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Policy responses to dislocations in the FX swap market : The experience of Korea

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  • Policy responses to dislocations in the FX swap market
  • Baba, Naohiko; Shim, Ilhyock
  • Bank for International Settlements


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Title Policy responses to dislocations in the FX swap market
Similar Titles
Sub Title

The experience of Korea

Material Type Reports
Author(English)

Baba, Naohiko; Shim, Ilhyock

Publisher

[Basel]:Bank for International Settlements

Date 2010-06
Series Title; No BIS Quarterly Review
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Economic System
Holding Bank for International Settlements

Abstract

During the financial crisis, Korea responded to dislocations in the FX swap market by both drawing on its swap line with the Federal Reserve and using its own international reserves to provide dollars to domestic banks. We show that the Bank of Korea’s use of the Fed swap line was very effective in alleviating dislocations in the won/dollar FX swap market, whereas the provision of funds using its own foreign reserves was not.