“Where’s my swap line?”: A Money View of International Lender of Last Resort

Mehrling Perry ()
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Mehrling Perry: Pardee School of Global Studies, 154 Bay State Road, Boston MA 02215, USA

Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, 2022, vol. 63, issue 2, 559-574

Abstract: The past two decades have seen the construction of a tiered system of international liquidity provision, the first tier including those whose credit is sufficient for a swap line with the Fed, the second tier including those who can offer acceptable collateral to the Fed, and the third tier including everyone else. It is a global dollar system, with the Fed operating de facto as the global central bank providing international lender of last resort support to the system. It is a system created not so much by conscious design, but rather as a pragmatic response to crisis, bit by bit over time.

Keywords: liquidity; lender of last resort; international banking; US Federal Reserve; Liquidität; internationales Bankwesen; US-Federal Reserve (search for similar items in EconPapers)
JEL-codes: E F (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:bpj:jbwige:v:63:y:2022:i:2:p:559-574:n:10

DOI: 10.1515/jbwg-2022-0019

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