کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5083996 | 1477827 | 2010 | 13 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Selective swap arrangements and the global financial crisis: Analysis and interpretation
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: Selective swap arrangements and the global financial crisis: Analysis and interpretation Selective swap arrangements and the global financial crisis: Analysis and interpretation](/preview/png/5083996.png)
چکیده انگلیسی
This paper explores the logic inducing the FED to extend unprecedented swap-lines to four emerging markets in September 2008. Exposure of US banks to EMs turned out to be the most important selection criterion for explaining the “selected four” swap-lines. This result is consistent with the outlined model. The FED swap-lines had relatively large short-run impact on the exchange rates of the selected EMs, but much smaller effect on the spreads. Yet, all the swap countries saw their exchange rate subsequently depreciate to a level lower than pre-swap rate, calling into question the long-run impact of the swap arrangements.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Economics & Finance - Volume 19, Issue 3, June 2010, Pages 353-365
Journal: International Review of Economics & Finance - Volume 19, Issue 3, June 2010, Pages 353-365
نویسندگان
Joshua Aizenman, Gurnain Kaur Pasricha,