Governing Global Liquidity: Federal Reserve Swap Lines and the International Dimension of US Monetary Policy

Figures & data

Figure 1. 1966 year-end swaps and deposit operations. Source: author’s illustration based on McCauley and Schenk (2020, p. 26).

Figure 2. Outstanding swap amounts by counterparty during the global financial crisis and the Covid-19 pandemic, in $ billion. Source: Federal Reserve Bank of New York.

Figure 3. Short-term funding markets under stress. Source: Bloomberg Terminal, author’s calculations.

McCauley, R. and Schenk, C., 2020. Central bank swaps then and now: swaps and dollar liquidity in the 1960s. Bank for International Settlements: BIS Working Papers, 851.

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