the ability of the central bank to alleviate the fiscal burden by inuencing different terms in the government resource … seignorage is generated and subject to what constraints, (iii) whether central bank liabilities should count as public debt, (iv …) how central bank assets create income risk, and whether or not this threatens its solvency, and (v) how the central bank …

shows that the swap line mimics discount-window credit from the source central bank to the recipient-country banks using the … recipient central bank as the bearer of the credit risk. Second, from the perspective of the transmission of monetary policy, it …