应对措施:美联储的中央银行互换额度和FIMA回购工具

Mark Choi, L. Goldberg, R. Lerman, F. Ravazzolo
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引用次数: 4

摘要

基于全球金融危机期间的工具设计和应用经验,美联储于2020年3月与其他央行合作,放宽了其长期互换额度的条款,重新启动了临时互换协议,然后引入了新的外国和国际货币管理局(FIMA)回购工具。虽然这些设施有相似之处,但它们在操作、交易对手的广度和潜在影响范围方面有所不同。本文提供了这些工具的关键细节,并证明央行互换额度和FIMA回购工具可以在极端压力事件中减轻全球美元融资市场和美国国债市场的压力。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
COVID Response: The Fed’s Central Bank Swap Lines and FIMA Repo Facility
Building on the facility design and application experience from the period of the global financial crisis, in March 2020 the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary swap agreements, and then introduced the new Foreign and International Monetary Authorities (FIMA) repo facility. While these facilities share similarities, they are different in their operations, breadth of counterparties and potential span of effects. This article provides key details on these facilities and evidence that the central bank swap lines and FIMA repo facility can reduce strains in global dollar funding markets and U.S. Treasury markets during extreme stress events.
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