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Central bank swap lines and cross-border bank flows

Author

Listed:
  • Iñaki Aldasoro
  • Christian Cabanilla
  • Piti Disyatat
  • Torsten Ehlers
  • Patrick McGuire
  • Goetz von Peter

Abstract

Central banks drew heavily on US dollar swap lines with the Federal Reserve in the first half of 2020, contributing to a surge in cross-border banking flows during this period. The large increase in cross-border claims on banks operating in the United States – in the form of cross-border interbank and intragroup positions – reflected an increase in dollar liquidity demand from non-US banks partly met through use of the swap lines. In a global financial system heavily reliant on the use of the dollar, the network of central bank swap lines centred on the Fed serves as a critical elastic backstop for the private provision of dollar liquidity.

Suggested Citation

  • Iñaki Aldasoro & Christian Cabanilla & Piti Disyatat & Torsten Ehlers & Patrick McGuire & Goetz von Peter, 2020. "Central bank swap lines and cross-border bank flows," BIS Bulletins 34, Bank for International Settlements.
    • Handle: RePEc:bis:bisblt:34
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