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The Use of Foreign Exchange Swaps by Central Banks: A Survey

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  • Catharina J. Hooyman
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    Abstract

    The paper discussed the use of foreign exchange swaps by central banks. Such use has aimed at affecting domestic liquidity, managing foreign exchange reserves, and stimulating domestic financial markets. It discusses these different uses and present evidence for a selected group of countries. The paper cautions about the use of foreign exchange swaps to defend a particular exchange rate at a time when foreign exchange reserves are under pressure. It notes, finally, that use of foreign exchange swaps by central banks has been losing importance.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=1139
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 93/64.

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    Length: 30
    Date of creation: 01 Aug 1993
    Date of revision:
    Handle: RePEc:imf:imfwpa:93/64

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    Cited by:
    1. Paolo Savona & Aurelio Maccario & Chiara Oldani, 2000. "On Monetary Analysis of Derivatives," Open Economies Review, Springer, vol. 11(1), pages 149-175, August.
    2. Chiara Oldani, 2006. "money demand and futures," ISAE Working Papers 69, ISTAT - Italian National Institute of Statistics - (Rome, ITALY).

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