The dollar swap lines and the financial dilemma: The Federal Reserve and European Central Bank in the 2007–2009 crisis
Emmanuel Carré  1@  , Laurent Le Maux  2@  
1 : Université de Bretagne Sud
Université de Bretagne Sud
2 : Université Paris Nanterre
Université Paris Ouest Nanterre La Défense

The General Accountability Office of the US Congress reported in 2011 how the Federal Reserve massively provided liquidity to several Eurozone commercial banks as well as to the European Central Bank during the global financial crisis from 2007 to 2009.Although the literature has analyzed the role of the Federal Reserve as the global lender of last resort, many aspects of the Dollar Swap Lines to the European Central Bank need further exploration. Weprovideoriginal evidence – using data from both central banks and transcripts of the Federal Open Market Committee's meetings – about alloted amounts and interest rates on dollar provision by the Federal Reserve and the European Central Bank.

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