Emergent international liquidity agreements: central bank cooperation after the global financial crisis
Emergent international liquidity agreements: central bank cooperation after the global financial crisis
复制标题
新兴国际流动性协议：全球金融危机后的央行合作
DOI：
10.1057/s41268-017-0106-0
复制
发表时间：
2019
影响因子：
1.7
通讯作者：
D. McDowell
中科院分区：
文献类型：
--
作者：
D. McDowell
自 2008 年以来，新兴市场经济体 (EME) 的央行货币互换协议迅速激增。近年来已签署了 80 多项此类协议。这些协议的积累导致到2015年出现了一个新的1万亿美元的流动性体系。如何解释这些协议的迅速扩散？流动性网络对国际货币体系和全球金融架构有何政治和经济影响？我具体指出了全球金融危机及其后果导致新兴市场国家央行寻求互换协议的两个关键后果：国际资本流动的波动以及对贸易中美元依赖风险的认识。我的结论是，这些流动性协议不太可能导致国际货币体系发生太大变化。然而，该体系正在通过为具有系统重要性的新兴市场经济体创建大量流动性额度来改变全球金融架构。
Central bank currency swap agreements have proliferated rapidly among emerging market economies (EMEs) since 2008. More than 80 such agreements have been signed in recent years. The accumulation of these agreements has resulted in the emergence of a new $1 trillion liquidity system by 2015. What explains the rapid proliferation of these agreements? What are the political and economic implications of the liquidity network for the international monetary system and the global financial architecture? I specify two key consequences of the global financial crisis and its aftermath that have led EME central banks to seek out swap agreements: volatile international capital flows and a recognition of the risks of dollar dependence in trade. I conclude that these liquidity agreements are unlikely to induce much change in the international monetary system. However, the system is transforming the global financial architecture through the creation of large liquidity lines for systemically important EMEs.