Search Results

Showing results 1 to 5 of approximately 5.

(refine search)
SORT BY: PREVIOUS / NEXT
Author:Ravazzolo, Fabiola 

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

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).
Liberty Street Economics , Paper 20211220

Report
COVID Response: The Fed’s Central Bank Swap Lines and FIMA Repo Facility

Building on the facility design and application experience from the period of the global financial crisis, in March 2020 the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary swap agreements, and then introduced the new Foreign and International Monetary Authorities (FIMA) repo facility. While these facilities share similarities, they are different in their operations, breadth of counterparties and potential span of effects. This article provides key details on these facilities and evidence that the central bank swap ...
Staff Reports , Paper 983

Discussion Paper
Have the Fed Swap Lines Reduced Dollar Funding Strains during the COVID-19 Outbreak?

In March 2020, the Federal Open Market Committee (FOMC) made changes to its swap line facilities with foreign central banks to enhance the provision of dollars to global funding markets. Because the dollar has important roles in international trade and financial markets, reducing these strains helps facilitate the supply of credit to households and businesses, both domestically and abroad. This post summarizes the changes made to central bank swap lines and shows when these changes were effective at bringing down dollar funding strains abroad.
Liberty Street Economics , Paper 20200522

Discussion Paper
How Fed Swap Lines Supported the U.S. Corporate Credit Market amid COVID-19 Strains

The onset of the COVID-19 shock in March 2020 brought large changes to the balance sheets of the U.S. branches of foreign banking organizations (FBOs). Most of these branches saw sizable usage of committed credit lines by U.S.-based clients, resulting in increased funding needs. In this post, we show that branches of FBOs from countries whose central banks used standing swap lines with the Federal Reserve (“standing swap central banks”—SSCBs) met their increased funding needs by accessing dollars that flowed into the United States through their foreign parent banks. This volume of ...
Liberty Street Economics , Paper 20200612

Discussion Paper
From Policy Rates to Market Rates—Untangling the U.S. Dollar Funding Market

How do changes in the interest rate that the Federal Reserve pays on reserves affect interest rates in money markets in which the Fed does not participate? And through which channels do changes in the so-called administered rates influence rates in onshore and offshore U.S. dollar money markets? This post offers an interactive map illustrating the web of relationships between the Fed, key market players, and the various instruments in the U.S. dollar funding market.
Liberty Street Economics , Paper 20190708

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

Goldberg, Linda S. 4 items

Cetorelli, Nicola 2 items

Afonso, Gara 1 items

Choi, Mark 1 items

Lerman, Robert 1 items

show more (2)

FILTER BY Jel Classification

E5 2 items

E51 1 items

F3 1 items

F33 1 items

F34 1 items

G15 1 items

show more (3)

FILTER BY Keywords

PREVIOUS / NEXT