From Lombard Street to Avenida Paulista : Foreign Exchange Liquidity Easing in Brazil in Response to the Global Shock of 2008-09 »
Series: IMF Working Papers
Author(s): Mark Stone , W. Christopher Walker , and Yosuke Yasui
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 November 2009
Keywords: exchange rate intervention, swaps, implied volatility, foreign exchange, foreign exchange liquidity, exchange rate, foreign exchange market, spot exchange rate,
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 his classic "Lo...