01764cas a2200253 a 4500 AALejournalIMF014360 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484362518 1018-5941 BD-DhAAL BD-DhAAL Mohan, Rakesh. Monetary Policy Coordination and the Role of Central Banks / Rakesh Mohan, Muneesh Kapur. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (34 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 unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE central banks need to acknowledge and appreciate the spillovers resulting from such UMPs. Central banks of the AEs, who have set up standing mutual swap facilities, should explore similar arrangements with other significant EMEs with appropriate risk mitigation measures. These initiatives could do much to actually curb volatility in global financial markets and hence in capital flows to EMEs, thus obviating the need for defensive policy actions on the part of EMEs. Mode of access: Internet Kapur, Muneesh. IMF Working Papers; Working Paper ; No. 2014/070 Full text available on IMF http://elibrary.imf.org/view/journals/001/2014/070/001.2014.issue-070-en.xml IMF e-Library