Departmental Papers

Asset Purchases and Direct Financing: Guiding Principles for Emerging Markets and Developing Economies during COVID-19 and Beyond

ByTobias Adrian, Christopher J. Erceg, Simon T Gray, Ratna Sahay

October 11, 2021

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Format: Chicago

Tobias Adrian, Christopher J. Erceg, Simon T Gray, and Ratna Sahay. "Asset Purchases and Direct Financing: Guiding Principles for Emerging Markets and Developing Economies during COVID-19 and Beyond", Departmental Papers 2021, 023 (2021), accessed 12/4/2025, https://doi.org/10.5089/9781513594101.087

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Disclaimer: The views expressed herein are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

Many central banks in emerging market and developing economies have used asset purchases to reduce financial stresses during the COVID crisis, and some are doing so to provide macroeconomic stimulus.

Subject: Asset and liability management, Central bank balance sheet, Central bank policy rate, Central banks, Financial services, Financial statements, Inflation, Price stabilization, Prices, Public financial management (PFM)

Keywords: Asset purchases, central bank asset, Central bank balance sheet, Central bank policy rate, Direct Financing, Emerging Markets, Financial statements, Fiscal Dominance, Global, government financing pressure, IMF library, Inflation, overdraft finance, Price stabilization, purchase program

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