Bank for International Settlements, December.
    9. Neda Popovska Kanmar, 2008. "Government And Central Bank Measures In Time Of Financial Crisis," Journal Articles, Center For Economic Analyses, pages 57-67, December.

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