During the intensifying integration of the global financial system experienced in recent years FX swap has become one of the most common financial products having the most liquid market. The scope of application of the FX swap transactions is extremely wide; they can be used for liquidity...

Central banks’ liquidity management plays a crucial role in the implementation of monetary policy. In most countries central banks influence short term interest rates through determining the equilibrium conditions of supply and demand in the market for bank reserves (liquidity). This article...

This study investigates changes in central bank balance sheets and the non-conventional central bank measures triggered by the crisis by comparing international examples. The trend of rapid expansion in central bank balance sheets and the resulting higher need for sterilisation is not solely a...