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Los swaps de divisas entre bancos centrales

Author

Listed:
  • Enrique Esteban García-Escudero

    (Banco de España)

  • Elisa J. Sánchez Pérez

    (Banco de España)

Abstract

El dólar continúa desempeñando un papel central en el comercio y los mercados financieros internacionales. La dependencia de los mercados mayoristas de corto plazo (repos, papel comercial, certificados de depósito, swaps) para obtener financiación en dólares hace especialmente vulnerables a los bancos de fuera de Estados Unidos ante shocks en estos mercados, como los de la crisis financiera global o la más reciente del coronavirus. Los mecanismos de gestión de crisis vigentes antes de la crisis internacional (el Fondo Monetario Internacional y las reservas internacionales) se vieron desbordados por esta. Solo la rápida creación de una red internacional de swaps de divisas, surgida gracias a la cooperación que hubo entre los mayores bancos centrales del mundo, consiguió restaurar el equilibro entre demanda y oferta de dólares durante las últimas crisis, evitando así las graves consecuencias que podrían haber tenido en los bancos de fuera de Estados Unidos.

Suggested Citation

  • Enrique Esteban García-Escudero & Elisa J. Sánchez Pérez, 2020. "Los swaps de divisas entre bancos centrales," Occasional Papers 2025, Banco de España.
    • Handle: RePEc:bde:opaper:2025
    as

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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/20/Files/do2025e.pdf
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    References listed on IDEAS

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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    swaps de divisas entre bancos centrales; FMI; Sistema Monetario Internacional; financiación en dólares; bancos de fuera de Estados Unidos; crisis financiera global; crisis del coronavirus; cross-currency basis; prestamista de última instancia internacional;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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