Central bank instruments to deal with the effects of the crisis on emerging market economies

摘要: The bankruptcy of Lehman Brothers on 15 September 2008 was accompanied by disruptions in financing to emerging market economies (EMEs), as reflected the sharp declines cross-border financing, increases sovereign spreads and pressures foreign exchange domestic financial markets. Policymakers EMEs responded these developments increasing currency or liquidity. They used a variety tools, including central bank operations money markets, establishment facilities, guarantees, changes regulations, reserve requirements policy rates. This paper discusses some well their characteristics effectiveness. It concludes briefly reviewing what banks have learned about instruments at disposal dealing with crisis.