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White Papers

The Fed’s Swap Lines During the Crisis: Lender of Last Resort on a Global Scale

A decade after the worst of the Global Financial Crisis (GFC), Nathan Sheets, PhD, former director of the Division of International Finance for the Federal Reserve Board, looks back at the instability of the global financial system and details the role of the Federal Reserve as the international lender of last resort.

Specifically, the paper discusses the ramping up of the Fed's swap line arrangements from the onset of the GFC through Lehman Brothers' collapse and the expansion of the swap program during the Fed's intense crisis-fighting phase. It also discusses the establishment of swap lines with the central banks of four major emerging market countries—Sheets was directly involved in this process in his prior role.

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