Elasticity and Discipline in the Global Swap Network
Bibliographic Data
| ID | 12155484 |
|---|---|
| Authors | Perry Mehrling (0000-0003-3681-5909, Columbia University, corresponding author) |
| Year | 2015 |
| Volume | 44 |
| Issue | 4 |
| Pages | 311-324 |
| Publication date | 2015-10-02 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | International Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0891-1916 • E-ISSN: 1558-0970 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/08911916.2015.1129848 |
| OpenAlex | W2242309011 |
| Language | EN |
| Citations received | 15 |
| References cited | 10 |
This article sketches the outlines of the new international monetary system that has emerged in the aftermath of the global financial crisis. At the center of the system, a network of central bank swaps between the six major central banks serves as an elastic backstop for private foreign exchange operations. Farther out on the periphery, an added network of central bank swaps operates to economize on scarce reserves of the major currencies. Meanwhile, in the private foreign exchange market, basis swaps are emerging as the central location where liquidity is explicitly priced, inside the bounds set by central bank swaps
Business · Central bank · Economics · Financial crisis · Financial system · Foreign exchange · Foreign exchange market · Foreign exchange swap · Foreign-exchange reserves · Interest rate swap · Macroeconomics · Market liquidity · Monetary economics · Monetary policy · Swap (finance · Banking stability, regulation, efficiency · Economic Theory and Policy · Global Financial Crisis and Policies · Finance
Safety First
La nouvelle géopolitique monétaire et ses enjeux démocratiques
A credit theory of anti-credit money
Central Banking in Financially Subordinated Countries During Crises
A Taxonomy of Liquidity
Governing Global Liquidity
Shadow money and the public money supply
Financial globalization as positive integration
Taking Europe seriously
Elastic infrastructure
The politicisation of the European Central Bank and its emergency credit lines outside the Euro Area
Rethinking Monetary Sovereignty
Outsourcing Empire
Strengthening the Foundations? Alternative Institutions for Finance and Development
Beyond neoliberalism? Bilateral central bank swaps and changing global financial governance
| Unique citing works | 15 |
|---|---|
| Citations per year | 1,67 |
| Citation span | 2017 - 2026 (10) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 15 |