transparency or illiquidity. However, several of the important announcements concerning the international swap programs …

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 …

markets. The implicit international contract is analogous to a total return swap in domestic financial markets. Using market …

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 …