01875cas a2200265 a 4500 AALejournalIMF006153 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451874051 1018-5941 BD-DhAAL BD-DhAAL Stone, Mark. From Lombard Street to Avenida Paulista : Foreign Exchange Liquidity Easing in Brazil in Response to the Global Shock of 2008-09 / Mark Stone, W. Christopher Walker, Yosuke Yasui. Washington, D.C. : International Monetary Fund, 2009. 1 online resource (35 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The provision of foreign exchange liquidity by emerging market central banks during the global shock of 2008-09 departs from the domestic liquidity lender of last resort role described by Bagehot in his classic "Lombard Street." This paper documents and analyzes the foreign exchange liquidity providing measures of the Banco Central do Brasil (BCB) in response to varied market stresses. These measures appear to have reduced the relative onshore cost of dollar liquidity on impact and seemed to stabilize market expectations of exchange rate volatility. The results suggest that foreign exchange liquidity easing operations may become a standard central bank tool. Mode of access: Internet Walker, W. Christopher. Yasui, Yosuke. IMF Working Papers; Working Paper ; No. 2009/259 Full text available on IMF http://elibrary.imf.org/view/journals/001/2009/259/001.2009.issue-259-en.xml IMF e-Library