Options for meeting the demand for international liquidity during financial crises
The financial crisis has heightened the awareness of the risk of a sudden shortage of foreign currencies. Governments and central banks are looking for ways to obtain "liquidity assurance", ie the assurance of having access to international liquidity if they need it. This article discusses how such assurance might be provided, whether by multilateral means, such as reserve pooling or structures such as the IMF; by bilateral means, such as swap arrangements; or unilaterally, by building up foreign exchange reserves. All of the possible solutions have advantages and disadvantages, and a diversity of approaches therefore seems likely. If international arrangements are deemed to be inadequate, unilateral actions will continue.
Volume (Year): (2010)
Issue (Month): (September)
|Contact details of provider:|| Postal: Centralbahnplatz 2, CH - 4002 Basel|
Phone: (41) 61 - 280 80 80
Fax: (41) 61 - 280 91 00
Web page: http://www.bis.org/
More information through EDIRC
References listed on IDEAS
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.:
- Aizenman, Joshua & Jinjarak, Yothin & Park, Donghyun, 2011.
"International reserves and swap lines: Substitutes or complements?,"
International Review of Economics & Finance,
Elsevier, vol. 20(1), pages 5-18, January.
- Aizenman, Joshua & Jinjarak, Yothin & PARK, Donghyun Dr., 2010. "International reserves and swap lines: substitutes or complements? ," Santa Cruz Department of Economics, Working Paper Series qt81b751sh, Department of Economics, UC Santa Cruz.
- Joshua Aizenman & Yothin Jinjarak & Donghyun Park, 2010. "International reserves and swap lines: substitutes or complements?," NBER Working Papers 15804, National Bureau of Economic Research, Inc.
- Aizenman, Joshua & Jinjarak, Yothin & Park, Donghyun, 2010. "International reserves and swap lines: substitutes or complements?," Santa Cruz Department of Economics, Working Paper Series qt04v2q5s7, Department of Economics, UC Santa Cruz.
When requesting a correction, please mention this item's handle: RePEc:bis:bisqtr:1009g. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christian Beslmeisl)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.