The Evolution of the Federal Reserve Swap Lines since 1962
This paper describes the evolution of the Federal Reserve's swap lines from their inception in 1962 as a mechanism to forestall claims on U.S gold reserves under Bretton Woods to a means of extending emergency dollar liquidity during the Great Recession. It describes the Federal Reserve's...
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| Veröffentlicht in: | IMF economic review 2015-09, Vol.63 (2), p.353-372 |
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| container_title | IMF economic review |
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| creator | BORDO, MICHAEL D. HUMPAGE, OWEN F. SCHWARTZ, ANNA J. |
| description | This paper describes the evolution of the Federal Reserve's swap lines from their inception in 1962 as a mechanism to forestall claims on U.S gold reserves under Bretton Woods to a means of extending emergency dollar liquidity during the Great Recession. It describes the Federal Reserve's successes and failures and argues that swaps calm crisis situations by both supplementing foreign countries' dollar reserves and by signaling central-bank cooperation. The paper shows how swaps exposed the Federal Reserve to conditionality and raised fears that they bypassed the Congressional appropriations process. |
| doi_str_mv | 10.1057/imfer.2015.11 |
| format | Article |
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| ispartof | IMF economic review, 2015-09, Vol.63 (2), p.353-372 |
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| source | PAIS Index; SpringerNature Journals; JSTOR Archive Collection A-Z Listing |
| subjects | American dollar Bank liquidity Bank reserves Board of Governors of the Federal Reserve System Bretton Woods System Capital Markets Central banks Currency Economic crises Economic crisis Economic Policy Economics Economics and Finance Emerging markets Federal Reserve Bank Federal Reserve monetary policy Foreign exchange Global economy Gold Gold reserves International International Economics International finance International liquidity Liquidity Macroeconomics/Monetary Economics//Financial Economics Monetary policy Monetary theory National treasuries Studies Swaps (Finance) |
| title | The Evolution of the Federal Reserve Swap Lines since 1962 |
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