In the process, their policy responses became more synchronised with global efforts (Mohanty, 2011)5. While both developed economies and EMEs resorted to conventional and unconventional monetary measures, there were certain differences in terms of their timing, types and magnitudes.
First, while in the advanced economies the switchover was from conventional monetary tools to unconventional measures due to policy rates approaching zero, in many EMEs, unconventional foreign exchange easing and domestic liquidity augmenting measures  5  Mohanty, Deepak (2011), “Lessons for Monetary Policy from the Global Financial Crisis: An Emerging Market Perspective”, RBI Bulletin, April.