In this paper we investigate the price, volatility and micro-level effects of central bank swap lines during the 2020 … settlement of swap line auctions. We then combine dealer-level dollar repo auctions by the Bank of England with a trade … repository that includes the universe of FX forward and swap contracts traded in the UK. We find evidence of a substitution …

Swap lines between advanced-economy central banks are a new important part of the global financial architecture. This … shows that the swap line mimics discount-window credit from the source central bank to the recipient-country banks using the … shows that the swap-line rate puts a ceiling on deviations from covered interest parity, and finds evidence for it in the …

Swap lines between advanced-economy central banks are a new important part of the global financial architecture. This … shows that the swap line mimics discount-window credit from the source central bank to the recipient-country banks using the … shows that the swap-line rate puts a ceiling on deviations from covered interest parity, and finds evidence for it in the …