Facing a shortage of U.S. dollars and a growing need to support their dollar-denominated assets during the financial … analysis of the ensuing strains in the swap market shows that the dollar "basis"--the premium international institutions pay … for dollar funding--became persistently large and positive, chiefly as a result of the higher funding costs paid by …

In the decade prior to the financial crisis, foreign banks’ exposure to U.S.-dollar-denominated assets rose … dramatically. When the crisis hit in 2007, the banks’ access to dollar funding came under severe duress, with potentially dire … establishing temporary reciprocal currency swap lines, or facilities, with foreign central banks designed to ameliorate dollar …

Following a scarcity of dollar funding available internationally to financial institutions, in December 2007 the …. These central banks had the capacity to use the 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 facilities were a …

U.S. manufacturing industries are becoming increasingly sensitive to changes in the international value of the dollar …. A look at recent studies of exchange rate effects on industry performance suggests that the 1997-98 rise in the dollar …

exports and imports for twenty-four countries, we document that the dollar is the currency of choice for most transactions … involving the United States. The dollar is also extensively used as a vehicle currency in international trade flows that do not …

The share of U.S. dollar assets in the official foreign exchange reserve portfolios of central banks is sometimes taken … as an indicator of dollar status. We show that the observed decline in the aggregate share of U.S. dollar assets does not … stem from a systematic shift in currency preferences away from holding dollar assets. Instead, a small group of countries …

Facility. We provide new evidence on how the central bank swap lines and FIMA Repo Facility can reduce strains in global dollar … funding markets and U.S. Treasury markets during extreme stress events. These facilities are found to reduce strains in dollar …

FIMA repo facility can reduce strains in global dollar funding markets and U.S. Treasury markets during extreme stress …