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The functioning and resilience of cross-border funding markets

  • Bank for International Settlements
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    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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    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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    1. 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, vol. 15(Oct).
    2. Aizenman, Joshua & Pasricha, Gurnain Kaur, 2010. "Selective swap arrangements and the global financial crisis: Analysis and interpretation," International Review of Economics & Finance, Elsevier, vol. 19(3), pages 353-365, June.
    3. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2009. "Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008," American Economic Review, American Economic Association, vol. 99(2), pages 480-86, May.
    4. Naohiko Baba & Robert N McCauley & Srichander Ramaswamy, 2009. "US dollar money market funds and non-US banks," BIS Quarterly Review, Bank for International Settlements, March.
    5. 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, June.
    6. Robert N McCauley & Jenz Zukunft, 2008. "Asian banks and the international interbank market," BIS Quarterly Review, Bank for International Settlements, June.
    7. Niall Coffey & Warren B. Hrung & Asani Sarkar, 2009. "Capital constraints, counterparty risk, and deviations from covered interest rate parity," Staff Reports 393, Federal Reserve Bank of New York.
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