IDEAS home Printed from https://ideas.repec.org/a/fip/fedbne/y2002iq2p11-12.html
   My bibliography  Save this article

Foreign exchange swaps

Author

Listed:
  • Leonardo Bartolini

Abstract

Foreign exchange swaps have appeared for some time in the intervention toolkit of many central banks around the world, although their popularity seems to be on the wane. In a Bank for International Settlements survey taken in 1997 (BIS 1997, p. 332), seven of fourteen industrial-country central banks surveyed listed foreign exchange swaps against either the U.S. dollar or the deutsche mark (or both) among the tools used to conduct open market intervention. Of those seven, five-Austria, Belgium, Germany, Italy, and the Netherlands-discontinued foreign exchange operations when they became part of the European Monetary Union. Of the remaining two, Australia and Switzerland, only the latter has used foreign exchange swaps extensively, at some point as its main intervention tool, with the total amount of swaps hovering for years at about 40 percent of the monetary base. This use partly reflected the limited depth of domestic debt markets associated with limited fiscal deficits historically incurred by the Swiss government.

Suggested Citation

  • Leonardo Bartolini, 2002. "Foreign exchange swaps," New England Economic Review, Federal Reserve Bank of Boston, issue Q 2, pages 11-12.
    • Handle: RePEc:fip:fedbne:y:2002:i:q2:p:11-12
    as

    Download full text from publisher

    File URL: http://www.bostonfed.org/economic/neer/neer2002/neer202b.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Catharina J. Hooyman, 1994. "The Use of Foreign Exchange Swaps by Central Banks," IMF Staff Papers, Palgrave Macmillan, vol. 41(1), pages 149-162, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mr. Jorge I Canales Kriljenko & Mr. Cem Karacadag & Roberto Guimarães-Filho, 2003. "Official Intervention in the Foreign Exchange Market: Elements of Best Practice," IMF Working Papers 2003/152, International Monetary Fund.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mr. Jorge I Canales Kriljenko & Mr. Cem Karacadag & Roberto Guimarães-Filho, 2003. "Official Intervention in the Foreign Exchange Market: Elements of Best Practice," IMF Working Papers 2003/152, International Monetary Fund.
    2. Hervé Alexandre & Catherine Refait-Alexandre & Larry D. Wall, 2024. "European banks and Fed liquidity facilities during the Global Financial Crisis: Good news for the bad and bad news for the good," Working Papers 2024-12, CRESE.
    3. Hüfner, Felix P., 2000. "The British foreign exchange reserves puzzle," ZEW Discussion Papers 00-55, ZEW - Leibniz Centre for European Economic Research.
    4. Forssbaeck, Jens & Oxelheim, Lars, 2007. "The transition to market-based monetary policy: What can China learn from the European experience?," Journal of Asian Economics, Elsevier, vol. 18(2), pages 257-283, April.
    5. Ahmad, Munir & Zhu, Xiwei & Wu, Yiyun, 2022. "The criticality of international tourism and technological innovation for carbon neutrality across regional development levels," Technological Forecasting and Social Change, Elsevier, vol. 182(C).
    6. Xolani Sibande, 2023. "Monetary policy and herding behaviour in the ZAR market," Working Papers 11053, South African Reserve Bank.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedbne:y:2002:i:q2:p:11-12. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Spozio (email available below). General contact details of provider: https://edirc.repec.org/data/frbbous.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.