The Economics of Liquidity Lines Between Central Banks | Annual Reviews Menu Publications
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The war in Ukraine draws renewed attention to the question of whether the international
monetary and financial system is moving towards a more 'multipolar'character. The euro has …

Monetary and financial policies that lower the cost of credit for working capital in a currency
outside of its country can provide the impetus for that currency to be used in international …

ABSTRACT Is the European Central Bank (ECB) increasingly acting on political–rather than
technocratic–considerations? This question is of a central concern to students of European …

Liquidity lines between central banks have a long history. For instance, Flandreau (1997)
describes a loan of silver from the Bank of England to the Banque de France in 1847 …

Some financial disruptions that started in California, US, in March 2023, resulting in the
closure of several medium-size US banks, shed new light on the role of liquidity in business …

In recent years, the global economy has been hit by a sequence of severe shocks that
affected the two largest economies, the USA and the Euro Area, severely. Uncertainties …

This paper assesses how globalisation has shaped the economic environment in which the
ECB operates and discusses whether this warrants adjustments to the monetary policy …

At the start of the COVID-19 pandemic the increased market volatility and risk aversion led to
a deterioration of US Dollar funding conditions in the Euro Area. The swap line interventions …

A sequence of severe shocks has brought inflation back to Europe and America, but
unemployment is still at record low levels. Is higher unemployment required to bring inflation …