Fed scoops prize for best swap lines: BIS
Central banks' main innovation in the field of cooperation during the recent crisis was to set up bilateral swap lines, a paper by Bill Allen and Richhild Moessner, published by the Bank for International Settlements on Wednesday, posits.
Allen and Moessner find that the probability of central banks receiving swap lines for currencies in which they were experiencing a liquidity shortage was high. Their study also showed that countries facing a higher dollar shortage, and which housed
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