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Liquidity Management Under Market Turmoil: Experience of the European Central Bank in the First Year of the 2007–2008 Financial Market Crisis

In: The First Credit Market Turmoil Of The 21st Century Implications for Public Policy

Author

Listed:
  • Nuno Cassola

    (European Central Bank, Germany)

  • Cornelia Holthausen

    (European Central Bank, Germany)

  • Flemming Würtz

    (European Central Bank, Germany)

Abstract

The following sections are included:IntroductionECB Liquidity Management Under Normal Market ConditionsLast day of the reserve maintenance periodBefore the last day of the reserve maintenance periodECB Liquidity Management Under Turbulent Market ConditionsAutomatic stabilizersCounterparties and size of operationsReserve requirementsEligible assetsMarginal lending facilityLiquidity managementFixed rate tenders with full allotmentThe separation principleFrontloadingNarrow corridor with large surplusLengthening the maturity structure of refinancing and the term auction facilityAn Overall Assessment of the Liquidity PolicyShort-term interest rates before and during the turmoilRecourse to standing facilitiesLimits to the current frontloading policyConclusions and Open IssuesReferences

Suggested Citation

  • Nuno Cassola & Cornelia Holthausen & Flemming Würtz, 2009. "Liquidity Management Under Market Turmoil: Experience of the European Central Bank in the First Year of the 2007–2008 Financial Market Crisis," World Scientific Book Chapters, in: Douglas D Evanoff & Philipp Hartmann & George G Kaufman (ed.), The First Credit Market Turmoil Of The 21st Century Implications for Public Policy, chapter 13, pages 195-228, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814280488_0013
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    Cited by:

    1. Acharya, Viral V. & Imbierowicz, Björn & Steffen, Sascha & Teichmann, Daniel, 2020. "Does the lack of financial stability impair the transmission of monetary policy?," Journal of Financial Economics, Elsevier, vol. 138(2), pages 342-365.
    2. Projektgruppe Gemeinschaftsdiagnose, 2010. "Gemeinschaftsdiagnose Frühjahr 2010: Erholung setzt sich fort – Risiken bleiben groß," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 63(08), pages 03-78, April.

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