Research Discussion Papers, Bank of Finland
No 20/2010:
Central bank liquidity operations during the financial market and economic crisis: observations, thoughts and questions
Pentti Pikkarainen ()
Abstract: The paper concentrates on illustrating and assessing
central banks’ liquidity operations during the crisis that started in
August 2007. In addition to the ECB, the central banks of Sweden,
Switzerland, the United Kingdom, Australia, Japan, Canada and the United
States are analyzed. During the crisis the liquidity operations of central
banks have converged. In many cases, central bank balance sheets have
undergone extremely strong growth. The actions by central banks raise a
number of questions concerning exit from the measures taken, the impact of
the measures, central banks’ risks and their governance structure.
Keywords: central banks; liquidity operations; balance sheets; (follow links to similar papers)
JEL-Codes: E32; E52; E58; G01; (follow links to similar papers)
36 pages, December 22, 2010
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