Bordo, Michael D. <br/><br/>
The Evolution of the Federal Reserve Swap Lines since 1962 / 
Michael D. Bordo, Owen F. Humpage, Anna J. Schwartz. 
 - Cambridge, Mass.  National Bureau of Economic Research  2014. 
 - 1 online resource:  illustrations (black and white); 
 - NBER working paper series  no. w20755 .
 - Working Paper Series (National Bureau of Economic Research)  no. w20755. .
<br/><br/> December 2014. 
<br/><br/> In this paper, we describe the evolution of the Federal Reserve's swap lines from their inception in 1962 as a mechanism to forestall claims on U.S gold reserves under Bretton Woods to a means of extending emergency dollar liquidity during the Great Recession.  We describe a number of consequences associated with swap operations.  We argue, for example, that swaps calm crisis situations by both supplementing foreign countries' dollar reserves and by signaling central-bank cooperation.  We show how swaps exposed the Federal Reserve to conditionality and raised fears that they bypassed the Congressional appropriations process. 
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