Dollar illiquidity and central bank swap arrangements during the global financial crisis.

Bibliografía : páginas 339-340.

Introduction, 326 ; -- Evidence on the impact of the swap arrangements, 327 ; -- Empirical specification, 330 ; -- Robustness tests, 334 ; -- Conclusion, 338

While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar, suggesting global dollar illiquidity.