The Swap Lines Then and Now: Repositioning the United States and the Federal Reserve in Global Monetary Relations

Pehlivan, Cemile
The use of swap lines during and after the global financial crisis of 2008 has attracted a lot of attention as it seemingly put the US Federal Reserve into the position of an international lender of last resort. This thesis questions the validity of this argument critically by problematizing the uses of central bank swap lines in different historical conjunctures. Elaborating on the changes and continuities of US monetary policy via Fed’s swap lines strategies within global capitalism, the thesis investigates how the use of swap lines dates back to the 1960s when they were mainly introduced to defend the gold reserves of the Fed during the Bretton Woods system, and how they are shaped today by various politically-informed domestic and international considerations though within a highly financialized global capitalism.


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Citation Formats
C. Pehlivan, “The Swap Lines Then and Now: Repositioning the United States and the Federal Reserve in Global Monetary Relations,” M.S. - Master of Science, Middle East Technical University, 2022.