February 22, 2012 we have (2016 pdf files in our database)
Short Desciption: The analysis in this paper relies on the BIS international banking
Content Inside: The US dollar shortage in global banking and the international policy response, October 2009 BIS Working Papers No 291 The US dollar shortage banking the international policy response by Patrick McGuire and Götz von Peter Monetary and Economic Department October 2009 JEL classification: F34, F55, G01, G21. banking dollar shortage, central bank swap lines. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. Copies of publications are available from: Bank for International Settlements Communications CH-4002 Basel, Switzerland E-mail: publications@bis Fax: +41 61 280 9100 and +41 61 280 8100 (www.bis Bank for International Settlements 2009. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 (print) ISBN 1682-7678 (online) iii banking and the international policy response 1 Abstract Among the policy responses to the global financial crisis, the international provision of US dollars via central bank swap lines stands out. This paper studies the build-up of stresses on banksrsquo; balance sheets that led to this coordinated policy response. Using the BIS banking banking global operations across their offices in various countries, shedding light on how their international asset positions are funded across currencies and counterparties. The analysis first highlights why a countryrsquo;s ldquo;national balance sheetrdquo;, a residency-based measure, can be banking banking and shows how the growth (since 2000) in European and Japanese banksrsquo; US dollar assets produced structural US dollar funding requirements, setting the stage for the dollar shortage when