Financial Crisis, Capital Outflows and Monetary Policy Responses: Simple Analytics with Reference to East Asia

2009 ◽  
pp. 110-133
Author(s):  
Ramkishen S. Rajan
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
East Asia ◽  
Policy Responses ◽  
Capital Outflows

HOW CBN CONFRONTED THE MELTDOWN: THE GLOBAL FINANCIAL CRISIS AND THE CENTRAL BANK OF NIGERIA’S RESPONSE

2017 ◽  
Vol 62 (01) ◽  
pp. 147-161
Author(s):  
EMRE OZSOZ ◽  
MUSTAPHA AKINKUNMI ◽  
ISMAIL CAGRI AY ◽  
ADEMOLA BAMIDELE
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Central Bank ◽  
Global Financial Crisis ◽  
Large Population ◽  
Reserve Requirement ◽  
Policy Responses ◽  
Positive Growth ◽  
Discount Window ◽  
The Global Financial Crisis

This paper provides an analysis of policy responses to the Global Financial Crisis by the Central Bank of Nigeria (CBN). Given its unique position as a major commodity exporter with a large population, Nigerian authorities utilized a mixture of policies including reductions in the monetary policy rate and capital reserve requirement, lending through the expanded discount window, money market interbank transactions guaranty and limitations on deposit money banks’ (DMBs) foreign exchange net open positions. CBN also rolled over margin loans that were extended to equity investors. As a result the country weathered the financial crisis with limited damage and recorded positive growth rates between 2008 and 2010.

scholarly journals Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870–2008

2012 ◽  
Vol 102 (2) ◽  
pp. 1029-1061 ◽  
Author(s):  
Moritz Schularick ◽  
Alan M Taylor
Keyword(s):  
Twentieth Century ◽  
Monetary Policy ◽  
Financial Crisis ◽  
Financial Crises ◽  
Powerful Predictor ◽  
Credit Growth ◽  
Credit Booms ◽  
Policy Responses ◽  
Long Run ◽  
Macroeconomic Indicators

The financial crisis has refocused attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the years 1870–2008. Total credit has increased strongly relative to output and money in the second half of the twentieth century. Monetary policy responses to financial crises have also been more aggressive, but the output costs of crises have remained large. Credit growth is a powerful predictor of financial crises, suggesting that policymakers ignore credit at their peril. JEL: E32, E44, E52, G01, N10, N20

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