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MartaKaraś
Asmuchas53%ofthestudiedcountriesengagedinnewformsofinterna-
tionalcooperation.Asthesemeasuresareaninternallyheterogeneouselement
ofstudiedphenomenon,itwasdecidedthattheyshouldbeexcludedfromthis
analysis.Thereasoningisthattheyareverydifferentinnaturefromdomestic
liquiditymeasures,andalsoreasonsfortheirapplicationarequiteunlikethose
forapplicationofdomesticliquiditytools.Thereforethefollowinganalysis
considersonlytheinstrumentswhichbelongattheright-sideofthetaxonomy
proposedbytheauthorofthispaper.
Duringthecrisismanycentralbanksusedtraditionaltoolstomostoftheir
capacity,forinstancetheychangedthereferenceinterestratesasmuchas796
timesandtheminimumreserverequirements142times7.AsIshi,Stoneand
Yehouereport,advancedeconomiesloosenedtheirpoliciesusingconventional
toolsearlyinthecrisisandswitchedtounconventionalmeasuresafterthefail-
ureofLehmanBrothers:"TheadventofglobalfinancialstressledtheFederal
Reservetoreducethecostandextendthetermofaccesstoitsprimarycredit
facilityinAugustandlowerthetargetfederalfundsrateinSeptember2007.
TheEuropeanCentralBankandtheBankofEnglandfollowedsuitinsubse-
quentmonths”8.
Abitdifferentwasthecaseforemergingmarketswhichwereraisingtheir
policyinterestratesuntilthefourthquarterof2008,afterwhichtheyutili-
zedunconventionalmeasuresdirectly.AsHabermeierandothersargue,itwas
becausebeforethecrisisemergingmarketeconomieswerestrugglingwith
excessivecapitalinflowandinflationarypressures9.
Aswecanseeintheproposedtaxonomy,amongunconventionalliquidity
measureswecanfind:
–systemicliquidityarrangements,
–newtypesofdirectinstrumentsinmonetarymarkets,
–securitiesliquidityprovision,
–quantitativeeasingmeasures,
–domesticcrediteasingmeasures.
Systemicliquidityarrangementswereaimedatinjectingliquidityintothe
financialsystemwhenconventionalmonetarytransmissionchannelswere
blocked.Thiswasdonebyrelaxingofcollateralrequirements,increasingthe
accesstocentralbankliquidityfacilitiesandlengtheningofthetermoffed-
eralliquidityinstruments.Directinstrumentsinmoneymarketswerealsoin-
7
M.Karaś:Op.cit.
8K.Ishi,M.Stone,E.B.Yehoue:Op.cit.,p.11.
9
K.F.Habermeier,J.Ötker,L.J.Jácome,A.Giustiniani,K.Ishi,D.Vávra,T.Kisinbay,F.F.Vázques:
InflationPressuresandMonetaryPolicyOptionsinEmergingandDevelopingCountries–aCrossRe-
gionalPerspective.IMF,WorkingPaperNo.09/1,January,2009.
