Policy responses to dislocations in the FX swap market: the experience of Korea

During the financial crisis, Korea responded to dislocations in the FX swap market by both drawing on its swap line with the Federal Reserve and using its own international reserves to provide dollars to domestic banks. We show that the Bank of Korea's use of the Fed swap line was very effective in alleviating dislocations in the won/dollar FX swap market, whereas the provision of funds using its own foreign reserves was not.

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Year of publication:	2010
Authors:	Baba, Naohiko ; Shim, Ilhyock
Published in:	BIS Quarterly Review. - Bank for International Settlements (BIS). - 2010, June
Publisher:	Bank for International Settlements (BIS)

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Extent:	application/pdf text/html
Type of publication:	Article
Classification:	G12 - Asset Pricing ; G13 - Contingent Pricing; Futures Pricing ; G18 - Government Policy and Regulation
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008468258