NY Fed: foreign exchange swap lines smoothed disruptions in overseas markets
The latest edition of Current Issues, published by the New York Federal Reserve in April, provides an overview of the U.S. dollar swap line program during the crisis.
The paper looks at the disruption in dollar funding markets worldwide between 2007 and 2008, and the revisions to the swap line program as the financial crisis unfolded.
In response to market disruptions, the Federal Reserve in December 2007 announced the establishment of reciprocal currency arrangements, or "swap lines," with the
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