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Central bank cooperation during the great recession

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  • Francesco Papadia

Abstract

However, though bank cooperation will continue to contribute to global governance, the swap network should not be made permanent and given an institutional basis to provide international lending of last resort. Swaps are a monetary policy tool and should continue to be decided on by central banks like all other monetary policy tools,to avoid impinging on their independence, which a difficult historical process has shown to be the best basis for price stability. In comments appended to this Policy Contribution, Edwin Truman, Senior Fellow, Peterson Institute for International Economics, concludes in favour of making the swap network permanent, while William Dudley, President of the Federal Reserve Bank of New York, stresses the importance of central banks around the world being able to coordinate closely so that there can be a viable, credible backstop on a global basis.

Suggested Citation

  • Francesco Papadia, 2013. "Central bank cooperation during the great recession," Policy Contributions 782, Bruegel.
  • Handle: RePEc:bre:polcon:782
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    Cited by:

    1. Adina Criste, 2014. "Monetary Policy Adjustment at the Global Financial Crisis Constraints," Hyperion Economic Journal, Faculty of Economic Sciences, Hyperion University of Bucharest, Romania, vol. 2(4), pages 3-11, December.
    2. Stracca, Livio & Scheubel, Beatrice, 2016. "What do we know about the global financial safety net? Rationale, data and possible evolution," Occasional Paper Series 177, European Central Bank.
    3. repec:mes:emfitr:v:53:y:2017:i:12:p:2845-2857 is not listed on IDEAS
    4. Beatrice D. Scheubel & Livio Stracca, 2016. "What Do We Know About the Global Financial Safety Net? A New Comprehensive Data Set," CESifo Working Paper Series 6184, CESifo Group Munich.

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