Central bank swap line effectiveness during the euro area sovereign debt crisis

被引：16

作者：

Moessner, Richhild ^{[1
,2
]}

Allen, William A. ^{[2
]}

机构：

[1] Bank Int Settlements, Monetary & Econ Dept, CH-4002 Basel, Switzerland

[2] Cass Business Sch, Fac Finance, London, England

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2013年 / 35卷

关键词：

Financial crisis; International liquidity; Foreign exchange swaps; Central bank swap lines; COMMUNICATION;

D O I：

10.1016/j.jimonfin.2013.03.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The Federal Reserve re-established a swap line with the European Central Bank in response to the international liquidity stresses created by the euro area sovereign debt crisis. We examine the swap line's effectiveness in addressing these stresses in 2010-11. We find that announcements about the swap line had a significant effect in reducing euro-dollar FX swap spreads during the 2010-11 crisis, but that the swap line only had limited effectiveness in alleviating the stresses, probably owing to some stigma being attached to its use. (C) 2013 Elsevier Ltd. All rights reserved.

引用

页码：167 / 178

页数：12

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