Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008

2009/04/01 by Maurice Obstfeld, Jay Shambaugh, Alan M. Taylor · 3 citations
Economics, Econometrics and Finance · Psychology · #Banking stability, regulation, efficiency #Central bank #Economic Theory and Policy #Economics #Finance #Financial system #Global Financial Crisis and Policies #Keynesian economics #Lender of last resort #Monetary economics #Monetary policy #Panic #Psychology #Swap (finance)

paper · doi:10.1257/aer.99.2.480

openalex publication_date 2009/04/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/06/11

Abstract

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008 by Maurice Obstfeld, Jay C. Shambaugh and Alan M. Taylor. Published in volume 99, issue 2, pages 480-86 of American Economic Review, May 2009

Citations

• The dynamics of exchange rate regimes: Fixes, floats, and flips

Cited by

• Are dollars popular? The Fed’s currency swap arrangements and recipient governments’ popularity
• The Politics of Central Bank Independence
• International lender of last resort [wikipedia]

Related

• BANKING PANICS AND BUSINESS CYCLES *
• The Evolution of the Financial Crisis of 2007—8
• Precautionary Reserves and the Interbank Market
• Is deflation cause for panic? Evidence from the National Banking era
• The Transatlantic Financial Crisis of 1837