The Federal Reserve's Dollar Swap Lines and the European Central Bank during the global financial crisis of 2007-2009
Author
Abstract
Suggested Citation
Note: View the original document on HAL open archive server: https://hal.science/hal-02570211v1
Download full text from publisher
References listed on IDEAS
- McDowell, Daniel, 2017. "Brother, Can You Spare a Billion?: The United States, the IMF, and the International Lender of Last Resort," OUP Catalogue, Oxford University Press, number 9780190605766.
- Elena Seghezza, 2018. "Can swap line arrangements help solve the Triffin dilemma? How?," The World Economy, Wiley Blackwell, vol. 41(10), pages 2691-2708, October.
- Saleem Bahaj & Ricardo Reis, 2018.
"Central Bank Swap Lines,"
Discussion Papers
1816, Centre for Macroeconomics (CFM).
- Bahaj, Saleem & Reis, Ricardo, 2018. "Central bank swap lines," LSE Research Online Documents on Economics 90374, London School of Economics and Political Science, LSE Library.
- Saleem Bahaj & Ricardo Reis, 2018. "Central Bank Swap Lines," CESifo Working Paper Series 7124, CESifo.
- Bahaj, Saleem, 2018. "Central Bank Swap Lines," CEPR Discussion Papers 13003, C.E.P.R. Discussion Papers.
- Saleem Bahaj & Ricardo Reis, 2018. "Central Bank Swap Lines," Bank of England working papers 741, Bank of England.
- Baba, Naohiko & Packer, Frank, 2009.
"From turmoil to crisis: Dislocations in the FX swap market before and after the failure of Lehman Brothers,"
Journal of International Money and Finance, Elsevier, vol. 28(8), pages 1350-1374, December.
- Naohiko Baba & Frank Packer, 2009. "From turmoil to crisis: dislocations in the FX swap market before and after the failure of Lehman Brothers," BIS Working Papers 285, Bank for International Settlements.
- Stanley Fischer, 1999. "On the Need for an International Lender of Last Resort," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 85-104, Fall.
- Helleiner, Eric, 2014. "The Status Quo Crisis: Global Financial Governance After the 2008 Meltdown," OUP Catalogue, Oxford University Press, number 9780199973637.
- William Allen & Richhild Moessner, 2010. "Central bank co-operation and international liquidity in the financial crisis of 2008-9," BIS Working Papers 310, Bank for International Settlements.
- Viral V. Acharya & Philipp Schnabl, 2010. "Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09," NBER Working Papers 16079, National Bureau of Economic Research, Inc.
- Patrick McGuire & Goetz von Peter, 2012.
"The Dollar Shortage in Global Banking and the International Policy Response,"
International Finance, Wiley Blackwell, vol. 15(2), pages 155-178, June.
- Patrick McGuire & Goetz von Peter, 2009. "The US dollar shortage in global banking and the international policy response," BIS Working Papers 291, Bank for International Settlements.
- Broz, Lawrence, 2015. "The Federal Reserve as global lender of last resort, 2007-2010," LSE Research Online Documents on Economics 60951, London School of Economics and Political Science, LSE Library.
- Michael D Bordo & Owen F Humpage & Anna J Schwartz, 2015.
"The Evolution of the Federal Reserve Swap Lines since 1962,"
IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 63(2), pages 353-372, September.
- Michael D. Bordo & Owen F. Humpage & Anna J. Schwartz, 2014. "The Evolution of the Federal Reserve Swap Lines since 1962," NBER Working Papers 20755, National Bureau of Economic Research, Inc.
- Michael D. Bordo & Owen F. Humpage & Anna J. Schwartz, 2014. "The Evolution of the Federal Reserve Swap Lines since 1962," Working Papers (Old Series) 1414, Federal Reserve Bank of Cleveland.
- William A. Allen & Gabriele Galati & Richhild Moessner & William Nelson, 2017.
"Central bank swap lines and CIP deviations,"
International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 22(4), pages 394-402, October.
- Richhild Moessner & William A. Allen & Gabriele Galati & William Nelson, 2017. "Central bank swap lines and CIP deviations," National Institute of Economic and Social Research (NIESR) Discussion Papers 482, National Institute of Economic and Social Research.
- Edd Denbee & Carsten Jung & Francesco Patern�, 2016.
"Stitching together the global financial safety net,"
Questioni di Economia e Finanza (Occasional Papers)
322, Bank of Italy, Economic Research and International Relations Area.
- Edd Denbee & Carsten Jung & Francesco Paternò, 2016. "Stitching together the global financial safety net," Bank of England Financial Stability Papers 36, Bank of England.
- Perry Mehrling, 2016. "Re-imagining Central Banking," International Economic Association Series, in: Joseph E. Stiglitz & Martin Guzman (ed.), Contemporary Issues in Macroeconomics, chapter 12, pages 163-175, Palgrave Macmillan.
- Patrick McGuire & Goetz von Peter, 2009. "The US dollar shortage in global banking," BIS Quarterly Review, Bank for International Settlements, March.
- Allen,William A., 2014.
"International Liquidity and the Financial Crisis,"
Cambridge Books,
Cambridge University Press, number 9781107420328, January.
- Allen,William A., 2013. "International Liquidity and the Financial Crisis," Cambridge Books, Cambridge University Press, number 9781107030046, January.
- Tobias Adrian & Karin Kimbrough & Dina Tavares Marchioni, 2011.
"The Federal Reserve’s Commercial Paper Funding Facility,"
Economic Policy Review, Federal Reserve Bank of New York, vol. 17(May), pages 25-39.
- Tobias Adrian & Karin Kimbrough & Dina Tavares Marchioni, 2010. "The Federal Reserve's Commercial Paper Funding Facility," Staff Reports 423, Federal Reserve Bank of New York.
- Linda S. Goldberg & Craig Kennedy & Jason Miu, 2011.
"Central bank dollar swap lines and overseas dollar funding costs,"
Economic Policy Review, Federal Reserve Bank of New York, vol. 17(May), pages 3-20.
- Linda S. Goldberg & Craig Kennedy & Jason Miu, 2010. "Central bank dollar swap lines and overseas dollar funding costs," Staff Reports 429, Federal Reserve Bank of New York.
- Linda S. Goldberg & Craig Kennedy & Jason Miu, 2010. "Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs," NBER Working Papers 15763, National Bureau of Economic Research, Inc.
- Daniel McDowell, 2012. "The US as ‘Sovereign International Last-Resort Lender’: The Fed's Currency Swap Programme during the Great Panic of 2007–09," New Political Economy, Taylor & Francis Journals, vol. 17(2), pages 157-178.
- Joseph E. Stiglitz & Martin Guzman (ed.), 2016. "Contemporary Issues in Macroeconomics," International Economic Association Series, Palgrave Macmillan, number 978-1-137-52958-9.
- Olivier Armantier & Sandra C. Krieger & James J. McAndrews, 2008. "The Federal Reserve's Term Auction Facility," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 14(Jul).
- Laurent Le Maux, 2017.
"Financial Structure Changes and the Central Bank Policy,"
Journal of Economic Issues, Taylor & Francis Journals, vol. 51(4), pages 1054-1073, October.
- Laurent Le Maux, 2017. "The financial structure changes and the central bank policy," Post-Print hal-01657569, HAL.
- Obstfeld, Maurice, 2009.
"Lenders of Last Resort in a Globalized World,"
CEPR Discussion Papers
7355, C.E.P.R. Discussion Papers.
- Maurice Obstfeld, 2009. "Lenders of Last Resort in a Globalized World," IMES Discussion Paper Series 09-E-18, Institute for Monetary and Economic Studies, Bank of Japan.
- Linda S. Goldberg, 2010. "Is the international role of the dollar changing?," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 16(Jan).
- Thomas L. Hogan & Linh Le & Alexander William Salter, 2015. "Ben Bernanke and Bagehot's Rules," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(2-3), pages 333-348, March.
- John C. Williams & John B. Taylor, 2009.
"A Black Swan in the Money Market,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 1(1), pages 58-83, January.
- John B. Taylor & John C. Williams, 2008. "A black swan in the money market," Working Paper Series 2008-04, Federal Reserve Bank of San Francisco.
- John B. Taylor & John C. Williams, 2008. "A Black Swan in the Money Market," NBER Working Papers 13943, National Bureau of Economic Research, Inc.
- Pierluigi Morelli & Giovanni Pittaluga & Elena Seghezza, 2015. "The role of the Federal Reserve as an international lender of last resort during the 2007–2008 financial crisis," International Economics and Economic Policy, Springer, vol. 12(1), pages 93-106, March.
- Baba, Naohiko & Packer, Frank, 2009.
"Interpreting deviations from covered interest parity during the financial market turmoil of 2007-08,"
Journal of Banking & Finance, Elsevier, vol. 33(11), pages 1953-1962, November.
- Naohiko Baba & Frank Packer, 2008. "Interpreting deviations from covered interest parity during the financial market turmoil of 2007-08," BIS Working Papers 267, Bank for International Settlements.
- Viral V Acharya & Philipp Schnabl, 2010. "Do Global Banks Spread Global Imbalances? Asset-Backed Commercial Paper during the Financial Crisis of 2007–09," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 58(1), pages 37-73, August.
- Ashcraft, Adam B. & Schuermann, Til, 2008.
"Understanding the Securitization of Subprime Mortgage Credit,"
Foundations and Trends(R) in Finance, now publishers, vol. 2(3), pages 191-309, June.
- Adam B. Ashcraft & Til Schuermann, 2008. "Understanding the securitization of subprime mortgage credit," Staff Reports 318, Federal Reserve Bank of New York.
- William A. Allen & Gabriele Galati & Richhild Moessner & William Nelson, 2017.
"Central bank swap lines and CIP deviations,"
International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 22(4), pages 394-402, October.
- Richhild Moessner & William A. Allen & Gabriele Galati & William Nelson, 2017. "Central bank swap lines and CIP deviations," National Institute of Economic and Social Research (NIESR) Discussion Papers 482, National Institute of Economic and Social Research.
- William Allen & Gabriele Galati & Richhild Moessner & William Nelson, 2017. "Central bank swap lines and CIP deviations," DNB Working Papers 566, Netherlands Central Bank, Research Department.
- Hyun Song Shin, 2012. "Global Banking Glut and Loan Risk Premium," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 60(2), pages 155-192, July.
- 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.
- Joshua Aizenman & Gurnain Kaur Pasricha, 2009. "Selective Swap Arrangements and the Global Financial Crisis: Analysis and Interpretation," NBER Working Papers 14821, National Bureau of Economic Research, Inc.
- Aizenman, Joshua & Pasricha, Gurnain, 2009. "Selective Swap Arrangements and the Global Financial Crisis: Analysis and Interpretation," Santa Cruz Department of Economics, Working Paper Series qt2vw7s14s, Department of Economics, UC Santa Cruz.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Silvia Albrizio & Iván Kataryniuk & Luis Molina & Jan Schäfer, 2021.
"ECB euro liquidity lines,"
Working Papers
2125, Banco de España.
- Silvia Albrizio & Iván Kataryniuk & Luis Molina & Jan Schäfer, 2023. "ECB Euro Liquidity Lines," IMF Working Papers 2023/096, International Monetary Fund.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- repec:hal:cepnwp:hal-01933930 is not listed on IDEAS
- Emmanuel Carré & Laurent Le Maux, 2018. "Globalisation financière et Dollar Swap Lines : la Réserve fédérale et la Banque centrale européenne durant la crise de 2007-2009," Working Papers hal-01933930, HAL.
- D. Essers & E. Vincent, 2017. "The global financial safety net :In need of repair ?," Economic Review, National Bank of Belgium, issue ii, pages 87-112, september.
- Tim Marple, 2021. "The social management of complex uncertainty: Central Bank similarity and crisis liquidity swaps at the Federal Reserve," The Review of International Organizations, Springer, vol. 16(2), pages 377-401, April.
- Fernando Eguren-Martin, 2020. "Dollar shortages and central bank swap lines," Bank of England working papers 879, Bank of England.
- Rose, Andrew K. & Spiegel, Mark M., 2012.
"Dollar illiquidity and central bank swap arrangements during the global financial crisis,"
Journal of International Economics, Elsevier, vol. 88(2), pages 326-340.
- Andrew K. Rose & Mark M. Spiegel, 2011. "Dollar Illiquidity and Central Bank Swap Arrangements during the Global Financial Crisis," NBER Chapters, in: Global Financial Crisis, National Bureau of Economic Research, Inc.
- Andrew K. Rose & Mark M. Spiegel, 2011. "Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis," NBER Working Papers 17359, National Bureau of Economic Research, Inc.
- Andrew K. Rose & Mark M. Spiegel, 2011. "Dollar illiquidity and central bank swap arrangements during the global financial crisis," Working Paper Series 2011-18, Federal Reserve Bank of San Francisco.
- Rose, Andrew & Spiegel, Mark, 2011. "Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis," CEPR Discussion Papers 8557, C.E.P.R. Discussion Papers.
- Pierluigi Morelli & Giovanni Pittaluga & Elena Seghezza, 2015. "The role of the Federal Reserve as an international lender of last resort during the 2007–2008 financial crisis," International Economics and Economic Policy, Springer, vol. 12(1), pages 93-106, March.
- Robert N McCauley & Catherine R Schenk, 2020. "Central bank swaps then and now: swaps and dollar liquidity in the 1960s," BIS Working Papers 851, Bank for International Settlements.
- Maurice Obstfeld, 2012.
"Does the Current Account Still Matter?,"
American Economic Review, American Economic Association, vol. 102(3), pages 1-23, May.
- Maurice Obstfeld, 2012. "Does the Current Account Still Matter?," NBER Working Papers 17877, National Bureau of Economic Research, Inc.
- Obstfeld, Maurice, 2012. "Does the Current Account Still Matter?," CEPR Discussion Papers 8888, C.E.P.R. Discussion Papers.
- Acharya, Viral V. & Afonso, Gara & Kovner, Anna, 2017.
"How do global banks scramble for liquidity? Evidence from the asset-backed commercial paper freeze of 2007,"
Journal of Financial Intermediation, Elsevier, vol. 30(C), pages 1-34.
- Acharya, Viral & Kovner, Anna & Afonso, Gara, 2013. "How do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007," CEPR Discussion Papers 9457, C.E.P.R. Discussion Papers.
- Viral V. Acharya & Gara M. dup Afonso & Anna Kovner, 2013. "How do global banks scramble for liquidity? Evidence from the asset-backed commercial paper freeze of 2007," Staff Reports 623, Federal Reserve Bank of New York.
- Claudia Buch & Catherine Koch & Michael Koetter, 2016. "Crises and rescues: liquidity transmission through international banks," BIS Working Papers 576, Bank for International Settlements.
- Robert N McCauley, 2018. "The 2008 crisis: transpacific or transatlantic?," BIS Quarterly Review, Bank for International Settlements, December.
- Cetorelli, Nicola & Goldberg, Linda S., 2012.
"Liquidity management of U.S. global banks: Internal capital markets in the great recession,"
Journal of International Economics, Elsevier, vol. 88(2), pages 299-311.
- Nicola Cetorelli & Linda S. Goldberg, 2011. "Liquidity Management of US Global Banks: Internal Capital Markets in the Great Recession," NBER Chapters, in: Global Financial Crisis, National Bureau of Economic Research, Inc.
- Nicola Cetorelli & Linda S. Goldberg, 2011. "Liquidity management of U.S. global banks: internal capital markets in the Great Recession," Staff Reports 511, Federal Reserve Bank of New York.
- Nicola Cetorelli & Linda S. Goldberg, 2011. "Liquidity management of U.S. global banks: Internal capital markets in the great recession," NBER Working Papers 17355, National Bureau of Economic Research, Inc.
- De Socio, Antonio, 2013.
"The interbank market after the financial turmoil: Squeezing liquidity in a “lemons market” or asking liquidity “on tap”,"
Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1340-1358.
- Antonio De Socio, 2011. "The interbank market after the financial turmoil: squeezing liquidity in a "lemons market" or asking liquidity "on tap"," Temi di discussione (Economic working papers) 819, Bank of Italy, Economic Research and International Relations Area.
- Mr. Thierry Tressel, 2010. "Financial Contagion Through Bank Deleveraging: Stylized Facts and Simulations Applied to the Financial Crisis," IMF Working Papers 2010/236, International Monetary Fund.
- Mathis L Richtmann & Lea Steininger, 2023.
"From bazooka to backstop: the political economy of standing swap facilities,"
Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 47(4), pages 681-702.
- Lea Steininger & Mathis L. Richtmann, 2023. "From Bazooka to Backstop: The Political Economy of Standing Swap Facilities," Department of Economics Working Papers wuwp334, Vienna University of Economics and Business, Department of Economics.
- Richtmann, Mathis L. & Steininger, Lea, 2023. "From Bazooka to Backstop: The Political Economy of Standing Swap Facilities," Department of Economics Working Paper Series 334, WU Vienna University of Economics and Business.
- Scott Brave & Hesna Genay, 2011.
"Federal Reserve policies and financial market conditions during the crisis,"
Proceedings
1129, Federal Reserve Bank of Chicago.
- Scott Brave & Hesna Genay, 2011. "Federal Reserve policies and financial market conditions during the crisis," Working Paper Series WP-2011-04, Federal Reserve Bank of Chicago.
- Pauline Bourgeon & Jérôme Sgard, 2025. "Liquidity Swaps between Central Banks, the IMF, and the Evolution of the International Financial Architecture," Post-Print hal-04081559, HAL.
- Broz, Lawrence, 2015. "The Federal Reserve as global lender of last resort, 2007-2010," LSE Research Online Documents on Economics 60951, London School of Economics and Political Science, LSE Library.
- Pauline Bourgeon & Jérôme Sgard, 2025. "Liquidity Swaps between Central Banks, the IMF, and the Evolution of the International Financial Architecture," Sciences Po Economics Publications (main) hal-04081559, HAL.
- Miroslav Titze, 2016. "Federal Reserve Swap Lines - International Lender of the Last Resort [Swapové linky federálneho rezervného systému - medzinárodný veriteľ poslednej inštancie]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2016(4), pages 3-23.
More about this item
NEP fields
This paper has been announced in the following NEP Reports:- NEP-MON-2020-06-29 (Monetary Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-02570211. See general information about how to correct material in RePEc.
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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.
Printed from https://ideas.repec.org/p/hal/journl/hal-02570211.html