Template-Type: ReDIF-Paper 1.0
Author-Name: Iñaki Aldasoro 
Author-X-Name-First: Iñaki 
Author-X-Name-Last: Aldasoro 
Author-Name: Christian Cabanilla
Author-X-Name-First: Christian 
Author-X-Name-Last: Cabanilla
Author-Name: Piti Disyatat 
Author-X-Name-First: Piti 
Author-X-Name-Last: Disyatat 
Author-Name: Torsten Ehlers 
Author-X-Name-First: Torsten
Author-X-Name-Last: Ehlers
Author-Name: Patrick McGuire 
Author-X-Name-First: Patrick 
Author-X-Name-Last: McGuire 
Author-Name: Goetz von Peter 
Author-X-Name-First: Goetz 
Author-X-Name-Last: von Peter
Title: Central bank swap lines and cross-border bank flows
Abstract: Central banks drew heavily on US dollar swap lines with the Federal Reserve in the first half of 2020, contributing to a surge in cross-border banking flows during this period. The large increase in cross-border claims on banks operating in the United States – in the form of cross-border interbank and intragroup positions – reflected an increase in dollar liquidity demand from non-US banks partly met through use of the swap lines. In a global financial system heavily reliant on the use of the dollar, the network of central bank swap lines centred on the Fed serves as a critical elastic backstop for the private provision of dollar liquidity.
Length: 9 pages
Creation-Date: 2020-12-14
File-URL: https://www.bis.org/publ/bisbull34.pdf
File-Format: Application/pdf
File-Function: Full PDF document
File-URL: https://www.bis.org/publ/bisbull34.htm
File-Format: text/html
Number: 34
Handle: RePEc:bis:bisblt:34