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Technical Report
The hierarchy of the offshore US-dollar system : on swap lines, the FIMA repo facility and special drawing rights
27 January 2022
BY:MURAU Steffen, PAPE Fabian, PFORR Tobias
This study conceptualizes international monetary hierarchy by focusing on different mechanisms to supply emergency US-Dollar (USD) liquidity from the Federal Reserve (Fed) to non-US central banks. To this end, it takes on board insights of critical macrofinance and develops a model of the global financial architecture as a web of interlocking balance sheets.
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