Usoskin Valentin
Anti-Crisis Policies of Central Banks in 2007 - 2014: Objectives, Peculiarities and Results
Publication Type:

ISSN 0130-3090

During the financial crisis of 2007-2009 world central banks provided liquidity on unprecedented scale to support their financial systems by way of making short-term loans through discount window and purchasing securities in the open market. Due to exceptional severity of the crisis and the danger of disruption of important segments of the money market central banks changed their traditional approach to the use of monetary policy tools, expanded liquidity facilities for depository institutions, launched new programs to support other financial intermediaries and engaged in direct purchases of private assets and government securities. This article reviews causes and special features of the crisis, central bank measures to provide liquidity and changes in banking sector after acute phase of the crisis has finished. 

Keywords: money market | monetary policy |

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