G2TT
来源类型Discussion paper
规范类型论文
来源IDDP17233
DP17233 The Fed’s International Dollar Liquidity Facilities: New Evidence on Effects
Linda Goldberg; Fabiola Ravazzolo
发表日期2022-04-18
出版年2022
语种英语
摘要In March 2020, the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary swap agreements, and then introduced the new Foreign and International Monetary Authorities (FIMA) repo facility. We provide new evidence on how the central bank swap lines and FIMA repo facility reduce strains in global dollar funding markets and US Treasury markets during extreme stress events. These facilities are found to contribute to the narrowing of foreign exchange swap basis spreads and to reduce the sensitivity of global funding strain metrics to risk sentiment deterioration. Cross border flows through banks for excess liquidity support purposes are reduced in the near term, and the risk sensitivity of equity and bond fund flows declines. However, access to these facilities leave longer-term patterns of liquidity and capital flows across borders broadly unchanged. While official sector liquidity hoarding and “dash for cash” type of activity is expected to be lower with access to these facilities, initial evidence does not show general differential changes in foreign exchange reserve holdings by foreign central banks in line with the type of liquidity access.
主题International Macroeconomics and Finance
关键词Dollar Central bank swap lines Credit Liquidity funding Capital flows Foreign exchange
URLhttps://cepr.org/publications/dp17233
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/546235
推荐引用方式
GB/T 7714
Linda Goldberg,Fabiola Ravazzolo. DP17233 The Fed’s International Dollar Liquidity Facilities: New Evidence on Effects. 2022.
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