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Monetarypolicyfacingglobalfinancialcrisis:unconventionalmeasures
49
ItcomesasnosurprisethattheUnitedStatesofAmericaweremostactive
(69changes):thecrisisstrucktherewithmostofitsimpact.EstoniaandBos-
nia&Herzegovinaareexamplesofforeignexchangeregimes,thereforethere
wasmuchlesspossibilitytoexpandtheirframeworks.By2010basicallyall
thebanksintroducednewelementsintotheirframeworks.Thisalonesuggests
thatmonetarypolicyframeworksfunctioningbeforethecrisiswerenotsuffi-
cienttoconducteffectiveanti-crisismonetarypolicy.
2.Newarrangementsforliquidityprovision
Inordertobetterunderstandtheunconventionalmeasurestakenbymone-
taryauthoritiesitseemsnecessarytointroduceataxonomyofthosearrange-
ments.SuchtaxonomieshavebeenprovidedforinstancebyBernanke4andby
BiniSmaghi5.Howeverthosepropositionsconsiderdevelopedeconomiesonly.
Astheinvestigatedsampledealswithbothadvancedandemergingmarkets,
amorespecifictaxonomyisindispensable.Ishi,StoneandYehoue6propose
ataxonomyforemergingmarkets,whichwithlittlemodificationisalso
adequatefortheadvancedeconomies,thusforthewholesample.Majormodifi-
cationintroducedbytheauthorhereconsidersageneraldistinctionbetween
actionsthatdidanddidnotinvolveinternationalcooperation.Theproposed
taxonomyisillustratedbyFigure2.
Fig.2.Unconventionalmonetarypolicymeasures
4
B.C.Bernanke:Op.cit.
5
L.BiniSmaghi:ConventionalandUnconventionalMonetaryPolicy.KeynoteLectureattheIn-
ternationalCenterforMonetaryandBankingStudies(ICMB),Genewa,April2009,http://www.ecb.int/
press/key/date/2009/html/sp09428.en.html.
6
K.Ishi,M.Stone,E.B.Yehoue:UnconventionalCentralBankMeasuresforEntergingEconomies.
IMFWorkingPaperNo.09/226,2009.
