Tag: McCauley

The Currency Composition of Foreign Exchange Reserves

The US dollar continues to dominate the international monetary and financial system, but it plays an outsized role that puzzles many scholars. In fact, the US share of both world gross domestic product (GDP) and global trade has declined post-war. However, some recent work on the dollar has looked beyond the US economy to the […]

Central Bank Swaps Then and Now: Swaps and Dollar Liquidity in the 1960s

The Federal Reserve’s decision to offer ultimately open-ended swap lines to other central banks in the wake of disturbances to the global financial system in 2007 has attracted considerable academic attention and some political controversy. While empirical research has generally found that the post-2008 swaps were effective in providing dollar liquidity, some members of the […]