Swap lines had crucial impact: Aizenman
The unprecedented provision of $120 billion in swap lines to Brazil, Korea, Mexico and Singapore by the Federal Reserve provided welcome relief and an important signal during the crisis, said Joshua Aizenman, an international economist based at the University of California Santa Cruz.
Aizenman also said the exposure of US banks to these emerging markets was the most important criterion for explaining the "selected four" swap-lines. He said these facilities would not suffice in protecting exposed
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