Bordo, Michael D.
[Verfasser:in]
;
Schwartz, Anna J.
[Sonstige Person, Familie und Körperschaft];
Humpage, Owen F.
[Sonstige Person, Familie und Körperschaft]National Bureau of Economic Research
The Evolution of the Federal Reserve Swap Lines since 1962
Erschienen:
Cambridge, Mass: National Bureau of Economic Research, December 2014
Erschienen in:NBER working paper series ; no. w20755
Umfang:
1 Online-Ressource
Sprache:
Englisch
DOI:
10.3386/w20755
Identifikator:
Reproduktionsnotiz:
Hardcopy version available to institutional subscribers
Entstehung:
Anmerkungen:
Mode of access: World Wide Web
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Beschreibung:
In this paper, we describe 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. We describe a number of consequences associated with swap operations. We argue, for example, that swaps calm crisis situations by both supplementing foreign countries' dollar reserves and by signaling central-bank cooperation. We show how swaps exposed the Federal Reserve to conditionality and raised fears that they bypassed the Congressional appropriations process