Central bank swaps and foreign reserves:Fromthe perspective of a global network  

作　　者：Ying Li Ting Li 

机构地区：[1]School of Economics,Shandong University,Jinan,China [2]School of Finance,Shanghai University of Finance and Economics,Shanghai,China

出　　处：《Economic and Political Studies》2025年第1期98-123,共26页经济与政治研究(英文版)

基　　金：funded by the Humanities and Social Science Fund of the Ministry of Education of the People's Republic of China[Grant No.20YJA790042].

摘　　要：Central bank swaps have flourished since the 2008 financial crisis and the intertwining swap lines have formed a typically complex network,in which bilateral swap relationships have been deeply embedded.This paper constructs a global swap network of central banks and then utilises network indices to measure the network positions and resources of swap central banks.From the perspective of the global swap network,it employs the Spatial Durbin Model to empirically estimate both direct and indirect effects of swap positions on foreign reserves and then further explores the applicability of these effects.The findings confirm a negative impact of network positions on foreign reserves.Besides,swaps can significantly substitute for foreign reserves of relevant banks by backup rescue and demonstration mechanisms.The fact that spatial spillover effects are much larger than direct effects justifies the necessity to assess swap performance from a spatial perspective.Applicability tests show that the substitution effect is larger in less developed countries and those with lower foreign exchange stability and financial openness.Theconclusions,haveimportant policy implications for the construction of a global financial safety net and the coordination of counter-measures to cope with crises.

关 键 词：Central bank swaps network positions foreign reserves spatial spill-over effects 

分 类 号：F831[经济管理—金融学]