, we conclude that swap positions are not economically significant in hedging the interest rate risk of bank assets … securities. To this end, we use regulatory data on individual swap positions for the largest 250 U.S. banks. We find that the … significant extent to which swap positions offset each other, the average bank has essentially no net interest rate risk from …

We study the effects of dollar swap lines using high frequency responses in asset prices around policy announcements …. News about expanded dollar swap lines causes a reduction in liquidity premia, compression of deviations from covered …-term government bond prices is mixed. The cross-section of high frequency responses implies that swap lines affect the dollar factor …

the portfolio holds common stocks amounts to an asset swap. Such an asset swap does not increase national saving, wealth …. The asset swap is deemed successful if the stock portfolio generates sufficient cash to pay off the interest and principal …

interest-rate sensitivities of interest rate swap positions of U.S. commercial banks to empirically address the question of … whether swap contracts have increased or decreased systematic risk in the U.S. banking system. We find that the banking system … as a whole faces little net interest-rate risk from swap portfolios …

negative swap spreads should not be surprising. In the calibrated model, swap spreads can reasonably match empirical … counterparts without the need for large demand imbalances in the swap market. Empirical evidence is consistent with the relation … between term spreads and swap spreads in the model …

doing it both gives up a valuable fiscal hedging option and leaves large amounts of money on the table …

has been associated with an unprecedented rise of swap agreements between central banks of larger economies and their … counterparts in smaller economies. We explore whether such swap lines can reduce the need for reserve accumulation. The evidence … suggests that there is only a limited scope for swaps to substitute for reserves. The selectivity of the swap lines indicates …

central banks. These central banks had the capacity to use these swap facilities to provide dollar liquidity to institutions … in their jurisdictions. This paper presents the developments in the dollar swap facilities through the end of 2009. The … research, as well as more descriptive accounts, suggests that the dollar swap lines among central banks were effective at …