has been associated with an unprecedented rise of swap agreements between central banks of larger economies and their … counterparts in smaller economies. We explore whether such swap lines can reduce the need for reserve accumulation. The evidence … suggests that there is only a limited scope for swaps to substitute for reserves. The selectivity of the swap lines indicates …

unprecedented U.S. dollar swap lines recently provided to many countries by the Federal Reserve …

transparency or illiquidity. However, several of the important announcements concerning the international swap programs …

the single-name variance swap market to dry up completely. This paper defines and analyzes a simple variance swap, a … relative of the variance swap that in several respects has more desirable properties. First, simple variance swaps are robust …

) implemented measures to provide US dollar liquidity by reinforcing swap arrangements with five major central banks, reactivating … dollar liquidity lines through the swap arrangements and the new repo facility. Access to dollar liquidity also reflects …