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The Evolution of the Federal Reserve Swap Lines since 1962

Michael Bordo (), Owen Humpage and Anna Schwartz

No 20755, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: F3 N2 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-his and nep-mon
Date: 2014-12
Note: DAE ME
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Published as Michael D Bordo & Owen F Humpage & Anna J Schwartz, 2015. "The Evolution of the Federal Reserve Swap Lines since 1962," IMF Economic Review, Palgrave Macmillan, vol. 63(2), pages 353-372, September.

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