While both developed economies and EMEs resorted to unconventional monetary measures, there were differences in terms of their timing, types and magnitudes. First, in the advanced economies, the switchover was from conventional monetary tools to unconventional measures due to policy rates reaching zero or nearing zero.
In contrast, in many EMEs, unconventional foreign exchange easing measures such as currency swap  BIS central bankers’ speeches  1  preceded domestic liquidity-easing measures due to the sudden tightening of global liquidity. Thereafter, the conventional measures of loosening policy rates followed.