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“Where’s my swap line?”: A Money View of International Lender of Last Resort

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  • Mehrling Perry

    (Pardee School of Global Studies, 154 Bay State Road, Boston, MA 02215, USA)

Abstract

The past two decades have seen the construction of a tiered system of international liquidity provision, the first tier including those whose credit is sufficient for a swap line with the Fed, the second tier including those who can offer acceptable collateral to the Fed, and the third tier including everyone else. It is a global dollar system, with the Fed operating de facto as the global central bank providing international lender of last resort support to the system. It is a system created not so much by conscious design, but rather as a pragmatic response to crisis, bit by bit over time.

Suggested Citation

  • Mehrling Perry, 2022. "“Where’s my swap line?”: A Money View of International Lender of Last Resort," Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, De Gruyter, vol. 63(2), pages 559-574, November.
    • Handle: RePEc:bpj:jbwige:v:63:y:2022:i:2:p:559-574:n:10
    DOI: 10.1515/jbwg-2022-0019
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    Keywords

    liquidity; lender of last resort; international banking; US Federal Reserve; Liquidität; internationales Bankwesen; US-Federal Reserve;
    All these keywords.

    JEL classification:

    • E - Macroeconomics and Monetary Economics
    • F - International Economics

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