facility. We provide new evidence on how the central bank swap lines and FIMA repo facility reduce strains in global dollar …

agents can experience asset-specific illiquidity. We apply the analysis to the question of dollar illiquidity during the … the dollar exchange rate, as was observed at the crisis apex. The intuition behind this counterintuitive result is that … the deterioration in other dollar asset values reduces the availability of dollars for transactions purposes. Given that …

While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar …, suggesting global dollar illiquidity. In response, the Federal Reserve partnered with other central banks to inject dollars into …. Theory consistent with dollar appreciation in the crisis suggests that their impact should be greater for countries that have …

of whether the Fed's policies are appropriate for it. But because of the centrality of the dollar in the global economy …