amounts, in foreign currency and to foreign banks. Central bank cooperation took the form of a swap network, and amounted to …, the swap network should not be made permanent and given an institutional basis to provide international lending of last … International Economics, concludes in favour of making the swap network permanent, while William Dudley, President of the Federal …

Developing Asia experienced a sharp surge in foreign currency reserves prior to the 2008-9 crisis. The global crisis … 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 …

essential in analyzing optimal hedging and export decisions. When the spot exchange rate and the futures exchange rate are …

factors: credit risk differential, funding liquidity differences, measurement error, hedging demand imbalance, and new … constraints to arbitrage. Furthermore, we carry out a term structure analysis, showing the varying dynamics of CIP violations …

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 …

correct and that the true theoretical price of the swap is in fact equal to zero. This result is shown to hold regardless of …

forwardforeign exchange prices from interest parity forward prices. Second, the role oftransaction costs in one-way arbitrage …-based interest parity has not been examined.Applying the Fletcher and Taylor approach to one-way arbitrage-based interest parity … implied by one-way arbitrage, does not diminish therole of transaction costs; (ii) the varjances of the estimated deviations …