Do the Fed’s International Dollar Liquidity Facilities Affect Offshore Dollar Funding Markets and Credit?

Linda Goldberg and Fabiola Ravazzolo

No 20211220, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: At the outbreak of the pandemic, in March 2020, the Federal Reserve implemented a suite of facilities, including two associated with international dollar liquidity—the central bank swap lines and the Foreign International Monetary Authorities (FIMA) repo facility—to provide dollar liquidity. This post discusses recent evidence showing the contributions of these facilities to financial and economic stability, highlighting evidence from recent research by Goldberg and Ravazzolo (December 2021).

Keywords: dollar; facilities; swap lines; FEMA repo (search for similar items in EconPapers)
JEL-codes: F3 G15 (search for similar items in EconPapers)
Date: 2021-12-20
New Economics Papers: this item is included in nep-ban, nep-ifn and nep-mon
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