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Central bank swaps then and now: swaps and dollar liquidity in the 1960s

Abstract:

This paper explores the record of central bank swaps to draw out four themes. First, this recent device of central bank cooperation had a sustained pre-history from 1962-1998, surviving the transition from fixed to floating exchange rates. Second, Federal Reserve swap facilities have generally formed a part of a wider network of central bank swap lines. Third, we take issue with the view of swaps as previously used only to manage exchange rates and only more recently to manage offshore fundin...

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Publication status:
Published

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Institution:
University of Oxford
Division:
HUMS
Department:
History Faculty
Role:
Author
ORCID:
0000-0003-4116-5883
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Institution:
Bank for International Settlements
Role:
Author
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Name:
Humanities in the European Research Area (HERA)
Grant:
HERA.15.025
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Name:
Humanities in the European Research Area
Publisher:
Bank for International Settlements
Host title:
BIS Working Papers
Article number:
851
Pages:
1-47
Publication date:
2020-04-01
EISSN:
1682-7678
ISSN:
1020-0959
Paper number:
851
Language:
English
Keywords:
Pubs id:
1097981
Local pid:
pubs:1097981
Deposit date:
2020-08-19

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