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The Evolution of the Federal Reserve Swap Lines since 1962 / Michael D. Bordo, Owen F. Humpage, Anna J. Schwartz.
- Format:
- Book
- Author/Creator:
- Bordo, Michael D.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w20755.
- NBER working paper series no. w20755
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2014.
- Summary:
- 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.
- Notes:
- Print version record
- December 2014.
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