Bordo, Michael D.
[VerfasserIn]
;
Humpage, Owen
[Sonstige Person, Familie und Körperschaft];
Juster, Thomas
[Sonstige Person, Familie und Körperschaft]
The Evolution of the Federal Reserve Swap Lines Since 1962
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 2014 erstellt
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