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The functioning and resilience of cross-border funding markets

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  • Bank for International Settlements
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    Abstract

    The financial crisis that began in 2007 was accompanied by unprecedented funding market dislocations, which spilled across time zones and currencies. The resulting market disruptions triggered policy responses on a global scale, raising questions about the functioning and resilience of the various funding markets on which internationally active banks had relied. This report, prepared by a joint study group of the Committee on the Global Financial System and the Markets Committee, presents an assessment of this episode of global market disruptions. Under the chairmanship of Guy Debelle of the Reserve Bank of Australia, the study group documented in this report the pre-crisis pattern of cross-border funding among internationally active financial institutions, reviewed what happened in various funding markets as the crisis unfolded and the policy responses that ensued, and distilled five policy lessons from the experience.

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    Bibliographic Info

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    This book is provided by Bank for International Settlements in its series CGFS Papers with number 37 and published in 2010.

    ISBN: 92-9131-821-3
    Handle: RePEc:bis:biscgf:37

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Naohiko Baba & Robert N McCauley & Srichander Ramaswamy, 2009. "US dollar money market funds and non-US banks," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, March.
    2. Niall Coffey & Warren B. Hrung & Asani Sarkar, 2009. "Capital constraints, counterparty risk, and deviations from covered interest rate parity," Staff Reports, Federal Reserve Bank of New York 393, Federal Reserve Bank of New York.
    3. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2009. "Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008," NBER Working Papers 14826, National Bureau of Economic Research, Inc.
    4. Robert N McCauley & Jenz Zukunft, 2008. "Asian banks and the international interbank market," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, June.
    5. Aizenman, Joshua & Pasricha, Gurnain Kaur, 2010. "Selective swap arrangements and the global financial crisis: Analysis and interpretation," International Review of Economics & Finance, Elsevier, Elsevier, vol. 19(3), pages 353-365, June.
    6. Niall Coffey & Warren B. Hrung & Hoai-Luu Nguyen & Asani Sarkar, 2009. "The global financial crisis and offshore dollar markets," Current Issues in Economics and Finance, Federal Reserve Bank of New York, Federal Reserve Bank of New York, vol. 15(Oct).
    7. Alejandro Jara & Ramon Moreno & Camilo E Tovar, 2009. "The global crisis and Latin America: financial impact and policy responses," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, June.
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    Cited by:
    1. Victor Pontines & Reza Siregar, 2011. "Cross-border Bank Lending to Selected SEACEN Economies: An Integrative Report," Staff Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, South East Asian Central Banks (SEACEN) Research and Training Centre, number sp82, June.
    2. Nicola Cetorelli & Linda S. Goldberg, 2011. "Liquidity management of U.S. global banks: Internal capital markets in the great recession," NBER Working Papers 17355, National Bureau of Economic Research, Inc.

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