| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28585 |
| 来源ID | Working Paper 28585 |
| Central Bank Swap Arrangements in the COVID-19 Crisis | |
| Joshua Aizenman; Hiro Ito; Gurnain Kaur Pasricha | |
| 发表日期 | 2021-03-22 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Facing acute strains in the offshore dollar funding markets during the COVID-19 crisis, the Federal Reserve (Fed) implemented measures to provide US dollar liquidity through swap arrangements with other central banks and establishing a repo facility for financial institutions and monetary authorities (FIMA) in March 2020. This paper assesses motivations for the Fed liquidity lines, and the effects and spillovers of US dollar auctions by central banks. We find that the access to the liquidity arrangements was driven by the recipient economies’ close financial and trade ties with the US. Access to dollar liquidity also reflected global trade exposure. We find that announcements of expansion of Fed liquidity facilities or of auctions using these facilities led to appreciation of partner currencies against the US dollar. and reduced deviations from covered interest parity (CIP). Dollar auctions by major central banks (BoE, ECB, BoJ and SNB) led to temporary appreciation of other currencies against the US dollar, reduced CIP deviations, and persistently reduced sovereign bond yields of other economies. However, dollar auctions done by other central banks with access to Fed facilities did not have a meaningful impact on key domestic financial variables . The impact of major central bank auctions does not differ by the economies’ financial or trade links with the US or their balance sheet currency exposure, i.e. the major central bank auctions benefitted even the more vulnerable economies. |
| 主题 | International Economics ; Trade ; International Factor Mobility ; International Finance ; Financial Economics ; Financial Markets ; COVID-19 |
| URL | https://www.nber.org/papers/w28585 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586259 |
| 推荐引用方式 GB/T 7714 | Joshua Aizenman,Hiro Ito,Gurnain Kaur Pasricha. Central Bank Swap Arrangements in the COVID-19 Crisis. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28585.pdf（667KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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