How Emerging European Economies Found a New Monetary Policy Tool

By William Lindquist, Nadeem Ilahi, and Jaewoo LeeIMF European Department   Amid the financial market turmoil at the start of the pandemic, central banks in Croatia, Hungary, Poland, Romania, Serbia, and Turkey rolled out asset purchase programs (APPs), buying up local currency bonds issued by governments but also by the private sector in the case of ...

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