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Market Liquidity Programs
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Yale Program on Financial Stability
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Working Document - Updates in Progress
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Purpose: This document provides an overview of Market Liquidity Programs. It highlights programs that were extended, modified, or created in response to the 2007-2009 Global Financial Crisis (GFC) and recently due to the COVID-19 outbreak. It also provides a list of interesting features and relevant evaluations a policymaker should pay special attention to when designing such a program.
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BLOG POST: Central Banks Introduce Programs to Improve Liquidity in Key Markets
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For a discussion of the Market Liquidity based on this resource guide, please see the linked blog post, which highlights key design decisions.
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Tab 1: Programs
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High-level overviews of programs are summarized by country, with specific attention paid to extension/expansion of existing programs and additional programs. Supporting documentation is provided.
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Tab 2: Interesting Features
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Interesting design features of programs from Tab 1 are listed and categorized by type of design decision. Categories include eligiblity, facility design, and pricing, among others. Yellow highlighting indicates that the specific feature warrants caution, and the reason for caution is provided.
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Tab 3: Evalutions
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Compiles key takeaways from evaluations of specific programs. Evaluations include those related to program usage, such as official reports, or evaluations of the effectiveness of the program.
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Tab 4: General Resources
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A repository for relevant or general information published by institutions such as national central banks, individual governments, and Fitch. Other documents are added as identified.
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For questions about this document, please contact: ypfs@yale.edu
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