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The Federal Reserve's foreign exchange swap lines

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  • Michael J. Fleming
  • Nicholas J. Klagge

Abstract

The financial crisis that began in August 2007 disrupted U.S. dollar funding markets not only in the United States but also overseas. To address funding pressures internationally, the Federal Reserve introduced a system of reciprocal currency arrangements, or "swap lines," with other central banks. The swap line program, which ended early this year, enhanced the ability of these central banks to provide U.S. dollar funding to financial institutions in their jurisdictions.

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Bibliographic Info

Article provided by Federal Reserve Bank of New York in its journal Current Issues in Economics and Finance.

Volume (Year): 16 (2010)
Issue (Month): Apr ()
Pages:

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Handle: RePEc:fip:fednci:y:2010:i:apr:n:v.16no.4

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Keywords: Swaps (Finance) ; Banks and banking; Central ; Federal Reserve System ; International liquidity ; Foreign exchange;

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Cited by:
  1. Kathryn M. E. Dominguez & Yuko Hashimoto & Takatoshi Ito, 2011. "International Reserves and the Global Financial Crisis," NBER Chapters, in: Global Financial Crisis National Bureau of Economic Research, Inc.
  2. Michael D. Bordo & Owen Humpage & Anna J. Schwartz, 2012. "Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century," NBER Working Papers 17984, National Bureau of Economic Research, Inc.
  3. Olson, Eric & Miller, Scott & Wohar, Mark E., 2012. "“Black Swans” before the “Black Swan” evidence from international LIBOR–OIS spreads," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1339-1357.
  4. Rakesh Mohan & Muneesh Kapur, 2014. "Monetary Policy Coordination and the Role of Central Banks," IMF Working Papers 14/70, International Monetary Fund.
  5. Pope, Robin & Selten, Reinhard, 2013. "Currency wars not public debt may create a financial meltdown," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79862, Verein für Socialpolitik / German Economic Association.
  6. Spence Hilton & James McAndrews, 2011. "Challenges and lessons of the Federal Reserve's monetary policy operations during the financial crisis," Chapters, European Central Bank.
  7. Scott Brave & Hesna Genay, 2011. "Federal Reserve policies and financial market conditions during the crisis," Working Paper Series WP-2011-04, Federal Reserve Bank of Chicago.
  8. Huberto M. Ennis & Alexander L. Wolman, 2012. "Large excess reserves in the U.S.: a view from the cross-section of banks," Working Paper 12-05, Federal Reserve Bank of Richmond.
  9. Kazumasa Iwata & Shinji Takenaka, 2012. "Central bank balance sheet expansion: Japan's experience," BIS Papers chapters, in: Bank for International Settlements (ed.), Are central bank balance sheets in Asia too large?, volume 66, pages 132-159 Bank for International Settlements.
  10. Warren B. Hrung & Jason S. Seligman, 2011. "Responses to the financial crisis, treasury debt, and the impact on short-term money markets," Staff Reports 481, Federal Reserve Bank of New York.
  11. Marlene Amstad & Antoine Martin, 2011. "Monetary policy implementation: common goals but different practices," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 17(Nov).

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