Elasticity and Discipline in the Global Swap Network
Elasticity and Discipline in the Global Swap Network
复制标题
全球互换网络的弹性和纪律
DOI：
10.1080/08911916.2015.1129848
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发表时间：
2015
影响因子：
1.2
通讯作者：
Perry Mehrling
中科院分区：
文献类型：
--
作者：
Perry Mehrling
摘要：本文概述了全球金融危机后出现的新国际货币体系的轮廓。在该体系的中心，六大央行之间的央行互换网络是私人外汇操作的弹性后盾。在更远的外围国家，一个额外的央行掉期网络正在运作，以节省主要货币的稀缺储备。与此同时，在私人外汇市场，基差互换（basis swap）正成为在央行互换设定的范围内明确为流动性定价的中心场所。
Abstract: This article sketches the outlines of the new international monetary system that has emerged in the aftermath of the global financial crisis. At the center of the system, a network of central bank swaps between the six major central banks serves as an elastic backstop for private foreign exchange operations. Farther out on the periphery, an added network of central bank swaps operates to economize on scarce reserves of the major currencies. Meanwhile, in the private foreign exchange market, basis swaps are emerging as the central location where liquidity is explicitly priced, inside the bounds set by central bank swaps.